Australian Broker Call

Credit Suisse rates 360 as Outperform (1) -

The company posted a strong finish to 2019 with record growth in the US and a return to growth internationally. Credit Suisse increases revenue and earnings forecasts modestly but retains a $5.20 target.

The focus is now on the opportunity in 2020 and the path to breaking even in 2021, which the broker considers intact. Outperform rating reiterated.

Target price is $5.20 Current Price is $3.32 Difference: $1.88
If 360 meets the Credit Suisse target it will return approximately 57% (excluding dividends, fees and charges).

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: 1.0

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

Ord Minnett rates AGL as Downgrade to Hold from Accumulate (3) -

Ord Minnett has been caught out by the rapid and significant slump in wholesale electricity prices over the past three months.

The broker believes this is being driven by weakness in gas prices as east coast producers set new records for output.

Ord Minnett does not believe the current prices are sustainable but this has challenged its positive view on the stock.

Rating is downgraded to Hold from Accumulate and the target is lowered to $20.50 from $24.10.

Target price is $20.50 Current Price is $19.85 Difference: $0.65
If AGL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $18.38, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

Macquarie rates ALX as Neutral (3) -

The main cash generator for the company, APRR, was stronger than Macquarie expected in the December quarter. Meanwhile, Dulles Greenway continued to disappoint.

The broker observes the cash flow outlook for 2020 onwards has not changed materially and the valuation appears fair. Neutral rating and $8.06 target maintained.

Target price is $8.06 Current Price is $8.07 Difference: minus $0.01 (current price is over target).
If ALX meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.79, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates ALX as Hold (3) -

The performance of APRR surprised to the upside in the December quarter, with traffic growth of 1.1%, while the traffic decline of -2.9% on Dulles Greenway continued to disappoint Morgans.

The latest data remove toll revenue growth as a key risk going into the FY19 results on February 27, in the broker's view, while costs, credit metrics and distributions from APRR will be the main focus.

Hold rating maintained. Target is raised to $7.39 from $7.36.

Target price is $7.39 Current Price is $8.07 Difference: minus $0.68 (current price is over target).
If ALX 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 $7.79, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in December.

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 BPT as Neutral (3) -

First half production was below estimates but this was more than offset by higher pricing and sales revenue. Credit Suisse is encouraged by the successful Bauer appraisal well which may support an upgrade to reserves.

Lower domestic gas prices are likely to have minimal impact as the company is largely contracted through to the end of FY20.

While several aspects of the report were encouraging, there are risks of lower price reviews for Lattice and disappointing price discovery at BassGas/Trefoil.

Hence, the broker retains a Neutral rating. Target is raised to $2.49 from $2.37.

Target price is $2.49 Current Price is $2.64 Difference: minus $0.15 (current price is over target).
If BPT 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 $2.43, suggesting downside of -8.0% (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 BPT as Underperform (5) -

Production and sales in the December quarter were below Macquarie's expectations although higher average realised oil prices meant revenue beat estimates. Guidance for FY20 has been maintained.

Macquarie notes that, over the longer term, Beach Energy continues to guide the market towards significant upside and, in addition to exploration success, this is yet to be fully included in forecasts.

Underperform rating maintained. Target is raised to $2.50 from $2.40.

Target price is $2.50 Current Price is $2.64 Difference: minus $0.14 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.43, suggesting downside of -8.0% (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 BPT as Equal-weight (3) -

Beach Energy posted quarterly revenues largely in line with the broker and production slightly below, despite considerably higher Western Flank production.

The broker believes the risks are to the downside for the stock in 2020 after a strong run in 2019. Free cash will be lower given higher tax and capex commitments. Equal-weight and $2.00 target retained. Industry view: In Line.

Target price is $2.00 Current Price is $2.64 Difference: minus $0.64 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.43, suggesting downside of -8.0% (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 BPT as Hold (3) -

Ord Minnett found the December quarter production report mixed. A fifth consecutive decline in production was offset by higher oil and LPG prices.

There may also be the prospect of the near-term boost from production from new sources of Otway Basin gas.

However, the broker is becoming increasingly concerned about the outlook for east coast gas prices. Hold rating and $2.65 target maintained.

Target price is $2.65 Current Price is $2.64 Difference: $0.01
If BPT meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting downside of -8.0% (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 CIA as Outperform (1) -

Strong results continued in the December quarter and Macquarie assesses the company is well on the way to doubling production to 15mtpa as the work program on Bloom Lake phase 2 progresses.

Macquarie maintains an Outperform rating and $3.20 target.

Target price is $3.20 Current Price is $2.37 Difference: $0.83
If CIA meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

This company reports in CAD. 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

Macquarie rates CLQ as No Rating (-1) -

A review of the Sunrise development is nearing completion and updated capital cost estimates are expected by the end of FY20.

Macquarie notes the heads of agreement with Panasonic was signed in December which offers the potential for the sale of scandium oxide from Sunrise.

The broker is currently restricted from making a recommendation.

Current Price is $0.25. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Morgan Stanley rates DTC as Overweight (1) -

The broker notes Damstra Holdings is tracking ahead of prospectus FY20 forecasts with revenue growing at 44%. The company is investing more in R&D and headcount.

Highlights from the update include new client winds, Newmont rollout progressing well and Scenario acquisition complete. Overweight and $1.60 target retained. Industry view: In Line.

Target price is $1.60 Current Price is $1.07 Difference: $0.53
If DTC meets the Morgan Stanley target it will return approximately 50% (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

Credit Suisse rates EVN as Outperform (1) -

The December quarter production report confirmed the downgrade at Mount Carlton. Nevertheless, cash generation is strong and debt has been fully paid ahead of the Red Lake close at the end of March.

FY20 guidance of 70-75,000 ounces for Mount Carlton reflects 10% of group production, Credit Suisse assesses.

The broker also notes, unlike peers, the company did not report elevated costs and Ernest Henry remains critical to keeping average costs down. Outperform rating and $4.30 target maintained.

Target price is $4.30 Current Price is $3.70 Difference: $0.6
If EVN meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates EVN as Neutral (3) -

Macquarie observes the recent geological review at Mount Carlton has weighed on the company's FY20 production expectations and, given the narrowing of the ore system, an impact on longer-term production is likely.

Upside to the broker's base case will stem from underground reserves at Cowal and confirmation the Boomer prospect at Mungari is a continuation of the Strzelecki shear, which hosts numerous adjacent mines.

Neutral rating and $3.80 target maintained.

Target price is $3.80 Current Price is $3.70 Difference: $0.1
If EVN meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates EVN as Hold (3) -

Morgans notes, even with a shaky start to FY20, Evolution Mining remains one of the lowest cost and highest margin gold producers on the ASX and globally.

Definition drilling at Mount Carlton has identified some narrowing of ore bodies at shallower levels than previously modelled. This is the main negative, in the broker's view, because of a subsequent decrease in production guidance.

Otherwise, exploration success at Cowal underground will likely result in an increased underground resource. Hold rating maintained. Target is reduced to $4.08 from $4.51.

Target price is $4.08 Current Price is $3.70 Difference: $0.38
If EVN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

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

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

The broker has updated its Galaxy Resources forecast to incorporate December quarter production numbers and 2020 guidance. Equal-weight and 95c target retained.

2020 production guidance is lower than forecast and no cost guidance has been offered. Cost performance was disappointing in the quarter, the broker suggests, and industry-wide destocking is still required. Industry view: In Line.

Target price is $0.95 Current Price is $1.02 Difference: minus $0.07 (current price is over target).
If GXY meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.08, suggesting upside of 5.4% (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: 0.1

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

Ord Minnett rates HPI as Hold (3) -

Queensland Venue Co has extended 28 leases due to expire in 2021 for 10-15 years, which extends Hotel Property Investments weighted average lease expiry to 11.8 years from 3.8 years.

Eight of the leases will have a combined -$3m negative rent reversion effective July 1, 2020 and Hotel Property will fund -$30m in refurbishments over a two-year period to the end of 2021.

Ord Minnett had assumed minimal reversion or capital expenditure and therefore reduces earnings forecast for FY21 onwards. Hold rating maintained. Target is reduced to $3.30 from $3.40.

Target price is $3.30 Current Price is $3.37 Difference: minus $0.07 (current price is over target).
If HPI meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Citi rates ILU as Sell (5) -

2019 production was down -4% although the December quarter was 13% ahead of Citi's forecasts.

Realised pricing was an improvement on 2018 but the weakness evident in the September quarter continued, in the case of zircon, into the December quarter.

Citi expects an unfavourable product mix will continue in 2020 and reduces realised zircon price assumptions.

Sell rating and $9 target maintained.

Target price is $9.00 Current Price is $9.63 Difference: minus $0.63 (current price is over target).
If ILU meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.64, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Neutral (3) -

Credit Suisse observes the December quarter was solid after a challenging 2019. The broker found little to fault in the numbers, although does not believe it was enough to drive a 6% rise in the share price.

The macro outlook continues to look uncertain and the underlying mineral sands business needs end-market improvement to drive a re-rating, in the broker's view. Neutral maintained. Target rises to $9.25 from $9.00.

Target price is $9.25 Current Price is $9.63 Difference: minus $0.38 (current price is over target).
If ILU 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 $9.64, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as No Rating (-1) -

December sales volumes were better than Macquarie expected and enabled the company to achieve guidance.

A beat on revenue was offset by higher costs and inventory expenses so the broker keeps earnings forecasts relatively unchanged.

Macquarie is restricted on a rating and target at present.

Current Price is $9.63. Target price not assessed.

Current consensus price target is $9.64, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Equal-weight (3) -

Iluka's production report should be well received said the broker (it was). Production was in line with expectation and sales 5% stronger. The rutile market continues to show strength while zircon is indicating weakness in the March quarter.

The broker retains Equal-weight, having recently pulled back from Overweight as the stock price approached the broker's target of $10.45. Industry view: In Line.

Target price is $10.45 Current Price is $9.63 Difference: $0.82
If ILU meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.64, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Hold (3) -

2019 sales beat Ord Minnett's expectations. The realised zircon price fell, down -US$100/t quarter on quarter, while rutile prices continued to hold.

The company will update on the MAC royalty review with its results in February. Ord Minnett retains a Hold rating and $9.50 target.

Target price is $9.50 Current Price is $9.63 Difference: minus $0.13 (current price is over target).
If ILU 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 $9.64, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Neutral (3) -

2019 production was in line with expectations. The company has signed an offtake agreement with Kronos for 75% of rutile produced from Sierra Rutile through to December 2022.

The agreement, UBS asserts, highlights the fact that customers are prepared to support operations in order to secure high-grade feedstock.

Expansion projects in Sierra Leone have been completed and the Jacinth-Ambrosia mine in South Australia operated a full capacity over the quarter. UBS maintains a Neutral rating and $10 target.

Target price is $10.00 Current Price is $9.63 Difference: $0.37
If ILU meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.64, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 MMI as Add (1) -

Bauxite production was delivered at the top end of guidance in the December quarter. Of the 3.5mt produced in 2019, 2.3mt was sold under long-term offtake to Xinfa, at a price linked to the alumina price index denominated in renminbi.

Morgans anticipates a similar level of offtake from the 2020 production. The company has also delivered lower unit costs for mining using the owner-operated fleet. Morgans maintains an Add rating and $0.35 target.

Target price is $0.35 Current Price is $0.17 Difference: $0.18
If MMI meets the Morgans target it will return approximately 106% (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

Morgan Stanley rates NEA as Overweight (1) -

Another day, another profit warning in Australia. This time Nearmap has joined Treasury Wine Estates, Beacon Lighting and others. Morgan Stanley analysts, in a rapid-fire initial response, make the obvious prediction the share price is likely to come under pressure.

They observe the downgrade was triggered by churn from a few larger customers. Underlying, they point out, the business seems to be performing in line with expectations. There was also an impact from a  delay in a significant partnership deal.

Overweight rating, In-Line industry view and $4.20 target maintained, at least for now.

Target price is $4.20 Current Price is $1.71 Difference: $2.49
If NEA meets the Morgan Stanley target it will return approximately 146% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 128.1% (ex-dividends)

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 NST as Downgrade to Neutral from Buy (3) -

Citi is pleased there are signs of a turnaround at Pogo. The broker believes Pogo and the Kalgoorlie Superpit will be transformational and make the company the second biggest gold producer on the ASX, as it moves towards more than 1m ounces per annum.

However, the rating is downgraded to Neutral from Buy after a 30% gain in the share price since the acquisition of the stake in the Superpit. For now, Citi believes the value is priced in. Target is raised to $12.70 from $12.40.

Target price is $12.70 Current Price is $12.68 Difference: $0.02
If NST meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $12.18, suggesting downside of -4.0% (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 NST as Downgrade to Underperform from Neutral (5) -

Pogo and Kalgoorlie improved in the December quarter after dragging on September quarter production outcomes.

Credit Suisse notes Jundee was also solid, producing 80,069 ounces at a cost of $1030/oz. A new larger ball mill has been approved for Jundee, which will increase mill capacity from FY21.

The highlight for the broker was the acquisition of the 50% interest in the Kalgoorlie Superpit, as Northern Star will bring expertise in narrow vein mining and align with Saracen Resources ((SAR)) which has open pit expertise.

Rating is downgraded to Underperform from Neutral on valuation. Target rises to $10.30 from $9.60.

Target price is $10.30 Current Price is $12.68 Difference: minus $2.38 (current price is over target).
If NST 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 $12.18, suggesting downside of -4.0% (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 NST as Outperform (1) -

December quarter production was in line with expectations, although Macquarie notes higher development and sustaining costs at Pogo have pushed costs above estimates.

The company will report its first half result on February 18. Macquarie expects both Pogo and the Kalgoorlie Superpit to drive the company's next leg of growth.

Outperform rating maintained. Target is steady at $14.

Target price is $14.00 Current Price is $12.68 Difference: $1.32
If NST meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.18, suggesting downside of -4.0% (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 NST as Underweight (5) -

Northern Star's production report showed gold production in line but costs higher than forecast and ahead of the guidance run-rate. FY20 cost guidance may be at risk, the broker warns, particularly when the higher cost KCGM mine comes on line in the second half.

Underweight and $9.10 target retained. Industry view: In Line.

Target price is $9.10 Current Price is $12.68 Difference: minus $3.58 (current price is over target).
If NST meets the Morgan Stanley target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.18, suggesting downside of -4.0% (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 NST as Buy (1) -

Kalgoorlie and Pogo were in line with expectations in the December quarter while Jundee continues to outperform. The expansion at Jundee presents further upside to Ord Minnett's estimates.

The broker maintains a Buy rating and $13.20 target.

Target price is $13.20 Current Price is $12.68 Difference: $0.52
If NST meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.18, suggesting downside of -4.0% (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

UBS rates NST as Buy (1) -

Production in the December quarter was in line with forecasts but costs were higher than UBS expected. These costs stemmed from lower-than-expected grades and the ongoing investment in Pogo.

The broker believes the valuation is not as attractive as it once was as the share price has lifted 40% since December. However, the growth potential still merits a Buy rating.

The company has also formally announced an expansion at Jundee which will underwrite production growth, and the broker upgrades earnings forecasts by 5% for FY21-22.

The dormant Paulsens mine might also be a candidate for a re-start, in the broker's view. Target is raised to $13.75 from $11.70.

Target price is $13.75 Current Price is $12.68 Difference: $1.07
If NST meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.18, suggesting downside of -4.0% (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 OML as Outperform (1) -

CEO and founder, Brendon Cook, has announced his intention to resign. Credit Suisse believes the departure of a CEO that has been in charge for three decades naturally requires some caution.

However, with the transition period appropriately long and the 2019 guidance being reiterated the broker has few qualms.

Valuation is considered appealing and the Outperform rating is maintained. Target is $4.50.

Target price is $4.50 Current Price is $3.36 Difference: $1.14
If OML meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates OML as Add (1) -

CEO Brendon Cook intends to retire and the company has commenced a search for a new CEO. Morgans believes the incoming CEO will be faced with a couple of conundrums.

One is whether to slow the rolling out of digital screens and the other is whether to trim costs to offset weak demand.

The company has marginally downgraded 2019 guidance and, anticipating more slackness to come, Morgans lowers forecasts for FY20 and beyond.

Add rating maintained. Target is reduced to $3.76 from $3.91.

Target price is $3.76 Current Price is $3.36 Difference: $0.4
If OML meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates OZL as Underperform (5) -

The December quarter production was strong from Prominent Hill and at the top end of guidance.

2020 guidance is for group production of 83-100,000t of copper and 207-234,000 ounces of gold. All-in sustainable costs (AISC) are guided at US$1.35-1.50/lb.

While guidance for Carrapateena is in line with copper price assumptions, Credit Suisse suspects many analysts may be surprised by the project's appetite for capital.

Underperform rating maintained. Target is $8.00.

Target price is $8.00 Current Price is $10.03 Difference: minus $2.03 (current price is over target).
If OZL 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 $10.57, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Outperform (1) -

December quarter results were better than Macquarie expected although this was overshadowed by updated guidance for 2020. Reduced near-term earnings, because of increased capital expenditure, are offset by increases to estimates for the medium term.

The broker reduces copper output forecasts by -23% in 2020, offset by a 31% increase in gold output forecasts. The broker remains impressed by the portfolio of growth options and maintains an Outperform rating. Target is reduced to $11.30 from $12.50.

Target price is $11.30 Current Price is $10.03 Difference: $1.27
If OZL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.57, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Equal-weight (3) -

OZ Minerals' quarterly production was in line with forecasts but costs were lower, likely driven by greater stockpile use, the broker suggests. Higher production and lower costs are nevertheless offset by the announced capex budget for Carrapateena.

While the green light for Carrapateena is a positive, the broker notes, significant capex may weigh on the level of positive net present value impact. Equal-weight retained, target falls to $10.40 from $10.50. Industry view: In Line.

Target price is $10.40 Current Price is $10.03 Difference: $0.37
If OZL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.57, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Buy (1) -

Reviewing 2020 guidance, UBS assesses the market's concerns regarding downgrades to expectations were well-placed. Capital expenditure is significantly higher.

However, while near-term earnings and cash flow are downgraded, the overall valuation is little changed because of upgrades to mine lives and an increase in throughput.

The broker believes the bad news has now been priced in and retains a Buy rating because of the exposure to copper. Target is reduced to $11.60 from $12.00.

Target price is $11.60 Current Price is $10.03 Difference: $1.57
If OZL meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.57, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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 S32 as Overweight (1) -

South32 production and sales were in line with expectations in the December quarter. The broker has since trimmed its manganese forecast, leading to a target price decrease to $2.85 from $2.95.

Overweight retained. Industry view: In Line.

Target price is $2.85 Current Price is $2.62 Difference: $0.23
If S32 meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 10.0% (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

Morgan Stanley rates SCG as Underweight (5) -

The broker suggests Scentre Group is facing headwinds from a sluggish consumer, operational growth slowdown and possibly a period of only modest dividend increases. The broker struggles to find any reason for a turnaround.

The downside is nonetheless limited by the buyback and yield vis a vis low interest rates. Underweight and $3.60 target retained. Industry view: In Line.

Target price is $3.60 Current Price is $3.92 Difference: minus $0.32 (current price is over target).
If SCG 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 $3.83, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in December.

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 SDF as Initiation of coverage with Buy (1) -

The company is experiencing strong operating conditions and Citi expects an 8% three-year growth rate in earnings per share, driven by the hardening of the insurance cycle.

Moreover, there is significant additional upside from rolling out the client trading platform. The broker also believes there may be scope for an upgrade to guidance at the upcoming first half result.

Citi initiates coverage with a Buy rating and $4.35 target.

Target price is $4.35 Current Price is $3.83 Difference: $0.52
If SDF meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Credit Suisse rates SFR as Outperform (1) -

Credit Suisse notes optimisation work in Botswana is progressing well and a decision on mining and a funding plan are expected during the June quarter.

The Black Butte environmental impact statement was expected in the December quarter but was not completed, although expected shortly. Once completed the feasibility study results will be published.

Outperform rating and $6.30 target maintained.

Target price is $6.30 Current Price is $5.44 Difference: $0.86
If SFR meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 18.8% (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 SFR as Outperform (1) -

The December quarter result was solid, Macquarie assesses, with higher copper and gold output. Securing final approvals for Black Butte and Botswana T3 should enable both projects to be approved this year.

The broker notes the company continues to generate strong cash flow from DeGrussa and remains well funded to pursue its growth aspirations. Outperform rating and $6.80 target maintained.

Target price is $6.80 Current Price is $5.44 Difference: $1.36
If SFR meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 18.8% (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

Morgan Stanley rates SFR as Overweight (1) -

Sandfire Resources posted strong quarterly production driven by recovery rates at Monty now running above recently trimmed guidance. The broker likes the stock for its strong near term copper exposure, citing cheap valuation.

Overweight and $6.80 target retained.

Target price is $6.80 Current Price is $5.44 Difference: $1.36
If SFR meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 18.8% (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 SFR as Hold (3) -

Ord Minnett was pleased grades at Monty improved in the December quarter although these remain below potential. The broker expects the company could deliver material value accretion if all projects are delivered successfully.

The T3 feasibility study and final investment decision are expected in the next quarter while permit delays are holding up Black Butte. Guidance is unchanged for FY20.

Ord Minnett retains a Hold rating and reduces the target to $6.10 from $6.30.

Target price is $6.10 Current Price is $5.44 Difference: $0.66
If SFR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 18.8% (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

Credit Suisse rates SYD as Underperform (5) -

Credit Suisse expects a severe but short-term hit to international traffic from the coronavirus impact. The broker forecasts a -10% decline in the first half and reduces 2020 operating earnings (EBITDA) estimates by -5%.

The company is due to report its 2019 result on February 20. The broker suspects management may be cautious about the dividend guidance because of the uncertainty related to the outbreak.

Underperform rating maintained. Target is raised to $6.90 from $6.65.

Target price is $6.90 Current Price is $8.31 Difference: minus $1.41 (current price is over target).
If SYD meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.14, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates SYD as Lighten (4) -

As a result of the coronavirus, Ord Minnett reviews traffic trends and the share price performance of Sydney Airport during previous pandemics.

The broker finds that international passenger numbers were severely affected during the SARS outbreak and as a result downgrades growth expectations.

The broker considers the stock fully priced and maintains a Lighten rating and $8.20 target.

Target price is $8.20 Current Price is $8.31 Difference: minus $0.11 (current price is over target).
If SYD 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 $8.14, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates SZL as Buy (1) -

The quarterly update exceeded Ord Minnett's expectations. Revenue forecasts are increased by 5% for 2019 and 2020. Merchant fee revenue jumped 62% sequentially, with average merchant fee revenue reaching 5.5%, a new quarterly record.

Transaction value of US$105.1m grew 53%. The broker believes Sezzle represents the best opportunity in the 'buy now pay later' segment and the growth rates cannot be ignored. Ord Minnett retains a Buy rating and $3.40 target.

Target price is $3.40 Current Price is $1.97 Difference: $1.43
If SZL meets the Ord Minnett target it will return approximately 73% (excluding dividends, fees and charges).

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: 1.0

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

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

Transurban has received a force majeure termination notice from a subcontractor on the Westbate Tunnel project in Victoria, related to time/cost impacts of heightened environmental regulations. Transurban is disputing the notice and the subcontractor is continuing works.

The broker sees low risk to the company's dividend, even if the project were to be delayed 6-12 months. Equal-weight and $15.28 target retained. Industry view: Cautious.

Target price is $15.28 Current Price is $15.76 Difference: minus $0.48 (current price is over target).
If TCL meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.33, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates TCL as Downgrade to Hold from Accumulate (3) -

Ord Minnett expects significant delays and costs exceeding budget will prevail for the West Gate tunnel project. This follows a decision by the contractors to give notice of termination after detecting a dangerous industrial chemical in the soil.

Transurban has not consented to the termination but the broker expects completion will be deferred 12 months. The broker anticipates lost revenue from the delay will be covered by liquidated damages.

However higher forecast development expenditure and increased capital releases are likely to dilute underlying free cash over FY22-24.

Ord Minnett downgrades to Hold from Accumulate and lowers the target to $16.00 from $16.50.

Target price is $16.00 Current Price is $15.76 Difference: $0.24
If TCL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.33, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates TWE as Upgrade to Neutral from Sell (3) -

First half results and the weaker outlook have reset high expectations, Citi observes. Forecasts for earnings per share in FY20 and FY21 are lowered by -12%.

As a result of the share price reaction to the profit warning, the rating is upgraded to Neutral from Sell. Target is reduced to $13.70 from $15.60.

Citi considers the outlook mixed, with a double-digit growth opportunity in China and margins peaking in Australia, while the Americas will not be easy to fix.

Target price is $13.70 Current Price is $13.00 Difference: $0.7
If TWE meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.54, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Credit Suisse rates TWE as Upgrade to Neutral from Underperform (3) -

The fall in the share price has put the stock back at fair value and Credit Suisse upgrades to Neutral from Underperform. The company has guided to FY20 earnings (EBITS) growth of 5-10% versus FY19, excluding any second half impact from coronavirus.

Management will complete commercial wine review by the end of FY20 with the aim of aligning management incentives rather than cost reductions.

Credit Suisse models below guidance, reflecting 4% growth, and incorporates flat second half Asian volumes. Target is steady at $12.80.

Target price is $12.80 Current Price is $13.00 Difference: minus $0.2 (current price is over target).
If TWE meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.54, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

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

First half results and revised FY20 guidance disappointed Morgans. The broker notes the tough operating conditions in the US and is concerned about the extent of the second quarter deterioration in earnings.

Morgans makes double-digit downgrades to forecasts. While acknowledging there is a lot to like about this stock, given the short-term uncertainties the rating is downgraded to Hold from Add. Target is reduced to $14.28 from $20.60.

Target price is $14.28 Current Price is $13.00 Difference: $1.28
If TWE meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.54, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

UBS rates TWE as Neutral (3) -

The company does not expect an improvement in the US until mid FY21 when supply/demand will move to balance.

At the conference call post the first half result management pointed to excess commercial supply and consequent growth in private labels, which are affecting margins.

UBS believes a 25% earnings (EBIT) margin aspiration is realistic but will come at the expense of volume.

The company remains upbeat on China and Asia and while the downgraded guidance does not include any impact from the coronavirus it remains a point of concern.

Neutral rating and $18 target maintained.

Target price is $18.00 Current Price is $13.00 Difference: $5
If TWE meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $15.54, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

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

Virgin Money signalled a continued contraction in the mortgage book in its quarterly update. Net interest margins have stabilised while there was a rise in the net cost of risk.

Amid less Brexit-related uncertainty, and with the PPI issue now approaching a conclusion, Morgans upgrades to Add from Hold.

The broker envisages a clearer path to a double-digit return without a material dent in net tangible assets.

Having said that, the broker points out the risk of share price weakness in the near term if the Bank of England decides to cut the base rate. Target is raised to $4.23 from $3.08.

Target price is $4.23 Current Price is $3.45 Difference: $0.78
If VUK meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.12, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

This company reports in GBP. 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 WOR as Buy (1) -

Ahead of the first half result on February 24 the company has disclosed pro-forma financials. These are in line with UBS estimates, with aggregated revenue of $10.5bn.

The broker believes the disclosure should provide the market with greater confidence regarding a FY20 earnings forecasts. Buy rating maintained. Target rises to $17.60 from $17.50.

Target price is $17.60 Current Price is $15.15 Difference: $2.45
If WOR meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.47, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

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