Australian Broker Call

UBS rates A2M as Buy (1) -

UBS is confident the company is on track to meet expectations in FY20. However, market share gains appear to have moderated in April although trends remain strong.

Both Danone and Bellamy's have recently launched A2 infant formula products in Australia but the broker believes this is unlikely to have a material impact on a2 Milk, given consumer brand loyalty.

Buy rating retained. Target is NZ$22.00.

Current Price is $17.55. Target price not assessed.

Current consensus price target is $19.36, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.1

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

Citi rates ALQ as Neutral (3) -

FY20 results beat Citi's estimates, attributable to strong pricing. Trading conditions in April have meant revenue was down -9% compared with the prior April but better than Citi's forecasts.

The trough in earnings appears to be shallower than the broker had previously expected. Citi upgrades estimates for FY21-22 by 16-18%.

The broker now expects a 30% pay-out ratio in FY21. Target is raised to $8.31 from $7.34. Neutral/High Risk retained.

Target price is $8.31 Current Price is $7.33 Difference: $0.98
If ALQ meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.68, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates ALQ as Outperform (1) -

Net profit in FY20 was in line with Credit Suisse estimates. The broker suspects the first half of FY21 will be challenged, although management appears cautiously optimistic.

Management has indicated that conditions became worse in April, with revenue down -9% and May is likely to be similarly weak. The bolt-on acquisition strategy has been reaffirmed.

The broker considers the balance sheet solid and believes management could be more aggressive in pursuing attractive consolidation opportunities. Outperform rating reiterated. Target is $8.

Target price is $8.00 Current Price is $7.33 Difference: $0.67
If ALQ meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.68, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates ALQ as Outperform (1) -

FY20 results were consistent with Macquarie's expectations. However, geochemical volumes in April were down -30% at the end of the month.

The broker notes the opportunity around the rolling out of coronavirus testing in the longer term as this becomes a regular part of life in terms of monitoring in offices, transport and at events.

Although difficult to quantify, the broker suggests this represents an attractive long-term prospect. Outperform rating maintained. Target is raised to $7.78 from $7.03.

Target price is $7.78 Current Price is $7.33 Difference: $0.45
If ALQ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.68, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates ALQ as Add (1) -

ALS Ltd’s FY20 financials were in-line with the guidance despite covid-19 related headwinds during February-March. The company is cautious with respect to FY21 and has not issued any guidance finding it difficult to quantify the impact amidst so much uncertainty.

Morgans forecasts improvement from the second half with a rebound in earnings.

Add rating retained by Morgans on account of the company being an essential services provider with a comfortable liquidity position.

The target increased to $8.28 from $6.90.

Target price is $8.28 Current Price is $7.33 Difference: $0.95
If ALQ meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.68, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates ALQ as Hold (3) -

FY20 results were in line with Ord Minnett's expectations. Limited commentary on the outlook was provided, although the company noted April and May are likely to be the most affected months in terms of the coronavirus pandemic.

Ord Minnett notes the first quarter of the fiscal year is a key period for the northern hemisphere geochemistry segment and looks ahead to the AGM on July 29 for an update on the impact of the pandemic on the business.

Hold rating maintained. Target is reduced to $6.40 from $7.00.

Target price is $6.40 Current Price is $7.33 Difference: minus $0.93 (current price is over target).
If ALQ meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.68, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates ALQ as Neutral (3) -

FY20 net profit was slightly ahead of UBS estimates. The company has reiterated recent commentary regarding trading and provided no formal FY21 guidance.

UBS notes the company has already reduced its global personnel by -15%, which indicates it is preparing for sharply lower activity levels, as witnessed in April and into May.

The broker still forecasts FY21 earnings (EBIT) to decline -26%. ALS Ltd has taken -$90m in goodwill impairments across the Latin American life sciences and industrial businesses, related to the pandemic and depressed oil markets.

Neutral rating maintained. Target rises to $7.30 from $6.70.

Target price is $7.30 Current Price is $7.33 Difference: minus $0.03 (current price is over target).
If ALQ meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.68, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates ANN as Outperform (1) -

Credit Suisse believes the increase in PPE demand, and single-use examination gloves in particular, is structural and will remain a focus post the pandemic.

The top five Malaysian glove suppliers, which make up 70% of the market share globally, are expanding manufacturing capacity by around 15% by the end of 2020.

The broker assesses demand growth will run in excess of this increase and shift the focus to Ansell's premium products. Still, given the company's products are already at a premium, it is unlikely to experience a benefit as much as peers.

Outperform rating maintained. Estimates are raised by around 2% for FY20 and around 9% for FY21. Target is raised to $36.50 from $32.00.

Target price is $36.50 Current Price is $34.76 Difference: $1.74
If ANN meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $31.21, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Macquarie rates ANN as Underperform (5) -

While Macquarie considers Ansell is positively attuned to the increased demand for PPE, the industrial end markets are subdued, with lower growth for higher-margin industrial products. There are also capacity constraints to consider.

The broker does not consider the risks are factored into current expectations and retains an Underperform rating. Target is raised to $30.40 from $27.50.

Target price is $30.40 Current Price is $34.76 Difference: minus $4.36 (current price is over target).
If ANN 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 $31.21, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Morgans rates AQR as Add (1) -

APN Convenience Retail REIT announced two acquisitions with a total value of $10.2m along with the completion of four fund-through development projects worth $19.8m.

With the aforementioned developments, the portfolio valuation stands at $425m, notes Morgans.

FY20 guidance remains unchanged with funds from operations (FFO) of $0.215-$0.218 and dividends at $0.218.

Morgans retains its Add rating with target increased to $3.87 from $3.80.

Target price is $3.87 Current Price is $3.34 Difference: $0.53
If AQR meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates BKL as Neutral (3) -

Citi considers the capital raising sensible but would have preferred a larger amount in order to reduce gearing to a greater extent, and given the uncertainty around the long-term demand profile.

It would also provide more support for further geographical diversification outside of China. A portion of the capital raising has been earmarked to fund growth in Asia.

The broker also considers the pursuit of a Chinese partnership a positive, given the assistance the company needs to maximise the opportunity.

Neutral rating maintained. Target rises to $79.80 from $72.80.

Target price is $79.80 Current Price is $81.42 Difference: minus $1.62 (current price is over target).
If BKL 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 $72.47, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Credit Suisse rates BKL as Underperform (5) -

Blackmores has announced a $92m equity raising, to be used to retire debt and fund previously planned initiatives. FY20 net profit guidance has been reiterated.

Credit Suisse finds the plan to restore financial strength and business momentum promising, noting Australia is a market where price growth has historically been difficult because of the concentration of customers.

FY21 estimates are downgraded by -12% and FY22 by -7% as the broker reassesses the effects of temporary cost imposts relating to the acquired manufacturing facility.

Underperform rating retained on the basis of valuation. Dividends are expected to resume in FY21. Target is raised to $65 from $60.

Target price is $65.00 Current Price is $81.42 Difference: minus $16.42 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.47, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

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

Blackmores has undertaken a capital raising, which Macquarie considers is logical given the uncertainty around trading patterns heading into the first half.

The broker takes a more positive view now concerns regarding the balance sheet are removed. The company is pushing ahead with growth plans in Southeast Asia and India, supported by a $40m investment in working capital and operating costs.

Macquarie upgrades to Neutral from Underperform. Target is raised to $73 from $64.

Target price is $73.00 Current Price is $81.42 Difference: minus $8.42 (current price is over target).
If BKL meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.47, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

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

While the equity raising does not change the earnings profile, Morgan Stanley acknowledges it shores up the balance sheet and is a prudent move.

The company is seeking to raise up to $115m and will use the proceeds to retire debt, invest in accelerating growth in Asia and improve efficiency.

Management has also pointed out the strength of equity markets was a factor in its decision to raise capital.

Equal-weight rating and Cautious industry view maintained. Target is raised to $67 from $66.

Target price is $67.00 Current Price is $81.42 Difference: minus $14.42 (current price is over target).
If BKL meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.47, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Morgans rates BKL as Hold (3) -

Blackmores has announced an equity raising to strengthen its balance sheet and fund growth, a development Morgans finds unsurprising.

The company is on track to deliver its FY20 guidance with net profit between $17-21m although except for the immunity product line, Morgans notes the business has been impacted by slow retail traffic. The broker believes guidance will be achieved mostly from extra cost savings.

The broker expects growth to resume from FY21 and considers this an opportune time to improve margins that currently lag behind peers.

The broker reiterates its Hold rating with target price increased to $75 from $70.

Target price is $75.00 Current Price is $81.42 Difference: minus $6.42 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.47, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Ord Minnett rates BKL as Hold (3) -

Blackmores has retained earnings guidance for an FY20 net profit of $17-21m, although Ord Minnett notes the make-up of the guidance is different to what was provided in February because of the impact of the pandemic.

The company has decided to raise equity to provide additional flexibility. The broker would have preferred this capital was raised through a Chinese partner to align interests in delivering on the strategy in China but acknowledges discussions are not yet ns an advanced stage.

Ord Minnett retains a Hold rating and raises the target to $75 from $72.

Target price is $75.00 Current Price is $81.42 Difference: minus $6.42 (current price is over target).
If BKL meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.47, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

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

Market conditions are improving and Macquarie assesses the stock is trading at a -27% discount to the inferred value of the assets, underperforming peers in the recent recovery.

The broker suspects the market is yet to fully price in the strength of the property assets and upgrades to Outperform from Neutral. Target is raised to $16.30 from $15.25.

Target price is $16.30 Current Price is $15.55 Difference: $0.75
If BKW meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.69, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

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

Beach Energy shares are up 19% over the last week and Macquarie reviews the outlook for growth in expenditure, assessing there is more upside elsewhere in the sector.

The business retains solid fundamentals but the broker assesses prior cash flow outlook is at risk because of the downturn in oil and delays to projects. Rating is downgraded to Neutral from Outperform. Target is reduced by -5.8% to $1.60.

Target price is $1.60 Current Price is $1.60 Difference: $0
If BPT meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.69, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Morgans notes Beach Energy has outperformed the energy index over the last 30 days and beat the broker’s target of $1.66. However, volatility will persist, cautions the broker, with the market trying to find a balance.

Beach Energy has a number of high return brownfield projects along with greenfield options in the long run, reminds Morgans. The broker also expects the company to re-contract an offshore rig in the Otway basin in early FY21.

The share’s strong price performance coupled with a volatile market prompts a downgrade by the broker to Hold from Add with a target price of $1.66.

Target price is $1.66 Current Price is $1.60 Difference: $0.06
If BPT meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.69, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates CCX as Outperform (1) -

Online sales in Australasia have exceeded expectations during the lockdown. However, Macquarie now takes a more conservative view of the ongoing operating leverage and cost base.

Estimates for earnings per share are reduced by -28% and -24% for FY20 and FY21, respectively. Outperform maintained. Target is reduced to $2.69 from $2.97.

Target price is $2.69 Current Price is $2.85 Difference: minus $0.16 (current price is over target).
If CCX 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 $2.76, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Citi rates CSL as Upgrade to Buy from Neutral (1) -

With the shares having underperformed the broader market by no less than -19% over the month past, including a noticeable drubbing in yesterday's session, Citi analysts have upgraded CSL to Buy from Neutral.

The analysts note the global race for a covid-19 vaccine is running in full force now. CSL may or may not get involved with a successful end product, but financial implications should be benign, in case a competitor wins the prize, concludes Citi.

Today's update also includes the following sentence: "The risk to earnings in the medium-term remains to the upside as the company should continue to take market share due to its superior plasma collection position".

Forecasts are unchanged. Price target remains intact at $334.

Target price is $334.00 Current Price is $287.51 Difference: $46.49
If CSL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $314.81, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 GTN as Neutral (3) -

Third quarter trading was in line with Macquarie's expectations. The company has refinanced $60m in debt and deferred covenant testing to FY22.

April trading was below the broker's estimates and, despite restrictions easing, feedback signals a lag in advertising expenditure.

Macquarie retains a Neutral rating because of the uncertain timing of the recovery in advertising expenditure and the high degree of operating leverage inherent in the business. Target is raised to $0.53 from $0.47.

Target price is $0.53 Current Price is $0.53 Difference: $0
If GTN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates JHC as Neutral (3) -

The company signalled expectations for a non-cash impairment to assets in the range of -$270-300m.

Macquarie highlights the difficult times the aged care sector faces, but notes there are no residents in the company's business with coronavirus, which signals good levels of care.

The broker retains a Neutral rating and reduces the target to $0.68 from $0.90. Estimates for earnings per share are cut by -22.3% and -54.5% for FY20 and FY21, respectively.

Target price is $0.68 Current Price is $0.57 Difference: $0.11
If JHC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates JHC as Hold (3) -

Japara Healthcare has confirmed no residents have been infected with coronavirus despite an employee testing positive. Occupancy levels have fallen, however, leaving the company to write down the carrying value of its goodwill.

Ord Minnett increases earnings forecasts for FY20 but reduces FY21. The current year is being boosted by the government's one-off funding program but this will end in FY21 and earnings are expected to drop because of lower occupancy.

Hold rating maintained. Target is reduced to $0.55 from $0.65.

Target price is $0.55 Current Price is $0.57 Difference: minus $0.02 (current price is over target).
If JHC meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.75, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgan Stanley rates NAB as Overweight (1) -

National Australia Bank has raised $1.25bn in a share purchase plan, ahead of its original target of $500m. Morgan Stanley notes the bank's pro forma CET1 ratio is now around 11.2%.

The bank is the broker's preferred among the major banks, given a better revenue outlook in the near term, a strong focus on costs as well as reduced risk appetite over recent years.

Overweight. Target is $16.70. Industry view: In-line.

Target price is $16.70 Current Price is $18.79 Difference: minus $2.09 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.28, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Credit Suisse rates NCZ as Outperform (1) -

The company has entered into a 60-day exclusivity agreement with Vale to acquire the Goro nickel & cobalt mine in New Caledonia. No fiscal terms, funding arrangements or targets have been disclosed.

While acknowledging the company's aspirations, Credit Suisse questions whether this significant deviation from tailings reprocessing is the best course of action.

However, the broker acknowledges a full assessment cannot be made until the details of the deal are clear. Outperform retained. Target is reduced to $0.50 from $0.97.

Target price is $0.50 Current Price is $0.20 Difference: $0.3
If NCZ meets the Credit Suisse target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

Trade was better than expected for National Tyre and Wheel, notes Morgans, leading the group to increase its FY20 operating earnings guidance above the broker’s estimate by circa 15%.

This and a strong balance sheet prompted the company to restore dividends. Morgans expects a distribution yield of circa 7%.

Future strategy main themes are expected to be on volume, scale and diversification, feels the broker.

Rating upgraded to Add from Hold with target increased to $0.45 from $0.26.

Target price is $0.45 Current Price is $0.37 Difference: $0.08
If NTD meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates SHL as Sell (5) -

Based on most recent data, UBS observes testing rates in Australia and Belgium appear to have peaked in early to mid May and have started to retreat. The UK and Switzerland remain largely flat.

Testing rates in the US continue to climb albeit at a declining rate. The broker expects the recovery in routine pathology work to be staged but a more rapid recovery in the company's diagnostic volumes across all regions appears feasible.

UBS adjusts modelling and upgrades FY20 and FY21 estimates for earnings per share by 10% and 26%, respectively. Sell rating retained. Target rises to $25.10 from $23.10.

Target price is $25.10 Current Price is $29.21 Difference: minus $4.11 (current price is over target).
If SHL meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.76, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates TPM as Accumulate (2) -

Ord Minnett believes there are a variety of revenue synergies the company can pursue as a result of the merger with Vodafone Australia.

TPG Telecom will be de-listed on June 29 to make room for the new listing and investors need to have acquired shares by then to be eligible for the special dividends and Singapore distribution.

Accumulate rating and $8.65 target maintained.

Target price is $8.65 Current Price is $8.52 Difference: $0.13
If TPM meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.17, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates TWE as Buy (1) -

UBS assesses the near-term outlook for Treasury Wine is uncertain and there are risks to estimates for the second half of FY20 and first half of FY21. Nevertheless, the broker does not envisage balance sheet issues.

There are potential catalysts, moreover, via the restructure of the Americas commercial business and potential de-merger of Penfolds. Buy rating and $14.80 target maintained.

Target price is $14.80 Current Price is $9.97 Difference: $4.83
If TWE meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $11.47, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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