Australian Broker Call

Deutsche Bank rates AGL as Hold (3) -

The company has reaffirmed FY19 guidance for underlying profit of $970-1070m. Deutsche Bank is not surprised by the confirmation, given the current operating environment, and retains its estimates at the mid point of this range.

Deutsche Bank maintains a Hold rating and $22.25 target.

Target price is $22.25 Current Price is $21.95 Difference: $0.3
If AGL meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting downside of -4.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AGL as Neutral (3) -

At Macquarie's conference, AGL reiterated FY19 guidance but warned of headwinds in FY20. Recent forward movements are not leading to pricing strength, the broker notes, while LREC benefits are fading. Government regulation will limit price growth in retail and the risk is for further regulation around emissions.

The good news is cash generation remains strong and the balance sheet is under-utilised. The broker cuts FY20 forecast earnings by -9% and its target to $20.67 from $20.78. Neutral retained.

Target price is $20.67 Current Price is $21.95 Difference: minus $1.28 (current price is over target).
If AGL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.93, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates AVG as Add (1) -

The size of the vintage in 2019 has been affected by the drought on Australia's east coast. FY19 guidance has been lowered to a flat net profit result. Yields have been affected by a combination of frost in October and extreme heat over December-February.

The reduction in yield is consistent with the broader wine industry, Morgans observes. Meanwhile, the UK/Europe is driving growth.

The broker considers the stock far too cheap for a growing branded wine company and maintains an Add rating. Target is reduced to $0.61 from $0.62.

Target price is $0.61 Current Price is $0.49 Difference: $0.12
If AVG meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates BLX as Hold (3) -

The company has downgraded FY19 forecasts for operating earnings (EBITDA) by -8-14%. Beacon Lighting cited lower housing churn and impacts from the upcoming federal election as well as lower consumer confidence.

Morgans observes the company has bounced back after a difficult trading period but with some of the key factors having the potential to persist this may take time. Like-for-like sales growth in the first nine months of FY19 was down -1.8%.

Morgans maintains a Hold rating and reduces the target to $1.13 from $1.30.

Target price is $1.13 Current Price is $1.00 Difference: $0.13
If BLX meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates BPT as Downgrade to Sell from Neutral (5) -

Citi recommends investors take profits in Beach Energy, considering the good news is more than reflected in the current share price. The broker downgrades to Sell from Neutral, premised on a US$55/bbl long-term oil price.

At a US$70/bbl long-term oil price the broker's valuation increases to a level largely in line with the current share price, so limited upside is envisaged unless investors are taking a more bullish view on oil. The broker reduces the target to $1.80 from $1.87.

Target price is $1.80 Current Price is $2.15 Difference: minus $0.35 (current price is over target).
If BPT meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.08, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates BPT as Neutral (3) -

Beach Energy's March Q featured stronger production form the Western Flank, driving production and earnings upgrades. Guidance has been tightened to the better end, the broker notes, for production, earnings and capex.

Were the broker to input the current Brent spot price valuation would rise to $2.25, but at a forecast US$65/bbl the broker's new target of $2.10, up from $2.05, implies a Neutral ratings, pending the OPEC meeting in June.

Target price is $2.10 Current Price is $2.15 Difference: minus $0.05 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.08, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BPT as Equal-weight (3) -

March quarter production was slightly below Morgan Stanley's estimates, although revenue was higher because of higher oil prices. Lower production was driven by the Cooper Basin and Otway performance.

Free cash is tracking towards the broker's forecasts of $577m by the end of June. Morgan Stanley believes oil prices could move even higher in the short term but will ultimately decline.

Outside of oil, the stock could re-rate if reserve life in the Western Flank is increased or there is exploration success.

Target is raised to $2.10 from $1.90. Equal-weight retained. Industry view: In-Line.

Target price is $2.10 Current Price is $2.15 Difference: minus $0.05 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.08, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates BPT as Buy (1) -

March quarter production was strong, with sales volumes and revenue exceeding Ord Minnett's expectations.

While the share price has moved closer to the target, the broker is positive, as Beach Energy offers good growth, strong cash flow and exposure to east coast gas prices.

Buy rating retained. Target is raised to $2.40 from $2.35.

Target price is $2.40 Current Price is $2.15 Difference: $0.25
If BPT meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CLQ as Outperform (1) -

An update from Clean Teq noted FEED progression on the Sunrise project is behind schedule and some high-cost early works have been delayed as the company looks to maintain a cash buffer while financing discussions remain ongoing. Progressing discussions with finance and offtake partners remains the key catalyst, the broker suggests.

Mandated banks have currently offered $500m but a lot more is needed. The broker retains Outperform and a 90c target.

Target price is $0.90 Current Price is $0.33 Difference: $0.57
If CLQ meets the Macquarie target it will return approximately 173% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates DHG as Downgrade to Underperform from Neutral (5) -

The company's trading update has reflected a weak listings environment. Revenue growth from digital business has been flat in the March quarter. Because of weak top-line trends Domain is taking further action on costs.

Credit Suisse points out weakness in the current year's turnover is usually expected to be countered by a pick up in the following year because of weak comparables, but data from the US/UK market suggests this is not necessarily the case.

The broker downgrades to Underperform from Neutral and reduces the target to $2.30 from $2.40.

Target price is $2.30 Current Price is $2.80 Difference: minus $0.5 (current price is over target).
If DHG meets the Credit Suisse target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.70, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates DHG as Upgrade to Neutral from Underperform (3) -

At Macquarie's conference, Domain provided a March Q update which saw weak revenues but improved yields. The new CEO is pursuing cost-outs and moving to a more segmented approach of smaller geographical zones rather than state-based pricing.

The company is also looking to monetise the "unreplicable" digital database of major shareholder Nine Entertainment ((NEC)). Macquarie agrees FY19 remains challenging but sees strong earnings growth in FY20, hence now the share price has pulled back to the broker's $2.70 target, rating upgraded back to Neutral having been downgraded to Underperform early in April.

Target price is $2.70 Current Price is $2.80 Difference: minus $0.1 (current price is over target).
If DHG meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.70, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates DHG as Downgrade to Reduce from Hold (5) -

The March quarter update showed depth listings fell -13%. This was offset by yield improvements but revenue growth from all sources was below Morgans' expectations.

The broker considers near-term growth constrained until listings volumes recover. Rating is downgraded to Reduce from Hold and the target lowered to $2.19 from $2.25.

Target price is $2.19 Current Price is $2.80 Difference: minus $0.61 (current price is over target).
If DHG meets the Morgans target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.70, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates DHG as Neutral (3) -

The company has indicated weak revenue trends, largely driven by softness in listings that is already understood by the market. UBS is encouraged, however, by the yield growth, which remains robust.

Additionally, the company has reduced FY19 cost growth to the low single digits. The broker assumes listings deteriorate further and a recovery is likely to be weighted to the second half of FY20. Neutral and $2.75 target retained.

Target price is $2.75 Current Price is $2.80 Difference: minus $0.05 (current price is over target).
If DHG meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.70, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates DXS as Hold (3) -

The company has reaffirmed FY19 guidance for 5% growth in distributions. Deutsche Bank believes office will continue to outperform other real estate sectors in 2019 but considers this already priced into the shares. Hold rating and $11.54 target maintained.

Target price is $11.54 Current Price is $12.50 Difference: minus $0.96 (current price is over target).
If DXS meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.79, suggesting downside of -5.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates DXS as Neutral (3) -

The company's update has reaffirmed distribution guidance of 5%. Like-for-like growth in office was reduced to 3% from 4-5% because of a tenant dispute being taken to court.

There was no update on the sale of the hotel stratum of 201 Elizabeth Street, which underwrites trading profits after FY20. Nevertheless, UBS finds the broader outlook attractive. Neutral rating and $11.45 target maintained.

Target price is $11.45 Current Price is $12.50 Difference: minus $1.05 (current price is over target).
If DXS meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates EBO as Neutral (3) -

The company has launched a NZ$150m placement to provide further capacity for growth. Credit Suisse believes the company has distinguished itself as a best-in-class wholesaler and continues to grow despite the competition and regulatory headwinds.

Yet questions remain regarding scale, diversity and the opportunities that can support materially higher valuations. The broker maintains a Neutral rating and raises the target to NZ$21.00 from NZ$20.75.

Current Price is $20.30. Target price not assessed.

Current consensus price target is $20.43, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates EBO as Neutral (3) -

The company has executed an underwritten equity placement for NZ$150m to reduce gearing ahead of being redeployed into a number of strategic acquisitions and growth initiatives.

After accounting for this, UBS now forecasts net debt of $468m or 1.8x operating earnings (EBITDA) on FY19 estimates. Guidance for FY19 has been reaffirmed and the company remains comfortable with consensus forecasts.

Neutral retained. Target is reduced to NZ$21.00 from NZ$21.50.

Current Price is $20.30. Target price not assessed.

Current consensus price target is $20.43, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates FMG as Outperform (1) -

At Macquarie's conference, Fortescue highlighted pricing realisation increasing to 86% of benchmark on an evolving product mix and better grades, a shipping rate that should hit the bottom end of guidance (post cyclone) and buoyant iron ore prices.

The broker makes no changes to forecast. Outperform and $8.70 target retained.

Target price is $8.70 Current Price is $7.30 Difference: $1.4
If FMG meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.12, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates GWA as Hold (3) -

Morgans factors Methven into earnings forecasts, with FY19 underlying earnings (EBIT) estimates rising by 3% and underlying net profit increasing by 1%.

The broker estimates the acquisition will be 7% and 10% accretive in FY20 and FY21, respectively. Morgans maintains a Hold rating and raises the target to $3.34 from $3.20.

Target price is $3.34 Current Price is $3.52 Difference: minus $0.18 (current price is over target).
If GWA meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.42, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IGO as Neutral (3) -

Production at Nova in the March quarter beat Citi's estimates, as nickel grades hit a sweet spot and costs were lower. FY19 guidance is maintained.

The broker believes, with earnings now dominated by Nova, and upside risks to nickel and copper prices, the outlook is robust. Neutral rating maintained on valuation and the target is lifted to $4.50 from $4.30.

Target price is $4.50 Current Price is $4.59 Difference: minus $0.09 (current price is over target).
If IGO meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates IGO as Neutral (3) -

The company posted record production for Nova in the March quarter. Tropicana guidance is unchanged.

A flat second half is expected despite throughput and recovery being lifted by the commissioning of the SAG mill. Credit Suisse maintains a Neutral rating and $4.10 target.

Target price is $4.10 Current Price is $4.59 Difference: minus $0.49 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IGO as Upgrade to Outperform from Neutral (1) -

In the wake of Independence Group's March Q report, Macquarie upgrades to Outperform. Overall production was strong thanks to record levels at Nova and consistency at Tropicana. Work on the Downstream Sulphate Study should be completed by year-end.

The DSS offers the potential for the miner to secure higher concentrate payability terms for Nova, the broker believes. Exploration results are encouraging and could provide for material upside. Target rises to $5.10 from $4.90.

Target price is $5.10 Current Price is $4.59 Difference: $0.51
If IGO meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates IGO as Equal-weight (3) -

Strong nickel production in the March quarter was ahead of Morgan Stanley's estimates. Copper production also beat estimates. Higher mine grades drove the result.

Production for nickel and copper is expected to be lower in June but marginally higher than FY19 guidance.

Equal-weight. Industry view is: Attractive. Target is $4.55.

Target price is $4.55 Current Price is $4.59 Difference: minus $0.04 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates IGO as Accumulate (2) -

March quarter production at Nova was particularly strong, on the back of higher grades, Ord Minnett assesses. Costs also impressed, coming in -38% below estimates.

Lower grades affected gold production at Tropicana, -9% below the broker's estimates. Ord Minnett maintains an Accumulate rating and $5.30 target.

Target price is $5.30 Current Price is $4.59 Difference: $0.71
If IGO meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates IGO as Upgrade to Buy from Neutral (1) -

March quarter production was well ahead of forecasts and UBS upgrades to Buy from Neutral.

The broker believes that the -10% decline in the share price in April, because of a lower nickel price, has created an opportunity to obtain exposure to a high-quality low-cost producer. Target is steady at $5.

Target price is $5.00 Current Price is $4.59 Difference: $0.41
If IGO meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates IPL as Outperform (1) -

Credit Suisse believes the market is unwilling to move past the current disruptions that are affecting the company. FY19 is somewhat unprecedented, with around $180m of weather-related and operational impacts on earnings.

However, funding appears more than adequate to meet any working capital requirements. The broker also believes the company has several options to improve its ammonia footprint and the market might be missing the opportunity for a more positive outcome in the Queensland manufacturing position.

Outperform rating maintained. Target is reduced to $4.00 from $4.23.

Target price is $4.00 Current Price is $3.42 Difference: $0.58
If IPL meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates JBH as Hold (3) -

The company's March quarter trading update was solid, in Deutsche Bank's view, given difficult conditions.

The broker continues to believe sales guidance is optimistic but achieving net profit expectations is not onerous, even at the top end, given the very weak base being cycled for The Good Guys.

The broker maintains an Hold rating and $24 target.

Target price is $24.00 Current Price is $25.23 Difference: minus $1.23 (current price is over target).
If JBH meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.74, suggesting downside of -2.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates JBH as Overweight (1) -

The company has reaffirmed sales and earnings guidance. Momentum from January has continued over February and March and The Good Guys' like-for-like sales growth has improved.

A turnaround of the NZ business continues, with FY19 sales guidance increased by NZ$20m. Sales guidance has been reduced for JB Australia by -$20m.

Morgan Stanley continues to believe the company is navigating a tough consumer environment well.

Overweight rating maintained. Industry view: Cautious. Target is $28.

Target price is $28.00 Current Price is $25.23 Difference: $2.77
If JBH meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.74, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates JBH as Accumulate (2) -

JB Hi-Fi reiterated FY19 guidance for net profit of $237-245m. Sales growth in the March quarter was in line with Ord Minnett's expectations.

Looking to the June quarter, achieving sales guidance requires a continuation of the current trends in both Australia and New Zealand. Ord Minnett maintains an Accumulate rating and $27 target.

Target price is $27.00 Current Price is $25.23 Difference: $1.77
If JBH meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $24.74, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates JBH as Neutral (3) -

March quarter trading was slightly ahead of UBS estimates. Net profit guidance of $237-245m is unchanged. The company has reiterated a larger-than-usual net profit range and UBS envisages increasing risk to the downside.

Industry feedback suggest headwinds from the housing downturn are starting to have an effect. Competitive pressure is also accelerating. The broker maintains a Neutral rating and $23.50 target.

Target price is $23.50 Current Price is $25.23 Difference: minus $1.73 (current price is over target).
If JBH meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.74, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates MGR as Hold (3) -

The company has reaffirmed FY19 guidance for 5% distribution growth and over 2500 residential settlements.

As expected, residential and retail segments are showing signs of further moderation while Deutsche Bank notes office and industrial metrics are strong.

The broker maintains a Hold rating and $2.65 target.

Target price is $2.65 Current Price is $2.84 Difference: minus $0.19 (current price is over target).
If MGR meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting downside of -9.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates MGR as Downgrade to Lighten from Hold (4) -

In the wake of the quarterly updates from real estate investment trusts, Ord Minnett considers Mirvac is a good business and well-run, albeit fully valued. Pressure is envisaged for residential earnings beyond FY20, as sales rates have slowed noticeably.

The broker downgrades its rating to Lighten from Hold. Target is raised to $2.65 from $2.55.

Target price is $2.65 Current Price is $2.84 Difference: minus $0.19 (current price is over target).
If MGR meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates MGR as Sell (5) -

The March quarter presentation was in line with UBS expectations. Office conditions are considered strong while retail is slowing and residential weakening. FY19 guidance was reaffirmed.

UBS believes there is a growing risk FY20 guidance will disappoint. UBS maintains a Sell rating and $2.35 target.

Target price is $2.35 Current Price is $2.84 Difference: minus $0.49 (current price is over target).
If MGR meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates MIN as No Rating (-1) -

Mineral Resources posted a solid set of March Q numbers, featuring higher shipments from Mt Marion. Iron Valley is expected to exceed guidance and Wodgina construction remains on track.

The broker is advising hence is currently restricted from making a recomendation.

Current Price is $15.56. Target price not assessed.

Current consensus price target is $19.83, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates MPL as Lighten (4) -

Medibank Private's update on trends for the third quarter revealed higher retention rates but lower acquisition rates.

The company continues to believe it will gain share in a stressed market environment but also expects FY20 operating conditions to be challenging. Ord Minnett maintains a Lighten rating and $2.30 target.

Target price is $2.30 Current Price is $2.91 Difference: minus $0.61 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.64, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates NCM as Underperform (5) -

March quarter production was solid, albeit mixed. FY19 guidance is unchanged and Credit Suisse suggests a strong second half is needed.

The Wafi Golpu work program is proceeding with government assurances as the mining lease is still outstanding.

Underperform and $20.30 target retained.

Target price is $20.30 Current Price is $25.18 Difference: minus $4.88 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.81, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NCM as Underperform (5) -

Newcrest 's March Q production was in line with the broker but costs came in -14% lower than forecast.

The broker retains Underperform due to Cadia's declining production profile. Grades have been surprisingly strong of late, suggesting a rapid decline may be nigh. The miner sees incremental opportunities for expansion at Cadia and Lihir but nothing big enough to fill the gap, the broker notes. A declining profile suggests the stock should be trading at a lower multiple.

Lower costs see target increase to $22 from $21.

Target price is $22.00 Current Price is $25.18 Difference: minus $3.18 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.81, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates NCM as Equal-weight (3) -

Production in the March quarter was slightly lower than Morgan Stanley expected. Guidance is unchanged.

The expert report on Cadia has indicated that the tailings dam event was isolated, a good outcome in the broker's view and likely to increase confidence.

Equal-weight rating. Target is $23. Industry view is Attractive.

Target price is $23.00 Current Price is $25.18 Difference: minus $2.18 (current price is over target).
If NCM meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.81, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates NCM as Sell (5) -

Production in the March quarter was below UBS estimates. This was primarily because of an unplanned outage at the Lihir processing plant. The broker models 15mtpa for FY20 but suggests there may be downside risk.

UBS maintains a Sell rating and $24 target.

Target price is $24.00 Current Price is $25.18 Difference: minus $1.18 (current price is over target).
If NCM meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.81, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates NEC as Overweight (1) -

Morgan Stanley believes selling the regional newspapers is positive for the company's valuation. Context is important, as the asset largely comprises the Rural Press newspapers acquired by Fairfax for $3bn back in 2007.

A subsequent -95% fall in value to $115m, a decade later, the broker believes, is characteristic of the structural decline suffered by publishers. As the company inherited the asset there is no competitive advantage in running it, Morgan Stanley asserts.

Overweight. Target is $2.30. Industry view: Attractive.

Target price is $2.30 Current Price is $1.86 Difference: $0.44
If NEC meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates NUF as Buy (1) -

The company's trading update was slightly positive, albeit against very low expectations, Deutsche Bank asserts. The company has maintained full year operating earnings guidance of $440-470m, notwithstanding the delayed start to the North American planting season and the continuation of dry conditions in Australia.

The company is considering a partial shutdown of the plant in May and June in Australia and early cash payment programs in North America. Deutsche Bank maintains a Buy rating and $5.70 target.

Target price is $5.70 Current Price is $4.93 Difference: $0.77
If NUF meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.33, suggesting upside of 28.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates NUF as Overweight (1) -

The company has retained earnings guidance and is on target for a working capital reduction by year end.

Morgan Stanley welcomes the news there are no issues regarding the April covenant tests, although points out the fourth quarter, May-July, is the most significant of the year.

Overweight rating. Target is $7.10. Industry view is Cautious.

Target price is $7.10 Current Price is $4.93 Difference: $2.17
If NUF meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $6.33, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates NUF as Downgrade to Hold from Add (3) -

The company's presentation highlighted a number of potential downside risks, Morgans observes. FY19 guidance is maintained but, given the downside risk, the broker revises forecasts lower.

Nufarm has acknowledged new weather-related headwinds in Australasia and North America as well as supply disruptions that are affecting the European portfolio.

Morgans downgrades to Hold from Add and reduces the target to $5.50 from $6.30. The broker is concerned that, if the company cannot restore the balance sheet, another equity raising will be required.

Target price is $5.50 Current Price is $4.93 Difference: $0.57
If NUF meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.33, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates OEL as Add (1) -

Morgans suspects recognition of the Lightning discovery is not far away, as first production is expected in June. Both tests have confirmed good productivity and liquids yield and the company has commenced work to develop a maiden reserve estimate.

The broker observes the rest of the year is heavy with catalysts, amid production growth and ongoing appraisal drilling. Add rating and $0.15 target maintained.

Target price is $0.15 Current Price is $0.06 Difference: $0.09
If OEL meets the Morgans target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates OGC as Neutral (3) -

UBS observes the company has posted the weakest quarterly result since 2015. Production and earnings are expected to improve over the balance of 2019 while costs trend lower.

Haile is still recovering from the wet weather in late 2018 but new milling capacity is being installed. The broker considers the stock fairly valued and maintains a Neutral rating. Target is reduced to $4.50 from $4.75.

Target price is $4.50 Current Price is $4.00 Difference: $0.5
If OGC meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ORG as Neutral (3) -

Citi notes the APLNG business performed strongly in the March quarter. Commodity revenue of $763.9m was more than expected. After adjusting for actuals,  Citi calculates an increased free cash flow yield of 10% in isolation of other changes.

Energy markets businesses are largely in line with expectations. The broker reiterates a Neutral rating and $7.42 target.

Target price is $7.42 Current Price is $7.64 Difference: minus $0.22 (current price is over target).
If ORG meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ORG as Outperform (1) -

March Q production at APLNG was in line with forecasts and realised pricing was better than the broker expected. Capex continues to trend lower than guidance, boosting cash flow. Energy Markets recovered from a hot summer but market share losses were felt in the lower margin business market, the broker notes.

Strong oil prices are accelerating the deleveraging on Origin's balance sheet and by the end of FY19 the broker suggests there will be scope for a more progressive dividend policy. Outerform retained, target rises to $9.12 from $8.51.

Target price is $9.12 Current Price is $7.64 Difference: $1.48
If ORG meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates ORG as Buy (1) -

March quarter production was strong, with record sales volumes and revenue at APLNG. Ord Minnett considers strong cash generation will be a key catalyst,despite headwinds in the energy markets division.

The broker maintains a Buy rating and trims the target to $8.30 from $8.40. The company reported total attributable revenue of $764m from LNG for the quarter, up 3%.

Target price is $8.30 Current Price is $7.64 Difference: $0.66
If ORG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ORG as Buy (1) -

APLNG continues to increase cash distributions and the company has now guided to around $850m in FY19, ahead of UBS estimates. APLNG achieved the highest realised LNG price this quarter relative to other Australian E&P's.

UBS believes this was largely because a higher proportion of LNG under contract was sold versus spot. The broker highlights the company's ability to ramp up, or down, generation to maximise the value of the gas being either sold in the spot gas or electricity markets.

Buy rating and $8.75 target maintained.

Target price is $8.75 Current Price is $7.64 Difference: $1.11
If ORG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates PNL as Outperform (1) -

Paringa sold its first coal from Poplar Grove in the March Q and secured a $56m debt facility will will help fund the ramp-up but also lead to higher interest expense, the broker notes. The operation is being de-risked, with 90% of th broker's 2019 forecast production and 50% of production in the next five years having been contracted.

The miner must nevertheless match commitments with volumes. Outperform retained, target dips to 26c from 27c.

Target price is $0.26 Current Price is $0.17 Difference: $0.09
If PNL meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates RAP as Add (1) -

The company has reduced cash burn following the finalisation of the US children's trial, with sufficient cash to fund its current programs through to regulatory approval.

Morgans was impressed with the developments in the March quarter, including regulatory submissions to the US FDA as well as CE Mark technical filing. The broker maintains an Add rating and raises the target is $0.23 from $0.19.

Target price is $0.23 Current Price is $0.18 Difference: $0.05
If RAP meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates RBL as Downgrade to Reduce from Add (5) -

The company continues to struggle with the severe loss of unpaid customer traffic because of the changes to the Google search algorithm. Morgans expects conditions to remain tough for the next 12-18 months.

Guidance for earnings and cash flow has been downgraded as the costs of a higher share of paid traffic continue to impact. Morgans downgrades its rating to Reduce from Add and lowers the target to $0.67 from $1.27.

Target price is $0.67 Current Price is $0.99 Difference: minus $0.32 (current price is over target).
If RBL meets the Morgans target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates REA as Neutral (3) -

Credit Suisse has feedback from discussions with agents that indicates REA Group has been less aggressive in its pricing for FY20. The broker expects second half revenue growth of 8.5% and Australian depth revenue growth of 7.7%.

This reduction to earnings estimates reflects a weaker listings environment. The company will release third quarter results on May 10. Neutral rating maintained. Target is reduced to $78.30 from $79.50.

Target price is $78.30 Current Price is $80.41 Difference: minus $2.11 (current price is over target).
If REA meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $86.48, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates RRL as Neutral (3) -

March quarter production was in line with expectations. Citi notes the company has conceded first gold from McPhillamys prior to FY22 is optimistic.

Development of the 45,000ozs/pa underground at Duketon is underway and first ore is due in the September quarter. Citi maintains a Sell rating and reduces the target to $4.10 from $4.55, but points out exploration of tenements in the greenstone belt at Duketon could yield another discovery.

Target price is $4.10 Current Price is $4.74 Difference: minus $0.64 (current price is over target).
If RRL meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.58, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates RRL as Underperform (5) -

March quarter production was strong and Credit Suisse expects the upper end of guidance for 340-370,000 ounces is likely to be achieved.

A maiden reserve was declared for Rosemont underground and the resource has increased by 37%. The environmental impact submission for McPhillamys is due in the June quarter.

The broker retains an Underperform rating and a $4.45 target.

Target price is $4.45 Current Price is $4.74 Difference: minus $0.29 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.58, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RRL as Outperform (1) -

The broker retains Outperform and a $5.60 target for Regis following a March Q featuring strong net production which should see the top of the FY19 guidance range reached. Costs are tracking below the guidance range, the broker notes.

Rosemont underground will be key to near term high grade inventories while longer term, the timing of the McPhillamy's development remains key.

Target price is $5.60 Current Price is $4.74 Difference: $0.86
If RRL meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates RRL as Underweight (5) -

Morgan Stanley observes the company is on track for FY19 guidance. Production and costs in the March quarter were in line with expectations. Orr milled was lower, amid harder fresh rock from from new satellite pits, but higher grades offset this.

Underweight rating maintained. Target is $3.65. Industry view is In-Line.

Target price is $3.65 Current Price is $4.74 Difference: minus $1.09 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.58, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RRL as Lighten (4) -

March quarter production at Duketon was solid, Ord Minnett observes, offset by higher costs at Duketon North.

The company has guided to the top end of FY19 production guidance and the lower end of cost guidance, in line with the broker's expectations.

Ord Minnett maintains a Lighten rating and $4 target.

Target price is $4.00 Current Price is $4.74 Difference: minus $0.74 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.58, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates RRL as Upgrade to Neutral from Sell (3) -

UBS found the March quarter production numbers consistent. Management expects production at the upper end of guidance of 340-370,000 ounces and at the lower end of all-in sustainable costs of $985-1055/oz.

Nevertheless, the broker notes the share price has fallen -17% since its peak in February because of the decline in the Australian dollar gold price. Rating is upgraded to Neutral from Sell and the target reduced to $4.80 from $5.20.

Target price is $4.80 Current Price is $4.74 Difference: $0.06
If RRL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates RSG as Buy (1) -

The March quarter revealed the Syama oxide operation outperformed and Citi expects a number of catalysts over the rest of 2019. The broker notes a first underground resource of 1m oz at 5.1 g/t at Tabakoroni has revealed outstanding gold prospectivity.

Citi maintains a Buy/High Risk rating and reduces the target to $1.95 from $2.00.

Target price is $1.95 Current Price is $1.13 Difference: $0.82
If RSG meets the Citi target it will return approximately 73% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SEK as Sell (5) -

The company has downgraded FY19 guidance which, UBS suspects, also signals a downgrade to FY20 consensus forecasts. FY19 net profit is now guided to be around $189m because of higher investment and higher net interest.

UBS points out additional net profit losses related to Coursera/FutureLearn of -$2m over the final two months of FY19 could also widen to over -$12m in FY20.

Combined with slower growth in China and subdued domestic job volumes this leads the broker to downgrade estimates. Nevertheless, UBS believes the long-term revenue opportunity is substantial. Sell rating and $17 target maintained.

Target price is $17.00 Current Price is $18.69 Difference: minus $1.69 (current price is over target).
If SEK meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.33, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates SGP as Buy (1) -

The company has reaffirmed FY19 guidance for a distribution of 27.6c per security and over 6000 residential settlements. Although the residential outlook is bleak and retail conditions are moderating, Deutsche Bank still envisages compelling value in the stock.

The broker notes Stockland is one of the highest dividend yields in the sector and continues to trade at an attractive discount to net tangible assets. Buy rating and $4.35 target maintained.

Target price is $4.35 Current Price is $3.79 Difference: $0.56
If SGP meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -1.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SGP as Sell (5) -

The comely has maintained guidance but its outlook has deteriorated, UBS observes. The broker continues to envisage risk in achieving guidance across the residential business and retail portfolio. Sales over the quarter declined -26%.

The broker notes Stockland continues to experience negative retail income growth from re-mixing, maintaining a focus on stabilising income. Sell rating and $3.60 target maintained.

Target price is $3.60 Current Price is $3.79 Difference: minus $0.19 (current price is over target).
If SGP meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SUL as Buy (1) -

The company provided an upbeat trading update, highlighting broadly positive sales trends, Citi observes.

The broker notes the new enterprise bargaining agreement will drive higher wage rates and a -2% earnings downgrade for FY20 estimates.

Citi maintains a Buy rating and raises the target to $9.70 from $9.00.

Target price is $9.70 Current Price is $7.91 Difference: $1.79
If SUL meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $8.89, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SUL as Equal-weight (3) -

Trading momentum remains healthy, Morgan Stanley observes, and continues the strong start made at the beginning of the year.

While like-for-like sales growth is ahead of estimates, total sales growth is in line, which suggests to the broker there is less impact emanating from new stores.

The company notes FY20 wage inflation of 5.8% is likely, following new enterprise agreements, and this will limit earnings growth in the broker's view.

Equal-weight maintained. Target is $8.20. Industry View: Cautious.

Target price is $8.20 Current Price is $7.91 Difference: $0.29
If SUL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.89, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates SUL as Hold (3) -

Morgans found the trading update solid across all divisions. The broker has already factored pressure on BCF margins into forecasts.

An impost from increased wage costs in FY20 is considered unavoidable and difficult to offset. Morgans maintains a Hold rating and raises the target to $9.01 from $8.56.

Target price is $9.01 Current Price is $7.91 Difference: $1.1
If SUL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.89, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SUL as Accumulate (2) -

The company has experienced strong like-for-like sales growth from the automotive and Rebel businesses, while Macpac has improved after a weak start. BCF has been weighed down by gross margin pressure.

Ord Minnett observes Rebel is enjoying cost savings from the Amart combination while the automotive division is anchoring the company. A turnaround at BCF remains uncertain. The broker maintains an Accumulate rating and raises the target to $9.25 from $9.00.

Target price is $9.25 Current Price is $7.91 Difference: $1.34
If SUL meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.89, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SUL as Downgrade to Neutral from Buy (3) -

Trading in the March quarter was mixed, UBS observes, with sales better and the margin outlook softer. The broker reduces estimates for earnings per share by -2-4% and downgrades to Neutral from Buy.

The main negative was a continuation of the margin pressure in BCF. The outlook is less certain too, with some signs of softening expenditure at retailers directly exposed to housing. Target is reduced to $8.50 from $8.70.

Target price is $8.50 Current Price is $7.91 Difference: $0.59
If SUL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.89, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SVW as Outperform (1) -

The company has upgraded guidance to around 40% earnings (EBIT) growth from 25%, albeit in line with expectations. Of interest to Credit Suisse is whether WesTrac will continue to outperform expectations. Coates, on the other hand, appears to have underwhelmed.

The broker assesses the need for ageing equipment to be replaced and commodity production growth have dictated strength in WesTrac. Outperform rating maintained. Target is raised to $21.00 from $20.10.

Target price is $21.00 Current Price is $19.85 Difference: $1.15
If SVW meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $22.69, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SVW as Accumulate (2) -

The company has upgraded guidance, amid strength in the WesTrac division. On the negative side, Ord Minnett observes the Coates business continues to experience weakness because of wet weather and floods in Queensland.

The broker considers Seven Group inexpensive, given the strength of earnings momentum. Forecasts are increased by 3% in FY19 and 7% in FY20. Accumulate maintained. Target is raised to $23.13 from $22.67.

Target price is $23.13 Current Price is $19.85 Difference: $3.28
If SVW meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $22.69, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SXL as Downgrade to Neutral from Buy (3) -

The share price has risen 25% since its recent lows and, hence, UBS downgrades to Neutral from Buy on valuation grounds alone.

The overall advertising market remains soft, the broker observes, although the company is winning share from metro radio peers, given audience strength and its digital stack strategy.

The company has guided to flat FY19 costs growth. UBS raises the target to $1.25 from $1.20.

Target price is $1.25 Current Price is $1.27 Difference: minus $0.02 (current price is over target).
If SXL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SXY as Downgrade to Neutral from Buy (3) -

The company has indicated that the Surat Basin will incur most of the capital expenditure from FY19-21, at the expense of drilling in the Cooper Basin.

Citi believes the balance sheet should have been capable of continuing to support expenditure in the Cooper Basin, and is disappointed.

The broker forecasts lower and deferred levels of activity in the Cooper Basin, which materially reduces earnings estimates by over -50% for FY20/21.

Rating is downgraded to Neutral/High Risk from Buy/High Risk and the target lowered to $0.41 from $0.48.

Target price is $0.41 Current Price is $0.37 Difference: $0.04
If SXY meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SXY as Outperform (1) -

Senex posted strong March Q production, driven by Growler on the Western Flank. The company now enters a period of higher capital spending, the broker notes, as gas production ramps up and oil production declines. Pending announcements on remaining contracts and strength in flow rates and pricing could provide for FY20 earnings upside.

Outperform and 50c target retained.

Target price is $0.50 Current Price is $0.37 Difference: $0.13
If SXY meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SXY as Equal-weight (3) -

The company provided incremental improvements across its Cooper Basin acreage as oil production rose.

The Surat Basin remains a primary driver of value and, Morgan Stanley believes, as the company embarks on a drilling phase, with success at Project Atlas this should de-risk the acreage over time.

Equal-weight maintained. Target is raised to $0.41 from $0.38. Industry view: In-Line.

Target price is $0.41 Current Price is $0.37 Difference: $0.04
If SXY meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates SXY as Add (1) -

March quarter production was higher than expected amid an elevated realised oil price. Cooper Basin production is expected to experience a natural decline in FY20 as the company prioritises investment in the Surat gas operations.

The company has highlighted the potential for opportunistically selling its Roma North gas processing facility after commissioning. First sales gas is on track for the mid 2019.

With plenty of catalysts on the way Morgans maintains an Add rating and reduces the target to $0.53 from $0.57.

Target price is $0.53 Current Price is $0.37 Difference: $0.16
If SXY meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SXY as Hold (3) -

Production and sales volumes in the March quarter improved amid higher prevailing spot oil prices.

The company has now started the integrated drilling campaign in Queensland with the intention of achieving initial plateau production rates of 48TJ per day by the end of FY21.

Ord Minnett maintains a Hold rating and $0.40 target.

Target price is $0.40 Current Price is $0.37 Difference: $0.03
If SXY meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates TAH as Buy (1) -

The trading update was mixed, in Deutsche Bank's view, with an extremely strong lotteries performance offset by the continued underperformance of UBET and increased investment in wagering.

The broker observes the wagering market remains highly competitive, with unprecedented levels of promotional and marketing activity. The broker maintains a Buy rating and $5.50 target.

Target price is $5.50 Current Price is $4.79 Difference: $0.71
If TAH meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 5.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates TAH as Outperform (1) -

At the Macquarie conference, Tabcorp noted no one's won the Powerball jackpot of late. This has boosted FY19 revenue but at some point the luck will run out. The broker nevertheless forecasts FY20 lottery earnings growth underpinned by digital migration.

Investment in wagering "generosity" has helped to both defend and grow market share. The broker forecasts 7% compound annual earnings growth over three years and retains Outperform and a $5.10 target.

Target price is $5.10 Current Price is $4.79 Difference: $0.31
If TAH meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates TAH as Buy (1) -

Tabcorp has outlined its current strategy regarding the integration of Tatts. Gross yields for the March quarter were around 14.9%, broadly in line on an historical basis.

The timeline for the full integration of UBET is late FY20. UBS points out comments around "continued near-term underperformance" suggests a turnaround within that segment is not imminent. Buy rating and $5.30 target maintained.

Target price is $5.30 Current Price is $4.79 Difference: $0.51
If TAH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates TCL as Hold (3) -

After the investor briefing, Morgans observes the company's near-term priorities and overall strategy are unchanged. The broker considers the toll road portfolio is well managed and should be relatively resilient in terms of revenue.

As government bond rates remain low the share price is likely to continue attracting investor demand. Still, the broker considers it prudent to trim overweight positions to protect against a decline if bond yields rebound. Hold rating maintained. Target edges up to $12.09 from $12.08.

Target price is $12.09 Current Price is $13.50 Difference: minus $1.41 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.68, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates VAH as Hold (3) -

The company will restructure its Boeing 737 MAX 8 order, deferring first deliveries to July 2021 and switching 15 of these aircraft on order to MAX 10s. Virgin Australia will now take delivery of the first of 25 MAX 10s in July 2021 and the first of 23 MAX 8s in February 2025.

Deutsche Bank considers the decision solid, given safety concerns for the MAX 8 and the age of the company's fleet. The deferral of around $750m in capital expenditure combined with the extension of the 'better business' program should aid short-term cash flows, in the broker's view. Hold rating and $0.20 target maintained.

Target price is $0.20 Current Price is $0.19 Difference: $0.01
If VAH meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting downside of -2.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates VCX as Neutral (3) -

The company's quarterly update has indicated strength in roughly half the portfolio, although UBS notes this is overshadowed by the deferral of non-core asset disposals. Significant retail projects continue to progress but details remain scarce. 

FY19 guidance is maintained. Sales growth across the portfolio has moderated, which the broker expects will be the case throughout 2019. UBS maintains a Neutral rating and $2.72 target.

Target price is $2.72 Current Price is $2.53 Difference: $0.19
If VCX meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates VHT as Add (1) -

Morgans observes the company has finished the year strongly, with annual recurring revenue up over NZ$1.0m and total contract value up over NZ$5.0m.

The broker believes the main value driver is the percentage of the population being screened using the company's technology. Another catalyst is the finalising of the mandatory changes to reporting of breast cancer screening by the US FDA.

The broker maintains an Add rating and raises the target to $2.02 from $1.55.

Target price is $2.02 Current Price is $1.71 Difference: $0.31
If VHT meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates VHT as Downgrade to Lighten from Buy (4) -

Ord Minnett observes a continuation of solid momentum in the fourth quarter cash flow report. FY20 guidance has now been issued, signalling at least 10% penetration.

The broker believes the market has moved too far and, suspecting consensus earnings reductions, downgrades to Lighten from Buy. Target is raised to $1.54 from $1.18.

Target price is $1.54 Current Price is $1.71 Difference: minus $0.17 (current price is over target).
If VHT meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates WBC as Neutral (3) -

Westpac has increased provisions for remediation, stating that first half cash earnings will be reduced by -$375m. While further charges are likely in the future, Credit Suisse believes the heavy lifting has been done and charges from now on are likely to be less onerous than those recorded to date.

The broker maintains a Neutral rating and $28 target.

Target price is $28.00 Current Price is $28.09 Difference: minus $0.09 (current price is over target).
If WBC meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.06, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates WBC as Sell (5) -

Westpac has announced a further $510m in provisions in respect of misconduct associated with certain ongoing advice service fees earned by authorised representatives.

Deutsche Bank adjusts estimates to reflect the actual provision, having already recognised $450m in additional provisions in its numbers.

Deutsche Bank maintains a Sell rating and $22 target.

Target price is $22.00 Current Price is $28.09 Difference: minus $6.09 (current price is over target).
If WBC meets the Deutsche Bank target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.06, suggesting downside of -3.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates WBC as Neutral (3) -

Westpac is the latest major to announce an increase in remediation provisions, taking another $510m for advisor remediation to bring first half provisions up to around $900m, the broker notes.

Add in near term earnings pressure and the broker believes the bank's 92% payout ratio is elevated, suggesting the need for either a dilutive DRP or a dividend cut. Neutral and $27 target retained.

Target price is $27.00 Current Price is $28.09 Difference: minus $1.09 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.06, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates WBC as Underweight (5) -

Westpac has announced a further -6% reduction in first half earnings from remediation charges. Morgan Stanley believes these provisions and the downward pressure on profitability make a review of capital and dividend policies more likely.

A further provision of $510m relates to aligned advisers and is in addition to the $386m pre-tax previously announced.

The bank will report its first half result on May 6. Underweight rating and $24.10 target. Industry view: In Line.

Target price is $24.10 Current Price is $28.09 Difference: minus $3.99 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.06, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates WBC as Add (1) -

Westpac has provided an update on provisions for remediation associated with authorised representatives. First half cash earnings will be reduced by -$357m. This is in line with Morgans' expectations.

The broker suspects the bulk of remediation-related charges are now out of the way and the stock remains the broker's preferred major bank. Add rating and $33 target maintained.

Target price is $33.00 Current Price is $28.09 Difference: $4.91
If WBC meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $27.06, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates WBC as Hold (3) -

Westpac will recognise remediation and wealth re-set costs of $753m, post tax, in FY19, and Ord Minnett adjusts models accordingly.

Allowing for the changes, the broker reduces first half net profit estimates by around -2%. Hold rating and $27.90 target maintained.

Target price is $27.90 Current Price is $28.09 Difference: minus $0.19 (current price is over target).
If WBC meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.06, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates WES as Underweight (5) -

Morgan Stanley believes the market is too optimistic on Wesfarmers' earnings, particularly in light of the exposure of Bunnings to the housing cycle.

Macro economic factors are now clearly fading and the broker expects like-for-like sales growth to slow to 3% in the third quarter and to 1.8% in the fourth quarter.

Underweight rating. Target is $29. Cautious industry view.

Target price is $29.00 Current Price is $35.80 Difference: minus $6.8 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.17, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates WGN as Outperform (1) -

The dispute with Boral ((BLD)) has now been escalated to the Queensland Supreme Court with volumes to Boral still suspended. Wagners has downgraded FY19 earnings guidance by -$10m at the mid point to $25-28m, -20% below Credit Suisse's prior forecasts.

The broker contends the market is ignoring the disputed nature of the claim and the possibility of an outcome being in Wagners' favour. The broker retains an Outperform rating and lowers the target to $2.80 from $3.50.

Target price is $2.80 Current Price is $2.01 Difference: $0.79
If WGN meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $2.22, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates Z1P as Accumulate (2) -

Ord Minnett was impressed with the March quarter performance, from both a merchant and customer acquisition perspective. Revenue forecasts increase by 11% and 31% for FY20 and FY21, respectively.

The broker maintains an Accumulate rating and raises the target to $3.30 from $1.50. Customer additions for the quarter were almost double what the broker forecast.

The broker expects an update on the Pocketbook strategy around the end of the June quarter.

Target price is $3.30 Current Price is $3.43 Difference: minus $0.13 (current price is over target).
If Z1P meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources