Australian Broker Call

UBS rates ALG as Neutral (3) -

UBS reviews earnings forecasts following delays to the findings of the coronial inquiry into the 2016 Dreamworld accident and the launch of the Sky Voyager ride as well as the new US$225m debt facility.

The broker now expects negligible earnings in FY20 believing, while the stock has valuation support, it is early in the recovery profile. Neutral rating maintained and the target is lowered to $1.20 from $1.60.

Target price is $1.20 Current Price is $1.07 Difference: $0.13
If ALG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates BGL as Outperform (1) -

After visiting Bellevue Gold's exploration project, the broker has not made any changes to forecasts but highlights a seemingly extensive high-grade mineral system now stretching over 4km, with new target areas continuing to be discovered.

Recent drilling has doubled the mineralised strike extensions. Outperform and 80c target retained.

Target price is $0.80 Current Price is $0.69 Difference: $0.11
If BGL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

The on-market share buyback has been completed and will be paused from June 21 as the company enters a black-out period ahead of the results on August 21. Credit Suisse expects the shares to drift over the next two months from the lack of buyback support.

The broker is upbeat on the prospects for the pallet business in the Americas but notes there is now less than 4% upside to the target, unchanged at $13.50. Rating is reduced to Neutral from Outperform on valuation grounds.

Target price is $13.50 Current Price is $12.87 Difference: $0.63
If BXB meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.17, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

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

Even assuming the price/earnings ratio is sustainable, Credit Suisse calculates, on estimates for 2021, there would only be 3% potential upside to the share price.

As the stock has run ahead of expectations, the broker downgrades to Underperform from Neutral. Target is $8.90.

Target price is $8.90 Current Price is $10.29 Difference: minus $1.39 (current price is over target).
If CCL meets the Credit Suisse target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.36, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Ord Minnett rates CSL as Accumulate (2) -

It appears CSL's share price has come under pressure following the company's further clarification about the accountancy impact from moving to direct distribution in China. Ord Minnett, being quick to respond, clarifies the company's explanation amounts to a -6% reduction in reported earnings, but also regards this as immaterial given it is purely an accountancy issue.

In time, the broker counters,  CSL’s position in China should be enhanced by the move to direct distribution, resulting in stronger sales and improved margins. In addition, Ord Minnett states its valuation for the company is very much based upon underlying profits, not on temporary accountancy adjustments.

The impact is explained by the fact the transition to direct distribution will cause a 6-8 month delay in the recognition of sales. Ebitda is projected to fall by some -5%, but only half of this will turn up in cash flows. Accumulate rating and $210 target retained.

Target price is $210.00 Current Price is $212.00 Difference: minus $2 (current price is over target).
If CSL 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 $209.21, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

UBS rates CSL as Buy (1) -

UBS reviews the commercial opportunity for the company's reconstituted high-density lipoprotein product. The product is currently in a phase 3 clinical trial with the final result expected in 2022.

While the mechanism of action has been established there is, to date, no definitive data demonstrating clinical benefits. Therefore, the broker does not include earnings from the product in forecasts.

Meanwhile, with weak first-half albumin revenue growth, UBS believes CSL Behring needs to demonstrate improved earnings growth and margin performance in the second half to support current multiples. Buy rating and $223 target maintained.

Target price is $223.00 Current Price is $212.00 Difference: $11
If CSL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $209.21, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Citi rates CTX as Buy (1) -

Citi observes the reaction to the downgrade to first half guidance effectively capitalises the miss to forecasts. Yet the broker is not convinced the weakness is structural rather than cyclical.

The first half represents a deep trough in earnings and the path to mid-cycle earnings over the next 2-3 years is compelling, in the broker's view.

Meanwhile, macro indicators do not point to a significant rebound in the second half. Citi downgrades 2019 forecast by -27% and 2020-21 by -17-20%. Most of this is due to a weaker outlook for fuel volumes and a deeper trough in retail earnings, along with a slow grind back to profitability.

Buy rating maintained. Target is reduced to $26.89 from $29.95.

Target price is $26.89 Current Price is $23.50 Difference: $3.39
If CTX meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.88, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates CTX as Outperform (1) -

Credit Suisse believes cost reductions and tighter capital allocation are increasingly necessary to reduce downside leverage to macro volatility. Industry margins appear to the broker to be unsustainable at current levels.

First half forecasts are downgraded by -20%, contributing to a decrease in the target to $28.94 from $30.50. Outperform maintained.

Target price is $28.94 Current Price is $23.50 Difference: $5.44
If CTX meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $26.88, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgan Stanley rates CTX as Underweight (5) -

Caltex expects group earnings (EBIT) of $240-270m, or around -30% below Morgan Stanley's forecasts. The broker notes the downgrade is driven by tough refining conditions and no pick-up in convenience retail in the second quarter.

Conditions are expected to improve moving into the second half but this is needed to support the share price, in the broker's view.

Target is $25. Underweight. Industry view: In-Line.

Target price is $25.00 Current Price is $23.50 Difference: $1.5
If CTX meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.88, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates CTX as Hold (3) -

The company has guided to earnings (EBIT) of $225-255m, below forecasts. Ord Minnett notes volatility from refining and retail fuel margins was more evident in the update which has contributed to the PE multiple de-rating.

The broker points out retail fuel margins have been affected by some cyclical challenges as, in a weaker economic environment, consumers are more likely to shop around. Lytton refinery earnings remain volatile amid outage risk.

Hold rating maintained. Target is reduced to $25 from $28.

Target price is $25.00 Current Price is $23.50 Difference: $1.5
If CTX meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.88, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

The company's first half earnings (EBIT) guidance of $240-270m represents a downgrade of -27% versus UBS estimates at the mid point. The broker is concerned as to why retail margins deteriorated so materially in May, as Caltex witnessed improving trends in April.

The stock screens as value but UBS observes an absence of positive catalysts and risks to convenience targets.

The broker reduces estimates by -13-19% for FY19-21. Rating is downgraded to Neutral from Buy as coverage is also transferred to another analyst. Target is reduced to $23.30 from $30.20.

Target price is $23.30 Current Price is $23.50 Difference: minus $0.2 (current price is over target).
If CTX 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 $26.88, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates CYB as Buy (1) -

Citi welcomes the investor briefing, noting the company's disclosure is best-in-class and the new financial targets for FY22 are achievable. The level of detail underpins the broker's conviction in a Buy rating.

There are enough cost savings and self-help initiatives to reassure even the more cautious investors, Citi adds. Still, lower costs are offset by lower revenues so only small upgrades are made to estimates. Target is raised to GBP2.45 from GBP2.35.

Current Price is $3.52. Target price not assessed.

Current consensus price target is $4.44, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

This company reports in GBP. 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

Macquarie rates CYB as Outperform (1) -

CYBG's capital markets day revealed an increase to targeted cost savings of GBP50m and a projected cost base of GBP780m by 2022 which is significantly lower than consensus estimates, the broker notes. Future revenues are less certain but at 13%, the tier one capital target is supportive of the share price.

If management can successfully execute, upside is significant, the broker believes. Outperform and $5.30 target retained.

Target price is $5.30 Current Price is $3.52 Difference: $1.78
If CYB meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $4.44, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

This company reports in GBP. 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

Morgans rates CYB as Hold (3) -

As part of its capital markets briefing, the company has laid out medium-term targets. Cost targets are in line with expectations and Morgans expects subdued revenue growth over the medium term. No special dividends or buybacks are forecast.

Brexit-related news flow is likely to be the main driver of the share price in the near term, the broker assesses. The group is expected to be re-named Virgin Money UK by the end of 2019 with the re-launch of the Virgin Money brand.

Hold rating and $3.57 target maintained.

Target price is $3.57 Current Price is $3.52 Difference: $0.05
If CYB meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.44, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

This company reports in GBP. 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

Deutsche Bank rates GMG as Hold (3) -

At the investor briefing, the company has reaffirmed its strategy. Goodman Group continues to focus on growing the portfolio and existing urban locations and seeking opportunities to benefit from the e-commerce sector.

Deutsche Bank maintains a Hold rating. Target is $12.46.

Target price is $12.46 Current Price is $15.00 Difference: minus $2.54 (current price is over target).
If GMG meets the Deutsche Bank target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.15, suggesting downside of -5.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates GMG as Outperform (1) -

Goodman Group's investor day presentation has left the broker's investment thesis intact. Demand remains strong globally, and data centres and cold storage are becoming increasingly important tenant categories.

All up the day provided an incremental positive. The broker retained Outperform, lifting its target to $16.49 from $14.57.

Target price is $16.49 Current Price is $15.00 Difference: $1.49
If GMG meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.15, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates GMG as Sell (5) -

Ord Minnett notes Goodman Group managed funds have averaged around 17% per annum in returns over the past five years, while recent bond yield movements have cemented higher performance fees and development margins over the next three years.

The broker forecasts growth in earnings per share of 10% in FY19 and FY20. There were no material changes to strategy in the company's trading update. Ord Minnett maintains a Sell rating based on valuation. Target is raised to $11.80 from $11.50.

Target price is $11.80 Current Price is $15.00 Difference: minus $3.2 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.15, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates GOR as Neutral (3) -

While parts of the Gruyere processing facility are now operational, Gold Road has announced commissioning of the ball mill will be delayed by over a month.

The plant will run at 50% capacity until the ball mill is online, which leads to a production guidance downgrade.

Neutral retained, target falls to $1.05 from $1.10.

Target price is $1.05 Current Price is $1.02 Difference: $0.03
If GOR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates LNK as Add (1) -

The company's investor briefing in London was overshadowed, Morgans believes, by the announcement that its LFS division is being investigated by the Financial Conduct Authority for its role as the authorised corporate director of the Woodford fund. The fund is being investigated for potentially exceeding regulatory caps on unlisted securities.

Morgans believes this adds uncertainty at a time when the company is also experiencing earnings headwinds. Of the presentations, the broker believes PEXA was the stand-out as transaction volumes are growing rapidly.

Add rating maintained. Target is reduced to $6.84 from $7.34.

Target price is $6.84 Current Price is $5.42 Difference: $1.42
If LNK meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 29.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Ord Minnett rates PPH as Lighten (4) -

The company has upgraded FY20 total processing volume and earnings guidance. Ord Minnett is encouraged by the upgrade, which indicates Pushpay Holdings may be experiencing some improvement in existing customer penetration online.

The main area to watch is the front book performance, which appears slightly softer in the broker's observation, given the importance of revenue signed in the current year for next year's growth. Lighten rating maintained. Target is raised to $3.30 from $3.27.

Target price is $3.30 Current Price is $3.83 Difference: minus $0.53 (current price is over target).
If PPH meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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: 0.3

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

Deutsche Bank rates QAN as Buy (1) -

The loyalty business generates cash and provides a buffer to the more volatile airline earnings, Deutsche Bank observes, and continues to develop a range of new partners to drive growth in earnings as membership slows.

Deutsche Bank maintains a Buy rating and $6.40 target.

Target price is $6.40 Current Price is $5.37 Difference: $1.03
If QAN meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.91, suggesting upside of 10.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates RIO as Buy (1) -

Rio Tinto has updated 2019 volume guidance for the Pilbara shipments. Shipments of 320-330mt of iron ore are expected during 2019, which represents a -13mt cut at the mid point to prior guidance.

Further details on the cost implications are expected at the briefing on July 16. The company is also experiencing operating challenges in the Greater Brockman hub, resulting in a higher proportion of lower-grade product.

Citi revises volume forecasts and updates iron ore price forecasts, resulting in a -2% reduction to 2019 estimates. Buy rating and $104 target maintained.

Target price is $104.00 Current Price is $101.29 Difference: $2.71
If RIO meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $98.21, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Macquarie rates RIO as Outperform (1) -

Rio Tinto has cut its 2019 shipment guidance by -4% due to mine supply issues. The broker had expected a guidance miss anyway, but reduces 2019 production assumptions.

This modest reduction is more than offset by upside risk to the broker's iron ore price assumptions, which are well below current spot.Outperform and $109 target retained.

Target price is $109.00 Current Price is $101.29 Difference: $7.71
If RIO meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $98.21, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Ord Minnett rates SKO as Hold (3) -

Net profit was up 5% in FY19 and in line with Ord Minnett's estimates. Serko reported a 17% increase in travel bookings, supporting a 28% uplift in revenue.

The broker notes the significant changes that are about to affect the domestic travel agency segment in Australia, believing Serko is well-placed in this regard.

The Qantas Airways ((QAN)) distribution program is due to commence, expected to result in a re-working of commercial agreements for all travel agencies.

Ord Minnett retains a Hold rating and raises the target to $3.70 from $3.00.

Target price is $3.70 Current Price is $4.01 Difference: minus $0.31 (current price is over target).
If SKO meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in March.

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

Deutsche Bank rates SYD as Hold (3) -

Traffic rebounded in May, supported by strong growth in international travel which was up 6.3%. Total traffic was up 2.4%. Domestic passenger growth remains subdued, up 0.3%.

Deutsche Bank retains a Hold rating and $7.40 target.

Target price is $7.40 Current Price is $8.28 Difference: minus $0.88 (current price is over target).
If SYD meets the Deutsche Bank target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.30, suggesting downside of -11.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates SYD as Upgrade to Neutral from Underperform (3) -

International traffic at Sydney Airport bounced back a solid 6.3% in May following weak months prior. Macquarie remains concerned over the upcoming access agreement renegotiations but notes the opportunity to spend more on capex as an alternative to price declines, mitigating some of the pressure.

More influentially, falling bond rates continue to support the stock and the broker has cut its discount rate assumption to 2.43% from 3.20%. This leads to a target price increase to $8.39 from $7.15 and an upgrade to Neutral.

Target price is $8.39 Current Price is $8.28 Difference: $0.11
If SYD meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.30, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

Morgans has pulled back on assumptions for the refining and retail businesses after a material downgrade from Caltex Australia ((CTX)). Caltex Australia has posted weak earnings guidance, emanating from refining & convenience retail, two areas to which Viva Energy is equally exposed.

The broker awaits any trading update, but in the meantime recognises the prevailing headwinds and reduces forecasts. Assumed energy costs for 2019 have been increased by 10% for the Geelong refinery to reflect volatility in crude oil prices.

Rating is downgraded to Hold from Add. Target is reduced to $2.07 from $2.57.

Target price is $2.07 Current Price is $2.03 Difference: $0.04
If VEA meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

UBS rates VEA as Buy (1) -

UBS believes the reason behind Caltex Australia's retail downgrade is consistent with the cuts to guidance Viva Energy made back in April.

While concerns today centre on the fact that trends in May may have deteriorated further, the broker does not believe this is the case, particularly given a lower retail premium diesel mix for Viva Energy.

UBS is positive about the medium-term volume outlook and retains a Buy rating, reducing the target to $2.55 from $2.65.

Target price is $2.55 Current Price is $2.03 Difference: $0.52
If VEA meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Deutsche Bank rates WPL as Upgrade to Buy from Hold (1) -

Deutsche Bank assesses the outlook for Woodside Petroleum is improving as the oil price stabilises. The broker upgrades to Buy from Hold and raises the target to $40 from $37.

Target price is $40.00 Current Price is $37.14 Difference: $2.86
If WPL meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting downside of -3.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

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

The share price has increased 25% since the first half result, now trading 60% above Ord Minnett's target. Revenue expectations have increased for FY19, largely explained by the acquisitions of Containerchain and Xware.

However, the broker suspects there is greater potential for organic revenue to disappoint in FY20. The valuation is considered stretched and the rating is downgraded to Lighten from Hold. Target is raised to $18.37 from $18.12.

Target price is $18.37 Current Price is $28.33 Difference: minus $9.96 (current price is over target).
If WTC meets the Ord Minnett target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.92, suggesting downside of -29.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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