Australian Broker Call

Credit Suisse rates AGL as Outperform (1) -

A warm Autumn following a mild winter suggests to the broker AGL will post a soft first half result on weaker demand, albeit the company remains on track to meet FY expectations. The broker has lifted earnings forecasts on stronger wholesale electricity prices. 

Target rises to $25.00 from $22.50. Outperform retained.

Target price is $25.00 Current Price is $22.60 Difference: $2.4
If AGL meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.42, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Ord Minnett rates ALL as Re-initiate coverage with Buy (1) -

Ord Minnett resumes coverage of the gambling sector, noting the Australian industry is poised for another year of significant change.

The company's Americas and digital revenues are recurring and create a strong financial position. The stock is a preferred gaming exposure and the broker re-initiates coverage with a Buy rating and $17.75 target.

Target price is $17.75 Current Price is $15.28 Difference: $2.47
If ALL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $18.29, suggesting upside of 20.1% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Credit Suisse rates ANN as Neutral (3) -

Ansell has acquired Nitritex, a UK-based manufacturer of gloves, masks, safety clothing etc that sells mostly into Europe. The broker believes the acquisition makes strategic sense, complimenting the recent US purchase and providing increased exposure in a higher margin business.

The broker estimates 2% earnings accretion in FY18. Target rises to $23.50 from $22.80. Neutral retained.

Target price is $23.50 Current Price is $23.78 Difference: minus $0.28 (current price is over target).
If ANN meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.66, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 ANN as Hold (3) -

The company has purchased Nitritex, a UK-based manufacturer of clean-room and health care consumables.

Morgans considers the near-term accretive deal incrementally positive, as it will help not only to support margins outside the US  but also allow the company to gain expertise in the life sciences segment.

The broker increases FY18-19 earnings estimates by  up to 2%. Hold rating maintained. Target rises to $22.09 from $21.64.

Target price is $22.09 Current Price is $23.78 Difference: minus $1.69 (current price is over target).
If ANN meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.66, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 ANN as Downgrade to Hold from Buy (3) -

The broker observes the company is leveraged to a potential uplift in economic conditions but believes this is now largely reflected in the share price, especially  given the near doubling of latex costs.

Despite the benefit from the Nitritex acquisition, the broker is wary, noting Ansell could face challenges from US tax reform given its Asian-based manufacturing.

Rating is downgraded to Hold from Buy. Target is $25.

Target price is $25.00 Current Price is $23.78 Difference: $1.22
If ANN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $22.66, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 ANN as Neutral (3) -

The company has acquired Nitritex for US$56m. The company is a specialist manufacturer of clean-room and health care consumables based in the UK, with manufacturing operations in Malaysia.

The broker believes the deal offers double-digit sales growth, high margins and immediate accretion. Neutral rating retained. Target is $23.50.

Target price is $23.50 Current Price is $23.78 Difference: minus $0.28 (current price is over target).
If ANN meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.66, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Citi rates AWE as Buy (1) -

December quarter production surprised to the upside on higher gas production at Casino and Onshore Perth Basin, comment analysts at Citi. Financial numbers proved better-than-expected too.

While management touted strong customer interest in gas from Waitsia, Citi analysts remain sceptical. They say it's not about interest per se, but more so about what price these customers are willing to pay?

Citi analysts surmise price appetite is probably unchanged at $6/GJ in the post 2020 timeframe. They suggest the current share price reflects their base case valuation for the stock. Buy/High Risk rating retained, but price target reduced to 79c from 87c.

Target price is $0.79 Current Price is $0.58 Difference: $0.21
If AWE meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Credit Suisse rates AWE as Underperform (5) -

AWE posted a solid production result in the face of maintenance downtime at BassGas and Casino, and should hit around the top end of FY17 guidance, the broker notes. But ongoing cash consumption highlights the challenges of a small portfolio, the broker suggests, and some kind of growth is needed to arrest field decline.

With near term catalysts hard to identify, the broker retains Underperform and a 65c target.

Target price is $0.65 Current Price is $0.58 Difference: $0.07
If AWE meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Deutsche Bank rates AWE as Hold (3) -

December quarter production was -5% below Deutsche Bank's forecasts, the miss being driven by lower contributions from Bass Gas and Casino/Henry.

In addition to the production miss, the steep revenue miss was largely attributable to the absence of Tui oil sales this quarter.

The broker retains a Hold rating lowers the target to $0.60 from $0.65.

Target price is $0.60 Current Price is $0.58 Difference: $0.02
If AWE meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Macquarie rates AWE as Neutral (3) -

December quarter production was in line with expectations but revenue was well below Macquarie's forecast given no loadings at Tui. This hurt the company's cash flow and management had to draw an additional $8.9m from its facility.

The broker reduces forecasts for earnings per share by -43% for FY17. Forecasts increase for FY18/19 by 27% and 69% respectively. Neutral. Target unchanged at 60c.

Target price is $0.60 Current Price is $0.58 Difference: $0.02
If AWE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

UBS rates AWE as Neutral (3) -

December quarter production was -15% below the prior quarter and UBS estimates.

Sales revenue was down -63% on the prior quarter and -31% below estimates, principally from a lack of oil sales from Tui and lower output from BassGas and Casino.

UBS retains a Neutral rating and lowers the target to $0.65 from $0.70.

Target price is $0.65 Current Price is $0.58 Difference: $0.07
If AWE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Macquarie rates AZJ as Outperform (1) -

The company has announced $321m in impairments for the first half. Guidance has been reiterated for EBIT of $900-950m.

The reiteration of earnings guidance highlights the drag that freight has been on the business, Macquarie contends. The potential exit is clearly a positive, in the broker's view, as is simplification of the business.

The broker retains an Outperform rating and raises the target to $5.16 from $5.01.

Target price is $5.16 Current Price is $5.01 Difference: $0.15
If AZJ meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.74, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgans rates AZJ as Hold (3) -

The company will take $236m in impairments in the first half. This does not impact on underlying earnings but Morgans makes alterations to forecasts to align with the FY17 guidance, which has been re-affirmed.

Hold rating retained. Target falls to $4.79 from $4.88.

Target price is $4.79 Current Price is $5.01 Difference: minus $0.22 (current price is over target).
If AZJ meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.74, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates AZJ as Sell (5) -

The company has announced asset impairments and restructuring costs totalling $321m. While acknowledging these are largely non-cash items, Ord Minnett believes they reflect a deterioration in underlying earnings.

Despite the recent underperformance, the stock appears expensive to the broker in light of the earnings risks and a Sell rating is retained, with a target of $4.20.

Target price is $4.20 Current Price is $5.01 Difference: minus $0.81 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.74, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates BPT as Sell (5) -

Production for the December quarter was in-line but sales disappointed due to lower third party sales. Revenues for the quarter were in-line.

Despite an increase in drilling activity, capex guidance was lowered, point out the analysts. Operational costs should trend lower, in their view.

Citi remains of the view the good news is already reflected in the share price. Sell rating retained. Target lifts to $0.73 from $0.65.

Target price is $0.73 Current Price is $0.75 Difference: minus $0.02 (current price is over target).
If BPT meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.68, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Credit Suisse rates BPT as Outperform (1) -

It was win-win Dec Q production report all around for Beach, with a solid quarter leading to an increase in FY17 production guidance, a lowering of capex guidance, and an increase in cash reserves. The broker has responded with a 14% increase in FY17 forecast earnings.

The broker believes Origin's gas asset spin-off, planned for an IPO if no buyer can be found, is a perfect fit for Beach. The broker also believes Beach is a safer and higher quality play for oil bulls than Santos ((STO)). Outperform and 70c target retained.

Target price is $0.70 Current Price is $0.75 Difference: minus $0.05 (current price is over target).
If BPT meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.68, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Macquarie rates BPT as Underperform (5) -

The company has upgraded production guidance and reduced its capital expenditure forecasts. Revenue in the December quarter was broadly in line with Macquarie's expectations.

The broker anticipated the adjustments to FY17 production and capital expenditure guidance. Underperform retained. Target is $0.60.

Target price is $0.60 Current Price is $0.75 Difference: minus $0.15 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.68, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Ord Minnett rates BPT as Lighten (4) -

The December quarter production report was generally positive, Ord Minnett observes, and the company has improved its guidance. Natural field decline is being partially offset by new production sources.

The broker believes reserve extensions are more than priced into the current stock price. Lighten recommendation is reiterated. Target is $0.64.

Target price is $0.64 Current Price is $0.75 Difference: minus $0.11 (current price is over target).
If BPT meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.68, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

UBS rates BPT as Neutral (3) -

December quarter production was down -9% as the Western Flank declines. Sales volume was -7% lower than the prior quarter and largely in line with UBS estimates.

The broker expects further rapid decline ahead in the Western Flank, although a temporary reprieve in the June quarter is likely with increased fluid handling capacity at Bauer and Kangaroo/Pennington wells.

Neutral rating and $0.70 target retained.

Target price is $0.70 Current Price is $0.75 Difference: minus $0.05 (current price is over target).
If BPT meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.68, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

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

Credit Suisse suspects the departure of Gavin Rochussen will weigh on BT's capacity to maintain fund inflows at the same level of recent years. Target falls to $10.00 from $10.50 as a result. The broker remains cautious given fund flow and equity market volatility.

However BT's share price has fallen around -15% since December to a point at which Credit Suisse sees valuation support. BT consistently delivers superior funds flows to peers and is successfully executing on its global expansion, the broker notes. Upgrade to Neutral.

Target price is $10.00 Current Price is $9.35 Difference: $0.65
If BTT meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.48, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

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

The company has expanded its Latin American footprint  with the purchase of the Demotores online classifieds businesses in Argentina, Colombia and Chile. While the deal a small, Morgans notes it reveals a broader continental strategy is emerging.

Separately, the broker adjusts earnings forecasts to include price rises implemented this month and higher advertising costs as the company responds to the arrival of Cox Enterprises as a competitor.

The broker believes the home competitive environment is about to get a lot tougher and, while retaining a positive long-term view on the stock, winds back its rating to Hold from Add. Target is reduced to $11.07 from $12.03.

Target price is $11.07 Current Price is $10.44 Difference: $0.63
If CAR meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Morgans rates CCP as Add (1) -

First half profit growth of 19% has been reported with full year  profit guidance of $53-55m  confirmed. The outlook for the company's growth divisions remains on track.

Morgans believes the company's growth strategies are solid and there is relatively visible earnings growth over FY17-19.

The broker believes the stock can sustain its premium, trading at the top end of its longer term price/earnings band, given its growth profile and track record. Add retained. Targets slips to $19.90 from $20.00.

Target price is $19.90 Current Price is $17.52 Difference: $2.38
If CCP meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Ord Minnett rates CCP as Accumulate (2) -

First half underlying profit was up18.6% on the prior corresponding half but below Ord Minnett's forecast. FY17 profit guidance of $53-55m has been reiterated.

The broker believes guidance should be relatively easy to attain, given the committed pipeline of purchase debt ledger acquisitions, increased head count and a seasonal pause in consumer lending growth.

Ord Minnett retains an Accumulate rating and $18 target. While the broker remains cautious on the outlook for the business it considers the upside a relatively cheap option for shareholders.

Target price is $18.00 Current Price is $17.52 Difference: $0.48
If CCP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Ord Minnett rates CWN as Re-initiate coverage with Hold (3) -

Ord Minnett resumes coverage of the gambling sector, noting the Australian industry is poised for another year of significant change.

Casinos are the largest growth driver for absolute gambling dollars and continue to be supported by growth in tourism and property refurbishments.

The broker re-initiates coverage with a Hold rating and$12.15 target.

Target price is $12.15 Current Price is $11.40 Difference: $0.75
If CWN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.54, suggesting upside of 10.5% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates CWY as Outperform (1) -

The company has sold to closed landfills in Melbourne to a local developer. The transaction means the company can book a $20-22m pre-tax profit because of the release of rectification and remediation provisions, which will be assumed by the acquirer.

Macquarie expects FY17 external trading conditions to remain consistent with FY16. The broker continues to like the medium-term industry outlook and believes the company has a credible strategy. Outperform rating and $1.14 target retained.

Target price is $1.14 Current Price is $1.14 Difference: $0
If CWY meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.11, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Credit Suisse rates CYB as Outperform (1) -

CYBG provided a broadly neutral Dec Q trading update, the broker suggests, at which guidance was unchanged. However the broker does see the bank continuing to build on execution credentials and as such has increased earnings forecasts. 

The broker continues to see Brexit as a risk, but also M&A risk on the upside. Outperform and $5.25 target retained.

Target price is $5.25 Current Price is $4.72 Difference: $0.53
If CYB meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Ord Minnett rates CYB as Lighten (4) -

The first quarter trading update revealed slightly weaker-than-expected revenues.

Ord Minnett expects the net interest margin in FY17 should improve as a benefits of using Bank of England term funding filter through and deliver an outcome in line with the guidance for results to be flat versus last year.

The broker maintains a Lighten rating and $4.50 target.

Target price is $4.50 Current Price is $4.72 Difference: minus $0.22 (current price is over target).
If CYB meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.56, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Citi rates EVT as Sell (5) -

Citi analysts had to rub their eyes when 1Q17 EBITDA turned out to be flat year-on-year when Australian box office performance and hotel markets of Sydney, New Zealand and Cairns have been strong.

They think the current quarter will print a negative result. Citi is concerned there's no strategy in place to counter increased competition from Hoyts cinemas while the German operations remain weak.

All in all, the upcoming interim result is expected to be down -7% versus a year ago. Citi talks about a pricey stock with a growth problem. Estimates have been reduced. Price target falls to $12.90. Sell.

Target price is $12.90 Current Price is $14.75 Difference: minus $1.85 (current price is over target).
If EVT meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

UBS rates FLN as Buy (1) -

UBS believes the company still needs to improve its conversion of jobs growth into revenue but considers this achievable in 2017. This should result in an uplift in marketplace revenue growth rates.

The broker remains positive on the medium to long-term growth potential but believes an acceleration in top-line growth is required to achieve significant share price appreciation from current levels.  Buy retained. Target slips to $1.50 from $1.55.

Target price is $1.50 Current Price is $1.06 Difference: $0.44
If FLN meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Citi rates FMG as Neutral (3) -

While production during the December quarter met expectations, the price achieved was better than what Citi had penciled in. Adjustments to forecasts have pushed up the price target to $6.70 from $6.10.

Citi analysts believe the company can generate free cash flow of circa US$3bn in FY17. They anticipate dividend of 18c at the interim report. Neutral rating retained.

Target price is $6.70 Current Price is $6.66 Difference: $0.04
If FMG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 FMG as Neutral (3) -

Fortescue's Dec Q production was in line with the broker's forecast but realised iron ore prices were stronger than expected. Net debt would have fallen yet again if not for an increase in working capital, the broker notes.

The broker has lifted earnings forecasts and suggests Fortescue should be able to pay a dividend of around 42c in FY17, representing a 6.3% yield. Neutral and $6.50 target retained.

Target price is $6.50 Current Price is $6.66 Difference: minus $0.16 (current price is over target).
If FMG 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 $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Deutsche Bank rates FMG as Hold (3) -

The company reduced costs by -7% in the December quarter despite shipping -4% less iron ore, with further productivity improvements achieved from automation.

Deutsche Bank notes the realised pricing was strong but lower costs and stronger pricing did not flow through to cash, with net debt reducing by only US$200m  to US$4bn.

The broker believes the business is very much in steady-state and retains a Hold rating and $5.40 target.

Target price is $5.40 Current Price is $6.66 Difference: minus $1.26 (current price is over target).
If FMG meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 FMG as Outperform (1) -

December quarter production was strong. The company also impressed Macquarie on its cash cost performance.

Cash flow is expected to improve in the second half, as working capital unwinds and provisional pricing payments are received. Outperform retained. Target rises to $7.60.

Target price is $7.60 Current Price is $6.66 Difference: $0.94
If FMG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 FMG as Underweight (5) -

The company has brought debt under control but Morgan Stanley believes gains on production and costs are increasingly limited. Commodity price correlation remains high and the broker is mindful of the drivers on the downside.

Morgan Stanley is positive on the industry but, with the the stock up 300% on a rolling 12-month basis, other large cap miners are more in the frame at this point.

Underweight retained. Industry view: Attractive. Target rises to $6.00 from $4.50.

Target price is $6.00 Current Price is $6.66 Difference: minus $0.66 (current price is over target).
If FMG 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 $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 FMG as Re-initiate coverage with Hold (3) -

The jump in achieved iron ore prices and a further reduction in cash costs was enough to allow the company to finish its first half with a much improved debt level.

Morgans resumes coverage with a Hold rating and $6.30 target, but given the magnitude of the valuation sensitivity to iron ore prices remains cautious on adding to positions.

The broker likes the strengthening balance sheet and the short-term earnings outlook. Growth in earnings per share in FY17 of 79% is expected.

Target price is $6.30 Current Price is $6.66 Difference: minus $0.36 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 FMG as Accumulate (2) -

The December quarter production report was better-than-expected with an achieved price of US$65/t for iron ore.

Overall, Ord Minnett believes the company is in great shape, with net debt likely to fall by more than US$1bn by the end of March, if the spot iron ore price holds up.

Ord Minnett reiterates an Accumulate rating and raises the target to $7.30 from $6.80.

Target price is $7.30 Current Price is $6.66 Difference: $0.64
If FMG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 FMG as Neutral (3) -

The company shipped 42.2m tonnes at a higher than forecast realised price of US $65/dmt in the December quarter.

UBS lifts underlying earnings estimates by 5-11% over FY17-19 and lifts its pay-out ratio estimate to 50%. Neutral rating retained. Target rises to $6.70 from $6.10.

Target price is $6.70 Current Price is $6.66 Difference: $0.04
If FMG meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 HGG as Outperform (1) -

Morningstar data suggests Henderson experienced funds outflows in the Dec Q. While the broker awaits actual numbers from Henderson itself, the data is enough to prompt earnings downgrades. The broker cites a weaker near term outlook and suspects outflows may continue in 2017.

Longer term, the broker continues to see value. Outperform retained. Target falls to $4.30 from $4.90. 

Target price is $4.90 Current Price is $3.58 Difference: $1.32
If HGG meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $4.34, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.2

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

UBS rates HZN as Neutral (3) -

December quarter production was -22% below the prior quarter and -14% below UBS estimates, adversely affected by 24 days of downtime at Maari and five days downtime at Beibu Gulf.

UBS retains a Neutral rating and 7c target. The broker does not anticipate much progress on commercialisation of the PNG gas value in 2017.

Target price is $0.07 Current Price is $0.06 Difference: $0.008
If HZN meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.07, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 IFL as Outperform (1) -

Total net flows grew 2.0% in the December quarter versus the September quarter. While this is positive, the rate continues to track below Macquarie's target of above 5% on an annualised quarter and year rolling basis.

Improvement in flows is needed to drive performance and the broker expects changes to superannuation contribution limits from July 1, 2017 will support positive net flows in the second half.

Outperform rating retained. Target rises to $9.60 from $9.00.

Target price is $9.60 Current Price is $9.10 Difference: $0.5
If IFL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.00, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Citi rates ILU as Buy (1) -

Zircon prices again fell short of Citi's expectations, but otherwise the December quarter update was more or less in-line. In addition, the new CEO is busy clearing the deck. The underlying suggestion here is 2016 financials could turn out yet a lot worse.

The good news is rutile and zircon prices are expected to see further gains this year and for this reason Citi is sticking with its Buy rating and $8.10 price target.

Target price is $8.10 Current Price is $7.54 Difference: $0.56
If ILU meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.11, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

Deutsche Bank rates ILU as Sell (5) -

While zircon and rutile sales increased in 2016 the company reported a 14% fall in revenue, mostly because of a 20% drop achieved zircon prices, Deutsche Bank observes.

Demand is improving and the company has flagged a 7% increase in zircon prices in the second quarter and a 4% lift in rutile prices for the first half.

Nevertheless, the pace of improvement is slower than the broker expected. Deutsche Bank retains a Sell rating and reduces the target to $5.10 from $5.60.

Target price is $5.10 Current Price is $7.54 Difference: minus $2.44 (current price is over target).
If ILU meets the Deutsche Bank target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.11, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

Morgan Stanley rates ILU as Overweight (1) -

2016 production was ahead of expectations. Iluka expects rutile prices to remain strong and further increases are expected in 2017. A lowering of industry stockpiles in zircon has been flagged.

Overweight rating and Attractive industry view retained. Target is $7.25.

Target price is $7.25 Current Price is $7.54 Difference: minus $0.29 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.11, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

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

Ord Minnett observes feedstock price rises are taking longer than previously anticipated and the latest 2017 guidance highlights a slow start in Sierra Leone.

The stock screens relatively expensive compared with its peers at a 2017 enterprise value/operating earnings multiple. Ord Minnett cuts its rating to Lighten from Hold. Target is raised to $6.60 from $6.50.

Target price is $6.60 Current Price is $7.54 Difference: minus $0.94 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.11, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

UBS rates ILU as Buy (1) -

UBS notes price signals have turned broadly positive. A price rise of US$50 a tonne for zircon has been flagged for the first half and rutile prices are expected to lift 4%.

The broker reiterates a  Buy rating on the basis of an improving price outlook. Target is $9.20.

Target price is $9.20 Current Price is $7.54 Difference: $1.66
If ILU meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.11, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

UBS rates IPL as Downgrade to Neutral from Buy (3) -

The stock is up 20% against the Australian market since it reported FY16 results.

UBS believes this reflects stronger nitrogen fertiliser prices, positive sentiment around the US election and the potential impact on infrastructure-led explosives demand and the ongoing ramp up of the Louisiana project.

While the broker believes there is further upside to fertiliser prices, a large degree of success is now incorporated in the valuation and the rating is downgraded to Neutral from Buy. Target rises to $3.80 from $3.40.

Target price is $3.80 Current Price is $3.85 Difference: minus $0.05 (current price is over target).
If IPL meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.50, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Macquarie rates KAR as Outperform (1) -

The company's acquisition of the Brazilian oil projects remains in suspension following the appeal from Petrobras in November. Despite the delays, the company continues to trade well below core valuation, in Macquarie's view.

The broker believes the Brazilian acquisitions will be completed, although the timing remains uncertain. Target price falls to $2.70 as a result of the delays to drilling and development at Echidna. Outperform retained.

Target price is $2.70 Current Price is $1.80 Difference: $0.905
If KAR meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Macquarie rates MPL as Outperform (1) -

Private hospital surgical admissions have grown 2.2% in December, based on Macquarie's analysis of Medicare data. This continues to support the broker's view that near-term consensus earnings risks are to the upside.

Outperform retained. Target is raised to $2.85 from $2.84.

Target price is $2.85 Current Price is $2.70 Difference: $0.15
If MPL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Macquarie rates NHF as Outperform (1) -

Private hospital surgical admissions have grown 2.2% in December, based on Macquarie's analysis of Medicare data. This continues to support the broker's view that near-term consensus earnings risks are to the upside.

Outperform retained. Target rises to $5.40 from $5.20.

Target price is $5.40 Current Price is $4.61 Difference: $0.79
If NHF meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

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

Campus closures and currency headwinds meant Navitas' result was a messy one, but in line with Credit Suisse at the headline. The broker expects a return to growth in the second half that will finally put the Macquarie Uni contract loss in the past. 

Taking a conservative view, Credit Suisse has nevertheless lowered earnings forecasts and its target to $4.40 from $4.95. On recent share price weakness the broker upgrades to Neutral.

Target price is $4.40 Current Price is $4.43 Difference: minus $0.03 (current price is over target).
If NVT meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.03, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates NVT as Hold (3) -

First half results were in line with estimates, as a significantly better cost performance offset revenue weakness.

On the back of FY17 guidance for flat EBITDA Deutsche Bank downgrades forecasts to reflect adverse FX impacts and the joint venture structure.

Hold retained. Target falls to $5.00 from $5.30.

Target price is $5.30 Current Price is $4.43 Difference: $0.87
If NVT meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.03, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

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

Macquarie expects sustained earnings growth, with the risks for contract losses and regulation reduced. The broker transfers coverage to a new analyst.

The stock is upgraded to Outperform from Neutral, reflecting these expectations. The broker considers contract losses, which have been a significant concern for prospective investors, are significantly reduced following a successful run of renewals. Target is $5.25.

Target price is $5.25 Current Price is $4.43 Difference: $0.82
If NVT meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.03, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

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

Morgan Stanley believes the company is finally closing the door on the departure of the Macquarie University business and the closure of the Curtin Sydney campus.

The issue is now about a sustainable earnings growth rate and the right multiple to pay for this growth, in the broker's view. While education is a growth industry it also comes with a wider risk profile compared with the past.

The broker considers the current multiples relatively full. Equal-weight and $5.00 target retained. Industry view: Attractive.

Target price is $5.00 Current Price is $4.43 Difference: $0.57
If NVT meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.03, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

UBS rates NVT as Upgrade to Buy from Neutral (1) -

With the transition period from the loss of the Macquarie University contract  largely completed, and the recent addition of another US college locked in, UBS believes the market can now focus on potential earnings growth and other attractive attributes.

UBS upgrades to Buy from Neutral. Target is reduced to $5.18 from $5.65. The company continues to expect FY17 EBITDA to be broadly in line with the prior year on a constant currency basis.

Target price is $5.18 Current Price is $4.43 Difference: $0.75
If NVT meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.03, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates OGC as Outperform (1) -

December quarter production and costs were solid, in Macquarie's view, as all three mines beat expectations, which bodes well for the ramp up at Haile.  Exploration remains the key focus for 2017.

The broker also notes a final audit decision is fast approaching for Didipio, and suspension or closure has materially been de-risked. Outperform and $6.25 target retained.

Target price is $6.25 Current Price is $4.48 Difference: $1.77
If OGC meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $4.62, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.6

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

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

Pricing in the December quarter was lower than Macquarie expected, and cash flow was negative. Production was at the bottom of the guidance range.

While the miss on pricing and sales was disappointing, it is the broader impact on funding and cash flow that drives the broker to downgrade to Neutral from Outperform. The target is reduced to $4.35 from $4.60.

Target price is $4.35 Current Price is $4.22 Difference: $0.13
If ORE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Citi rates ORG as Sell (5) -

Q2 beat expectations on higher realised prices at APLNG. Citi analysts point out more sales were made into long term contracts. The analysts acknowledge the potential for more positive news flow and unlocking the inherent value, but they nevertheless stick with their Sell rating.

The reason is Citi's in-house view is for weaker oil prices ahead. Plus there remains uncertainty about timing and price for the intended IPO of the E&P assets. On Citi's calculations, the current share price infers a long term oil price of US$70/bbl, which is above the US$65/bbl Citi uses. Target lifts to $6.96 from $6.41.

Target price is $6.96 Current Price is $7.09 Difference: minus $0.13 (current price is over target).
If ORG meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.06, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Credit Suisse rates ORG as Underperform (5) -

A warm Autumn following a mild winter and the extended outage at Eraring suggests to the broker Origin will post a soft first half result on weaker demand, although no change to FY guidance is expected.. The broker has lifted earnings forecasts on stronger wholesale electricity prices. 

Target rises to $6.30 from $5.40. Underperform retained on valuation.

Target price is $6.30 Current Price is $7.09 Difference: minus $0.79 (current price is over target).
If ORG meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.06, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates ORG as Hold (3) -

December quarter production was ahead of Deutsche Bank's forecasts, driven by a faster-than-expected ramping up of LNG production.

Higher production, together with a greater bias towards higher-priced volumes, flowed through to a beat on revenue forecasts. Deutsche Bank retains a Hold rating and raises the target to $6.00 from $5.70.

Target price is $6.00 Current Price is $7.09 Difference: minus $1.09 (current price is over target).
If ORG meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.06, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates ORG as Hold (3) -

Despite being slightly below Ord Minett's estimates, December quarter production was up 8% on the prior quarter, with growth from APLNG upstream.

This more than offset the impact of a planned shutdown at BassGas and lower plant availability at Kupe.

Ord Minnett retains a Hold rating and raises the target to $6.80 from $6.60.

Target price is $6.80 Current Price is $7.09 Difference: minus $0.29 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.06, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

UBS rates ORG as Buy (1) -

December quarter production was 8% ahead of the prior quarter and -8% below UBS estimates.The broker expects the market to focus on net debt, which is estimated to decline to $8.3bn at the end of FY17.

Assuming oil recovers to US$65//bbl in FY18 the broker believes the potential exists for dividend payments to recommence in the second half of FY18.

Buy rating and $8.20 target retained.

Target price is $8.20 Current Price is $7.09 Difference: $1.11
If ORG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.06, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates SGR as Re-initiate coverage with Buy (1) -

Ord Minnett resumes coverage of the gambling sector, noting the Australian industry is poised for another year of significant change.

Star Entertainment is one of the broker's preferred exposures in the sector, as casinos are envisaged to be the largest growth driver in absolute gambling dollars and continue to be supported by growth in tourism and property refurbishments.

The broker re-initiates coverage with a Buy rating and $6.00 target.

Target price is $6.00 Current Price is $4.77 Difference: $1.23
If SGR meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.27, suggesting upside of 32.2% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates SPO as Neutral (3) -

Macquarie suspects the first half will reflect a transitional year for FY17. There was no specific guidance for FY17 provided at the AGM and the broker's revised forecasts for earnings per share are down -15% on the prior year.

Earnings headwinds continue in the short term and the broker maintains a Neutral rating. On the positive side, stronger cash conversion is expected in the first half. Target is reduced to $1.02 from $1.19.

Target price is $1.02 Current Price is $0.94 Difference: $0.08
If SPO meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgan Stanley rates STO as Overweight (1) -

APA ((APA)) has contracted with Santos to commence development of a 450km pipeline at the Narrabri project. The project has been stalled for a number of years and Morgan Stanley current attributes no value to it.

The broker views the development as an incremental positive but stresses the environmental impact statement is likely to take a number of years to progress. Overweight retained. Target is $4.96. Industry view: In-Line.

Target price is $4.96 Current Price is $4.00 Difference: $0.96
If STO meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.4

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

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

Two factors underpin Morgans' decision to upgrade to Add from Hold. First comes the share price slump. Then follows the assumption Sydney Airport will not participate in the development of a second airport at Badgerys Creek, at least not under the conditions proposed.

Morgans acknowledges the long term uncertainty about precise impact from a second airport in Sydney, but for now, growth and yield seem too attractive to ignore. Target remains unchanged at $7.04.

Target price is $7.04 Current Price is $5.85 Difference: $1.19
If SYD meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.4

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

Ord Minnett rates TAH as Re-initiate coverage with Lighten (4) -

Ord Minnett resumes coverage of the gambling sector, noting the Australian industry is poised for another year of significant change.

Wagering yields are under competitive pressure as operating expenditure increases. Tabcorp trades at a 10% premium to the broker's target price and is the least preferred gaming exposure.

Ord Minnett re-initiates coverage with a Lighten rating and $4.25 target.

Target price is $4.25 Current Price is $4.74 Difference: minus $0.49 (current price is over target).
If TAH 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 $4.83, suggesting upside of 3.2% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Morgans rates TGP as Hold (3) -

Operating profit for the first half is expected to be around $9.7m, equating to earnings per share of 4.1c.

The company will undertake a buy-back of up to 20% of its securities and Morgans expects this to commence prior to the result.

The broker expects cash levels to increase further, as the balance of unlisted funds is required by Centuria. Hold retained. Target is $0.95.

Target price is $0.95 Current Price is $0.90 Difference: $0.05
If TGP meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates TTS as Re-initiate coverage with Lighten (4) -

Ord Minnett resumes coverage of the gambling sector, noting the Australian industry is poised for another year of significant change.

The company's lottery business is considered defensive, with digital penetration supporting margins, although wagering risk and yield compression constrain valuation.

The broker re-initiates coverage with a Lighten rating and $4.20 target.

Target price is $4.20 Current Price is $4.34 Difference: minus $0.14 (current price is over target).
If TTS 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 $4.39, suggesting upside of 1.5% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Morgans rates VHT as Add (1) -

The December quarter was solid and in line with Morgan's forecasts. More customers have been added under the software-as-a-service model.

The broker maintains a positive view on the stock with an Add rating and $0.87 target.

Target price is $0.87 Current Price is $0.60 Difference: $0.27
If VHT meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates VRT as Hold (3) -

The company's trading update indicates continued weakness across domestic operations. Competitive pressures at the low-cost end of the market are affecting its New South Wales operations.

Morgans makes further reductions to forecasts and takes a cautious stance on the IVF sector. Hold  maintained. Target falls to $5.70 from $6.61.

Target price is $5.70 Current Price is $5.11 Difference: $0.59
If VRT meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

UBS rates VRT as Neutral (3) -

The company has released a trading update, which signals a significant deterioration from its update at the AGM in November.

UBS reduces its forecasts with FY17 and FY18 core earnings per share estimates falling -6.3% and -3.3% respectively.

Three negative issues that have been impacting the company include broader market weakness, increased competition from low-cost  providers and weaker full-service volumes in Victoria.

UBS retains a Neutral rating. Target falls to $6.00 from $6.75.

Target price is $6.00 Current Price is $5.11 Difference: $0.89
If VRT meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

UBS rates WOW as Upgrade to Buy from Sell (1) -

It appears UBS has upgraded to Buy from Sell, raising the price target to $27.30 from $19.10.

Target price is $27.30 Current Price is $24.60 Difference: $2.7
If WOW meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.31, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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