Australian Broker Call

Citi rates ABP as Neutral (3) -

The interim report came out slightly below Citi's expectations, but the analysts add the property owner remains on track to achieve FY20 consensus forecast. Also because H2 will see the benefits kicking in from recent acquisitions.

Citi observes FY20 dividend guidance has remained intact. Only minor adjustments have been made to estimates. Target price lifts to $4.12 from $3.97, partially carried by increased Storage values. Neutral rating retained.

Target price is $4.12 Current Price is $4.03 Difference: $0.09
If ABP meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting downside of -2.0% (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

Credit Suisse rates ABP as Neutral (3) -

First half results were ahead of Credit Suisse estimates, mainly because of timing differences with development earnings. The broker believes patience is required as management executes on its strategy.

Storage fundamentals remain strong and the broker assesses the valuation is arguably conservative if compared to the implied value of peer National Storage's ((NSR)) portfolio. Neutral rating and $3.93 target maintained.

Target price is $3.93 Current Price is $4.03 Difference: minus $0.1 (current price is over target).
If ABP 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 $3.95, suggesting downside of -2.0% (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 ABP as Hold (3) -

First half underlying net profit was ahead of estimates because of higher development profits. Abacus acquired $600m in investments in the half, with 92% of investment assets now deployed into key segments such as office and self storage.

Ord Minnett envisages good opportunities for the company to accretively grow its storage business. Hold rating maintained. Target is trimmed to $3.80 from $3.90.

Target price is $3.80 Current Price is $4.03 Difference: minus $0.23 (current price is over target).
If ABP meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -2.0% (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

UBS rates ALL as Buy (1) -

UBS estimates Aristocrat Leisure's social casino revenue has grown by 10-15% in the first half to date. Market share is sequentially flat in the US nonetheless, and down -3% in Australia.

The company recently announced a pipeline of 12 games with 4 social casual titles currently in soft launch. The broker retains Buy and a $39.60 target.

Target price is $39.60 Current Price is $37.33 Difference: $2.27
If ALL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $37.29, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates ALU as Neutral (3) -

Altium delivered a weak result but a more positive outlook leads to minimal adjustments by the broker in the medium term. Earnings fell short due to a softer performance from Octopart.

Core revenue remained strong and virus impact in China in the second half should be offset by revenue growth in other markets post the release of the company's 365 product in April, the broker notes.

Neutral retained. Target rises to $39.00 from $35.50 on a lower cost of capital assumption.

Target price is $39.00 Current Price is $37.48 Difference: $1.52
If ALU meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

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

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

It appears the interim performance was largely in-line, but FX impacted negatively. Higher SG&A also had a negative impact, while margins improved, assisted by cheaper raw materials and management's transformation program.

Citi has downgraded to Neutral from Buy while lifting the price target to $32 from $31.50. Minor changes to forecasts were made only. Weighing up multiple risks, the analysts believe the stock is fairly valued at present.

The fact that management left FY20 basic EPS guidance of US112-122cps unchanged shows the level of uncertainty for the Industrial division, state the analysts. The Healthcare division should continue to do well as some competitors remain challenged.

Target price is $32.00 Current Price is $32.05 Difference: minus $0.05 (current price is over target).
If ANN meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.19, suggesting downside of -2.7% (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: 0.0

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

Credit Suisse rates ANN as Neutral (3) -

First half earnings per share were ahead of Credit Suisse estimates as the company benefited from a lower tax rate and net interest costs.

Organic sales growth was weaker than management's target of 3-5% growth. Guidance has been maintained.

Credit Suisse does not expect Ansell will reach its target in FY20 because of continued industrial weakness and a subdued global demand environment, exacerbated by coronavirus.

Neutral rating maintained. Target is raised to $32.00 from $31.90.

Target price is $32.00 Current Price is $32.05 Difference: minus $0.05 (current price is over target).
If ANN meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.19, suggesting downside of -2.7% (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: 0.0

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

Macquarie rates ANN as Neutral (3) -

Ansell's FY20 first half met the broker, and guidance was retained, although the range was broad, varying from -4% to +11% for the second half, to account for a weakening economy in Europe, and the effects of the coronavirus on automotive demand.

Macquarie forecasts an increase in organic growth to 2.4%, slightly below the company's 3%-5% target.

FY20/21/22 forecasts are upgraded by 1%, 3% and 5%, to reflect operational and foreign exchange assumptions.

Target prices rises to $30.00 from $27.41.

Target price is $30.00 Current Price is $32.05 Difference: minus $2.05 (current price is over target).
If ANN 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 $31.19, suggesting downside of -2.7% (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: 0.0

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

Morgan Stanley rates ANN as Overweight (1) -

Organic growth may have been below Ansell's target range in the first half, at 2.5% versus 3-5%, but this was ahead of Morgan Stanley's expectations.

FY20 guidance is maintained. Healthcare revenue growth was encouraging and the broker notes industrial growth is stabilising, albeit at subdued levels.

Overweight rating. Target is raised to $36.20 from $35.30. Industry view is In-Line.

Target price is $36.20 Current Price is $32.05 Difference: $4.15
If ANN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $31.19, suggesting downside of -2.7% (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: 0.0

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

Morgans rates ANN as Hold (3) -

First half results were mixed. Organic growth was disappointing to Morgans, as solid growth in health care was offset by modest gains in industrial. FY20 guidance is maintained.

The broker lowers FY20-22 estimates but rolls forward and increases valuation multiples. Hold maintained. Target is raised to $29.15 from $25.69.

Target price is $29.15 Current Price is $32.05 Difference: minus $2.9 (current price is over target).
If ANN meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.19, suggesting downside of -2.7% (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: 0.0

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

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

Ord Minnett downgrades to Lighten from Hold in light of the risks to global manufacturing if the coronavirus does have a material impact on supply chains.

The broker was underwhelmed by the first half result, with the promised savings lost to currency headwinds and higher labour costs. Target is $28.

Target price is $28.00 Current Price is $32.05 Difference: minus $4.05 (current price is over target).
If ANN 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 $31.19, suggesting downside of -2.7% (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: 0.0

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

UBS rates ANN as Neutral (3) -

Ansell delivered a mixed result, the broker suggests. The key driver of an earnings miss was FX impact. Growth was supported by transformation benefits, raw material price deflation and acquisitions.

The broker sees improved industrial organic growth as a solid outcome in a subdued global manufacturing climate. Target rises to $31 from $27 and neutral retained. The broker warns FX fluctuations remain a key risk.

Target price is $31.00 Current Price is $32.05 Difference: minus $1.05 (current price is over target).
If ANN meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.19, suggesting downside of -2.7% (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: 0.0

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

Citi rates APA as Neutral (3) -

APA Group's interim report should be categorised as "modestly ahead" when corrected for the delay at Orbost, comment Citi analysts. Several minor adjustments have been made to forecasts. Target price lifts to $11.75 from $11.18, including updated forecasts for bond yields.

Citi analysts like APA's relatively more certain earnings and stronger likelihood of growing distributions, on top of a strong balance sheet. For these reasons, APA remains the stockbroker's preferred relative exposure in the regulated utilities. Still, on an absolute basis, the analysts consider the stock fairly valued.

Target price is $11.75 Current Price is $11.35 Difference: $0.4
If APA meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.26, suggesting downside of -0.8% (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

Credit Suisse rates APA as Neutral (3) -

Guidance for FY20 earnings has been lowered to the bottom of the $1.66-1.69bn range. The company has provided new detail on the pipeline of growth opportunities.

While capital deployment is welcome, given past value creation, Credit Suisse believes the market is already incorporating the value of such growth.

Target is raised to $10.70 from $10.20. Neutral rating retained.

Target price is $10.70 Current Price is $11.35 Difference: minus $0.65 (current price is over target).
If APA 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 $11.26, suggesting downside of -0.8% (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

Macquarie rates APA as Neutral (3) -

APA Group's FY20 half-year result slightly outpaced the broker, and guidance was reiterated albeit at the lower end of expectations. Macquarie notes a strong capital expenditure outlook with several projects in the pipeline.

Cash flow was strong and the broker expects it will be the second time in only 10 years that cash flow covers 100% of capital expenditure and dividend, which, excepting any major acquisition (the company has its sights on the US), could flow into an increased dividend.

EPS forecasts for FY20 are steady but the broker downgrades -3% for FY21 and increases FY22 by 0.7%. Target price eases to $11.68 from $11.79. Neutral rating retained.

Target price is $11.68 Current Price is $11.35 Difference: $0.33
If APA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.26, suggesting downside of -0.8% (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 APA as Hold (3) -

Despite delays to growth projects, the company has reiterated full-year operating earnings guidance, implying a second-half contribution that is similar to the first.

Ord Minnett notes the more positive growth prospects and raises the target to $11.45 from $11.40. Hold rating maintained, with a 4.5% dividend yield suggesting limited value.

Target price is $11.45 Current Price is $11.35 Difference: $0.1
If APA meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.26, suggesting downside of -0.8% (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

UBS rates APA as Neutral (3) -

APA Group reported in line with UBS estimates. 2020 could be a key year for growth catalysts, the broker notes, given a long list of identified domestic opportunities and a commitment to pursue growth via acquisition in the US.

The balance sheet is well positioned for such growth. Target rises to $11.40 from $11.20, Neutral retained.

Target price is $11.40 Current Price is $11.35 Difference: $0.05
If APA meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.26, suggesting downside of -0.8% (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

Morgans rates AQR as Add (1) -

The company has reiterated FY20 guidance, with Morgans noting the stock is trading on an implied FY20 distribution yield of around 5.5%.

Key near-term catalysts, the broker notes, include further accretive acquisitions and asset re-ratings. Add maintained. Target rises to $4.00 from $3.62.

Target price is $4.00 Current Price is $4.03 Difference: minus $0.03 (current price is over target).
If AQR meets the Morgans target it will return approximately minus 1% (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: 1.0

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

Citi rates ARB as Neutral (3) -

Alas, ARB Corp continues to battle headwinds from a lower Aussie dollar on top of declining 4x4 sales in its core market, which is Australia. Citi analysts continue to see a great opportunity offshore, in particular in the US, albeit this won't materialise in the short term.

A strong balance sheet is seen as a big plus and Citi analysts suggest a material EPS boosting acquisition remains a possibility and would change dynamics. They also believe current guidance for the FY might prove conservative.

Price target lifts to $19.55 on higher market multiples. Rating remains Neutral.

Target price is $19.55 Current Price is $19.43 Difference: $0.12
If ARB meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.70, suggesting downside of -3.8% (ex-dividends)

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

Credit Suisse rates ARB as Neutral (3) -

First half results were pre-released with net profit down -7.5%. The company has downgraded guidance again, which disappointed Credit Suisse.

The broker believes the market is seemingly immune to bad news and the valuation argument is falling on deaf ears.

While there are some positive aspects, as the offshore business is growing and becoming more relevant, the broker is not sure what will drive the share price from here.

Neutral maintained. Target is raised to $18.75 from $17.90.

Target price is $18.75 Current Price is $19.43 Difference: minus $0.68 (current price is over target).
If ARB meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.70, suggesting downside of -3.8% (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

Macquarie rates ARB as Neutral (3) -

ARB Corp's FY20 first half result met guidance but management guided to a softer future, forecasting a -7% decline in earnings. New vehicle export sales strengthened while domestic sales eased.

The company acquired Proform in New Zealand, a deal the broker considers a good strategic decision, albeit not material financially.

Macquarie cuts EPS -10%, -3% for FY20/21 but raises the target price to $19 from $18 to reflect the company's medium-to-long-term growth potential. Neutral rating retained.

Target price is $19.00 Current Price is $19.43 Difference: minus $0.43 (current price is over target).
If ARB meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.70, suggesting downside of -3.8% (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 ARB as Hold (3) -

First half net profit was in line with guidance. Ord Minnett considers ARB Corp a high-quality business led by seasoned management, with sales growth being sustained through many cycles.

However, at the current share price the broker believes there is downside risk and retains a Hold rating. Target is raised to $17.50 from $17.00.

Target price is $17.50 Current Price is $19.43 Difference: minus $1.93 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.70, suggesting downside of -3.8% (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

Macquarie rates AUB as Outperform (1) -

AUB Group has upped its stake in MGA Whittles Group to full ownership at a price of $140m, and purchased a 40% share in BizCover, an online insurance distribution platform in Australia and New Zealand, for $135m.

Gearing rises to 32.8% and total net debt now sits at $200m. The company expects the purchases to be accretive and Macquarie estimates a 10x forward multiple for MGA Whittles, and 20x for BizCover.

The broker increases EPS forecasts 2.2% for FY20 and roughly 9% for outer years. Target price rises to $14.05 from $11.81. Outperform rating retained.

Target price is $14.05 Current Price is $13.10 Difference: $0.95
If AUB meets the Macquarie target it will return approximately 7% (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

Morgan Stanley rates BEN as Underweight (5) -

Morgan Stanley believes the outlook for margins and costs highlights the pressure on profitability. The broker finds the capital raising prudent but there is a risk of another cut to the dividend.

Based on its estimates, the pay-out ratio will be 83% in FY21, if the bank holds the $0.31 half-year dividend. Given the pay-out target is 60-80%, Morgan Stanley expects another -10% reduction to the dividend in the first half of FY21.

Underweight maintained. Industry view: In-Line. Target is reduced to $9.30 from $10.30.

Target price is $9.30 Current Price is $9.93 Difference: minus $0.63 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.09, suggesting downside of -8.4% (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

UBS rates BEN as Sell (5) -

It was a messy result from Bendigo & Adelaide Bank, the broker notes, impacted by software impairments and write-downs and overshadowed by the announced capital raising. An increase in net interest margin was the highlight but the broker sees this falling sharply in the second half.

Investing in new technology is going to be expensive but is necessary, the broker warns, just to keep up with the market. Maintaining even the newly reduced dividend will be tough, the broker suspects, particularly if there is another RBA rate cut. Sell retained, target falls to $9.00 from $9.75.

Target price is $9.00 Current Price is $9.93 Difference: minus $0.93 (current price is over target).
If BEN meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.09, suggesting downside of -8.4% (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 BHP as Neutral (3) -

Citi analysts spotted a "solid but unexciting" financial result. It reaffirms their view that additional capital management is unlikely before August 2021. Most metrics came out in line with market consensus, on their assessment.

Neutral rating retained, alongside $39.50 price target. As financing costs rise under IFRS16 accounting, estimates have been sliced slightly. The analysts note guidance has remained unchanged.

Declared dividend of US65c compares with market consensus on US71c and Citi's own forecast of US68c.

Target price is $39.50 Current Price is $38.49 Difference: $1.01
If BHP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $39.76, suggesting upside of 3.3% (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: 0.1

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

Credit Suisse rates BHP as Neutral (3) -

Underlying operating earnings (EBITDA) of US$12.1bn were in line with expectations.

Despite uncertainties such as coronavirus, adverse weather and the situation in Chile, the company delivered a solid result, in the broker's view.

Neutral rating and $41 target maintained.

Target price is $41.00 Current Price is $38.49 Difference: $2.51
If BHP meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $39.76, suggesting upside of 3.3% (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: 0.1

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

Macquarie rates BHP as Outperform (1) -

Macquarie describes BHP Group's profit as solid but notes weaker cash flow thanks to higher capital expenditure, and a miss on the dividend as the company opted for a conservative stance.

Iron ore remained the main driver of earnings, accounting for 60% of group earnings in the first half, yielding some hefty margins.

The broker notes new CEO Mike Henry has signalled a slight strategic shift.

The new mission statement is for BHP Group to become the "industry's best operator - safer, lower cost, more reliable and productive" to deliver leading returns and social value - in line with company's $400m nod last year to the global rise in ESG funds under management.

Macquarie's EPS forecasts ease -2% for FY20 and 0% to -1% between FY21-FY24. 

Target price is steady at $43 and Outperform rating is retained.

Target price is $43.00 Current Price is $38.49 Difference: $4.51
If BHP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $39.76, suggesting upside of 3.3% (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: 0.1

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

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

First half results were in line with expectations although the dividend was slightly lower, which Morgan Stanley suspects may be disappointing for the market.

Cash conversion was lower than forecast, driven by a build up in working capital and higher cash taxes. There is no change to guidance.

Equal-weight maintained. Industry view: In-Line. Target is $37.50.

Target price is $37.50 Current Price is $38.49 Difference: minus $0.99 (current price is over target).
If BHP 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 $39.76, suggesting upside of 3.3% (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: 0.1

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

Ord Minnett rates BHP as Hold (3) -

Ord Minnett believes BHP Group is screening more attractive on valuation and retains a Hold rating and $42 target.

The broker notes new CEO Mike Henry has commented that a petroleum de-merger is not on the table and Jansen potash remains up for approval in 2021.

Dropping the dual listed company structure also doesn't make sense to the CEO from a cost benefit view. An exit from thermal coal remains the base case but no timing has been set.

Target price is $42.00 Current Price is $38.49 Difference: $3.51
If BHP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $39.76, suggesting upside of 3.3% (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: 0.1

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

UBS rates BHP as Neutral (3) -

BHP's result was in line with consensus but the dividend fell short of expectations as management takes a cautious approach to potential virus impact. FY20 production guidance is unchanged except for Petroleum, which drops to the bottom of the range, while cost guidance is unchanged.

The new CEO has outlined five specific levers which will unlock what he perceives as the company's potential. Meanwhile, the broker retains Neutral. Target rises to $39 from $38.

Target price is $39.00 Current Price is $38.49 Difference: $0.51
If BHP meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $39.76, suggesting upside of 3.3% (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: 0.1

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

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

Morgans believes the impact of coronavirus has given the market a buying opportunity. The broker had held the view that the market was pricing in value the company had not yet delivered.

While making allowances for production and oil prices in forecasts, the broker now believes the share price is at a point where there is value, despite the uncertainty.

Rating is upgraded to Add from Hold. Target is steady at $2.28.

Target price is $2.28 Current Price is $2.17 Difference: $0.11
If BPT meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 7.2% (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 CDP as Hold (3) -

First half earnings were down -3.3% because of redevelopment. Work is continuing on the redevelopment of the former David Jones tenancy.

Ord Minnett assesses Carindale offers a 6.2% dividend yield and its implied capitalisation rate of around 5.7% is justified. Yet investor demand for retail assets is subdued.

Hold rating maintained. Target is reduced to $6.10 from $6.50.

Target price is $6.10 Current Price is $5.70 Difference: $0.4
If CDP meets the Ord Minnett target it will return approximately 7% (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

Morgans rates CL1 as Upgrade to Add from Hold (1) -

First half results were described by Morgans as satisfactory. The core Class Super software continues to win share and new products, the broker observes, are showing promise.

Changes to forecasts are minimal but Morgans upgrades to Add from Hold because of share price movements. Target is raised to $2.02 from $2.00.

Target price is $2.02 Current Price is $1.80 Difference: $0.22
If CL1 meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 6.1% (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

Ord Minnett rates CL1 as Hold (3) -

First half results were in line with expectations. While attracted to the quality of the existing business and expecting organic growth can improve, Ord Minnett retains a Hold rating.

Accelerated results are expected in FY21 with the launch of Trust playing a key part. Target is reduced to $1.76 from $1.95.

Target price is $1.76 Current Price is $1.80 Difference: minus $0.04 (current price is over target).
If CL1 meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting upside of 6.1% (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 COH as Sell (5) -

Sell rating and $198 price target retained as Cochlear's interim report confirmed two things: firstly, the company is regaining market share previously lost when MRI compatible implants were only available through competitors.

Secondly, Services revenues are slowing down as the N7 reaches maturity, while Acoustic revenues are declining. These factors are weighing on growth overall for the company.

There is an additional twist to this story as competitor Sonova seems to have run into problems. Citi suggests this is likely to benefit Cochlear, although to what extent is difficult to gauge at this early stage. Forecasts have been lowered.

Target price is $198.00 Current Price is $250.74 Difference: minus $52.74 (current price is over target).
If COH meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.20, suggesting downside of -13.4% (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 COH as Neutral (3) -

First half underlying net profit was below Credit Suisse estimates. There was a strong rebound in cochlear implant unit sales growth of 13%.

The broker notes services revenue has started to slow and was up 5%, in line with estimates.

Management has reaffirmed recently downgraded net profit guidance for FY20, which implies 0-15% growth in the second half.

Target is reduced to $230 from $234. Neutral retained.

Target price is $230.00 Current Price is $250.74 Difference: minus $20.74 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.20, suggesting downside of -13.4% (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

Macquarie rates COH as Upgrade to Outperform from Underperform (1) -

Macquarie upgrades Cochlear to Outperform from Underperform following news Sonova has announced a recall of un-implanted versions of the HiRes Ultra/Ultra 3d - a move that will likely cost tens of millions, temporarily easing competition in the implant market.

The broker expects this will support market share gains for Cochlear over FY20 and FY21.

Meanwhile, Cochlear's result proved mixed. A 13% rise in implant growth and a 5% increase in Western European unit sales was countered by reimbursement pressure in Western Europe; a miss on services (-8% below consensus and -3% below the broker); increased competition in acoustics; and weaker margins and cash flow.

Macquarie's EPS target for FY20 eases -1% but jumps 8% and 10% for FY21/22. Target price jumps to $250 from $185.

Target price is $250.00 Current Price is $250.74 Difference: minus $0.74 (current price is over target).
If COH 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 $217.20, suggesting downside of -13.4% (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

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

Morgan Stanley highlights the rebound in unit growth in the first half, which the company attributes to market share gains and market growth. Western Europe was weaker than expected.

Cochlear finds growth in Europe challenging because of funding caps or restrictive indications.

Morgan Stanley assesses there is a more favourable risk/reward profile and upgrades to Overweight from Equal-weight. Target is raised to $251 from $232. In-Line industry view.

Target price is $251.00 Current Price is $250.74 Difference: $0.26
If COH meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $217.20, suggesting downside of -13.4% (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 COH as Hold (3) -

First half results were below forecasts. While strong cochlear implant growth and share gains have returned this was not enough to offset the softening in services, Morgans observes.

The broker lowers FY20-22 forecasts by up to -4% and continues to view the valuation as rich, awaiting a better entry point. Hold rating maintained. Target is reduced to $216.40 from $222.00.

Target price is $216.40 Current Price is $250.74 Difference: minus $34.34 (current price is over target).
If COH meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.20, suggesting downside of -13.4% (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

Ord Minnett rates COH as Lighten (4) -

Ord Minnett is inclined to look through the issues that affected the first half result, noting a strong market share recovery amid news that key competitor Sonova has announced a recall of implants.

Acoustics sales are expected to recover in FY21 after the Osia 2 is fully rolled out. Lighten rating and $180 target maintained.

Target price is $180.00 Current Price is $250.74 Difference: minus $70.74 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.20, suggesting downside of -13.4% (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 COH as Sell (5) -

Cochlear's result fell slightly short of the broker, with FX impact driving part of the miss. Prior to consideration of a virus impact, the broker considered FY20 guidance implied a sales growth target that appeared ambitious to the broker, suggesting downside risk. But since then, competitor Advanced Bionics has bee forced to recall a device.

This opens up the possibility of Cochlear picking up share, but then the virus impact remains an unknown. The broker retains Sell, lifting its target to $195 from $185.

Target price is $195.00 Current Price is $250.74 Difference: minus $55.74 (current price is over target).
If COH meets the UBS target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.20, suggesting downside of -13.4% (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

Citi rates COL as Neutral (3) -

Citi thought it was a "messy" interim report, though headline numbers were in-line with expectations. Underlying, however, the analysts discovered more of a mixed picture. Neutral rating retained on small adjustments to forecasts.

Target price has gained 10c to $17. As the company underinvested in its supermarkets for many years, that now needs to be corrected and Citi suggests this leads to both higher top line growth and rising costs.

New accounting under AASB16 has now been incorporated. One factor supporting the share price, suggest the analysts, is the low bond yield environment.

Target price is $17.00 Current Price is $16.06 Difference: $0.94
If COL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.83, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates COL as Neutral (3) -

First half results were marginally better than the information that was pre-released, in Credit Suisse's view. Liquor was weak but at this stage is not negative enough to de-rail an otherwise positive outlook.

The broker likes the focus on capital expenditure, as the company resists the temptation to throw a lot of capital at sales growth.

Credit Suisse retains a Neutral rating and raises the target to $17.72 from $16.00.

Target price is $17.72 Current Price is $16.06 Difference: $1.66
If COL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.83, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates COL as Neutral (3) -

Coles reported in line with the broker (ex non-recurring items) and announced a pleasing payout ratio.

The broker notes an acceleration in top-line earnings from Supermarkets, reflecting rational inflation and growth in higher margin goods. Basket size and satisfaction rates improved. All in all, operating leverage appears solid. 

But Macquarie believes the company will need to up its game in Online, despite a strong performance, believing Woolworths may have the jump. EPS forecasts for FY20/21/22 rise 5.2%. 2.3% and 5.5%. Target price is $17.20. Neutral rating retained.

Target price is $17.20 Current Price is $16.06 Difference: $1.14
If COL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $15.83, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates COL as Underweight (5) -

First half results were at the top end of guidance, despite the -$20m provision for underpaid salaried staff.

Improved food sales momentum and early delivery on cost reductions were the main positives Morgan Stanley derived.

However, with Wesfarmers selling a 4.9% stake, the broker believes a perceived overhang will limit further scope for the business to narrow the valuation gap to Woolworths ((WOW)).

Underweight rating. Target is $14.50. Industry view: Cautious.

Target price is $14.50 Current Price is $16.06 Difference: minus $1.56 (current price is over target).
If COL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.83, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgans rates COL as Reduce (5) -

First half results were broadly in line with expectations. Results included a -$20m provision relating to the underpayment of salaried staff with the review ongoing.

Management has indicated that supermarket like-for-like sales early in the third quarter are broadly consistent with the prior quarter.

Wesfarmers ((WES)) will sell part of its stake in the company, reducing its minority interest to 10.1%. Reduce maintained. Target is raised to $14.72 from $14.29.

Target price is $14.72 Current Price is $16.06 Difference: minus $1.34 (current price is over target).
If COL 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 $15.83, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates COL as Lighten (4) -

Ord Minnett assesses the food business lacks a clear strategic position in the market and the company is struggling to cope with the earnings impact of a more demanding consumer.

Execution, too, remains poor, in the broker's view. Lighten rating maintained. Target rises to $15 from $13.

Target price is $15.00 Current Price is $16.06 Difference: minus $1.06 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.83, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

UBS rates COL as Sell (5) -

Coles' result came in 3% above the company's pre-announced number earlier in the month, largely due to better than expected cost-outs. UBS is surprised by the solid performance of the supermarket in the face of higher levels of investment by rivals.

That said, the broker fears short term profit growth is coming at the expense of longer term investment. Sell retained, target rises to $14.70 from $13.50. The broker prefers Woolworths ((WOW)).

Target price is $14.70 Current Price is $16.06 Difference: minus $1.36 (current price is over target).
If COL meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.83, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates CSL as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley downgrades to Equal-weight from Overweight, believing the share price captures the positive momentum in earnings per share but not the longer-term risks such as potential disruption from alternative therapies.

Current prices reflect R&D success in CSL112 and transplants but the broker notes there is a longer lead time required for evidence of success. Target is $306. In-Line sector view retained.

Target price is $306.00 Current Price is $339.95 Difference: minus $33.95 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $326.39, suggesting downside of -4.0% (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: 0.3

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

Macquarie rates EHL as Outperform (1) -

Emeco reported a FY20 first half result in line with pre-released guidance, with higher interest biting. Macquarie cites solid execution and strong industry conditions, with both the rental and workshops divisions posting good gains.

Management guides to a stronger performance in the second half, and improved utilisation and rental margins. A compound average growth rate of roughly 15% is forecast out to FY21 and free cash flow should be very strong.

Macquarie expects the company to pay a dividend once it hits its target leverage. EPS forecasts for FY20/21 are cut -6% and -7% respectively thanks to revisions of depreciation rates. 

Target price of $3 and Outperform rating retained.

Target price is $3.00 Current Price is $2.39 Difference: $0.61
If EHL meets the Macquarie target it will return approximately 26% (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 EHL as Add (1) -

First half results were pre-released and the main new item in the financials was the growth guidance from the PnP acquisition. This contributes to a lift in Morgans' FY20-22 operating earnings estimates of 3-10%.

The second half catalysts include an acceleration of de-gearing and a possible re-financing of the US notes. The broker considers the stock too cheap and retains an Add rating. Target is raised to $2.85 from $2.80.

Target price is $2.85 Current Price is $2.39 Difference: $0.46
If EHL meets the Morgans target it will return approximately 19% (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 IFL as Neutral (3) -

Upon some clarifications provided by the company, and with execution risks remaining elevated as IOOF Holdings needs to restructure its advice business, Citi analysts have decided to remove the High Risk tag from their Neutral rating. Target price remains unchanged at $7.90.

There are plenty of other risks that will need to be dealt with, also with 75% of the business now subjected to ongoing platform margin squeeze, point out the analysts. They suspect dividend payout can remain high, which should translate into an attractive yield for FY21 and FY22.

The stock valuation might seem attractive, described by Citi as "temptingly inexpensive", but investors should be mindful of the risks remains the dominant message from Citi. It is not clear whether the released financials met or missed expectations. DPS forecasts have been lifted significantly.

Target price is $7.70 Current Price is $6.98 Difference: $0.72
If IFL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 3.5% (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 IFL as Outperform (1) -

First half underlying net profit was in line with forecasts. Advice and platform margins were under pressure.

Credit Suisse suspects the outlook is for more of the same in the near term. There was limited new information on the recently acquired ANZ business.

Credit Suisse retains an Outperform rating and lowers the target to $7.70 from $8.45.

Target price is $7.70 Current Price is $6.98 Difference: $0.72
If IFL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 3.5% (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 IFL as Neutral (3) -

IOOF Holding's FY20 first-half result landed just below the mid-point of pre-released guidance, and the focus shifted to pressure on platform margins.

Macquarie's EPS forecasts fall -4% for FY20 and -4.5% for FY21, predicting lower gross margins and higher expenses.

The broker views risk to consensus earnings and no near-term catalyst for rerating. Target price falls to $7.30 from $8. Neutral rating retained.

Target price is $7.30 Current Price is $6.98 Difference: $0.32
If IFL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 3.5% (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 IFL as Equal-weight (3) -

First half underlying net profit was slightly below estimates albeit within guidance. The main surprise was the -12% miss on platform earnings, offset by better-than-expected financial advice.

The rate of revenue margin compression concerns Morgan Stanley. The broker suspects more investment may be required to accelerate the transition in the business model.

The broker considers it too early to get bullish, despite undemanding multiples. Equal-weight rating maintained. Target is reduced to $7.25 from $8.00. Industry view: In Line.

Target price is $7.25 Current Price is $6.98 Difference: $0.27
If IFL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 3.5% (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 IFL as Lighten (4) -

First half net profit was in line with prior guidance. The interim dividend was ahead of Ord Minnett's estimates.

Platforms showed greater cost growth and revenue margin decline than the broker had forecast, with the prospect that revenue will continue to be under pressure as this industry faces material competition.

Lighten rating maintained. Target is reduced to $7.00 from $7.70.

Target price is $7.00 Current Price is $6.98 Difference: $0.02
If IFL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 3.5% (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 IFL as Sell (5) -

IOOF's profit result came in at the low end of recently updated guidance and fell short of the broker. Despite a strong market driving an 8% rise in funds under administration across key Platform and Advice divisions, elevated fee pressure of -9% offset. ANZ P&I is suffering falling revenues, which negate the benefits of cost synergies from the acquisition.

Earnings upside risk is thus limited and revenue risk is to the downside should fee repricing play out more rapidly, the broker warns. Sell retained, target falls to $6.40 from $6.80.

Target price is $6.40 Current Price is $6.98 Difference: minus $0.58 (current price is over target).
If IFL meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.23, suggesting upside of 3.5% (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 IGO as Upgrade to Hold from Lighten (3) -

Ord Minnett upgrades to Hold from Lighten, anticipating limited downside to the nickel price from here.

The broker does not believe the stock is expensive and should benefit from improved prices and higher payability.

There are also further options at the Tropicana mine as the underground phase is rolled out. Target is $5.70.

Target price is $5.70 Current Price is $5.86 Difference: minus $0.16 (current price is over target).
If IGO meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting upside of 2.5% (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

Credit Suisse rates KGN as Outperform (1) -

First half results were largely in line with forecasts. The near-term headwinds are largely temporary, Credit Suisse believes, and there is opportunity for the company to leverage its existing active customer base and grow Marketplace.

Outperform rating maintained. Target is reduced to $6.64 from $7.37.

Target price is $6.64 Current Price is $5.08 Difference: $1.56
If KGN meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates KGN as Neutral (3) -

Kogan's earnings grew 35% year on year but fell short of the broker's expectation. The broker sees earnings risk from here due to cycling a strong second half last year, ongoing competition in TVs, a decline in third party brands and a virus impact which management is unable to yet assess.

Valuation is not demanding and the broker likes the company, but said risks keep the rating on Neutral. Target unchanged at $6.30.

Target price is $6.30 Current Price is $5.08 Difference: $1.22
If KGN meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates MAI as Add (1) -

First half net profit was well below estimates. Revenue was in line. Full year operating earnings (EBITDA) guidance has been reduced to $9m from $10.5m, reflecting higher expenses.

While disappointed in the results, Morgans observes the cost impacts should be largely one-off.

Management is confident it wil clear the heavy investment expenditure by the third quarter of 2020 and earnings should step up.

Add rating maintained. Target is reduced to $0.68 from $0.72.

Target price is $0.68 Current Price is $0.61 Difference: $0.07
If MAI meets the Morgans target it will return approximately 11% (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 MND as Neutral (3) -

Not clear what Citi's opinion about the released interim report actually is, but multiple changes have been made to forecasts, also related to AASB16 accounting, as well as to higher D&A due to fleet renewals.

Citi analysts are very much focused on the multiple risks and headwinds, including potential problems with China's Sinostruct fabricating equipment for Monadelphous. Turning to alternatives elsewhere will lead to higher costs, suggest the analysts.

Most importantly, the analysts see an underwhelming potential in contestable contracts from LNG producers with projects delayed or uncertain to go ahead. Target price steady at $15.90. Neutral.

Target price is $15.90 Current Price is $16.71 Difference: minus $0.81 (current price is over target).
If MND meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.55, suggesting downside of -1.0% (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

Credit Suisse rates MND as Neutral (3) -

First half results were in line with expectations. Credit Suisse believes the outlook is enough to satisfy a market conditioned for further margin headwinds.

The broker's reservations pertain to valuation and lofty growth expectations. The company has guided to 10% revenue growth in FY21 and a slightly less conservative outlook in construction drives small upgrades to the broker's forecasts.

Neutral rating maintained. Target rises to $17.00 from $16.20.

Target price is $17.00 Current Price is $16.71 Difference: $0.29
If MND meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $16.55, suggesting downside of -1.0% (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

Macquarie rates MND as Neutral (3) -

Monadelphous Group's FY20 first-half result fell -5% shy of the broker, thanks to margin pressure. The company flagged the coronavirus as a risk for its China fabrication business Sinostruct, which the broker perceived to be not strongly material.

EPS forecasts fall -2.6% for FY20 and rise 0.2% and 2.2% for FY21/22. Meanwhile, the market is awaiting news on a contract bid, announcements being imminent. Target price rises to $17.57 from $16.34. Neutral rating retained.

Target price is $16.34 Current Price is $16.71 Difference: minus $0.37 (current price is over target).
If MND meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.55, suggesting downside of -1.0% (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

UBS rates MND as Buy (1) -

Monadelphous' mixed earnings result fell short of the broker. Higher margin construction sales declined -18% while lower margin maintenance sales grew 16%. The share price responded positively due to FY revenue growth guidance of 10%, the broker suggests, but the broker had forecast 16%. The difference is down to project delays.

Construction contracts and maintenance volumes should nevertheless underpin a stronger second half. The broker has reduced earnings forecasts but increased its PE multiple assumption, leading to a price target increase to $18.50 from $18.00. Buy retained.

Target price is $18.50 Current Price is $16.71 Difference: $1.79
If MND meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.55, suggesting downside of -1.0% (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

Macquarie rates MPL as Underperform (5) -

Macquarie assesses APRA's Australian private health insurance market report and finds claims growth is persisting at above-average levels. The broker forecasts industry-wide margin contraction. 

Industry Net Margins fell -132 basis point on the previous corresponding in the December quarter, to less than 4% for the first time since 2014, and most indicators have turned negative.

Target price for Medibank Private is steady at $2.85 and Underperform rating retained.

Target price is $2.85 Current Price is $2.98 Difference: minus $0.13 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.98, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates NHF as Neutral (3) -

Macquarie assesses APRA's Australian private health insurance market and finds claims growth is persisting at above-average levels. Macquarie orecasts industry-wide margin contraction.

Industry Net Margins fell -132 basis point on the previous corresponding in the December quarter, to less than 4% for the first time since 2014, and most indicators have turned negative.

Target price for nib Holdings is steady at $5.70. Neutral rating retained.

Target price is $5.70 Current Price is $5.29 Difference: $0.41
If NHF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.75, suggesting upside of 8.6% (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

Citi rates NWL as Buy (1) -

Not quite clear how the interim result has been received at Citi, but since the analysts remain of the view that strong inflows will continue to outweigh rising investment & costs, and downward pressure on margins, a positive view prevails.

Citi analysts continue to see risk as to the upside, because fund inflows are likely to surprise that way. Estimates have been reduced by -6% and -5% respectively for FY21 and FY22. Target price lost -5c to $9.60.

Target price is $9.60 Current Price is $8.32 Difference: $1.28
If NWL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting downside of -4.3% (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

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

First half net profit was ahead of Credit Suisse estimates. This was due to a slower rate of revenue margin contraction than had been expected.

FY20 revenue and operating earnings (EBITDA) guidance is 2-5% ahead of the broker's forecasts and the net flow guidance has been upgraded to $9bn.

Credit Suisse upgrades to Neutral from Underperform, as the company continues to capture market share and management remains confident in the flows. Target is raised to $7.90 from $7.40.

Target price is $7.90 Current Price is $8.32 Difference: minus $0.42 (current price is over target).
If NWL 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 $7.96, suggesting downside of -4.3% (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

Macquarie rates NWL as Underperform (5) -

Netwealth Group's FY20 first half result slightly outpaced the broker, with weak margins continuing to dog the company. Macquarie expects continued margin compression across FY21 and FY22.

But the company posted strong net flows incoming, and modest growth in funds under management, a trend the broker expects will continue. EPS forecasts for FY20 to FY22 rise 3.5%, 4.5% and 4%.

Targets price rises to $6.35 from $6.00. Underperform rating retained, reflecting ongoing margin concerns.

Target price is $6.35 Current Price is $8.32 Difference: minus $1.97 (current price is over target).
If NWL meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.96, suggesting downside of -4.3% (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

Morgans rates NWL as Hold (3) -

First half net profit growth was 8.4% and the results were broadly in line with expectations.

Morgans assesses the results confirm the current trend of strong funds growth while there is further revenue margin compression to come.

Hold rating maintained. Target is reduced to $7.80 from $8.05.

Target price is $7.80 Current Price is $8.32 Difference: minus $0.52 (current price is over target).
If NWL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.96, suggesting downside of -4.3% (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 NWL as Upgrade to Buy from Hold (1) -

First half results were "reasonable", in Ord Minnett's view, thanks to a gradual ramp up of technology and sales hires. The broker prefers to focus on the bottom line, which continues to expand.

While margin compression was the focus for the market, the broker suggests this is both expected and inevitable. Rating is upgraded to Buy from Hold and the target raised to $8.72 from $8.14.

Target price is $8.72 Current Price is $8.32 Difference: $0.4
If NWL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting downside of -4.3% (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

UBS rates NWL as Sell (5) -

Netwealth's first half result beat the broker by 2% due to slightly higher platform revenue margins. However, fee pressure looks set to accelerate in the second half and into FY21, the broker warns.

Despite strong funds under management growth in recent years, pressure on both wholesale and retail fees should persist into FY22, with new entrants already setting lower fees.

The broker thus continues to see downside risk to a 40x forward PE. Sell retained, target falls to $7.40 from $7.65.

Target price is $7.40 Current Price is $8.32 Difference: minus $0.92 (current price is over target).
If NWL meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.96, suggesting downside of -4.3% (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

Morgans rates ONT as Add (1) -

First half results, in line with forecasts, revealed continued growth across all metrics. No guidance was provided.

While failing in its bid to acquire the Australian Maven dental business from NZ-listed Abano Healthcare, the company still believes there are significant opportunities for consolidation.

Morgans likes the quality of the business although suspects competitive pricing in a low-growth environment is retarding it in the short term. Add rating maintained. Target is $6.93.

Target price is $6.93 Current Price is $6.38 Difference: $0.55
If ONT meets the Morgans target it will return approximately 9% (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 ORA as Outperform (1) -

Credit Suisse fine tunes forecasts, pointing out accretion to earnings per share from the fibre sale and capital management is not reflected in the share price.

Orora intends to return around 80% of its $1.2bn pledged shareholder distributions by June 30. The remainder is expected in FY21.

Outperform rating maintained. Target is $3.40.

Target price is $3.40 Current Price is $2.89 Difference: $0.51
If ORA meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 9.6% (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

Citi rates OZL as Neutral (3) -

Citi analysts comment reported interim financials were "broadly in line", which is usually code for they somewhat missed, but we don't really care. A change in accounting seems to have led to higher amortisation and this pushed back the headline profit number.

Citi suggests investors should not lose sight of the positive outlook for OZ Minerals. Copper prices should be heading higher, and Carrapateena will be up and running in the not too distant future.

The analysts suggest 2021 will be the year when OZ Minerals shows off its true mettle (and their forecasts reflect this). In the meantime, $11 target price retained alongside a Neutral rating.

Target price is $11.00 Current Price is $9.95 Difference: $1.05
If OZL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.44, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates OZL as Underperform (5) -

2019 net profit met Credit Suisse estimates. There was no change to 2020 operating guidance and no indication of any change to expectations for a stronger second half.

Credit Suisse found the result uncharacteristically clean, with earnings reconciling well with quarterly reporting and cash.

Value drivers remain the ramp up of Carrapateena and study results regarding future expansion of Prominent Hill.

Underperform rating maintained. Target is $8.00.

Target price is $8.00 Current Price is $9.95 Difference: minus $1.95 (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 $10.44, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Outperform (1) -

Oz Minerals' 2019 result beat the broker; earnings, free cash flow and dividend all surprising to the upside. Lower exploration and tax expense drove the result, with free cash flow outpacing the broker by 9%.

The dividend outpaced by 15%. On the flipside, net debt also outpaced thanks to AASB16 accounting.? Carrapateena announced its first concentrate production in the December quarter and the ramp-up is expected in the near term.

Macquaried cuts 2020 EPS by -32% to reflect depreciation and amortisation guidance. 2021 EPS forecast falls -4% to -1%. Outperform rating retained given the performance beat, projects in the offing, and while awaiting the Carrapateena ramp-up. $11.30 target price retained.

Target price is $11.30 Current Price is $9.95 Difference: $1.35
If OZL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.44, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Equal-weight (3) -

Morgan Stanley welcomes the first half result, with net profit and earnings ahead of estimates.

Production guidance is unchanged. Depreciation guidance for 2020 is higher, at $260-290m.

Target is $10.40. Equal-weight retained. Industry view: In Line.

Target price is $10.40 Current Price is $9.95 Difference: $0.45
If OZL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.44, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

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

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

2019 results were broadly in line with expectations. Morgans expects the company to be busy in 2020, with the requirement to draw down debt funding likely to keep dividends at modest levels.

The broker adjusts models for updated guidance and a softer copper price, offset slightly by a softer Australian dollar.

Rating is downgraded to Hold from Add as the stock is now trading within valuation ranges. Target is reduced to $10.85 from $10.90.

Target price is $10.85 Current Price is $9.95 Difference: $0.9
If OZL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.44, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates OZL as Buy (1) -

OZ Minerals' profit beat the broker but fell short of consensus, which the broker puts down to complicated stockpile accounting which means earnings will understate free cash flow over the next three years. The next twelve months will be a transformation period as Carrapateena shifts from cash consumption to cash production.

The broker retains Buy on the back of long life exposure to copper and embedded development options not yet priced in by the market. The broker carries no value for these in its base case but suggests successful delivery will be value accretive. Target rises to $11.70 from $11.60.

Target price is $11.70 Current Price is $9.95 Difference: $1.75
If OZL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $10.44, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates RBL as Add (1) -

The founder Martin Hosking has assumed the role of temporary CEO while incumbent, Barry Newstead, has departed following a review of operations and strategy.

Morgans believes the company is sending mixed signals. First half growth has been described as "encouraging" but the rate of recent growth was also described as "disappointing".

Results are due on February 26. Add rating maintained. Target is $2.10.

Target price is $2.10 Current Price is $1.14 Difference: $0.96
If RBL meets the Morgans target it will return approximately 84% (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

Ord Minnett rates RHP as Accumulate (2) -

Despite the headwinds, Ord Minnett continues to like the stock for its exposure to the adoption of Microsoft Cloud. In particular, the Japanese opportunity appears under appreciated.

While cautious, management has reiterated its positive view on Japan, given the larger concentration of SMEs and limited competition in the mid-market Microsoft CSP space.

Ord Minnett maintains an Accumulate rating and reduces the target to $2.70 from $3.00.

Target price is $2.70 Current Price is $2.15 Difference: $0.55
If RHP meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Revenue and operating earnings were in line with Morgan Stanley's estimates in 2019. The company has stated that the business has stabilised.

Equal-weight rating and In-Line sector view retained. Target is $0.76.

Target price is $0.76 Current Price is $0.76 Difference: $0
If RKN meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 RMD as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley assesses the shares are capturing positive momentum in earnings per share but not the longer-term risks and downgrades to Equal-weight from Overweight.

Current prices are seen reflecting success of the POC franchise and software strategies but not the potential adverse outcome of the US competitive bidding round in 2021. Target is US$165. Industry view: In-Line.

Current Price is $26.17. Target price not assessed.

Current consensus price target is $24.26, suggesting downside of -7.3% (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: 0.1

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

Morgans rates RRL as Add (1) -

The company posted record interim cash flow and profit. FY20 production and cost guidance are unchanged.

Regis Resources has noted a tightening of the specialised labour market in Western Australia, although no impact has been felt as yet.

Morgans maintains an Add rating because of the strong fundamentals and current outlook for the gold sector. Target is $5.25.

Target price is $5.25 Current Price is $4.38 Difference: $0.87
If RRL meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.77, suggesting upside of 8.9% (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 SCG as Outperform (1) -

2020 guidance was lower than expected but Credit Suisse suspects the market has overreacted to the headline results for 2019.

The company asserts that, in future, distributions will grow in line with operating earnings, with any project-related income retained for capital management.

Credit Suisse expects headline earnings will become more variable, unlike previous years where development activity and project income were relatively consistent.

The broker can envisage no reason why the company cannot deliver 2-3% growth in distributions per annum.

Outperform rating maintained. Target is reduced to $4.17 from $4.27.

Target price is $4.17 Current Price is $3.70 Difference: $0.47
If SCG meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.79, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Underperform (5) -

Scentre Group's FY19 result met the broker, but FY20 guidance surprised to the downside.

Headwinds, including cost of debt, re-leasing spreads and development returns, raised their head.

The higher cost of debt was the main negative and was compounded by the postponement of the opening of the Newmarket precinct.

The payout ratio rose despite subdued profit and cash flow growth.

Macquarie's funds-from-operations estimates for FY20/21/22 fall -4.9%, -5.6% and -5.6%. The dividend estimates fall to reflect the company's new payout ratio methodology.

Macquarie retains an Underperform rating and reduces the target price to $3.47 from $3.54.

Target price is $3.47 Current Price is $3.70 Difference: minus $0.23 (current price is over target).
If SCG 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 $3.79, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Underweight (5) -

2020 guidance was weaker than Morgan Stanley expected. The broker suspects the timing of projects will hurt 2020 earnings and expects around 3% growth in earnings in 2021.

Softness is stemming from the NZ Newmarket project taking longer to ramp up, vacancies at Booragoon and project income dropping to $40m per annum from $80m per annum.

The broker acknowledges the stock is good value but struggles to find a convincing catalyst for the valuation gap to close. Target is reduced to $3.58 from $3.60. Underweight. Industry view: In Line.

Target price is $3.58 Current Price is $3.70 Difference: minus $0.12 (current price is over target).
If SCG 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 $3.79, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Accumulate (2) -

2020 guidance is weaker than Ord Minnett expected and forecasts are lowered by -3%. The broker notes the group is facing retail headwinds, although improving sales are encouraging and the stock is starting to outperform peers.

Accumulate rating maintained. Target is reduced to $4.20 from $4.30.

Target price is $4.20 Current Price is $3.70 Difference: $0.5
If SCG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.79, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates SCG as Sell (5) -

Scentre Group has guided to a -0.5% fall in full year funds from operations, given lower project income will offset growth in operating earnings. The broker is thus surprised by an increase in dividend payout ratio, leaving debt to fund developments.

Operating metrics are outperforming peers, the broker notes, but at a time when there remains a large number of retail assets on the market and increased income uncertainty, the broker believes valuations will likely remain under pressure. Sell and $3.70 target retained.

Target price is $3.70 Current Price is $3.70 Difference: $0
If SCG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.79, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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 SGF as Upgrade to Outperform from Neutral (1) -

SG Fleet Group's FY20 first half slightly outpaced the broker. Conditions remained challenging given declining private car sales, and momentum slowed due to credit constraints but the broker says the corporate outlook is good, thanks to late contract wins and a strong pipeline.

EPS forecasts rise 2% for FY20, and fall -12% for FY21 and -10% for FY22. Target price falls to $2.60 from $2.92.

Macquarie upgrades to Outperform from Neutral given the company is trading at a -45% discount to the emerging leaders price-earnings-ratio and boasts a 6% yield.

Target price is $2.60 Current Price is $2.28 Difference: $0.32
If SGF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 21.5% (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 SGF as Equal-weight (3) -

First half results were better than Morgan Stanley expected. The funding of securitisation is progressing, which the broker suggests should help with more stringent credit conditions.

Inertia is notable in corporate business, although several tender decisions are also due in the second half. The broker remains on the sidelines amid the downtrend in new vehicle sales and tough credit conditions.

Equal-weight. Target is $2.60. Industry view is In-Line.

Target price is $2.60 Current Price is $2.28 Difference: $0.32
If SGF meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 21.5% (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 SGM as Buy (1) -

At face value, Sims Metal released an interim loss in-line with expectations and management re-affirmed FY guidance. However, this time Citi analysts believe management is being too conservative. They note scrap prices in Turkey and the US are recovering.

Also, Citi analysts consider China's reclassification of Zorba as "renewable metals" a significant event, ensuring Sims Metal maintains a comparative advantage, and potentially premium pricing. Buy rating retained. Price target $12.10 (unchanged).

Target price is $12.10 Current Price is $10.98 Difference: $1.12
If SGM meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.63, suggesting downside of -3.2% (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 SGM as Neutral (3) -

Sims FY20 first-half result marginally missed the broker, thanks to a better-than-expected operating performance.

The company has launched a global cost-out program, focusing on the UK, and reports a healthy balance sheet, priming it for opportunistic acquisitions.

On the downside, the core metals business was hit by price falls.

Macquarie downgrades EPS forecasts -270% for FY20, and -2.2% for FY21. FY22 estimates rise 7.3%.

Target price is steady at $10.80. Neutral rating retained to reflect ongoing economic uncertainty, especially in China.

Target price is $10.80 Current Price is $10.98 Difference: minus $0.18 (current price is over target).
If SGM meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.63, suggesting downside of -3.2% (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 SGM as Equal-weight (3) -

Morgan Stanley notes a substantial decline in profitability in the first half result, albeit this was in line with guidance.

The broker expects self-help should deliver in FY21, although most earnings drivers remain beyond the company's control.

At this stage the broker considers it too early to adopt a positive stance but envisages upside for patient investors.

Equal-weight rating retained. Target is raised to $10.00 from $9.50. Industry view is Cautious.

Target price is $10.00 Current Price is $10.98 Difference: minus $0.98 (current price is over target).
If SGM meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.63, suggesting downside of -3.2% (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 SGM as Lighten (4) -

Despite upgrading near-term earnings estimates to align with second half guidance, and factoring in some benefit from cost savings, Ord Minnett maintains a Lighten rating.

The stock continues to trade above the broker's fair value estimate. Target is $9.50.

Target price is $9.50 Current Price is $10.98 Difference: minus $1.48 (current price is over target).
If SGM 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 $10.63, suggesting downside of -3.2% (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 SGM as Upgrade to Neutral from Sell (3) -

Sims Metal Management reported negative earnings margins in the first half due to a collapse in ferrous volumes and prices. China's National Sword initiative has disrupted the market, UBS notes.

The broker believes margins have now troughed and has increasing confidence in price and volume growth in coming years.

The second half will still be challenging nonetheless, given heightened competition and virus impact. UBS upgrades to Neutral from Sell. Target rises to $10.80 from $8.05.

Target price is $10.80 Current Price is $10.98 Difference: minus $0.18 (current price is over target).
If SGM meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.63, suggesting downside of -3.2% (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 SLC as Equal-weight (3) -

First half results were below estimates. The company has downgraded FY20 operating earnings (EBITDA) guidance by -10%.

Morgan Stanley notes, to meet the mid point of this guidance requires a skew to the second half of 70%. This is also the third downgrade to FY20 in 12 months.

On the positive side, fibre revenue growth is accelerating and operating expenditure is reduced.

Equal-weight rating and In-Line industry view maintained. Target is reduced to $0.75 from $1.15.

Target price is $0.75 Current Price is $0.81 Difference: minus $0.06 (current price is over target).
If SLC 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 $1.02, suggesting upside of 25.5% (ex-dividends)