Australian Broker Call

Citi rates ABP as Neutral (3) -

Citi analysts have used a general sector update on AREITs to express their scepticism about why retail AREITs have rallied. Their preference is with those who offer exposure to office, industrial and funds management.

The stockbroker's top picks in the sector are all focused on fund managers; Lend Lease, Charter Hall, and Goodman Group. Rating for Abacus remains Neutral. Target price lifts to $3.80 from $3.31.

Target price is $3.80 Current Price is $3.82 Difference: minus $0.02 (current price is over target).
If ABP meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates APT as Buy (1) -

There was a lot to like in Afterpay's update, the broker suggests. The US opportunity is of an order of magnitude 10-20x that of Australia and initial efforts are encouraging, with FY19 expected to see further penetration.

If the US incursion is successful, the stock will look cheap at this level. The broker retains Buy, increasing its target to $18.50 from $9.30.

Target price is $18.50 Current Price is $14.38 Difference: $4.12
If APT meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Credit Suisse rates AZJ as Outperform (1) -

The ACCC is seeking court action to block the sale of the company's Queensland Intermodal and Acacia Ridge terminal business to Pacific National. Credit Suisse estimates the Intermodal business is cash positive but not returning the cost of capital.

After the court case is determined the options could be to retain and improve the business or find another buyer. In the latter instance, the broker points out Qube ((QUB)) had indicated last year it was disappointed in missing out on the purchase.

Credit Suisse maintains an Outperform rating and reduces the target to $4.75 from $4.85.

Target price is $4.75 Current Price is $4.33 Difference: $0.42
If AZJ meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.36, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgan Stanley rates BLD as Overweight (1) -

Morgan Stanley believes the concerns over the US fly ash business are the primary reason for the recent de-rating of Boral. Yet there are multiple strategies for new supply that should restore confidence and the broker suggests that articulating these at the FY18 result on August 29 could provide a catalyst.

The broker notes the acquisition of Headwaters is the largest undertaking by Boral in over a decade and, therefore, it is no surprise that the market has focused on this business.

Overweight rating reiterated. Target is $8.00 and Industry view is Cautious.

Target price is $8.00 Current Price is $6.78 Difference: $1.22
If BLD meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Ord Minnett rates BSL as Accumulate (2) -

BlueScope has signed Australia's largest solar power purchase agreement which has the company sourcing 20% of its power from a new farm to be built in the Riverina. The broker estimates this could lead to a $35m saving in the first two years.

The announcement confirms the broker's view energy headwinds are unlikely to materialise for BlueScope and there are further options to reduce costs. Accumulate and $19 target retained.

Target price is $19.00 Current Price is $18.83 Difference: $0.17
If BSL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.79, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Macquarie rates CCL as Downgrade to Underperform from Outperform (5) -

Macquarie downgrades to Underperform from Outperform, following recent strength in the share price. The broker believes Australian beverages remain susceptible to a number of headwinds and more money is expected to be spent in order for volumes to remain static.

Ongoing weakness in Indonesia is also likely to affect near-term earnings. Target is reduced to $8.87 from $9.26. The company will report its result on August 22.

Target price is $8.87 Current Price is $9.54 Difference: minus $0.67 (current price is over target).
If CCL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.79, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Citi rates CGF as Buy (1) -

Citi factors in adjustments for the second half and lowers statutory estimates for FY18 EPS by -13% while FY19 and FY20 EPS are increased by 0.2%.

The FY18 changes mainly reflect losses on widening spreads and lower-than-normal moves in other asset classes. The broker continues to believe in a significant longer-term opportunity and maintains a Buy rating. Target is $13.60.

Target price is $13.60 Current Price is $12.54 Difference: $1.06
If CGF meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.23, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates CHC as Buy (1) -

Citi analysts have used a general sector update on AREITs to express their scepticism about why retail AREITs have rallied. Their preference is with those who offer exposure to office, industrial and funds management.

The stockbroker's top picks in the sector are all focused on fund managers; Lend Lease, Charter Hall, and Goodman Group. Rating remains Buy, price target lifts to $7.33 from $6.81.

Target price is $7.33 Current Price is $6.62 Difference: $0.71
If CHC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.45, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates CHC as Outperform (1) -

Macquarie believes the outlook for the business is sound, factoring in strong pricing in direct markets and the continued ability to win and deploy capital.

With the valuation backdrop likely to be supportive in the near term the stock offers upside risk to earnings from further performance/transaction fees, the broker believes.

The company will report its result on August 22. Outperform maintained. Target rises to $7.00 from $6.25.

Target price is $7.00 Current Price is $6.62 Difference: $0.38
If CHC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.45, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates CQR as Downgrade to Sell from Neutral (5) -

Citi analysts don't think recent share price rallies for some of the retail AREITs can be justified, hence the downgrade to Sell from Neutral. The analysts remain more bullish on AREITs with office, industrial and funds management exposure. Target falls to $3.76 from $3.87.

The analysts acknowledge theirs are not consensus calls and therefore likely to trigger debate among investors and among peers. Among factors noted to worry about are ongoing structural headwinds, above average multiples and the potential for falling house prices to weigh on tenant sales.

Target price is $3.76 Current Price is $4.15 Difference: minus $0.39 (current price is over target).
If CQR meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.01, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Morgan Stanley rates DMP as Overweight (1) -

Morgan Stanley acknowledges the probability of achieving guidance of 20% growth in net profit has diminished following the second quarter result from Domino's International.

After assessing the Domino's UK business on August 8 the broker expects a clearer picture of Domino's Pizza Enterprises will emerge.

Overweight rating retained, given the long-term European outlook. Cautious industry view. Target is $65.

Target price is $65.00 Current Price is $48.96 Difference: $16.04
If DMP meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $49.38, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates DXS as Buy (1) -

Citi analysts have used a general sector update on AREITs to express their scepticism about why retail AREITs have rallied. Their preference is with those who offer exposure to office, industrial and funds management.

The stockbroker's top picks in the sector are all focused on fund managers; Lend Lease, Charter Hall, and Goodman Group. Dexus' rating remains Buy, while the price target gains 1c to $10.83.

Target price is $10.83 Current Price is $10.05 Difference: $0.78
If DXS meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.89, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates DXS as Outperform (1) -

After reviewing the investment thesis, Macquarie observes growth options exist with a relatively undergeared balance sheet. The broker forecasts FY18 free funds from operations of $660.1m, which represents growth of 1.7%.

Macquarie reaffirms a Outperform rating and raises the target to $11.00 from $10.10.

Target price is $11.00 Current Price is $10.05 Difference: $0.95
If DXS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.89, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Morgans rates FDV as Add (1) -

Frontier Digital has indicated that several of its investments were performing better than previously expected. These include Latin America, Philippines and Morocco.

Morgans upgrades valuation forecasts following the update. The broker remains positive on the stock as it offers exposure to the growth in online advertising marketplaces in emerging economies with large populations. Add retained. Target is raised to $0.99 from $0.95.

Target price is $0.99 Current Price is $0.62 Difference: $0.37
If FDV meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates GMG as Buy (1) -

Citi analysts have used a general sector update on AREITs to express their scepticism about why retail AREITs have rallied. Their preference is with those who offer exposure to office, industrial and funds management.

The stockbroker's top picks in the sector are all focused on fund managers; Lend Lease, Charter Hall, and Goodman Group. Rating remains firmly Buy. Price target lifts to $10.96 from $9.66.

Target price is $10.96 Current Price is $9.65 Difference: $1.31
If GMG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.94, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates HUB as Outperform (1) -

The company has reported a strong June quarter for flows and funds under administration increased 13%. The update reaffirms Credit Suisse's positive view on the stock.

The broker is confident flows can increase from FY18 levels and, along with margin expansion from scale benefits, lead to higher earnings growth. Outperform rating and $14.10 target maintained.

Target price is $14.10 Current Price is $14.08 Difference: $0.02
If HUB meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates LLC as Buy (1) -

Citi analysts have used a general sector update on AREITs to express their scepticism about why retail AREITs have rallied. Their preference is with those who offer exposure to office, industrial and funds management.

The stockbroker's top picks in the sector are all focused on fund managers; Lend Lease, Charter Hall, and Goodman Group. Price target for Lend Lease makes a jump to $22.36 from $19. Buy rating firmly retained.

Target price is $22.36 Current Price is $20.08 Difference: $2.28
If LLC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.42, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates LLC as Outperform (1) -

Macquarie forecasts FY18 operating profit of $767.3m, up 1%. Positive drivers include the development business, with completion/settlement of apartments supplemented by capital recycling/revaluations. This is partly offset by weak construction performance.

The company will report its results on August 22. Outperform. Target raised to $22.00 from $18.30.

Target price is $22.00 Current Price is $20.08 Difference: $1.92
If LLC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.42, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates MGR as Buy (1) -

Citi analysts have used a general sector update on AREITs to express their scepticism about why retail AREITs have rallied. Their preference is with those who offer exposure to office, industrial and funds management.

The stockbroker's top picks in the sector are all focused on fund managers; Lend Lease, Charter Hall, and Goodman Group. Target price for Mirvac improves to $2.45 from $2.35. Buy rating retained.

Target price is $2.45 Current Price is $2.26 Difference: $0.19
If MGR meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates MGX as Outperform (1) -

Fourth quarter production was mixed with lower realised prices because of an inferior product mix that was offset by lower costs. Koolan Island is on track for first shipments in early 2019.

Macquarie notes the company has been able to maintain a modest cash margin from its Iron Hill operations that are expected to cease mining later this year.

Outperform rating. Target is $0.60.

Target price is $0.60 Current Price is $0.42 Difference: $0.18
If MGX meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates MYX as Upgrade to Outperform from Neutral (1) -

Credit Suisse assesses the market for two new drugs the company intends to launch in FY19 and does not believe the current share price adequately reflects the intrinsic value of these drugs.

The broker considers the stock undervalued and upgrades to Outperform from Neutral. Target is increased to $1.00 from $0.74 and further weakness in the upcoming results is considered a buying opportunity.

Target price is $1.00 Current Price is $0.87 Difference: $0.13
If MYX meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates RCR as Buy (1) -

Citi notes most of the company's projects were connected to the grid on time and the main concern centres on Sun Metals. The company has confirmed it has not been hit with liquidated damages for that particular project.

The broker believes the risks to the solar projects are more than priced in at the current share price and, while acknowledging risks for the short term, believes these are reflected in revised forecasts.

FY18-20 operating earnings estimates are revised down by -7-18% to reflect lower pricing for solar projects and a delay in FY19 contract announcements. Target is reduced to $3.50 from $4.10. Buy rating retained.

Target price is $3.50 Current Price is $2.65 Difference: $0.85
If RCR meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 65.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates SCG as Downgrade to Sell from Neutral (5) -

Citi analysts don't think recent share price rallies for some of the retail AREITs can be justified, hence the downgrade to Sell from Neutral. The analysts remain more bullish on AREITs with office, industrial and funds management exposure. Target drops to $4.11 from $4.19.

The analysts acknowledge theirs are not consensus calls and therefore likely to trigger debate among investors and among peers. Among factors noted to worry about are ongoing structural headwinds, above average multiples and the potential for falling house prices to weigh on tenant sales.

Target price is $4.11 Current Price is $4.37 Difference: minus $0.26 (current price is over target).
If SCG meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.50, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

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

Macquarie expects 2018 guidance to be reaffirmed at the first half results, factoring in organic growth, a lower cost of debt and development completions.

The stock remains the highest quality retail offering in Australia which should mean it is better shielded from structural headwinds, the broker suggests.

Macquarie downgrades to Neutral from Outperform, given the recent rally. Target is $4.46.

Target price is $4.46 Current Price is $4.37 Difference: $0.09
If SCG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates SCP as Downgrade to Sell from Neutral (5) -

Citi analysts don't think recent share price rallies for some of the retail AREITs can be justified, hence the downgrade to Sell from Neutral. The analysts remain more bullish on AREITs with office, industrial and funds management exposure. Target rises by 4c to $2.18.

The analysts acknowledge theirs are not consensus calls and therefore likely to trigger debate among investors and among peers. Among factors noted to worry about are ongoing structural headwinds, above average multiples and the potential for falling house prices to weigh on tenant sales.

Target price is $2.18 Current Price is $2.42 Difference: minus $0.24 (current price is over target).
If SCP meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.26, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Citi rates SGP as Neutral (3) -

Citi analysts have used a general sector update on AREITs to express their scepticism about why retail AREITs have rallied. Their preference is with those who offer exposure to office, industrial and funds management.

The stockbroker's top picks in the sector are all focused on fund managers; Lend Lease, Charter Hall, and Goodman Group. Stockland's price target has depreciated to $4.20 from $4.38. Neutral rating retained.

Target price is $4.20 Current Price is $4.17 Difference: $0.03
If SGP meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

Traffic growth in the first half is consistent with Macquarie's expectations. The broker expects some interest could emerge around Sydney Airport's masterplan but that will be offset by the Productivity Commission review and associated aeronautical negotiations.

Macquarie downgrades to Neutral from Outperform as the valuation is considered stretched based on a bond rate assumption of 4.25%. Target is raised to $7.10 from $6.85.

Target price is $7.10 Current Price is $7.18 Difference: minus $0.08 (current price is over target).
If SYD meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.45, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates SYD as Hold (3) -

International passenger growth is running at above long-term trend rates in the first half, up 5.2%. Domestic passenger growth is 2.1%. Morgans forecasts an 8% increase in revenue for the first half that should generate around a 9% increase in operating earnings.

Given the company is considering whether to institute a distribution "glide path" into the initial taxpaying years early next decade, the broker does not expect an upgrade to guidance at 37.5c.

While the broker considers the stock has defensive attributes and a strong balance sheet there is insufficient upside to justify a more aggressive stance. Morgans maintains a Hold rating and raises the target to $7.30 from $7.12.

Target price is $7.30 Current Price is $7.18 Difference: $0.12
If SYD meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.45, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgan Stanley rates TAH as Overweight (1) -

The company will exit its Sun Bets joint venture for $71m plus an additional $10m in other related closure costs, bringing forward its exit versus a prior option to exit from December 31, 2019.

Morgan Stanley believes this is reasonable, given the poor operating performance. The company will book a $91m post-tax significant item FY18 and $10m of closure costs in FY19.

Overweight and $5.20 target retained. Industry view: Cautious.

Target price is $5.20 Current Price is $4.71 Difference: $0.49
If TAH meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates TAH as Lighten (4) -

The broker has adjusted its Tabcorp valuation to account for the Sun Bets exit and the boost in wagering revenue thanks to the World Cup. The result is lower forecast earnings for FY18 and higher for FY19.

Lighten and $4.20 target retained.

Target price is $4.20 Current Price is $4.71 Difference: minus $0.51 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.17, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates TNE as Buy (1) -

The broker had assumed fears around changes to reporting standards were overdone and TechnologyOne's update has confirmed that view. Customers are not changing the way they engage and the broker has not changed any of its underlying assumptions.

Looking beyond international standards, the broker believes the benefits of cloud and the company's strong position in key verticals will become increasingly apparent to the market. Buy and $5.45 target retained.

Target price is $5.45 Current Price is $5.05 Difference: $0.4
If TNE meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates TWE as Neutral (3) -

Macquarie believes FY19 guidance is attainable, given the strong inventory, but FY20 consensus earnings appear ambitious and are probably factoring in the successful execution of US route-to-market changes.

The company will report its FY18 result on August 16. Macquarie maintains a Neutral rating and raises the target to $16.66 from $15.83.

Target price is $16.66 Current Price is $18.62 Difference: minus $1.96 (current price is over target).
If TWE meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.42, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Citi rates WES as Sell (5) -

Online penetration is rising towards 3% for Coles and Woolworths ((WOW)) but online is loss-making for both retailers. Citi believes only one of them will have the opportunity to turn online into a profitable channel through an exclusive deal with Ocado.

Ocado has signed up five major retailers, and four in the past year, to its smart platform. These agreements licence the warehouse automation that enables retailers to service online profitably. A de-merged Coles is likely to be the partner, in the broker's opinion.

Sell rating maintained. Target is raised to $43.50 from $41.10.

Target price is $43.50 Current Price is $50.00 Difference: minus $6.5 (current price is over target).
If WES meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.45, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Macquarie rates WES as No Rating (-1) -

Macquarie reviews forecasts ahead of the reporting season. Estimates for earnings per share decline -6% to reflect the inclusion of the Curragh mine sale. The broker expects the market to be focused on the Coles de-merger timing, balance sheet and capital expenditure returns.

Macquarie is restricted on providing a rating and target at this stage.

Current Price is $50.00. Target price not assessed.

Current consensus price target is $44.45, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Citi rates WOW as Neutral (3) -

Online penetration is rising towards 3% for Coles ((WES)) and Woolworths but online is loss-making for both retailers. Citi believes only one of them will have the opportunity to turn online into a profitable channel through an exclusive deal with Ocado.

Ocado has signed up five major retailers, and four in the past year, to its smart platform. These agreements licence the warehouse automation that enables retailers to service online profitably. A de-merged Coles is likely to be the partner, in the broker's opinion.

Neutral rating and $32.90 target maintained.

Target price is $32.90 Current Price is $30.91 Difference: $1.99
If WOW meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $28.65, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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