Australian Broker Call

UBS rates ALL as Buy (1) -

UBS calculates strong growth continued in the September quarter with growth of around 38% for Product Madness and 5% for Big Fish social casinos. The broker believes the recent sell-off in the shares is a buying opportunity as the market is not pricing in a 30% growth outlook during FY19.

Buy rating maintained. Target rises to $37.00 from $36.60.

Target price is $37.00 Current Price is $28.37 Difference: $8.63
If ALL meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $34.94, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates AZJ as Sell (5) -

Using the current share price and guidance for the 'above rail' business in FY19, Citi calculates the share price implies operating earnings for the network business of around $440m, a decline of -9% on FY18.

While uncertainty exists about the network business through the UT5 regulatory period, the broker believes the share price implies a harsh downside scenario for near-term earnings in the absence of the UT5 decision being implemented. The judicial review commences on October 22.

Citi maintains a Sell rating and $3.80 target.

Target price is $3.80 Current Price is $3.93 Difference: minus $0.13 (current price is over target).
If AZJ 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 $4.25, suggesting upside of 8.1% (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

Morgan Stanley rates BPT as Overweight (1) -

A range of capital management initiatives is likely over the next 18 months and Morgan Stanley believes it plausible Beach Energy could move to a 30-40% pay-out at the next result. The broker calculates $1.2bn in free cash will be generated over the next three years.

The broker believes the risk profile has reduced significantly over the past 12 months and any near-term weakness should be used as an opportunity. Target is raised to $2.20 from $2.00. Overweight retained. Industry view: Attractive.

Target price is $2.20 Current Price is $1.75 Difference: $0.45
If BPT meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Macquarie rates COE as Outperform (1) -

Cooper Energy's Sep Q production report was in line with expectation. The Netherby-1 well has been shut down due to electrical issues but there is no change to FY19 guidance, the broker notes.

The stock remains the broker's preference in the mid-cap energy space due to exposure to east coast market, while fast-tracking of exploration drilling in 2019 could provide near term catalysts. Outperform and 55c target retained.

Target price is $0.55 Current Price is $0.46 Difference: $0.09
If COE meets the Macquarie target it will return approximately 20% (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

Morgans rates COE as Add (1) -

Morgans observes production continued to recover in the first quarter and the focus is returning to growth. The company has steadily de-risked its flagship Sole gas project.

As the company is shifting towards exploration/appraisal of the Otway and Gippsland Basins the broker envisages plenty of upside on offer. Add rating maintained. Target is raised to $0.61 from $0.60.

Target price is $0.61 Current Price is $0.46 Difference: $0.15
If COE meets the Morgans target it will return approximately 33% (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

Macquarie rates DCN as Outperform (1) -

Dacian Gold's Sep Q production fell -14% short of expectation on lower grades, despite improvement in most metrics. The broker expects grades to improve as new underground mining fronts come on line.

The miner's exploration pipeline is strong, the broker notes, including the Cameron Well open pit prospect. The ramp-up of Mt Morgans remains the key catalyst over the remainder of 2018. Outperform and $3.10 target retained.

Target price is $3.10 Current Price is $2.28 Difference: $0.82
If DCN meets the Macquarie target it will return approximately 36% (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

Morgan Stanley rates DHG as Overweight (1) -

Domain has signalled soft trading for the September quarter and this is likely to continue over the first half. No explicit full year guidance was provided.

Morgan Stanley considers the weakness cyclical, not structural, but nonetheless observes it is a negative, not only for Domain but also for Fairfax ((FXJ)) and Nine Entertainment ((NEC)).

Target price is steady at $4, industry view is Attractive, and Overweight rating retained.

Target price is $4.00 Current Price is $2.66 Difference: $1.34
If DHG meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

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 EPW as Add (1) -

The company has netted $0.13 per share from the sale of its loss-making US business. Morgans upgrades the target to $2.05 from $1.95 as a result. The broker had previously not factored any sale proceeds into valuation.

The company expects to record a loss of around -US$6m in FY19 for the US business. An update will be provided in February regarding the use of the sale proceeds. Add rating is maintained.

Target price is $2.05 Current Price is $1.70 Difference: $0.35
If EPW meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates EPW as Upgrade to Accumulate from Hold (2) -

The company has signed an agreement to sell its US subsidiary Source Power & Gas to Direct Energy for US$27m, effectively simplifying the investment proposition for investors, say the analysts.

For company management, this deal now offers the opportunity to concentrate solely on Australian retailing with Ord Minnett adding the shares look cheap/attractive while offering a history of stable retail margins.

Target price lifts to $1.90 from $1.60. Recommendation has been upgraded to Accumulate from Hold. Estimates have been lifted.

Target price is $1.90 Current Price is $1.70 Difference: $0.2
If EPW meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates EVN as Buy (1) -

The company is off to a strong start for FY19, beating guidance for September quarter production. Citi lifts estimates slightly.

The main driver of the share price over the next year should be exploration at Cowal, where the epithermal system is proving to be of higher grade than previously estimated. Citi maintains a Buy rating and increases the target to $3.35 from $3.10.

Target price is $3.35 Current Price is $3.04 Difference: $0.31
If EVN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Credit Suisse rates EVN as Neutral (3) -

Credit Suisse analysts don't spend a lot of commentary on the company's quarterly production report, instead summarising the key points from the market update.

Bottom line: target price remains unchanged at $2.65. Rating Neutral (unchanged). Small changes have been made to forecasts.

Target price is $2.65 Current Price is $3.04 Difference: minus $0.39 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.00, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

September quarter production beat guidance. Morgan Stanley notes grades were maintained but should taper towards reserve, implying lower production in coming quarters.

Equal-weight rating maintained. Target is $2.70. Industry view is: In-Line.

Target price is $2.70 Current Price is $3.04 Difference: minus $0.34 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.00, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Ord Minnett rates EVN as Accumulate (2) -

The company's quarterly production report surprised to the upside in terms of volume. Ord Minnett observes every asset, except Cowal, performed better than expected.

All-in costs also surprised positively. The broker suggests the odds remain in favour of the company beating its own, conservative, guidance for the year.

Accumulate rating retained, as well as the $3.20 price target.

Target price is $3.20 Current Price is $3.04 Difference: $0.16
If EVN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates EVN as Neutral (3) -

UBS was pleased with the September quarter performance which supports the company's reputation for consistent operations.

The broker believes the stock is a relatively low-risk option for those looking for gold price exposure and wanting to minimise specific operating risk, but also assesses the stock is trading around fair value. Neutral rating maintained. Target is raised to $3.05 from $2.90.

Target price is $3.05 Current Price is $3.04 Difference: $0.01
If EVN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Citi rates FBU as Neutral (3) -

Fletcher Building has withdrawn its proposal to acquire Steel and Tube following that company's decision to reject the upgraded offer.

Citi believes the withdrawal is disappointing for both Steel and Tube shareholders and Fletcher Building, as it removes potential for upward earnings revisions and the prospect of a more consolidated market. Neutral rating and NZ$6.30 target maintained.

Current Price is $5.63. Target price not assessed.

Current consensus price target is $6.36, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.2

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

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

Further analysis of the proposed merger with Nine Entertainment suggests to Credit Suisse analysts the deal will be dilutive for Nine shareholders in the first two years and only EPS neutral in year three post the merger.

The analysts suggest management will seek additional synergies (read: cost cutting) to the tune of $30m to achieve EPS neutrality.

As the analysts believe the merger will go ahead, they have upgraded to Outperform from Neutral. Price target lifts by 5c to 90c.

Target price is $0.90 Current Price is $0.69 Difference: $0.21
If FXJ meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $0.85, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates FXJ as Overweight (1) -

Morgan Stanley considers the extra detail provided in the takeover documents by Nine Entertainment ((NEC)) is negative for Fairfax shares. The TV advertising market has softened as has Nine Entertainment's growth. Furthermore, Domain ((DHG)), one of the company's key assets, has sharply reduced guidance.

Overweight rating, Industry view is Attractive. Price target is $1.

Target price is $1.00 Current Price is $0.69 Difference: $0.31
If FXJ meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $0.85, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

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

Morgans is upgrading its recommendation to Add from Hold following a sharp contraction in the share price, which has been caused by global uncertainty.

While expecting global markets to remain volatile and the share price to move accordingly, Morgans believes the stock is reasonable value for long-term investors. Target is $14.52.

Target price is $14.52 Current Price is $11.28 Difference: $3.24
If IRE meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates JHX as Upgrade to Overweight from Equal-weight (1) -

The stock has de-rated materially and is now at its lowest level relative to the ASX Industrials for the last 10 years, Morgan Stanley notes. The broker believes concerns over US housing and primary demand growth are valid but overplayed.

The slump in the stock represents an opportunity and the broker upgrades to Overweight from Equal-weight. While housing affordability may have deteriorated, home builders continue to report solid new orders.

The broker adjusts forecasts to allow for margin pressure as prices for pulp and freight remain elevated. Marginal downgrades to earnings estimates are made across the next three years. Industry view is Cautious. Target price is $23.

Target price is $23.00 Current Price is $19.26 Difference: $3.74
If JHX meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $24.34, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in March.

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: 0.9

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

Credit Suisse rates MHJ as Outperform (1) -

Credit Suisse analysts saw a weak Q1 trading update from the jewellery retailer. Same store sales were down -11.0%, among other negatives.

The analysts do point out the quarter was cycling a strong quarter last year, but estimates have been reduced nevertheless. As highlighted, negative operating leverage delivers a -17-20% reduction to NPAT forecasts.

Credit Suisse acknowledges there are still numerous risks, and potential remains for further disappointment, but the share price is simply too cheap to not rate it Outperform, in the analysts' opinion. Target prices falls to NZ$1.01 from NZ$1.35.

Equally noteworthy: DPS estimates have been cut by more than half from estimates updated in late August.

Current Price is $0.69. Target price not assessed.

Current consensus price target is $0.83, suggesting upside of 20.8% (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 MHJ as Outperform (1) -

Michael Hill has transitioned from discount-led retailer to differentiated omni-channel brand and the new structure has not quite clicked yet, the broker notes, with Sep Q sales and margins well below forecast. The broker maintains faith in the strategy and considers yesterday's share price thumping overdone.

A better Dec Q will be needed to regain investor support but the broker sticks with Outperform at this level despite cutting earnings forecasts by -16%. Target falls to 85c from $1.20.

Target price is $0.85 Current Price is $0.69 Difference: $0.16
If MHJ meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 20.8% (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

Morgan Stanley rates NEA as Overweight (1) -

Morgan Stanley believes the economics for the business are improving both domestically and in the US. The broker is further convinced that FY19 forecasts are achievable and reiterates an Overweight rating.

The recent sell-off in tech stocks provides an attractive entry point, the broker believes, for a stock offering global growth. Target is $2.00. Industry view: In-Line.

Target price is $2.00 Current Price is $1.41 Difference: $0.59
If NEA meets the Morgan Stanley target it will return approximately 42% (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 NEC as Outperform (1) -

Further analysis suggests to Credit Suisse the "merger" with Fairfax Media will be EPS dilutive to Nine, but the analysts still think this is a sound idea as it creates a more diversified media conglomerate.

The merger benefits include greater exposure to growth assets in the shape of Domain ((DHG)) and Stan. Target price moves to $2.35 (was $2.50). Outperform rating retained.

Target price is $2.35 Current Price is $1.86 Difference: $0.49
If NEC meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates OEL as Add (1) -

The company has not had a good start to its exploration program, with Bivouac Peak and Big Tex proving non-commercial. The sell-off in the share price is leaving little value for the remaining eight exploration targets and Morgans believes this provides an opportunity.

Add rating maintained. Target is reduced to $0.10 from $0.12.

Target price is $0.10 Current Price is $0.06 Difference: $0.04
If OEL meets the Morgans target it will return approximately 67% (excluding dividends, fees and charges).

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: 1.0

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

Morgans rates ORI as Hold (3) -

Morgans makes slight revisions to forecasts to account for delays with the ramp up at Burrup and tough operating conditions in Latin America. Also, the turnaround at Minova is taking longer than expected.

The company will report its FY18 result on November 2 and has guided to a weak outcome, although the broker expects second half trends will show an improvement. Morgans maintains a Hold rating and reduces the target is $17.25 from $18.15.

Target price is $17.25 Current Price is $16.42 Difference: $0.83
If ORI meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $17.85, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates PPS as Add (1) -

September quarter funds on platform were up 29%. Meanwhile, net inflows were a little weaker than expected although the company is confident this will improve in the next few quarters.

Morgans believes the company is on track to meet revenue and earnings forecasts in FY19. Add rating and $1.07 target maintained.

Target price is $1.07 Current Price is $0.85 Difference: $0.22
If PPS meets the Morgans target it will return approximately 26% (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

Macquarie rates RMD as Underperform (5) -

The broker notes current valuations for ResMed are elevated compared to historical levels and believes risk is to the downside in FY19 as the company cycles a strong FY18. The broker expects increased competition and also further litigation risk.

Underperform and $13 target retained. The broker prefers CSL ((CSL)) in the space.

Target price is $13.00 Current Price is $14.32 Difference: minus $1.32 (current price is over target).
If RMD meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.52, suggesting upside of 1.4% (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: 0.3

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

Deutsche Bank rates SUN as Buy (1) -

The stock has pulled back significantly from recent highs and is now providing an opportunity, Deutsche Bank believes. The broker also expects the ordinary dividend to be lifted because of improving earnings, while in FY19 the cost reduction program should start to deliver benefits.

The broker believes a simplified operating structure, strong market position and capital returns make the stock attractive at current levels and retains a Buy rating. Target is $15.10.

Target price is $15.10 Current Price is $13.67 Difference: $1.43
If SUN meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.31, suggesting upside of 12.0% (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

UBS rates SYR as Buy (1) -

Production for the September quarter was in line with guidance, albeit down on initial projections as a result of stoppages. UBS suspects the numerous incidents at Balama will weigh on the share price until operations reach positive cash flow early next year.

Buy rating maintained. Target is reduced to $3.00 from $3.10.

Target price is $3.00 Current Price is $1.75 Difference: $1.25
If SYR meets the UBS target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $3.53, suggesting upside of 101.7% (ex-dividends)

The company's fiscal year ends in December.

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

Deutsche Bank rates VEA as Buy (1) -

Deutsche Bank notes high fuel prices are affecting demand but this is more than offset by diesel and jet fuel.

The Australian Department of Environment and Energy has released petroleum statistics which show, as fuel prices increased, petrol volumes came under pressure, down -5% over the past three months.

Yet, overall volumes remain robust, growing by 5% because of diesel and jet fuel increases. Buy rating and $2.65 price target.

Target price is $2.65 Current Price is $2.10 Difference: $0.55
If VEA meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

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

Citi observes Coles delivered its strongest like-for-like sales growth in three years and the highest level of inflation in 10 years. Petrol volumes continue to decline by double digits but have held up in absolute terms over the past 12 months, the broker notes.

Citi makes small downgrades to estimates and upgrades Wesfarmers to Neutral from Sell following a de-rating of the stock. The broker reduces the target to $45.80 from $46.30.

Target price is $45.80 Current Price is $47.70 Difference: minus $1.9 (current price is over target).
If WES meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates WES as Neutral (3) -

Coles' supermarket sales growth accelerated in Q1, but Credit Suisse analysts counter that costs incurred in the quarter should temper margin expectations.

The analysts believe sales growth is poised to slow considerably from here onwards. Target price retained at $49.47 with a Neutral rating.

In response to the robust growth of 5.1% for the quarter, CS suggests 2.5% is the sustainable growth pace for the business. No changes have been made to forecasts.

Target price is $49.47 Current Price is $47.70 Difference: $1.77
If WES meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $47.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates WES as Hold (3) -

Deutsche Bank always believed sales at Coles were going to be strong in the September quarter given the benefits from Little Shop, free plastic bags and increased Flybuys activity.

However, the CEO appeared to suggest the trend will moderate towards levels experienced at the end of the fourth quarter of FY18, which is broadly in line with the broker's expectations. Hold rating. Target is $48.

Target price is $48.00 Current Price is $47.70 Difference: $0.3
If WES meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $47.88, suggesting upside of 0.4% (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 WES as No Rating (-1) -

The cringing reality of complete sets of Coles "Little Shop" items being sold on Ebay for thousands has been reflected in the supermarket's Sep Q sales result, with sales rising 5.1% compared to 1.8% in the June Q and 0.3% in the Sep Q last year. Improved availability and free plastic bags also helped, but sales will revert to mean this quarter, Wesfarmers admits.

Can't have a Little Shop every quarter. The broker is involved in the spin-off so is currently restricted on Wesfarmers. It does nevertheless note this result is a negative read-through for Woolworths ((WOW)).

Current Price is $47.70. Target price not assessed.

Current consensus price target is $47.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates WES as Underweight (5) -

Coles has reported better-than-expected first quarter sales, supported by the successful Little Shop promotion. Morgan Stanley was surprised that food inflation has moved into positive for the first time in 10 years and this could influence the company's future strategy.

The broker concedes it is too early to assess how Coles will evolve and operate as a stand-alone company, but suspects price-based competition will become less of a focus.

Morgan Stanley also notes Coles has lost share within its convenience business as fuel volumes declined -16% during the quarter. Underweight rating, $45 target and Cautious industry view maintained.

Target price is $45.00 Current Price is $47.70 Difference: minus $2.7 (current price is over target).
If WES 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 $47.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

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 WES as Hold (3) -

First quarter sales at Coles were ahead of Morgans' expectations amid improved in-store execution and investment in Flybuys promotion. Sales however were offset by a number of additional costs. The broker reduces FY19 estimates for earnings at Coles by -1%.

Coles is expected to begin trading as a separately listed entity on November 21 and Morgans believes it should trade at a discount to Woolworths ((WOW)), given a smaller store network and lower earnings margins. Hold rating maintained. Target is reduced to $48.40 from $51.43.

Target price is $48.40 Current Price is $47.70 Difference: $0.7
If WES meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $47.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates WES as Hold (3) -

Q1 like-for-like sales growth for Coles was stronger-than-expected and Ord Minnett analysts are confident Coles' growth will equally beat competitor Woolworths' ((WOW)) in Q2.

The analysts also note fuel volumes continue to decline and remain a challenge for the convenience business. Hold rating retained, alongside a $50 price target.

Target price is $50.00 Current Price is $47.70 Difference: $2.3
If WES meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $47.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates WES as Neutral (3) -

First quarter sales at Coles were in line with UBS estimates. Fuel was disappointing, because of lower volumes. Sales may have been strong but costs were also higher.

The main positive aspect of the result was improving inflation and UBS suspects upside to estimates if trends continue. Neutral and $48.50 target retained.

Target price is $48.50 Current Price is $47.70 Difference: $0.8
If WES meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $47.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

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 WTC as Upgrade to Neutral from Underperform (3) -

Macquarie had placed an Underperform rating on WiseTech as it had run too far beyond valuation assumptions. Now -27% off its peak in this current rout, albeit still 76% up year to date, the broker upgrades to Neutral.

Macquarie's valuation still implies strong growth, increasingly driven by M&A. However given the stock is leveraged to offshore tech market movements (Read: Nasdaq), the broker warns more volatility may yet lie ahead.

Target rises to $18.70 from $17.50.

Target price is $18.70 Current Price is $17.42 Difference: $1.28
If WTC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting downside of -7.0% (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