Australian Broker Call

Credit Suisse rates AQG as Outperform (1) -

2017 results were in line and Credit Suisse has not altered its view. The key is the sulphide development in 2018, set to underpin a 20-year cash generating mine life.

Outperform rating and $5.30 target maintained.

Target price is $5.30 Current Price is $2.14 Difference: $3.16
If AQG meets the Credit Suisse target it will return approximately 148% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 72.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Deutsche Bank rates AQG as Buy (1) -

2017 net profit was below Deutsche Bank's forecasts with the main difference being the impact of unrealised hedging and FX losses.

The broker reduces 2018 estimates for earnings by -32% and the valuation by -6%, after adjusting for expected tax credits and capitalised revenues and costs for the sulphide project.

Buy rating maintained. Target is reduced to $4.10 from $4.30.

Target price is $4.10 Current Price is $2.14 Difference: $1.96
If AQG meets the Deutsche Bank target it will return approximately 92% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 72.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Macquarie rates AQG as Outperform (1) -

2017 earnings were weaker than Macquarie expected, affected by higher costs, tax and one-off hedge losses. The broker believes delivery on the sulphide project should provide a re-rating of the share price. First gold is expected in the September quarter.

From 2019 Macquarie expects Copler to deliver strong cash flows from the sulphides. Outperform retained. Target is $3.00.

Target price is $3.00 Current Price is $2.14 Difference: $0.86
If AQG meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 72.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

UBS rates AQG as Buy (1) -

The company finished 2017 with net debt of around US$40m and remaining capital expenditure for the sulphide project of US$223m.

The stock is still trading at a steep discount, which UBS suspects is a reflection of cautious investors as the sulphide expansion is in development and net debt is lifting. Turkish political risk is also playing a part.

As the company heads for first production in the September quarter the broker believes the overall risk/reward outlook should improve. Buy rating maintained. Target reduced to $3.80 from $4.10.

Target price is $3.80 Current Price is $2.14 Difference: $1.66
If AQG meets the UBS target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 72.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Citi rates BHP as Buy (1) -

Activist shareholder Elliott is not backing down and Citi analysts believe the ball is now back in the board's court; they expect a response at the upcoming results release, scheduled for 20 Feb.

A potential Shale divestment, the analysts note, could provide further upside to Buy rating and $32 target.

As far as the result goes, Citi is expecting underlying EBITDA of $11.8bn, noting this is slightly above market consensus. Underlying EPS is seen at US$0.80 of which US$0.49 will be paid out in dividends.

Target price is $32.00 Current Price is $29.33 Difference: $2.67
If BHP meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.62, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Citi rates BWP as Sell (5) -

It appears the increase in guidance has somewhat surprised Citi analysts, but they are quick on their feet to question the "quality of the dividend". Additional asset sales lead to reduced forecasts.

The analysts observe the market responded favourably to the apparent "beat" when management raised DPS guidance, but the trust must pay out more than 100% of its earnings to support the dividend, they highlight.

With no growth on the radar until FY20, Citi finds the shares are overvalued. Sell rating retained. Target price lifts to $2.70 from $2.68.

Target price is $2.70 Current Price is $2.94 Difference: minus $0.24 (current price is over target).
If BWP meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.82, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

Credit Suisse rates BWP as Underperform (5) -

First half results were below Credit Suisse estimates. The company now expects to maintain distribution growth at 1.7% in the second half, which is considered better than the previous guidance for a "flat" outcome.

Nevertheless, Credit Suisse rates this upgrade as low quality, as capital profits will be used to support distributions if required.

Underperform. Target is $2.80.

Target price is $2.80 Current Price is $2.94 Difference: minus $0.14 (current price is over target).
If BWP meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.82, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

UBS rates BWP as Sell (5) -

UBS observes minimal progress in de-risking the leasing and capex profile in the first half result.

While the transaction market for the Bunnings warehouses is strong, the broker notes so are other real estate asset classes with less leasing and capex uncertainty.

Sell rating maintained. Target is raised to $2.77 from $2.73.

Target price is $2.77 Current Price is $2.94 Difference: minus $0.17 (current price is over target).
If BWP meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.82, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

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

Carsales has abruptly fallen out of favour at Citi following an interim report that, according to the analysts, shows a maturing core business in Australia, with margins under pressure.

Citi has downgraded to Sell, reduced estimates by -4-9% and cut its price target by -17% to $12.50. Domestic revenue growth is slowing and this makes the current PE multiple a challenge, find the analysts.

Target price is $12.50 Current Price is $14.08 Difference: minus $1.58 (current price is over target).
If CAR meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Credit Suisse rates CAR as Underperform (5) -

First half results were broadly in line with Credit Suisse. The broker trims FY18 net profit estimates by -1.3% because of lower forecasts for SK Encar, while domestic revenue growth is considered solid and in line with trends.

Underperform rating on $13.50 target maintained. The broker considers the business high quality but earnings growth is not enough to support the share price at current levels.

Target price is $13.50 Current Price is $14.08 Difference: minus $0.58 (current price is over target).
If CAR meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Deutsche Bank rates CAR as Hold (3) -

First half results were broadly in line with Deutsche Bank's forecasts. The contribution from SK Encar was lower than expected but partly offset by lower depreciation and minority outflows.

Changes to the broker's forecasts reflect lower FY18 growth in Korea. Hold rating maintained. Target rises to $13.60 from $13.50.

Target price is $13.60 Current Price is $14.08 Difference: minus $0.48 (current price is over target).
If CAR meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates CAR as Downgrade to Neutral from Outperform (3) -

Macquarie found the first half results positive and broadly in line as the core business has driven robust revenue growth. The broker expects a continuation of this growth, primarily driven by price rises in the dealer channel.

Yet, given the absence of upgrade drivers relative to pre-result earnings forecasts, the broker envisages limited near-term valuation upside. Rating is downgraded to Neutral from Outperform. Target reduced to $14.00 from $14.20.

Target price is $14.00 Current Price is $14.08 Difference: minus $0.08 (current price is over target).
If CAR meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates CAR as Add (1) -

First half results were below Morgans' forecasts as financial services and dealer advertising grew at a slower pace than previously assumed. The broker downgrades earnings forecasts to reflect a slower rate of revenue growth.

Add rating retained. Target is raised to $15.30 from $14.99.

Target price is $15.30 Current Price is $14.08 Difference: $1.22
If CAR meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

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

The first half results were largely in line, although the outlook for SK Encar probably disappointed lofty buy side expectations, UBS suspects.

UBS noted finance revenue was stronger and growth in Webmotors also accelerated. The broker downgraded the stock in December as the share price appeared to be factoring overly optimistic growth assumptions.

UBS views the issues with SK Encar as transient, although tapping Korea may take longer than anticipated. The broker returns the rating to Neutral from Sell and retains a $14 target.

Target price is $14.00 Current Price is $14.08 Difference: minus $0.08 (current price is over target).
If CAR meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates CBA as Sell (5) -

See also early response to the interim report release by Citi in yesterday's Broker Call Report. On second consideration, the analysts have made no changes to Sell rating or $72 price target.

View remains that CBA's interim performance missed because of Austrac related provision. Retail banking remains the pillar under the bank's solid underlying result, but Citi questions the sustainability of these returns.

Underlying, note the analysts, expense growth seems to be accelerating. Citi has slightly reduced DPS forecasts for the years ahead.

Target price is $72.00 Current Price is $76.79 Difference: minus $4.79 (current price is over target).
If CBA meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.63, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Deutsche Bank rates CBA as Hold (3) -

First half results were sound relative to Deutsche Bank's expectations. Net profit was slightly above estimates. Nevertheless, heightened risks remain apparent with a $375m legal provision taken for the AUSTRAC lawsuit in the result.

Deutsche Bank reduces cash earnings forecasts by -2% for FY18. Hold retained. Target reduced to $80.50 from $83.00.

Target price is $80.50 Current Price is $76.79 Difference: $3.71
If CBA meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $77.63, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Macquarie rates CBA as Neutral (3) -

Despite favourable revenue trends, supported by mortgage re-pricing and improved funding costs, Macquarie envisages downside risks to the financial performance in the near term.

It appears to the broker, that while the increased regulatory burden is not unique to CBA, the bank is currently fighting more battles than its peers.

Following the first half result the broker downgrades FY18 estimates by -6%. Neutral maintained. Target is reduced to $80.00 from $81.50.

Target price is $80.00 Current Price is $76.79 Difference: $3.21
If CBA meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $77.63, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Morgan Stanley rates CBA as Underweight (5) -

CBA's result provided no reason for the broker to shift from Underweight and a $71 target. Loan growth is moderating, the broker notes, margins are peaking, costs will be higher due to remediation, bad debts have bottomed and a buyback is unlikely.

Capital generation was also lower than forecast, hindered by the Austrac provision. The broker cuts its FY18 profit forecast by -5%. Industry view: In Line.

Target price is $71.00 Current Price is $76.79 Difference: minus $5.79 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.63, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Morgans rates CBA as Add (1) -

First half net profit was better than Morgans forecast. The interim dividend was a little less than expected, which the broker suspects stemmed from the impact of the civil penalty provision.

The strong net interest margin was the positive element, the broker notes. While CBA remains the broker's least preferred of the major banks, because of risks stemming from the AUSTRAC case and the APRA inquiry, an Add rating is maintained. Target is $81.50.

Target price is $81.50 Current Price is $76.79 Difference: $4.71
If CBA meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $77.63, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

UBS rates CBA as Neutral (3) -

First half underlying net profit was 2% ahead of UBS estimates. The broker notes provisions held back the headline. The slip in mortgage share has garnered attention but the broker is not overly concerned.

CBA has lost some share via the broker channel but UBS believes this has improved the quality of the book. The main problem, in the broker's view, is that the entire growth in banking revenue can be attributed to the mortgage book and the majority from re-pricing, which cannot last forever.

Neutral rating and $83 price target retained.

Target price is $83.00 Current Price is $76.79 Difference: $6.21
If CBA meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $77.63, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Deutsche Bank rates CIM as Sell (5) -

Deutsche Bank considers the 2017 results solid, with net profit just above the top of the guidance range.

 2018 guidance exceeds expectations and the broker highlights a strong order book and a large infrastructure tender pipeline as well as improved mining activity.

Sell maintained. Target rises to $40.50 from $38.39.

Target price is $40.50 Current Price is $46.51 Difference: minus $6.01 (current price is over target).
If CIM meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.46, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Macquarie rates CIM as Outperform (1) -

2017 net profit was ahead of Macquarie's estimates. Mining and mineral processing did the heavy lifting. The broker found the results hard to fault and considers the stock attractive, as it offers 9% growth in earnings per share over the next three years.

Macquarie also notes the share price is lagging the traditional correlation in earnings per share post the recent pull back. FY18-20 estimates are raised by 1%. Outperform rating maintained. Target is $51.41, up from $51.12.

Target price is $51.41 Current Price is $46.51 Difference: $4.9
If CIM meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $41.46, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Deutsche Bank rates FXL as Buy (1) -

Deutsche Bank considers the company's move to improve its consumer lease product is a positive but expects an earnings impact from FY19 onwards.

The existing product and brand will be discontinued and replaced with a new product which will be detailed at the first half result on February 20. At that stage, if the company can demonstrate a return to growth, Deutsche Bank envisages material upside.

Buy rating. Target price falls to $2.05 from $2.10.

Target price is $2.05 Current Price is $1.65 Difference: $0.4
If FXL meets the Deutsche Bank target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates FXL as Neutral (3) -

The company has reaffirmed FY18 guidance and announced a new, digitally-delivered consumer lease product that will be launched with a major retailer in mid February to replace the FlexiRent brand.

UBS considers the announcement positive in the light of reiterated guidance. The company will report its first half results on February 20. Neutral rating and $1.80 target.

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If FXL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates GMA as Outperform (1) -

2017 net profit was in line with Macquarie's expectations. The company has reduced its guidance for 2018 net earned premium (NEP), driven by a change in the premium recognition curve. NEP is forecast to be down -25-30%, which means cash premiums already received are held on the balance sheet for longer.

The duration of capital management has been extended, the broker also notes. No second half special dividend was declared and management only committed to completing the remaining $49m of the current $100m buyback during 2018.

Macquarie maintains an Outperform rating and reduces the target to $3.50 from $3.76. Estimates for earnings per share in 2018 are lowered by -42%, driven by the non-cash premium recognition adjustments.

Target price is $3.50 Current Price is $2.77 Difference: $0.73
If GMA meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates GMA as Sell (5) -

2017 net profit was weaker than UBS expected. Despite greater stability in claims, UBS notes revenue recognition changes point to downside for FY18 earnings per share.

On the positive side gross written premium is expected to increase in FY18, driven by new business initiatives. UBS maintains a Sell rating and $2.60 target.

Target price is $2.60 Current Price is $2.77 Difference: minus $0.17 (current price is over target).
If GMA meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates GXY as Upgrade to Overweight from Equal-weight (1) -

Following the sell-off in lithium miners year to date and in light of Dec Q production reports, Morgan Stanley sees a window of opportunity.

The broker has eased its target on Galaxy to $3.50 from $3.70 but notes the stock price has fallen -35% from its January high. Despite funding headwinds for Sal da Vida and James Bay, this prompts an upgrade to Overweight. Industry View: Attractive.

Target price is $3.50 Current Price is $3.12 Difference: $0.38
If GXY meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Macquarie rates IEL as Outperform (1) -

First half operating earnings were ahead of Macquarie's estimates. This was supported by testing volumes and multi-destination student placement volumes. Earnings margins of 20.8% also beat expectations.

Outperform rating maintained. Target rises to $7.25 from $6.40.

Target price is $7.25 Current Price is $6.88 Difference: $0.37
If IEL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting downside of -16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates MGC as Neutral (3) -

First half results beat Macquarie's estimates. Milk intake losses appear to have stabilised. The ACCC provisional announcement around the Saputo transaction is now expected on March 1.

Neutral retained. Target is $0.95.

Target price is $0.95 Current Price is $0.83 Difference: $0.12
If MGC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans - Cessation of coverage

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates MIN as Overweight (1) -

Following the sell-off in lithium miners year to date and in light of Dec Q production reports, Morgan Stanley sees a window of opportunity.

Mineral Resources remains the broker's key Overweight in the sector, noting the decision not to chase AWE ltd ((AWE)) maintains balance sheet strength and demonstrates prudence. Target rises to $21.60 from $20.40. Industry View: Attractive.

Target price is $21.60 Current Price is $17.70 Difference: $3.9
If MIN meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $20.37, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates NCK as Neutral (3) -

Neutral rating remains in place while the price target has lifted to $7 from $6.85 following what Citi analysts label as "strong performance despite tough conditions".

The company's FY18 guidance of 5%-10% growth in net profits could ultimately prove to be conservative, say the analysts. There is risk from troubled competitor Steinhoff selling inventory at slashed down prices, but then again, Citi points out an EPS accretive acquisition remains a possibility as well.

Incorporating better margins has increased EPS forecasts by 3-8%.

Target price is $7.00 Current Price is $6.95 Difference: $0.05
If NCK meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates NCK as Outperform (1) -

First half results were in line with expectations. Macquarie believes the company is executing well and recent initiatives have strengthened the operating model. Upside risk is envisaged to FY18 guidance.

Outperform maintained. Target is $7.50.

Target price is $7.50 Current Price is $6.95 Difference: $0.55
If NCK meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgan Stanley rates ORE as Underweight (5) -

Following the sell-off in lithium miners year to date and in light of Dec Q production reports, Morgan Stanley sees a window of opportunity.

The broker nevertheless retains Underweight and a $5.10 target on Orocobre, suggesting that valuation is too rich even if lithium spot prices are maintained, which the broker is not assuming, and projects are fully de-risked. The broker prefers Mineral Resources ((MIN)) in the space.

Industry View: Attractive

Target price is $5.10 Current Price is $6.46 Difference: minus $1.36 (current price is over target).
If ORE meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.37, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates RIO as Outperform (1) -

2017 results were broadly in line with Macquarie's expectations. The final dividend was a record and boosted by a US$1.0bn increase in the buyback. Incorporating the results increases Macquarie's 2018-19 estimates by 2%.

Net debt is now at levels not seen since 2006. Macquarie believes further increases to cash returns are likely in 2018.

Price target is raised 1% to $94. Outperform.

Target price is $94.00 Current Price is $76.35 Difference: $17.65
If RIO meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $81.72, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Morgans rates RIO as Hold (3) -

2017 net profit was in line with Morgans. The broker is impressed with the company's careful deployment of capital. Net debt has declined and gearing is now just 7%, materially below the company's guidance range of 20-30%, which the minor now considers irrelevant.

Morgans lifts the target to $74.75 from $73.33. As the share price continues to perform strongly, and remains marginally above the revised target, a Hold rating is maintained.

Target price is $74.75 Current Price is $76.35 Difference: minus $1.6 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.72, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Morgans rates TCL as Upgrade to Add from Hold (1) -

Morgans believes, given the recent decline in the share price, value has emerged, with an estimated total return in excess of 10%. Hence, the broker upgrades to Hold from Add.

The main short-term risks include material increases in bond yields and overpaying for the 51% of WestConnex. First half results will be released on February 13. Target is reduced to $12.62 from $12.65.

Target price is $12.62 Current Price is $11.48 Difference: $1.14
If TCL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.04, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates TRS as Neutral (3) -

As a result of industry feedback UBS increases estimates for first half sales growth to 1.9% and gross margin to 43.9%. The broker's estimates for first half net profit are now slightly above guidance.

Nevertheless, UBS notes risk remains elevated, given the dependence on key Christmas merchandise decisions and the long lease tail. Neutral rating. Target is raised to $6.30 from $4.35.

Target price is $6.30 Current Price is $6.30 Difference: $0
If TRS meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates WLD as Hold (3) -

First half net loss was -$7.5m but Deutsche Bank considers the results incrementally positive. Signs of optimism are emerging but, given the lower cattle price and herd rebuilding, the broker believes it is too early to turn positive on a recovery.

Hold maintained. Target rises to $0.14 from $0.13.

Target price is $0.14 Current Price is $0.15 Difference: minus $0.01 (current price is over target).
If WLD meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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