Australian Broker Call

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

Ord Minnett reassesses the stock since upgrading to Buy on February 28, noting it has outperformed the ASX 200 by 17%. Hence, the rating is downgraded to Hold from Buy. Target is reduced to $28.30 from $32.50.

Target price is $28.30 Current Price is $31.34 Difference: minus $3.04 (current price is over target).
If ALU meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.7

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

UBS rates ASG as Buy (1) -

Autosports has flagged a material reduction in revenue and new car demand. The business is focused on cash preservation and cost rationalisation.

Earnings visibility is low in the short term and UBS expects a material contraction in the luxury car market. Still, the company is observed to be well-positioned to grow share as conditions improve.

Buy rating maintained. Target is reduced to $1.40 from $2.00.

Target price is $1.40 Current Price is $0.75 Difference: $0.65
If ASG meets the UBS target it will return approximately 87% (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 BOQ as Hold (3) -

Bank of Queensland's first half result missed the broker on slower revenues and higher expenses. As the broker had expected, following APRA's directive, the bank has deferred its interim dividend. On the expectation of increased loan impairments, the broker cuts FY earnings forecasts by -12%.

The broker retains Hold and a $5.00 target, while warning of further earnings and dividend downside risk dependent on ultimate virus impact, with impairments being the most uncertain element.

Target price is $5.00 Current Price is $5.16 Difference: minus $0.16 (current price is over target).
If BOQ meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.59, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

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

CSL has reiterated FY20 guidance and Citi retains forecasts at the top end of this range of US$2.11-2.17bn.

While CSL is yet to witness an impact from the pandemic on its specialty business and hospitals appear to be increasing stocks of immunoglobulin, plasma collections have dipped in late March.

Citi expects the slowdown will be temporary and collections should return to normal around July. Rating is downgraded to Neutral from Buy as a result of the recent increase in the share price. Target is raised to $334 from $332.

Target price is $334.00 Current Price is $326.88 Difference: $7.12
If CSL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $315.30, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Credit Suisse rates CSL as Outperform (1) -

In the last few weeks, volumes of plasma have dipped as collections have fallen. Credit Suisse remains conservative and forecasts no further plasma centre openings in FY20.

FY21 estimates are reduced by -3%. Collections are expected to rebound post the peak of COVID-19 infections.

The target is steady at $329. Outperform maintained.

Target price is $329.00 Current Price is $326.88 Difference: $2.12
If CSL meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $315.30, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Macquarie rates CSL as Neutral (3) -

CSL has reaffirmed FY20 net profit guidance. However, the company has acknowledged challenges in relation to plasma collection in the current environment.

Macquarie recognises the diversified revenue streams and favourable balance sheet but considers the risks associated with lower plasma volumes are skewed to the downside.

Neutral maintained. Target is raised to $311 from $304.

Target price is $311.00 Current Price is $326.88 Difference: minus $15.88 (current price is over target).
If CSL meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $315.30, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

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

The company has retained FY20 guidance although Morgan Stanley no longer considers this conservative. FY21/22 estimates are uncertain as recent plasma collection volumes have dropped below the levels of 12 months ago.

CSL is one of only two companies under the broker's coverage, the other being Ansell ((ANN)), to maintain guidance, which could support the share price.

The main issue is the magnitude and duration of the reduced plasma collections, which will become more apparent over coming months, the broker points out.

Equal-weight maintained. Target is raised to $288 from $260. In-Line sector view retained.

Target price is $288.00 Current Price is $326.88 Difference: minus $38.88 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $315.30, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Ord Minnett rates CSL as Hold (3) -

CSL has retained FY20 guidance and has noted plasma collections have dropped recently, reflecting the impact of social distancing and border closures in the US.

Ord Minnett expects this will be a short-duration issue, as historical experience suggests higher unemployment will result in a larger pool of donors.

The broker makes material reductions to FY21 estimates but continues to expect underlying growth. Hold rating maintained. Target is reduced to $300 from $305.

Target price is $300.00 Current Price is $326.88 Difference: minus $26.88 (current price is over target).
If CSL meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $315.30, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

UBS rates CSL as Buy (1) -

Plasma volumes in the last few weeks have declined, as the pandemic affects collections. While higher unemployment may result in an increase in new donors, UBS flags higher associated collection fees that will impact costs in six months time.

Higher US unemployment, the broker suspects, may also result in lower levels of health insurance cover and cause an associated reduction in future product utilisation.

UBS maintains a Buy rating and $342 target.

Target price is $342.00 Current Price is $326.88 Difference: $15.12
If CSL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $315.30, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Credit Suisse rates CTX as Neutral (3) -

Caltex Australia will bring forward to May 2020, and extend the duration of, the shutdown at the Lytton Refinery. Refinery operations will re-commence following sufficient improvement in margins.

Credit Suisse notes no update on the takeover developments. Neutral maintained. Target is reduced to $24.29 from $24.88.

Target price is $24.29 Current Price is $24.00 Difference: $0.29
If CTX meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $29.31, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

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

G8 Education has announced a $301m capital raising. This provides headroom and relief from covenant testing in June and December quarters, Morgan Stanley notes.

The dividend is suspended with the exception of the 2019 deferred dividend which will be paid in October.

Equal-weight. Target is reduced to $1.00 from $1.90. In-Line industry view maintained.

Target price is $1.00 Current Price is $1.05 Difference: minus $0.05 (current price is over target).
If GEM meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.25, suggesting upside of 18.9% (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 GEM as Hold (3) -

G8 Education has highlighted the benefit from government support while announcing a material equity raising. Ord Minnett observes the balance sheet has now been repaired but at a substantial cost.

In the broker's view, the scale of the equity raising reflects the unknowns regarding the impact and duration of the pandemic. The broker retains a Hold rating and lowers the target to $1.10 from $1.75.

Target price is $1.10 Current Price is $1.05 Difference: $0.05
If GEM meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Credit Suisse rates GWA as Downgrade to Underperform from Neutral (5) -

Lock-down measures in New Zealand and the UK are expected to substantially affect volumes, as Credit Suisse understands only emergency repairs are permitted. Government wage subsidies are available in both regions.

The broker models revenue to decline -14% in FY21 and end markets to trough in FY22.

The broker also notes the commercial exposure to aged care and the hotel sectors, which face challenges from social distancing and travel constraints.

Rating is downgraded to Underperform from Neutral and the target lowered to $2.20 from $3.65.

Target price is $2.20 Current Price is $2.45 Difference: minus $0.25 (current price is over target).
If GWA meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.44, suggesting upside of 40.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Ord Minnett rates HUB as Buy (1) -

Specialist platforms have been resilient in the March quarter, amid ongoing net inflows that have supported funds under management in both bull and bear markets.

Rising cash balances and higher transaction volumes have also provided a further buffer to revenue in soft markets.

Ord Minnett retains a preference for HUB24 for its relative growth. Buy maintained. Target is raised to $13.71 from $12.24.

Target price is $13.71 Current Price is $9.88 Difference: $3.83
If HUB meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $11.43, suggesting upside of 15.7% (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

Citi rates IAG as Buy (1) -

Citi cuts FY20 dividend estimates to 7c from 15c, given the APRA (Australian Prudential Regulatory Authority) directive.

While general insurers are expected to be in a better position than banks to persuade the regulator of their capital adequacy, Citi pegs back some of its assumptions in light of the pandemic uncertainty.

The broker now believes it is increasingly unlikely Insurance Australia will be able to look through some of the mark-to-market losses.

Buy rating and $7.70 target maintained.

Target price is $7.70 Current Price is $6.12 Difference: $1.58
If IAG meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.04, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates ILU as No Rating (-1) -

Iluka Resources has formally withdrawn production, cash costs and capital expenditure guidance for 2020.

Macquarie notes rutile and synthetic rutile sales are protected by take-or-pay agreements but zircon demand has been weaker than usual in China.

The broker is restricted on research and cannot provide a rating or target at present.

Current Price is $7.72. Target price not assessed.

Current consensus price target is $9.85, suggesting upside of 27.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

At the AGM, Iluka Resources has noted there are no disruptions to operations so far. Guidance has been withdrawn, given the potential for the pandemic to affect demand.

There is a high degree of certainty for rutile and synthetic rutile revenue streams because of take-or-pay offtake agreements, the broker points out.

Morgan Stanley retains an Equal-weight rating and $10.05 target. Industry view: In Line.

Target price is $10.05 Current Price is $7.72 Difference: $2.33
If ILU meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $9.85, suggesting upside of 27.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates ILU as Hold (3) -

Management has withdrawn 2020 guidance and confirmed the weakness in the mineral sands markets.

Ord Minnett had expected the AGM would be a catalyst that provided timelines for the spin-off of the MAC royalty with an update on value-adding projects. However, the broker was disappointed in this regard.

Short-term price and volume expectations have been tempered and 2020 earnings forecast reduced by -16%. Accumulate maintained. Target is reduced to $9.80 from $10.30.

Target price is $9.80 Current Price is $7.72 Difference: $2.08
If ILU meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $9.85, suggesting upside of 27.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates IRE as Add (1) -

With the ASX now suggesting all listed entities withdraw guidance at this time, Iress has complied, while noting it was actually on track to meet prior guidance and has not yet noticed any virus-driven weakness.

Due to a very high proportion of recurring revenue, Iress sits at the low end of the broker's risk spectrum.

That said, the broker errs on the side of caution in assuming some slowing in UK mortgages and slower implementation of new Xplan customers in the UK. Target falls to $14.94 from $16.30, Add retained.

Target price is $14.94 Current Price is $10.35 Difference: $4.59
If IRE meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $13.28, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in December.

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 JHG as Overweight (1) -

Increased market volatility presents risks, Morgan Stanley assesses, with retail flows sharply lower in March. Nevertheless, the stock appears cheap versus Australian peers, Morgan Stanley assesses, and presents an upside option for flow recovery in FY21 as the benefits of the merged entity prevail.

The broker cuts estimates for FY20 and FY21 by -25% on marking for the rapidly shifting markets in the past month. Overweight maintained. Target is reduced to $35.50 from $47.00. Industry view is In-Line.

Target price is $35.50 Current Price is $25.25 Difference: $10.25
If JHG meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $32.57, suggesting upside of 29.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.5

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

Credit Suisse rates JHX as Downgrade to Neutral from Outperform (3) -

Credit Suisse envisages a higher risk of an abrupt decrease in activity for the company, given its exposure to the repair & remodelling segments. This is around 60% of US sales.

FY21 group net profit estimates are reduced by -39%. Gearing is also uncomfortably high for the broker, although not expected to test covenants.

Rating is downgraded to Neutral from Outperform and the target lowered to $21.50 from $33.50.

Target price is $21.50 Current Price is $20.74 Difference: $0.76
If JHX meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $32.00, suggesting upside of 54.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.8

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

Morgans rates MP1 as Add (1) -

Megaport's March quarter update showed revenues up 19% quarter on quarter and 74% year on year on new customer increases and existing customer take-ups. The company is seeking to raise $65m in fresh capital at $9.50 to bolster the balance sheet for strategic opportunities.

The broker continues to see Megaport as well positioned at this time of work-from-home and cost cutting driving cloud usage. Despite dilution, the broker retains its $12.94 target, and Add rating.

Target price is $12.94 Current Price is $11.20 Difference: $1.74
If MP1 meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.91, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates NWL as Neutral (3) -

The company reported record inflows of $3.2bn in the March quarter. Even excluding some large transitions, flows were exceptionally strong, Credit Suisse observes.

A 58% increase in cash balances and cash allocations rising to 11.3% are expected to provide temporary support. Revenue guidance has been reiterated.

Credit Suisse retains a Neutral rating and raises the target to $7.50 from $6.40.

Target price is $7.50 Current Price is $7.79 Difference: minus $0.29 (current price is over target).
If NWL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.21, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates NWL as Hold (3) -

Netwealth's March quarter funds under management were down -2.2% quarter on quarter but up 32% year on year, the broker highlights.

Net inflows were up 11% qoq and 260% yoy inclusive of the ANZ Private transition, or up 102% yoy without. The $3.2bn of net inflows were nevertheless offset by a -$3.8bn loss on market movement.

Business model strength has been evident in the market correction, the broker suggests, including higher fee earning funds under management and materially higher pooled cash levels. Hold retained on valuation. Target rises to $7.35 from $6.40.

Target price is $7.35 Current Price is $7.79 Difference: minus $0.44 (current price is over target).
If NWL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.21, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Specialist platforms have been resilient in the March quarter, amid ongoing net inflows that have supported funds under management in both bull and bear markets.

Rising cash balances and higher transaction volumes have also provided a further buffer to revenue in soft markets.

As Netwealth has rallied 60% from recent intraday lows, Ord Minnett downgrades to Hold from Buy. Target is raised to $7.70 from $7.55.

Target price is $7.70 Current Price is $7.79 Difference: minus $0.09 (current price is over target).
If NWL 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 $7.21, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates NWL as Neutral (3) -

Net flows in the March quarter were stronger than expected. Cash balances have also lifted as a result of more volatile markets.

While the business remains well-positioned in terms of its operations, ongoing uncertainty around administration fee margins means UBS retains a Neutral rating. Target is $6.50.

Target price is $6.50 Current Price is $7.79 Difference: minus $1.29 (current price is over target).
If NWL meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.21, suggesting downside of -7.4% (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 ORI as Hold (3) -

The broker has updated its valuation to account for Orica's capital raising, acquisition of Peru explosives company Exsa, and the one month delay in Burrup commissioning.

The broker does not see Orica being immune from the virus impacting its business and demand, particularly in Europe, Middle East & Africa and Latin America.

A flat to weak first half result is expected in May. Hold retained on fair pricing, target falls to $17.30 from $22.10.

Target price is $17.30 Current Price is $17.16 Difference: $0.14
If ORI meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $20.99, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Macquarie rates RDY as Outperform (1) -

Macquarie updates forecasts to allow for the potential impact of the coronavirus crisis. Some of the sales pipeline is expected to be pushed out and the time to close new clients will be extended.

The broker reduces FY21 forecast revenue by -3% to account for this impact. Macquarie notes the balance sheet is solid and the company is in a good position to recover strongly when lock-down laws are unwound.

Outperform maintained. Target is reduced to $2.20 from $2.70.

Target price is $2.20 Current Price is $1.38 Difference: $0.82
If RDY meets the Macquarie target it will return approximately 59% (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 SFR as Buy (1) -

The Black Butte approval has been received, which Citi assesses is a milestone and de-risks the project. This confirms the mine operating permit and Sandfire Resources can now move to a final investment decision.

A feasibility study for the Johnny Lee deposit is expected in the June quarter. Buy/High Risk rating and $5.00 target.

Target price is $5.00 Current Price is $4.44 Difference: $0.56
If SFR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 24.9% (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 SVW as Outperform (1) -

The stock has fallen -40% over the past year or so. While the stock is deemed by some as a high-risk and -8% of the fall can be attributed to the decline in the company's holding in Beach Energy ((BPT)), in a market of unprecedented economic disruptions earnings are simply not reflecting the situation, Credit Suisse observes.

Given the resilience of the two major businesses and the lack of a balance sheet problems, the broker retains an Outperform rating. Target is lowered to $17.95 from $22.50 to account for equity investments and softer comparable multiples.

Target price is $17.95 Current Price is $13.98 Difference: $3.97
If SVW meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $15.45, suggesting upside of 10.5% (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

Macquarie rates SVW as Outperform (1) -

Seven Group has withdrawn FY20 guidance, as measures to combat the pandemic have suppressed the short-term outlook for non-essential services. Still, core business, which includes WesTrac and Coates, is holding up well.

Macquarie notes a rapid disruption and a lack of visibility in the energy and advertising markets remain the key headwinds. The company has funding capacity for M&A opportunities, the broker adds.

Outperform rating maintained. Target is reduced -33% to $16.

Target price is $16.00 Current Price is $13.98 Difference: $2.02
If SVW meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.45, suggesting upside of 10.5% (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 SZL as Buy (1) -

The company has indicated it has not witnessed any change to credit quality or customer repayment behaviour during the current crisis. Sezzle continues to serve the US e-commerce channels, with relatively modest amounts outstanding per average customer.

Ord Minnett considers the business well-placed to continue growing and retains a Buy rating, reducing the target to $2.70 from $3.40.

Target price is $2.70 Current Price is $1.45 Difference: $1.25
If SZL meets the Ord Minnett target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 1.0

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

Macquarie rates TCL as Outperform (1) -

In examining recent traffic trends across Sydney, Macquarie assesses Australian roads are well ahead of covenants while US roads are the most under pressure.

The broker expects the business will rebound as restrictions are eased. With liquidity enhanced, Transurban is considered in a good position to manage risk.

Outperform maintained. Target is $14.49.

Target price is $14.49 Current Price is $12.84 Difference: $1.65
If TCL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.10, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Credit Suisse rates VEA as Neutral (3) -

The company will delay its on-market buyback to assess the longer-term impact of the coronavirus crisis. Capital expenditure will be reduced to preserve cash flow.

Credit Suisse reduces earnings estimates to allow for lower refining margin assumptions, somewhat offset by upgraded retail fuel margin assumptions. Neutral maintained. Target is reduced to $1.35 from $1.36.

Target price is $1.35 Current Price is $1.38 Difference: minus $0.03 (current price is over target).
If VEA 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 $1.74, suggesting upside of 26.1% (ex-dividends)

The company's fiscal year ends in December.

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 VEA as Overweight (1) -

The company has deferred its on-market buyback and reduced capital expenditure as well as reviewed costs.

There is a possibility of a strategic review on refining at Geelong, Morgan Stanley believes. Crude premiums have risen significantly, which have dragged on the company's performance even though at times gasoline and diesel spreads have been "reasonable".

Morgan Stanley believes the company is well-placed to handle the pressure, particularly given the recent sale of its stake in the Viva Energy REIT ((VVR)).

Overweight.Target is reduced to $1.80 from $2.30. Industry view is In-Line.

Target price is $1.80 Current Price is $1.38 Difference: $0.42
If VEA meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 26.1% (ex-dividends)

The company's fiscal year ends in December.

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 VEA as Hold (3) -

Viva Energy Group has suspended its buyback in order to keep a cash reserve at this time, despite the timely divestment of its Viva Energy REIT ((VVR)) stake resulting in a large cash buffer.

Early data suggest a -30-40% reduction in retail fuel demand due to travel restrictions. Commercial has been less impacted other than in aviation, down -80-90%.

With a balance sheet now bolstered to weather the storm, the broker retains Hold. Target falls to $1.47 from $2.15.

Target price is $1.47 Current Price is $1.38 Difference: $0.09
If VEA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 26.1% (ex-dividends)

The company's fiscal year ends in December.

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 VEA as Hold (3) -

First quarter trading was broadly in line with expectations. Capital expenditure guidance is lowered and the buyback is delayed.

Ord Minnett reduces earnings estimates for 2020 and 2021 because of lower refining earnings based on a reduced Geelong refining margin and volume. Hold maintained. Target is $1.40.

Target price is $1.40 Current Price is $1.38 Difference: $0.02
If VEA meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 26.1% (ex-dividends)

The company's fiscal year ends in December.

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 WTC as Downgrade to Hold from Buy (3) -

Ord Minnett reassesses the stock since upgrading to Buy on February 28. As a result, the rating is downgraded to Hold from Buy and the target lowered to $16.70 from $18.70. Earnings estimates are unchanged.

Target price is $16.70 Current Price is $15.80 Difference: $0.9
If WTC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $21.90, suggesting upside of 38.6% (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