Australian Broker Call

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

The 2019 AGM has reaffirmed FY20 net profit guidance of $290-300m, which represents 9-13% growth on FY19. Morgan Stanley notes growth is expected to continue across the business and investment is aimed at building awareness.

The company has shifted its targets for earnings per share to 7.5-12.5% compound growth over four years from 10-20% over three years. Morgan Stanley maintains an Equal-weight rating and $223.70 target. In-Line industry view.

Target price is $223.70 Current Price is $201.72 Difference: $21.98
If COH meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $196.53, suggesting downside of -2.6% (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 COH as Sell (5) -

Cochlear has reaffirmed FY20 guidance for net profit growth of 9-13%. The dividend pay-out ratio of 70% of net profit will be maintained. The new Chinese manufacturing facility is running to schedule and completion is expected by mid 2020.

UBS continues to believe that the industry growth in cochlear implants is sustainable at mid to upper single digit levels. However, when incorporating sustainable growth into sales assumptions, UBS derives a price target that is well below the current share price.

Sell rating maintained. Target is steady at $173.

Target price is $173.00 Current Price is $201.72 Difference: minus $28.72 (current price is over target).
If COH meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $196.53, suggesting downside of -2.6% (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 CTX as Outperform (1) -

Caltex reported strong regional refiner margins in the Sep Q driven by supply reductions in the Middle East. The Dec Q outlook is softer but the volume skew will be material due to planned turnaround and inspection (T&I). The broker sees margins as stabilising in Dec before improving in 2020.

Headwinds remain for Convenience but the company is taking action to defend its return on investment which the broker sees as positive. The broker increases earnings forecasts, and target to 27.97 from $24.78. Outperform retained, with a preference over Viva Energy ((VEA)).

Target price is $27.97 Current Price is $27.32 Difference: $0.65
If CTX meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.94, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates GOR as Outperform (1) -

Gold Road's quarterly update revealed the 50%-owned Gruyere mine is tracking ahead of plan with softer grades expected early in its life. The mine's metrics were strong compared to Macquarie's expectation while processing was in line.

Importantly, the broker notes, Gold Road can now start paying down debt with Gruyere declared commercial, and production is expected to hit the top end of 2019 guidance. Outperform and $1.60 target retained.

Target price is $1.60 Current Price is $1.17 Difference: $0.43
If GOR meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates IGO as Underperform (5) -

September quarter production was in line with Credit Suisse estimates. However, the broker notes elevated costs at Nova because of incentive payments, higher royalties and reduced development capitalisation. Cash generation was below expectations.

The broker maintains an Underperform rating and raises the target to $4.45 from $4.15.

Target price is $4.45 Current Price is $6.06 Difference: minus $1.61 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.99, suggesting downside of -1.1% (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 IGO as Outperform (1) -

Both Nova and Tropicana posted Sep Q production in line with the broker's forecast. The jump in the nickel price meant a 20% beat on earlier earnings estimates. FY20 production guidance is maintained.

Were the broker to input current nickel spot prices, earnings forecasts would be 11% and 32% higher in FY20-21. Meanwhile, a discovery at Nova remains a potential catalyst, although nothing so far.  Outperform and $7.40 target retained.

Target price is $7.40 Current Price is $6.06 Difference: $1.34
If IGO meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.99, suggesting downside of -1.1% (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 IGO as Equal-weight (3) -

Production at Nova and Tropicana was strong, although costs at Nova were somewhat higher than guidance, Morgan Stanley notes.

The broker observes the company has calculated Nova guidance at a copper price of $4.20/lb and spot copper prices are significantly lower at $3.84/lb.

Equal-weight. Industry view is Attractive. Target is $6.10.

Target price is $6.10 Current Price is $6.06 Difference: $0.04
If IGO meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.99, suggesting downside of -1.1% (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 models both the high end of production and costs at the Tropicana operation and suspects that, while the company is on track to meet guidance at the Nova mine, costs could remain a little high.

The broker envisages a strong outlook for nickel prices and expects a positive outcome from new offtake negotiations. Rating is upgraded to Hold from Lighten. Target is steady at $5.70.

Target price is $5.70 Current Price is $6.06 Difference: minus $0.36 (current price is over target).
If IGO 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 $5.99, suggesting downside of -1.1% (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 IGO as Neutral (3) -

September quarter production was better than UBS expected. Nova production was 6% above estimates because of better grades. Costs were higher because of lower by-product prices for copper and cobalt and higher royalties from the lift in the nickel price.

UBS regrets the company has not made a discovery around Nova to extend the mine life but exploration success could be accretive and is a key catalyst going forward. Neutral rating and $6.40 target maintained.

Target price is $6.40 Current Price is $6.06 Difference: $0.34
If IGO meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.99, suggesting downside of -1.1% (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 ING as Buy (1) -

The investor briefing has signalled earnings growth should be forthcoming. While FY20 could mean earnings per share fall -15%, Citi forecasts 7% growth in FY21 and 10% in FY22.

The company has underscored the attractive characteristics of poultry demand and the favourable industry structure. There was a lack of quantitative detail about the strategic plan and the broker expects details to emerge over the next six months.

Nevertheless, feed costs are yet to be completely overcome. Citi estimates $58m in gross costs before any price increases. The broker maintains a Buy rating and $3.40 target.

Target price is $3.40 Current Price is $3.09 Difference: $0.31
If ING meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 7.3% (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 ING as Equal-weight (3) -

The company has reiterated guidance but notes the trading environment has deteriorated in New Zealand following the ban on exports to four countries, including Australia. The issue is expected to persist for at least three months.

Feed costs remain at record levels, with the impact on FY20 dependent the next harvest. Morgan Stanley notes industry projections for the grain harvest are increasingly bearish and the ability to forward purchase grain is limited.

The broker finds the company's five-year strategy compelling but too soon to bank on. Rating is Equal-weight. Target is $3.30. Industry view: Cautious.

Target price is $3.30 Current Price is $3.09 Difference: $0.21
If ING meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 7.3% (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 ING as Upgrade to Neutral from Sell (3) -

Following the underperformance in the share price, UBS upgrades to Neutral from Sell. The strategy briefing provided little quantitative guidance but the company has signalled that the business will move to a customer-led focus amid new revenue streams.

There is no material lift in capital expenditure intentions and the company is still targeting growth in FY20, although oversupply from poultry export bans will put pressure on earnings in the first half.

UBS reduces estimates for earnings per share by -3%. Target is steady at $3.10.

Target price is $3.10 Current Price is $3.09 Difference: $0.01
If ING meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 7.3% (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 JHG as Neutral (3) -

Ahead of the third quarter result on October 30, Citi makes small changes to estimates. The latest industry data suggest fund outflows remain elevated but are moderating.

However, there is also a risk of a large lumpy outflow from Intech which is hard to track. The broker considers the stock reasonable value.

Neutral maintained. Target is raised to $31.25 from $30.35.

Target price is $31.25 Current Price is $32.61 Difference: minus $1.36 (current price is over target).
If JHG meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.69, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Macquarie rates MGR as Outperform (1) -

Mirvac's Sep Q update featured the reaffirmation of FY20 earnings, dividends and settlements guidance. The broker sees upside risk for FY21 earnings from the sale of Locomotive Workshop.

The broker believes Mirvac's 4% dividend yield, growing sustainably at 5%, should become more attractive to income-focused investors while an improving residential backdrop remains supportive. Outperform retained, target rises to $3.67 from $3.66.

Target price is $3.67 Current Price is $3.14 Difference: $0.53
If MGR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 2.9% (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 MGR as Lighten (4) -

The company has reiterated guidance for 3-4% growth in funds from operations in the September quarter update. Ord Minnett considers Mirvac a well-run company with proven development capability.

However, the stock is trading above valuation and earnings headwinds are expected in FY21 and FY22 as development earnings moderate. This leads the broker to maintain a Lighten rating. Target is raised to $2.95 from $2.90.

Target price is $2.95 Current Price is $3.14 Difference: minus $0.19 (current price is over target).
If MGR 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 $3.23, suggesting upside of 2.9% (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 MGR as Sell (5) -

First quarter update was mixed, UBS observes, with highlights being the ongoing strength in the commercial & industrial portfolio as retail sales growth slows marginally. Residential releases were slightly disappointing.

The company has reaffirmed earnings guidance and will benefit in FY20 from over 2500 settlements. The focus remains on introducing capital partners into office developments in order to de-risk medium-term earnings.

UBS maintains a Sell rating, believing growth is priced into the stock. Target is raised to $3.00 from $2.90.

Target price is $3.00 Current Price is $3.14 Difference: minus $0.14 (current price is over target).
If MGR meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.23, suggesting upside of 2.9% (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 MP1 as Add (1) -

First quarter results were in line with expectations. Morgans notes investors are nervous because equipment has only been installed in four new data centres. However, the company was more intent on installing new product in its 56 existing centres.

Moreover, traditional installations have varied in number and do not follow a smooth roll-out curve, the broker points out. Morgans maintains an Add rating and raises the target to $11.38 from $8.80.

Target price is $11.38 Current Price is $8.65 Difference: $2.73
If MP1 meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $11.06, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Ord Minnett rates MP1 as Accumulate (2) -

Ord Minnett observes the company continues to build on sales momentum. The broker likes the high-quality business model with exposure to strong sectoral growth.

The broker maintains an Accumulate rating and $10.50 target.

Target price is $10.50 Current Price is $8.65 Difference: $1.85
If MP1 meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $11.06, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

UBS rates MP1 as Buy (1) -

First quarter performance metrics were softer but UBS is not overly concerned. The broker believes the focus on rolling out MCR 2.0 to new metros should take priority over new DC installations.

This will provide potential for higher revenue per customer and create upside for the longer term. Buy rating maintained. Target rises to $11.30 from $9.45.

Target price is $11.30 Current Price is $8.65 Difference: $2.65
If MP1 meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $11.06, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates ORE as Buy (1) -

Lithium carbonate reduction at Olaroz was down -10% in the September quarter and below expectations because of maintenance shutdowns. Guidance implies a weak FY20, or around 76% of the stage 1 nameplate capacity.

Citi believes the stock is a story for FY21, when stage 2 ramps up and the Naraha hydroxide plant is commissioned. The broker expects the lithium market to remain subdued for another 6-9 months.

Buy/High Risk rating maintained. Target is reduced to $3.30 from $3.50.

Target price is $3.30 Current Price is $2.30 Difference: $1
If ORE meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 40.7% (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

Credit Suisse rates ORE as Outperform (1) -

Production in the September quarter was in line with expectations, although prices and margins deteriorated. Credit Suisse believes this should be the production low for FY20, as results were affected by the closure of the Olaroz plant for five days and one of two reactors off-line for the entire month of August.

The broker notes the stock is differentiated by the company's low position on the cost curve and its high-quality resource. However, until the macro environment is more supportive the stock is expected to trade below value.

Outperform rating maintained. Target is $4.50.

Target price is $4.50 Current Price is $2.30 Difference: $2.2
If ORE meets the Credit Suisse target it will return approximately 96% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 40.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates ORE as Underperform (5) -

Orocobre's Sep Q production fell -10% short of the broker due to maintenance. Realised pricing met expectation but Dec Q pricing guidance is well below forecast.

Due to the ongoing rebalance of the lithium market, as new supply runs ahead of demand growth, the broker retains Underperform. Target falls to $2.20 from $2.50.

Target price is $2.20 Current Price is $2.30 Difference: minus $0.1 (current price is over target).
If ORE 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 $3.24, suggesting upside of 40.7% (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 ORE as Equal-weight (3) -

Production was strong in the first quarter and broadly in line with Morgan Stanley's estimates, despite the seasonal impact. However, the broker notes significantly higher costs amid a weak pricing environment.

Two new evaporation ponds were completed in the quarter and the stage 2 of Olaroz is in line with schedules. Equal-weight rating, $2.80 target and Attractive industry view maintained.

Target price is $2.80 Current Price is $2.30 Difference: $0.5
If ORE meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 40.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates ORE as Add (1) -

The company has reported a strong production outcome in the September quarter while unit costs remain high. Morgans believes Orocobre is well funded to complete the stage 2 expansion at Olaroz and its share of the Naraha lithium hydroxide plant in Japan.

However, the share price is hostage to the lithium price, which continues to weaken. The broker maintains an Add rating and reduces the target to $4.80 from $4.97.

Target price is $4.80 Current Price is $2.30 Difference: $2.5
If ORE meets the Morgans target it will return approximately 109% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 40.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates ORE as Downgrade to Hold from Buy (3) -

Ord Minnett reduces realised price expectations further for FY20 and lowers production estimates for both FY20 and FY21.

The broker remains attracted to the lithium sector and the company's assets in the long-term but notes excess inventory in the supply chain, along with majors keen to maintain market share, means prices could stay weak for some time.

Rating is downgraded to Hold from Buy. Target is lowered to $2.30 from $2.90.

Target price is $2.30 Current Price is $2.30 Difference: $0
If ORE meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 40.7% (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

UBS rates ORE as Neutral (3) -

September quarter production was ahead of UBS estimates and the strongest September quarter to date. Olaroz shut down for five days in August and there was a small inventory drawdown in the quarter.

Management continues to expect the lithium market will be challenged in terms of pricing. Production guidance for FY20 reflects a 5% lift on FY19, to 13,200t.

The company remains positive about the long-term fundamentals amid a strong cash position. UBS maintains a Neutral rating and $2.75 target.

Target price is $2.75 Current Price is $2.30 Difference: $0.45
If ORE meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 40.7% (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 OSH as Neutral (3) -

September quarter production was lower than expected because of the outages and timing of cargoes. Exploration guidance now reflects expenditure on Alaska but the total remains unchanged, implying lower exploration expenditure on PNG.

Citi believes this is an early sign of the company shoring up its balance sheet ahead of the expenditure bill for LNG expansion and Alaska.

Neutral rating maintained. Target is reduced to $7.32 from $7.49.

Target price is $7.32 Current Price is $7.15 Difference: $0.17
If OSH meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Credit Suisse rates OSH as Underperform (5) -

Production in the September quarter was down -1% because of the mooring damage. The company has revised 2019 guidance, reducing production volumes by -5%. Unit production costs are up 9%, driven by lower production volumes and higher repair costs.

Credit Suisse reduces 2019 capital expenditure estimates by -US$110m and adds this amount to FY20 estimates. The broker reduces the target to $6.05 from $6.25 and maintains an Underperform rating.

Upside is envisaged if PNG expansion plays out on schedule but risks remain skewed to the downside, in the broker's view.

Target price is $6.05 Current Price is $7.15 Difference: minus $1.1 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.55, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Macquarie rates OSH as Outperform (1) -

Oil Search's Sep Q production and sales fell short due to a storm damaging the port and guidance has subsequently been downgraded. This leads the broker to lower FY production and assumptions and increase cost assumptions. Target falls to $8.30 from $8.50.

However the broker believes the market is overly cautious in valuing the PNG LNG expansion and Papua LNG project. Outperform retained.

Target price is $8.30 Current Price is $7.15 Difference: $1.15
If OSH meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Morgan Stanley rates OSH as Overweight (1) -

The company has delivered softer September quarter production because of outages and minor increases to cost guidance. Morgan Stanley envisages a number of catalysts which have potential to drive the stock higher over the next six months.

A FEED decision and resource update is expected from Alaska and there is potential for an agreement and fiscal terms at P'nyang by the end of the year.

Morgan Stanley reduces earnings forecast for 2019 by -8.2% in marking to market on the oil price plus lower revenue associated with lower production.

Overweight rating, In-Line industry view and $8 target.

Target price is $8.00 Current Price is $7.15 Difference: $0.85
If OSH meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Morgans rates OSH as Add (1) -

Morgans notes stable LNG and weaker liquids volumes in the September quarter. The Alaskan development is gathering pace and a partial sell-down has lowered the capital expenditure requirement and risk profile, the broker points out.

Meanwhile, the PNG expansion has reached a new critical point as negotiations around the P'nyang gas agreement have resumed and this presents an important catalyst.

As the stock is trading at a discount to the target, Morgans maintains an Add rating. Target is reduced to $8.68 from $8.72.

Target price is $8.68 Current Price is $7.15 Difference: $1.53
If OSH meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Ord Minnett rates OSH as Hold (3) -

September quarter production was -9% below estimates. Guidance for full year production has been downgraded as a result of the damage to the loading facility and weaker oil prices.

Ord Minnett remains concerned about the timing of the P'nyang gas development and suspects there is potential for first gas to slip beyond 2025. Hold rating maintained. Target is reduced to $7.10 from $7.15.

Target price is $7.10 Current Price is $7.15 Difference: minus $0.05 (current price is over target).
If OSH meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.55, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

UBS rates OSH as Neutral (3) -

2019 production guidance has been lowered by -6%. This has been largely a result of a weak third quarter when damage to the mooring system held up production. There is a delay in expansion in PNG with expenditure guidance reduced by -$150m.

UBS observes, with discussions between the PNG government and the joint venture having just commenced, there is a risk that FEED is deferred by 3-6 months.

UBS maintains a Neutral rating, as the positive catalysts have already been priced in. Target is reduced to $7.40 from $7.45.

Target price is $7.40 Current Price is $7.15 Difference: $0.25
If OSH meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Citi rates SAR as Neutral (3) -

The resource update and results from the September quarter provided clarity for the long-term run rate and organic growth in the company's portfolio. Citi expects the levers for FY20 will be mill expansion at Carosue Dam and recommissioning at Deep South.

FY20 guidance has been maintained for 350-370,000 ounces. The broker maintains a Neutral rating and raises the target to $3.90 from $3.65.

Target price is $3.90 Current Price is $3.72 Difference: $0.18
If SAR meets the Citi target it will return approximately 5% (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

Macquarie rates SAR as Outperform (1) -

Saracen delivered a strong Sep Q result featuring increased production and grades at Thunderbox. Carosue Dam production was in line but costs were higher.

Cash generation was well ahead of the broker's forecast, growth projects remain on track and exploration results continue to support the targeted run rate from FY21. Outperform and $4.30 target retained.

Target price is $4.30 Current Price is $3.72 Difference: $0.58
If SAR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates SLC as Add (1) -

Morgans believes the company has made significant progress in creating value in the business. The network is now built and the balance sheet fit for purpose.

The focus can now be on selling the company's unique assets, as it is the only 100% on-network provider of telecommunications around between Hong Kong, Singapore and Australia.

Morgans maintains an Add rating and reduces the target to $1.42 from $1.60.

Target price is $1.42 Current Price is $1.12 Difference: $0.3
If SLC meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 12.2% (ex-dividends)

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

Citi rates SUL as Buy (1) -

Sales growth was solid, Citi observes, in the first 16 weeks of FY20. The softer gross margin outlook, nevertheless, drives a -5% downgrade to the broker's forecasts. Sales momentum appears to be improving in sports but moderating in the automotive segment.

The company has reiterated its intention to maintain the current strategic course, which Citi suggests removes the risk of any material re-setting of the business at the strategy briefing on November 8. Buy rating and $9.90 target maintained.

Target price is $9.90 Current Price is $8.93 Difference: $0.97
If SUL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.66, suggesting upside of 8.1% (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 SUL as Overweight (1) -

Solid trading trends have continued over the last 10 weeks, Morgan Stanley observes. However, the company has flagged higher levels of promotional activity across all businesses was necessary because of a cautious consumer, and this has affected margins.

The broker considers the trading update an incremental negative. Overweight rating maintained. Target is $10. Industry View: Cautious.

Target price is $10.00 Current Price is $8.93 Difference: $1.07
If SUL meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.66, suggesting upside of 8.1% (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 SUL as Add (1) -

An improvement in sales growth was evident over the last 10 weeks, although management pointed out this was assisted by increased promotional activity that has affected margins.

Morgans notes the margin impact was unquantified but understands the intention to signal to the market that stronger like-for-like sales growth would not be incremental to gross profit.

The broker believes it too early to call how the first half will play out as the next 10 weeks are much more important. Add rating maintained. Target is reduced to $9.69 from $9.87.

Target price is $9.69 Current Price is $8.93 Difference: $0.76
If SUL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.66, suggesting upside of 8.1% (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 SUL as Accumulate (2) -

The company's trading update showed strong like-for-like sales growth across all categories. The trend improved for all categories with the exception of automotive, Ord Minnett notes.

The next catalyst is expected to be the investor briefing on November 8 ahead of the key trading period for the company. Ord Minnett maintains an Accumulate rating and $10 target.

Target price is $10.00 Current Price is $8.93 Difference: $1.07
If SUL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.66, suggesting upside of 8.1% (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 SUL as Buy (1) -

First quarter sales trends were reasonable, UBS suggests. The broker maintains sales forecasts but reduces margin expectations to reflect heightened promotional activity.

The outcome is FY20-22 estimates for earnings per share are reduced by -3%. UBS hopes the discounting intensity will ease into Christmas. This view assumes improving house prices and consumer expenditure.

Buy rating and $9.90 target maintained.

Target price is $9.90 Current Price is $8.93 Difference: $0.97
If SUL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.66, suggesting upside of 8.1% (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 SYD as Outperform (1) -

The Productivity Commission's report does not include any particularly onerous recommendations, the broker notes. While the next round of negotiations will be complex given the potential to develop T4, the broker believes the risk for Sydney Airport has been lowered.

The government has a week to respond. No change to forecasts. Outperform and $8.77 target retained.

Target price is $8.77 Current Price is $8.55 Difference: $0.22
If SYD meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.22, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgan Stanley rates SYD as Overweight (1) -

Morgan Stanley notes the Productivity Commission has released the final report on the regulation of airports. There are few changes compared to the draft recommendations.

The report found the four airports being monitored have not systematically exercised their market power so current regulation remains fit for purpose. The report has suggested that Sydney Airport's long-standing slot management regime should be modernised and a further review should be undertaken.

Overweight rating reiterated. Target is $8.50. Industry view: Cautious.

Target price is $8.50 Current Price is $8.55 Difference: minus $0.05 (current price is over target).
If SYD meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.22, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates VHT as Add (1) -

Cash flow was solid in the second quarter despite being a traditionally weaker part of the year. The company has reconfirmed guidance.

Morgans observes key catalysts include the publication of the DENSE results and a pending decision by the US FDA with regard to the mandatory provision of breast density information. Speculative Buy maintained. Target is $1.97.

Target price is $1.97 Current Price is $1.68 Difference: $0.29
If VHT meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.5

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

Ord Minnett rates VVA as Buy (1) -

The company has announced its first multi-club acquisition since listing, purchasing eight clubs and 10,000 members in Queensland, and now operates across all eastern states.

Ord Minnett updates forecasts to allow for the acquisition and a strong trading update. The broker notes the company retains significant cash reserves to complete further acquisitions and roll-out of centres.

Buy rating is maintained. Target rises to $2.83 from $2.00.

Target price is $2.83 Current Price is $2.45 Difference: $0.38
If VVA meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates WHC as Buy (1) -

Equity saleable coal production was slightly lower than Citi expected in the September quarter but remains reasonable. The broker notes the company remains confident guidance can be met for 20-21mt of managed coal sales at a unit cost of $70/t.

However, the broker suggests this will require improved production at Maules Creek. Buy rating and $3.70 target maintained.

Target price is $3.70 Current Price is $3.37 Difference: $0.33
If WHC meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 15.9% (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 WHC as Outperform (1) -

The start to FY20 was soft but not unexpected, and Credit Suisse notes the build in stockpiles was able to be leveraged to ensure stronger sales. FY20 guidance is weighted to the second half.

The broker finds nothing in the quarterly to change its view that the company has the assets, balance sheet and organic growth to navigate a challenging market.

The broker maintains an Outperform rating and $4.10 target.

Target price is $4.10 Current Price is $3.37 Difference: $0.73
If WHC meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 15.9% (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 WHC as Neutral (3) -

Whitehaven's Sep Q production was strong while sales were supported by better thermal coal prices and inventory unwind. FY guidance is in line with the broker but requires a 60/40 second half skew.

Management is confident of receiving approval for Vickery and Winchester South but the broker is yet to include them in valuation. Neutral and $3.40 target retained.

Target price is $3.40 Current Price is $3.37 Difference: $0.03
If WHC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 15.9% (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 WHC as Overweight (1) -

The first quarter produced a good performance at Narrabri offset by a weak result at Maules Creek, Morgan Stanley observes. Price realisation was strong, with a 17% thermal premium obtained at Maules Creek.

Preparation at Vickery continues, with preliminary design work occurring on the infrastructure. Morgan Stanley finds significant value in the stock and maintains an Overweight rating, Attractive industry view and $4.80 target.

Target price is $4.80 Current Price is $3.37 Difference: $1.43
If WHC meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 15.9% (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 WHC as Add (1) -

First quarter production was in line with guidance and expectations. The main catalyst that looms is the potential approval of Vickery in early 2020. Morgans observes the company has weathered the 2019 coal price correction well, helped by a premium product suite.

The broker suggests investors should consider buying the stock more assertively, calculating it is trading at a -24% discount to fair value. Add rating maintained. Target is reduced to $4.33 from $4.70.

Target price is $4.33 Current Price is $3.37 Difference: $0.96
If WHC meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 15.9% (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 WHC as Buy (1) -

Production in the September quarter was sequentially softer, although overall coal sales were higher because of a drawdown on inventory. The largest production decrease occurred at Maules Creek.

The company continues to progress to growth projects at Vickery and Winchester South and awaits government approval for Vickery early in 2020. UBS maintains a Buy rating and $4 target.

Target price is $4.00 Current Price is $3.37 Difference: $0.63
If WHC meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 15.9% (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