Australian Broker Call

Citi rates A2M as Neutral (3) -

The company's update was strong, but hardly a major surprise, in the view of Citi analysts. They point at the strong share price rally since early March.

Given the company's propensity to beat guidance and expectations, Citi's updated forecasts are set higher than the new guidance. FY17-FY19 EPS estimates have been lifted by 8%-10%. Price Target increases to $3.10 (was $2.60). Neutral rating retained.

Target price is $3.10 Current Price is $3.20 Difference: minus $0.1 (current price is over target).
If A2M meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.10, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Credit Suisse rates A2M as Outperform (1) -

Credit Suisse remains bullish on the company's infant formula business. While revenue guidance for FY17 is in line with expectations the broker notes the mix is towards the company's high margin product.

The broker now has greater confidence in the estimated delivery of 22,000 tonnes of infant formula sales in FY18 and 25,000 tonnes in FY19. This has led to a 15-33% increase in FY17-FY19 forecasts.

Credit Suisse retains an Outperform rating and raises the target to NZ$3.92 from NZ$2.85.

Current Price is $3.20. Target price not assessed.

Current consensus price target is $3.10, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Deutsche Bank rates A2M as Hold (3) -

A March Q update sees A2 lifting FY profit expectations thanks to a stronger outlook for second half infant formula sales. The second half should now exceed the first, the broker notes, when previously a weaker half was expected given seasonality in Chinese demand and upcoming regulatory changes.

While broker has been expecting increased formula demand, this upgrade sees a 10% lift to forecast earnings and a target price increase to NZ$3.30 from NZ$2.55. Hold retained.

Current Price is $3.20. Target price not assessed.

Current consensus price target is $3.10, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Morgan Stanley rates ANZ as Overweight (1) -

Morgan Stanley believes the bank should meet expectations regarding expenses and capital in the first half results on May 2. Near term, the share price performance is expected to be driven by resilience in revenue and an improvement in loan losses.

The broker suspects the company will be in a position to neutralise dividend reinvestment plan issues and undertake an additional $5bn in buy-backs in 2018/19.

Overweight retained. Sector view is In-Line. Price target is $30.50.

Target price is $30.50 Current Price is $32.40 Difference: minus $1.9 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.08, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Ord Minnett rates ANZ as Accumulate (2) -

A benign provisioning environment should provide further opportunities for modest upgrades in the banking reporting season, Ord Minnett observes.

Nevertheless, the broker believes consensus estimates are too optimistic on the outlook for margins, given the ongoing drag from elevated term deposit pricing at the end of 2016.

Accumulate retained. Target is raised to $32.00 from $31.50.

Target price is $32.00 Current Price is $32.40 Difference: minus $0.4 (current price is over target).
If ANZ 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 $31.08, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Citi rates AWC as Upgrade to Neutral from Sell (3) -

Incorporating the latest results from AWAC-partner Alcoa and Citi's update on commodity prices projections has triggered modest increases to earnings forecasts. It was enough to trigger an upgrade in rating to Neutral from Sell.

Price target moves to $1.80 from $1.70. Citi's preference remains with the likes of Rio Tinto ((RIO)) and South32 ((S32)) with both also offering investors alumina & aluminium exposure.

Target price is $1.80 Current Price is $1.84 Difference: minus $0.04 (current price is over target).
If AWC meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.4

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

Deutsche Bank rates AWC as Sell (5) -

While Alcoa's alumina/bauxite margin hit a record US$127/t in the March Q, up from US$82/t, the broker had forecast US$142/t. This miss flows through (via the AWAC JV) to a -3% reduction in Alumina Ltd forecast earnings.

The broker retains Sell, expecting the alumina price to continue to fall in 2017 on record Chinese supply, reflecting both new supply and refinery restarts. Target unchanged at $1.65.

Target price is $1.65 Current Price is $1.84 Difference: minus $0.19 (current price is over target).
If AWC meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.4

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

Macquarie rates AWC as Outperform (1) -

Macquarie's interpretation of Alcoa's March quarter results suggest strong margin improvement for Alumina Ltd. Alumina pricing, on the broker's forecasts, remains attractive on a two-year horizon.

Near-term yield potential underpins the broker's investment thesis. Outperform retained. Target is reduced to $2.30 from $2.40.

Target price is $2.30 Current Price is $1.84 Difference: $0.46
If AWC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.4

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

Morgan Stanley rates AWC as Underweight (5) -

From the Alcoa release Morgan Stanley calculates the alumina margin was particularly strong, up 81% on the prior comparable quarter.

The broker observes Alumina Ltd has started to pull back towards its price target but still carries some downside. The company is in a sound position and Morgan Stanley remains on watch for market conditions to create another opportunity to enter the stock.

Target is $1.60. Underweight rating and Attractive industry view retained.

Target price is $1.60 Current Price is $1.84 Difference: minus $0.24 (current price is over target).
If AWC meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.4

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

Ord Minnett rates AWC as Accumulate (2) -

Alcoa's bauxite and alumina division earnings for the first quarter  were a touch below Ord Minnett estimates.

The broker likes the thematic of Chinese capacity reductions going through aluminium and alumina, which has potential to tighten markets materially, and may have positive implications for long-term prices.

Accumulate rating and $2.20 price target retained.

Target price is $2.20 Current Price is $1.84 Difference: $0.36
If AWC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.4

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

UBS rates AWC as Sell (5) -

Alcoa reported March quarter net income of US$170m. UBS anticipates net distributions for the first half of US$139m, which drives an interim dividend forecast of US 4.6c per share.

The broker expects that, in determining the dividend,  Alumina Ltd will take into account first half net receipts less cash commitments. The broker awaits the company's commentary before making changes. Sell rating and $1.55 target retained.

Target price is $1.55 Current Price is $1.84 Difference: minus $0.29 (current price is over target).
If AWC meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.4

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

Ord Minnett rates AZJ as Sell (5) -

Ord Minnett observes the March quarter was tough for the company's above-rail operations, with volumes generally lower. In addition, while the impact of Cyclone Debbie was already known on coal volumes, a temporary customer issue flared in iron ore.

A derailment and track wash-out at the Cliffs' Koolyanobbing mine meant iron ore volumes fell -7% in the quarter. Although this has been resolved, it reminds  the broker that, with only three customers, the concentration risk is relatively high.

Sell rating and $4.15 target retained.

Target price is $4.15 Current Price is $5.19 Difference: minus $1.04 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.86, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Citi rates BDR as Neutral (3) -

Back in late February, financial results missed on just about every metric.  It is clear from Citi's comments post the release of March quarter production achievements that the company has followed up with more misses and disappointment.

While production proved well below targets and expectations, Citi analysts point at all-in costs (AISC) which at US$1,161/oz are well above expectations. Target price declines to 28c from 32c. Neutral rating retained.

Target price is $0.28 Current Price is $0.23 Difference: $0.05
If BDR meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

March quarter production was weak and Macquarie believes Access and machine availability negatively affected  the outcome. A key constraint on production at Tucano is the configuration which limits feed to oxide only.

A feasibility study is underway to assess the necessary upgrades to process fresh ore. The broker believes the production profile will strengthen now and mine life extensions are also likely.

Rating is upgraded to Outperform from Neutral. Target is $0.30.

Target price is $0.30 Current Price is $0.23 Difference: $0.07
If BDR meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates BHP as Upgrade to Buy from Neutral (1) -

Wet weather in Queensland and Escondida strikes virtually guaranteed the March quarter was going to be weak, and that's exactly what the company delivered, suggest analysts at Citi.

Citi analysts have updated their commodity prices projections, leading to further upgrades. In combination with a noticeably weaker share price, this has triggered an upgrade to Buy from Neutral. Target price remains unchanged at $28.50.

Noteworthy: EPS estimates have been reduced for FY17 but increased for FY18, though still no growth is anticipated post FY17. DPS estimates have been lifted across the board.

Target price is $28.50 Current Price is $24.08 Difference: $4.42
If BHP meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Deutsche Bank rates BHP as Hold (3) -

BHP's March Q copper production was hit hard by the 44-day Escondida strike while Debbie reduced coal production and iron ore also suffered from wet weather. All up the broker has reduced forecast earnings by -5%. Target falls to $24.50 from $25.00 and Hold retained.

Meanwhile, the company's Fayetteville US shale acreage may once again go up for sale after an unsuccessful attempt two years ago.

Target price is $24.50 Current Price is $24.08 Difference: $0.42
If BHP meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Macquarie rates BHP as Outperform (1) -

March quarter production was broadly in line with Macquarie's forecasts. Cuts to FY17 production guidance for coking coal and copper were delivered as expected.

The broker notes the company appears to be stepping up plans to sell non-core shale acreage both in the Hawkville and Fayetteville tenements.

Recent declines in iron ore and hard coking coal prices have reduced the upside  to the broker's forecasts under a spot price scenario. Outperform rating and $29 target retained.

Target price is $29.00 Current Price is $24.08 Difference: $4.92
If BHP meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Morgan Stanley rates BHP as Overweight (1) -

March quarter production was broadly in line with Morgan Stanley's expectations. FY17 guidance has been reduced for copper and metallurgical coal.

Copper was already factored into the broker's forecast while the metallurgical coal impact comes as no surprise, given infrastructure disruption in the Bowen Basin.

Overweight rating, Attractive sector view and $31.50 target retained.

Target price is $31.50 Current Price is $24.08 Difference: $7.42
If BHP meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Morgans rates BHP as Add (1) -

March quarter production of copper and iron ore were slightly below forecasts. Petroleum was in line.

Morgans observes the company is re-shaping US onshore assets, signalling talks to sell 50,000 acres in Hawksville are advanced while the future of Fayetteville is still being considered.

The broker envisages attractive upside remains on offer for the stock, retaining an Add rating. Target is reduced to $28.18 from $28.48.

Target price is $28.18 Current Price is $24.08 Difference: $4.1
If BHP meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Ord Minnett rates BHP as Hold (3) -

Ord Minnett found the March quarter production report lacklustre and output missed forecasts across most divisions. Pilbara iron ore shipments were -4% below estimates while copper materially missed forecasts.

Petroleum missed estimates slightly, with the broker noting Fayetteville and Hawksville South are up for sale and there are two new rigs employed at Haynesville.

The broker retains a Hold rating and $26 target.

Target price is $26.00 Current Price is $24.08 Difference: $1.92
If BHP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

UBS rates BXB as Buy (1) -

UBS has conducted a survey of pallet users in the US to gauge industry trends and assess the issues that face the company in that market.

The survey reinforces pricing as a key consideration in pallet sourcing although customers value pallet quality and the availability almost as much as cost. This is the key differentiator for CHEP versus white wood.

The broker makes a number of changes to forecasts and has greater confidence resulting from the survey. Target rises to $11.50 from $10.60. Buy rating retained.

Target price is $11.50 Current Price is $9.89 Difference: $1.61
If BXB meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.54, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

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

Credit Suisse has upgraded to Outperform from Neutral. The analysts do not believe the latest profit warning is more evidence of structural decline for the company's key products; we are merely witnessing temporary headwinds, argue the analysts.

Because forecasts beyond the current financial year do not fall, the stockbroker's DCF valuation is only impacted by -10c. Target thus falls to $10.30 from $10.40.

In the absence of volume growth, the analysts believe management will still achieve stable margins and slightly higher prices, helped by a second $100m cost reduction program and the closure of the SA bottling plant.

Target price is $10.30 Current Price is $9.36 Difference: $0.94
If CCL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.62, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Morgans rates GHC as Hold (3) -

NorthWest Australia has announced a bid for all outstanding units in the company at $2.24, which Morgans calculates is a 45.5% premium to the December net tangible assets of $1.54.

The broker retains a Hold rating and awaits a formal recommendation from the company. Target is revised to $2.24 from $2.04.

Target price is $2.24 Current Price is $2.27 Difference: minus $0.03 (current price is over target).
If GHC meets the Morgans 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 FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates IGO as Upgrade to Buy from Neutral (1) -

Citi has upgraded to Buy from Neutral following share price weakness. Independence Group's March quarter update proved weaker than expected, but Citi analysts draw confidence from the fact Nova is back on track.

The Nova mine is expected to reach nameplate output in the September quarter, point out the analysts. Price target falls to $4.16.

Target price is $4.16 Current Price is $3.12 Difference: $1.04
If IGO meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Deutsche Bank rates IGO as Buy (1) -

A mixed March Q for Independence saw a sharp grade decline at Tropicana and four-year low production at Jaguar. Commissioning is progressing at Nova but lost development is impacting on the mine plan, the broker notes.

The broker expects a Nova downgrade in the June Q report. Otherwise, the balance sheet remains strong and the company's broader portfolio remains on track. The premium once applied by the market for nickel upside had now gone, making the stock as cheap as it has been for some time, the broker suggests.

Buy and $4.10 target retained.

Target price is $4.10 Current Price is $3.12 Difference: $0.98
If IGO meets the Deutsche Bank target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Macquarie rates IGO as Outperform (1) -

March quarter production was soft and Macquarie notes both Tropicana and Jaguar were -10% and -40% lower than expectations respectively.

Nova development rates are back on track. The broker reduces earnings forecasts as a result of the production numbers, with cuts to Jaguar the main driver behind  the -6% cut to FY17 estimates.

Outperform rating and $3.80 target retained.

Target price is $3.80 Current Price is $3.12 Difference: $0.68
If IGO meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgan Stanley rates IGO as Overweight (1) -

Morgan Stanley observes Tropicana continues to perform well and production in the year to date suggests the asset is running at the top end of production guidance.

Jaguar is expected to miss zinc guidance, with a poorer-than-expected performance underground.

Overweight retained. Target is $4.20. Attractive sector view retained.

Target price is $4.20 Current Price is $3.12 Difference: $1.08
If IGO meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

UBS rates IGO as Neutral (3) -

The Tropicana Long Island study is now due in the September quarter, whereas UBS had expected it in the June quarter.

 Given recent concerns around staffing, with increased material movement, the broker expects the market to be cautious on the ramping up activity. Nevertheless, the broker accounts for increases in volumes in its numbers already.

Neutral rating and $3.81 target retained.

Target price is $3.81 Current Price is $3.12 Difference: $0.69
If IGO meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Macquarie rates MLX as Outperform (1) -

Macquarie observes March quarter production was mixed, with a solid performance from Renison Bell offset by weaker production at Nifty.

The company is stepping up underground development and targets a rate of 40,000 tonnes per annum of copper-in-concentrate by late 2017/early 2018.  Macquarie assumes the target is achieved in mid-2018.

The broker reduces FY17 earnings estimates after incorporating the results, with forecasts falling by -53%. Outperform rating and $1 target retained.

Target price is $1.00 Current Price is $0.71 Difference: $0.295
If MLX meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates QAN as Outperform (1) -

Macquarie explores the potential for buy-backs. The broker expects $500m to be bought back in FY18 and FY19 and continues to believe the investor briefing on May 5 is the near-term catalyst.

Aside from the briefing the broker accepts catalysts are limited, although retains a view that the stock is fundamentally undervalued.

Outperform maintained. Target is $4.90.

Target price is $4.90 Current Price is $4.01 Difference: $0.89
If QAN meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.44, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates RBL as Add (1) -

The company has recovered in the March quarter, with a 35.3% increase in transaction volumes and Morgans believes the global market potential for the company's merchandise is many times the current volume of sales.

The business is yet to break even on cash flow and is thus high risk, the broker acknowledges, but successful implementation of the current strategy should deliver substantial returns commensurate with this risk.

Add rating and $1.29 target retained.

Target price is $1.29 Current Price is $0.74 Difference: $0.555
If RBL meets the Morgans target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates RMD as Buy (1) -

ResMed is scheduled to release quarterly performance numbers on Friday and Citi analysts believe the company is poised to beat market consensus; EPS (adjusted) of US$0.72 versus US$0.70.

On the negative side, the analysts concede there is a possibility that the expected ramp-up in masks sales might be pushed farther to 4Q and early FY18. This would be a negative surprise.

Target price is $10.32 Current Price is $9.40 Difference: $0.92
If RMD meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.55, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.7

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

Morgan Stanley rates RMD as Overweight (1) -

The first full quarter contribution from new mask sales leaves expectations low, yet Morgan Stanley continues to envisage upside to gross margins, earnings and the stock being driven by the F20/N20 roll out. Industry diligence has indicated support for the AirFit series.

Overweight rating. Industry view is In-Line. Price target is US$73.10.

Current Price is $9.40. Target price not assessed.

Current consensus price target is $9.55, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.7

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

Morgans rates SOM as Add (1) -

North American sales were weaker than expected in the March quarter while Morgans observes Europe was exceptionally strong. The broker expects recent softness in North America to be short lived.

Morgans downgrades forecasts in line with management guidance, to 67,000 units for FY17. As a result the target is reduced to $3.84 from $4.05. Add rating retained.

Target price is $3.84 Current Price is $3.22 Difference: $0.62
If SOM meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates SXY as Neutral (3) -

As it turned out, the March quarter production report missed expectations as far as production volumes are concerned, albeit only slightly, but sales and achieved pricing met and surprised positively respectively.

Citi has cut its price target to $0.34 from $0.35 on lower production volume estimates. Neutral rating retained.

Target price is $0.34 Current Price is $0.32 Difference: $0.025
If SXY meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates SXY as Hold (3) -

Temporary mechanical failures led Senex' production to miss the broker's March Q forecast by -15%. Revenue was thus weaker and the oil price was lower as well. Oil production guidance has been downgraded for a second time.

But given Western Surat CSG represents 85% of the broker's valuation, and the company has plenty of cash, the analysts argue oil is becoming less material to the Senex thesis. Hold and 30c target retained.

Target price is $0.30 Current Price is $0.32 Difference: minus $0.015 (current price is over target).
If SXY meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.33, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

The company has downgraded production guidance for FY17, while the Cooper Basin oil production has been affected by well for issues and natural field decline.

Increasingly, Morgan Stanley observes, the investment case centres on the Western Surat gas ramp up and the expansion potential over time.

The broker retains an Equal-weight rating and In-Line industry view. Target is reduced to 30c from 31c.

Target price is $0.30 Current Price is $0.32 Difference: minus $0.015 (current price is over target).
If SXY 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 $0.33, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgans rates SXY as Add (1) -

Morgans believes the company is ideally positioned in a local market that can be only characterised as flush on acreage but poor on capital.

The broker envisages an opportunity to drive value from the Western Surat Gas Project while pursuing new growth through further deals on the east coast.

The stock is expected to present a strong value proposition, supported by existing Cooper Basin oil and gas production. Add rating retained. Target is reduced to $0.41 from $0.45, applying updated oil price forecasts.

Target price is $0.41 Current Price is $0.32 Difference: $0.095
If SXY meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

Ord Minnett has returned to the stock after what appears to be a very brief interlude. The broker now has a Buy recommendation and $13.79 target.

The broker believes the company is entering a period of strong earnings growth, driven by an attractive range of options across the B2C and B2B divisions.

Target price is $13.79 Current Price is $11.25 Difference: $2.54
If WEB meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.12, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Citi rates WSA as Neutral (3) -

Post the release of "solid production at lower costs" numbers for the March quarter, Citi has kept its Neutral rating but lowered the price target to $2.45 from $2.60.

Having updated commodity prices forecasts, Citi is now working off lower forecasts for nickel. Regardless, the analysts believe the company continues to offer offset through improved operational flexibility, growth options and a healthy cash balance.

Target price is $2.45 Current Price is $2.15 Difference: $0.3
If WSA meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates WSA as Hold (3) -

Western Areas' March Q production was -3% below the broker's forecast but costs were -6% lower. The broker expects the company to exceed guidance for the seventh year in a row but notes cash flow is flying close to the breakeven wind at current nickel prices.

With the market pricing in a stronger nickel price, the broker retains Hold and a $2.40 target.

Target price is $2.40 Current Price is $2.15 Difference: $0.25
If WSA meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Macquarie rates WSA as Outperform (1) -

March quarter production was solid and in line with Macquarie's expectations. The business was cash-flow positive during the quarter.

The broker makes some reductions to earnings estimates to reflect first half to appreciation rates. The modest extension to mine life at Spotted Quoll and Flying Fox drives a 4% uplift in the target to $2.80 from $2.70.

Outperform retained.

Target price is $2.80 Current Price is $2.15 Difference: $0.65
If WSA meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgan Stanley rates WSA as Underweight (5) -

Morgan Stanley observes the company is continuing its track record of steady production with resource additions a step in the right direction. Although the Odysseus study is progressing, as it stands, at current nickel prices, the broker considers the asset a marginal producer.

The broker estimates the stock is currently factoring in a nickel spot price of US$6.50/lb, which is significantly above spot prices.

Underweight rating, Attractive industry view and $2.05 target retained.

Target price is $2.05 Current Price is $2.15 Difference: minus $0.1 (current price is over target).
If WSA 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 $2.49, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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