Australian Broker Call
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March 16, 2020
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| APA - | APA | Upgrade to Buy from Neutral | UBS |
| BLD - | BORAL | Upgrade to Outperform from Neutral | Credit Suisse |
| FLT - | FLIGHT CENTRE | Upgrade to Hold from Lighten | Ord Minnett |
| JBH - | JB HI-FI | Upgrade to Accumulate from Hold | Ord Minnett |
| NAB - | NATIONAL AUSTRALIA BANK | Upgrade to Overweight from Equal-weight | Morgan Stanley |
| S32 - | SOUTH32 | Upgrade to Outperform from Underperform | Macquarie |
| SYD - | SYDNEY AIRPORT | Upgrade to Neutral from Underperform | Credit Suisse |
| TWE - | TREASURY WINE ESTATES | Upgrade to Buy from Neutral | UBS |
| XRO - | XERO | Upgrade to Outperform from Neutral | Credit Suisse |
Overnight Price: $22.78
Citi rates ALL as Buy (1) -
Citi analysts have reduced their price target to $32.10 from $39.50 while keeping the rating on Buy as they attempt to price-in casinos closing around the world as the fallout from covid-19 continues.
For now, Citi's forecasts have been slashed for H2 which pushes FY20 EPS growth into the negative (-1.2%). The analysts acknowledge it is not yet known for how long casinos will be impacted, and closed.
For now, the forecast remains that EPS growth in FY21 and FY22 will be in double digit percentages.
Target price is $32.10 Current Price is $22.78 Difference: $9.32
If ALL meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $36.23, suggesting upside of 59.0% (ex-dividends)
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 67.00 cents and EPS of 138.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 155.3, implying annual growth of 41.7%. Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 75.00 cents and EPS of 162.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 171.1, implying annual growth of 10.2%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ALL as Buy (1) -
Evidence from Italy suggests a marked increase in the activity of existing electronic gaming machine users within digital titles. Ord Minnett believes the timeframe and example from Italy is enough to observe a benefit.
A similar increase in the consumption of digital entertainment is expected as the virus spreads to other markets. The broker maintains a Buy rating and $37.50 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $37.50 Current Price is $22.78 Difference: $14.72
If ALL meets the Ord Minnett target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $36.23, suggesting upside of 59.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 155.3, implying annual growth of 41.7%. Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 160.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 171.1, implying annual growth of 10.2%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.37
Credit Suisse rates AMC as Outperform (1) -
Credit Suisse has reviewed Amcor and believes the stock is irrationally priced. The broker retains an Outperform rating and $16.25 target.
While, on a reported basis, there was a -40% drop in operating cash flow in the first half, the broker's calculations indicate that underlying operating cash flow was around flat, which suggests full-year free cash flow guidance can be achieved.
Target price is $16.25 Current Price is $10.37 Difference: $5.88
If AMC meets the Credit Suisse target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $16.69, suggesting upside of 60.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 66.92 cents and EPS of 91.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.2, implying annual growth of N/A. Current consensus DPS estimate is 71.1, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 74.19 cents and EPS of 101.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.6, implying annual growth of 14.1%. Current consensus DPS estimate is 80.3, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 9.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.86
Morgan Stanley rates ANZ as Overweight (1) -
Morgan Stanley believes the outlook for Australian banks has shifted materially, given the combination of lower rates, less pricing power and a potential loan loss cycle.
The broker lowers FY21 estimates across the board by -10-18%. However, given the declines in share prices of more than -25%, the broker shifts its stance on the major banks to neutral from negative for the first time since September 2014.
Overweight. Target is reduced to $19.50 from $26.60. Industry view is In-Line.
Target price is $19.50 Current Price is $16.86 Difference: $2.64
If ANZ meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $24.32, suggesting upside of 44.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 132.00 cents and EPS of 181.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.6, implying annual growth of -4.5%. Current consensus DPS estimate is 151.7, implying a prospective dividend yield of 9.0%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 132.00 cents and EPS of 169.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 202.1, implying annual growth of 0.7%. Current consensus DPS estimate is 150.3, implying a prospective dividend yield of 8.9%. Current consensus EPS estimate suggests the PER is 8.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates APA as Upgrade to Buy from Neutral (1) -
APA Group is considered well insulated from supply and demand shocks related to coronavirus, despite having been caught up in the broader equity sell-off. Hence, UBS upgrades to Buy from Neutral.
The stock offers an attractive mix of growth and defensive income and is the preferred exposure across the broker's utilities coverage. Target is $11.40.
Target price is $11.40 Current Price is $8.98 Difference: $2.42
If APA meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $11.30, suggesting upside of 25.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 50.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.5, implying annual growth of 16.8%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 31.5. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 52.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 11.6%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.13
Morgan Stanley rates BEN as Underweight (5) -
Morgan Stanley believes the outlook for Australian banks has shifted materially, given the combination of lower rates, less pricing power and a potential loan loss cycle.
The broker lowers FY21 estimates across the board by -10-18%. However, given the declines in share prices of more than -25%, the broker shifts its stance on the major banks to neutral from negative for the first time since September 2014.
Underweight maintained. Industry view: In-Line. Target is reduced to $6.80 from $9.30.
Target price is $6.80 Current Price is $6.13 Difference: $0.67
If BEN meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $8.10, suggesting upside of 32.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 56.00 cents and EPS of 59.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.5, implying annual growth of -17.1%. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 9.7%. Current consensus EPS estimate suggests the PER is 8.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 50.00 cents and EPS of 58.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of -15.3%. Current consensus DPS estimate is 54.8, implying a prospective dividend yield of 8.9%. Current consensus EPS estimate suggests the PER is 10.3. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.95
Credit Suisse rates BLD as Upgrade to Outperform from Neutral (1) -
While Boral may screen as the stock to avoid, given high financial leverage, Credit Suisse believes this is more than compensated for by valuation.
The broker is no longer of the view that Boral will raise equity, beyond the possible extension of the dividend reinvestment plan.
The broker upgrades to Outperform from Neutral. Target is steady at $4.70.
Target price is $4.70 Current Price is $2.95 Difference: $1.75
If BLD meets the Credit Suisse target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $4.90, suggesting upside of 66.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 19.00 cents and EPS of 30.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 24.6%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 17.50 cents and EPS of 32.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 10.0%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.33
Morgan Stanley rates BOQ as Equal-weight (3) -
Morgan Stanley believes the outlook for Australian banks has shifted materially, given the combination of lower rates, less pricing power and a potential loan loss cycle.
The broker lowers FY21 estimates across the board by -10-18%. However, given the declines in share prices of more than -25%, the broker shifts its stance on the major banks to neutral from negative for the first time since September 2014.
Equal-weight. Target is reduced to $6.10 from $7.60. Industry view is In-Line.
Target price is $6.10 Current Price is $5.33 Difference: $0.77
If BOQ meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $7.30, suggesting upside of 37.0% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 44.00 cents and EPS of 62.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.4, implying annual growth of -17.8%. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 9.2%. Current consensus EPS estimate suggests the PER is 8.1. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 44.00 cents and EPS of 55.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of -3.8%. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 9.2%. Current consensus EPS estimate suggests the PER is 8.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $61.15
Morgan Stanley rates CBA as Underweight (5) -
Morgan Stanley believes the outlook for Australian banks has shifted materially, given the combination of lower rates, less pricing power and a potential loan loss cycle.
The broker lowers FY21 estimates across the board by -10-18%. However, given the declines in share prices of more than -25%, the broker shifts its stance on the major banks to neutral from negative for the first time since September 2014.
Underweight. Target is reduced to $60.00 from $75.50. Industry view: In-Line.
Target price is $60.00 Current Price is $61.15 Difference: minus $1.15 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $70.24, suggesting upside of 14.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 400.00 cents and EPS of 475.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 477.2, implying annual growth of -1.7%. Current consensus DPS estimate is 426.6, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 370.00 cents and EPS of 455.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 477.8, implying annual growth of 0.1%. Current consensus DPS estimate is 406.3, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
More Research Tools In Stock Analysis - click HERE
Overnight Price: $7.96
Credit Suisse rates CTD as Outperform (1) -
The company has suspended guidance. Costs are being managed, which includes staff leave, shorter working weeks and reductions in discretionary expenditure.
Non-executive directors and the managing director will take a -20% reduction in fees and fixed remuneration for the remainder of FY20.
Credit Suisse reduces FY20 and FY21 underlying estimates for earnings per share by -71% and -33% respectively. Outperform rating maintained. Target is reduced to $12 from $24.
Target price is $12.00 Current Price is $7.96 Difference: $4.04
If CTD meets the Credit Suisse target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 116.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 18.00 cents and EPS of 23.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of -30.4%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 23.94 cents and EPS of 68.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 40.8%. Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CTD as Hold (3) -
Corporate Travel Management has withdrawn FY20 guidance. The broker has revised down forecasts with the caveat of best guess under the circumstances. The broker's travel sector view is one of depressed conditions throughout the first half FY21 before normalising in FY22.
While the share price appears severely oversold, down over -50%, there is still just too much uncertainty to suggest it's time to buy travel stocks, the broker warns, although Corporate Travel does remain preferred. Hold retained, target falls to $10.21 from $18.45.
Target price is $10.21 Current Price is $7.96 Difference: $2.25
If CTD meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 116.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 20.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of -30.4%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 28.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 40.8%. Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CTD as Accumulate (2) -
Market sentiment and the coronavirus have driven stocks to attractive levels, Ord Minnett suggests, provided one takes a 12-18 month view.
The question that should be asked, and the broker poses, is whether the business can survive the period and how they will be structurally positioned once the virus has run its course.
Ord Minnett now estimates operating earnings (EBITDA) are likely to be down in the range of -40-70% from pre-virus levels.
Accumulate rating maintained. Target is reduced to $10.59 from $13.55.
Target price is $10.59 Current Price is $7.96 Difference: $2.63
If CTD meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 116.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 18.00 cents and EPS of 40.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of -30.4%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 15.20 cents and EPS of 33.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 40.8%. Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CTD as Buy (1) -
Corporate Travel has suspended prior FY20 guidance. The impact of coronavirus is proving more severe than prior assumptions, driven by travel restrictions announced by governments and corporate's limiting employee travel.
Cost containment measures are being implemented, including a -20% cut to fees and fixed remuneration for the remainder of FY20 for executive management.
While there is a large degree of near-term uncertainty, the long-term opportunity is large and UBS retains a Buy rating and $25.50 target.
Target price is $25.50 Current Price is $7.96 Difference: $17.54
If CTD meets the UBS target it will return approximately 220% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 116.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 29.60 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of -30.4%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 41.40 cents and EPS of 92.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 40.8%. Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FLT FLIGHT CENTRE LIMITED
Travel, Leisure & Tourism
More Research Tools In Stock Analysis - click HERE
Overnight Price: $16.33
Credit Suisse rates FLT as Outperform (1) -
Quantum and duration of the downturn in travel is not known. Credit Suisse estimates that Flight Centre has a capacity to fund a -30% reduction in revenue in the second half followed by a -10% reduction in revenue in the first half of FY21.
The broker considers the valuation somewhat academic at this stage. Outperform rating maintained. Target is reduced to $26.74 from $47.40.
Target price is $26.74 Current Price is $16.33 Difference: $10.41
If FLT meets the Credit Suisse target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $30.00, suggesting upside of 83.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 40.00 cents and EPS of 102.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.3, implying annual growth of -47.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 176.15 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.1, implying annual growth of 48.7%. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FLT as Overweight (1) -
Flight Centre has suspended FY20 guidance in the light of the uncertainty over coronavirus. Travel restrictions are significantly affecting demand and the recovery is uncertain.
The company expects the impact to continue into April at the very least. Flight Centre is initiating a strategic response to protect and grow market share and reduce costs.
Overweight retained. Target is $42. Industry view is Cautious.
Target price is $42.00 Current Price is $16.33 Difference: $25.67
If FLT meets the Morgan Stanley target it will return approximately 157% (excluding dividends, fees and charges).
Current consensus price target is $30.00, suggesting upside of 83.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 105.00 cents and EPS of 175.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.3, implying annual growth of -47.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 161.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.1, implying annual growth of 48.7%. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates FLT as Hold (3) -
Flight Centre has withdrawn FY20 guidance. The broker has revised down forecasts with the caveat of best guess under the circumstances. The broker's travel sector view is one of depressed conditions throughout the first half FY21 before normalising in FY22.
While the share price appears severely oversold, down over -50%, there is still just too much uncertainty to suggest it's time to buy travel stocks, the broker warns. Hold retained, target falls to $20.98 from $36.56.
Target price is $20.98 Current Price is $16.33 Difference: $4.65
If FLT meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $30.00, suggesting upside of 83.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 72.00 cents and EPS of 121.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.3, implying annual growth of -47.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 96.00 cents and EPS of 160.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.1, implying annual growth of 48.7%. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates FLT as Upgrade to Hold from Lighten (3) -
The decision to close 100 retail shops is the positive catalyst Ord Minnett was looking for, although this was overshadowed by the negative impact of coronavirus on the earnings outlook.
While the uncertainty may drive share price movements in the near term, the broker believes shop closures will have a positive impact on earnings from FY21.
Rating is upgraded to Hold from Lighten and the target is reduced to $21.54 from $25.49.
Target price is $21.54 Current Price is $16.33 Difference: $5.21
If FLT meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $30.00, suggesting upside of 83.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 137.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.3, implying annual growth of -47.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 117.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.1, implying annual growth of 48.7%. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $30.24
Ord Minnett rates JBH as Upgrade to Accumulate from Hold (2) -
Ord Minnett considers the valuation attractive following the decline in the share price, especially given JB Hi-Fi's track record.
The stock is the best positioned among its peers and the broker upgrades to Accumulate from Hold. Target is $38.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $38.00 Current Price is $30.24 Difference: $7.76
If JBH meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $38.70, suggesting upside of 28.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.8, implying annual growth of 5.7%. Current consensus DPS estimate is 151.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.7, implying annual growth of 3.4%. Current consensus DPS estimate is 155.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.40
Macquarie rates LLC as Outperform (1) -
Macquarie adjusts earnings and valuation, given the implications from coronavirus. Capital recycling earnings are downgraded, given a likely reduction in transactions. This will delay balance sheet improvement.
The broker retains an Outperform rating and lowers the target to $16.86. Estimates for earnings per share are reduced by -12% for FY20 and -20% for FY21.
Target price is $16.86 Current Price is $13.40 Difference: $3.46
If LLC meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $20.09, suggesting upside of 49.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 57.90 cents and EPS of 111.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 127.5, implying annual growth of 53.8%. Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 57.30 cents and EPS of 115.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.6, implying annual growth of 1.6%. Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.51
Morgan Stanley rates NAB as Upgrade to Overweight from Equal-weight (1) -
Morgan Stanley believes the outlook for Australian banks has shifted materially, given the combination of lower rates, less pricing power and a potential loan loss cycle.
The broker lowers FY21 estimates across the board by -10-18%. However, given the declines in share prices of more than -25%, the broker shifts its stance on the major banks to neutral from negative for the first time since September 2014.
National Australia Bank is upgraded to Overweight from Equal-weight. Target is reduced to $19.50 from $25.50. Industry view: In-line.
Target price is $19.50 Current Price is $16.51 Difference: $2.99
If NAB meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $24.91, suggesting upside of 50.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 140.00 cents and EPS of 150.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.6, implying annual growth of 9.3%. Current consensus DPS estimate is 159.9, implying a prospective dividend yield of 9.7%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 140.00 cents and EPS of 177.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 198.7, implying annual growth of 1.6%. Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 9.5%. Current consensus EPS estimate suggests the PER is 8.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $22.50
Morgan Stanley rates RMD as Equal-weight (3) -
The company is experiencing increased demand for ventilation products, although there has been a slowdown in sleep apnoea diagnosis in some markets, particularly those that rely on hospitals for diagnosis.
Ventilators are a small part of the business, and Morgan Stanley suspects any impact from increased sales could be more than offset by the disruption to diagnosis rates.
Given the rich valuation, the broker suggests there is little in the way off a slowdown priced into the growth trajectory. Equal-weight. Target is US$165. Industry view: In-Line.
Current Price is $22.50. Target price not assessed.
Current consensus price target is $24.26, suggesting upside of 7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 22.69 cents and EPS of 60.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of N/A. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 33.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 22.69 cents and EPS of 70.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.9, implying annual growth of 12.0%. Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 30.0. |
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
Overnight Price: $1.80
Macquarie rates S32 as Upgrade to Outperform from Underperform (1) -
Macquarie upgrades to Outperform from Underperform, noting short-term earnings momentum has improved.
The robust nature of the iron ore market continues to underpin earnings upgrade momentum for the major miners as well. Target is $2.20.
Target price is $2.20 Current Price is $1.80 Difference: $0.4
If S32 meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.84, suggesting upside of 57.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 4.51 cents and EPS of 6.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of N/A. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 7.57 cents and EPS of 19.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.2, implying annual growth of 181.0%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 8.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYD SYDNEY AIRPORT HOLDINGS LIMITED
Infrastructure & Utilities
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Overnight Price: $4.86
Credit Suisse rates SYD as Upgrade to Neutral from Underperform (3) -
Sydney Airport has liquidity of more than $2bn, Credit Suisse notes. In the broker's base-case scenario, it is assumed that Australia ends up with lockdowns and the airport is effectively closed for six weeks during 2020.
In this instance, EBITDA interest coverage would fall to 2.2x and remain well above the likely debt covenants. Rating is upgraded to Neutral from Underperform. Target is lowered to $6.00 from $6.90.
Target price is $6.00 Current Price is $4.86 Difference: $1.14
If SYD meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $7.61, suggesting upside of 56.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 25.00 cents and EPS of 7.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of -18.9%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 33.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 34.50 cents and EPS of 15.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 32.4%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 25.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $8.73
UBS rates TWE as Upgrade to Buy from Neutral (1) -
UBS reduces estimates by -3-11%, now expecting a -3% decline in earnings (EBITS) in FY20 and 7% growth in FY21. Margins are likely to remain under pressure until the second half of FY21.
Nevertheless, the broker upgrades to Buy from Neutral, with a view that the slump in the share price to date is overdone. Target is reduced to $15.40 from $18.00.
Target price is $15.40 Current Price is $8.73 Difference: $6.67
If TWE meets the UBS target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $12.50, suggesting upside of 43.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 37.20 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -2.9%. Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 39.60 cents and EPS of 59.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.0, implying annual growth of 12.9%. Current consensus DPS estimate is 41.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VAH VIRGIN AUSTRALIA HOLDINGS LIMITED
Transportation & Logistics
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Overnight Price: $0.07
UBS rates VAH as Neutral (3) -
Virgin Australia will reduce group capacity by -6% in the June half and -8% in the December half. This could be adjusted further to reflect changes in demand, either through tactical cancellations or further scheduling cuts.
Earnings guidance is suspended for FY20 because of ongoing uncertainty.
While the current demand situation is difficult to predict, UBS estimates the airline would need to generate flat operating earnings (EBITDA) over the next 12 months to use up all cash balances.
Neutral rating and $0.12 target maintained.
Target price is $0.12 Current Price is $0.07 Difference: $0.05
If VAH meets the UBS target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.60 cents. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.20 cents. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.42
Morgan Stanley rates WBC as Underweight (5) -
Morgan Stanley believes the outlook for Australian banks has shifted materially, given the combination of lower rates, less pricing power and a potential loan loss cycle.
The broker lowers FY21 estimates across the board by -10-18%. However, given the declines in share prices of more than -25%, the broker shifts its stance on the major banks to neutral from negative for the first time since September 2014.
Underweight. Target is reduced to $18.00 from $23.50. Industry view: In Line.
Target price is $18.00 Current Price is $16.42 Difference: $1.58
If WBC meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $24.02, suggesting upside of 46.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 130.00 cents and EPS of 147.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 171.2, implying annual growth of -25.9%. Current consensus DPS estimate is 154.4, implying a prospective dividend yield of 9.4%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 130.00 cents and EPS of 155.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.8, implying annual growth of 9.1%. Current consensus DPS estimate is 153.0, implying a prospective dividend yield of 9.3%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $69.63
Credit Suisse rates XRO as Upgrade to Outperform from Neutral (1) -
Rating is upgraded to Outperform from Neutral. Target is steady at $80. In light of significant global headwinds, UBS believes revenue base is sustainable.
In a longer-term period of macro weakness, the primary exposure is to small business conditions. The next catalyst will be the FY20 result on May 14.
Target price is $80.00 Current Price is $69.63 Difference: $10.37
If XRO meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $75.08, suggesting upside of 7.8% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 8.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 782.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 35.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.8, implying annual growth of 392.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 159.0. |
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
Today's Price Target Changes
| Company | Last Price | Broker | New Target | Prev Target | Change | |
| ABC | ADELAIDE BRIGHTON | $2.24 | UBS | 3.19 | 3.50 | -8.86% |
| ALL | ARISTOCRAT LEISURE | $22.78 | Citi | 32.10 | 39.50 | -18.73% |
| ANZ | ANZ BANKING GROUP | $16.86 | Morgan Stanley | 19.50 | 26.60 | -26.69% |
| BEN | BENDIGO AND ADELAIDE BANK | $6.13 | Morgan Stanley | 6.80 | 9.30 | -26.88% |
| BHP | BHP | $25.85 | Macquarie | 40.00 | 42.00 | -4.76% |
| BLD | BORAL | $2.95 | UBS | 5.50 | 5.60 | -1.79% |
| BOQ | BANK OF QUEENSLAND | $5.33 | Morgan Stanley | 6.10 | 7.60 | -19.74% |
| BSL | BLUESCOPE STEEL | $10.38 | Ord Minnett | 14.90 | 13.70 | 8.76% |
| CBA | COMMBANK | $61.15 | Morgan Stanley | 60.00 | 75.50 | -20.53% |
| CSR | CSR | $3.42 | UBS | 5.04 | 5.24 | -3.82% |
| CTD | CORPORATE TRAVEL | $7.96 | Credit Suisse | 12.00 | 24.00 | -50.00% |
| Morgans | 10.21 | 18.45 | -44.66% | |||
| Ord Minnett | 10.59 | 13.55 | -21.85% | |||
| FLT | FLIGHT CENTRE | $16.33 | Credit Suisse | 26.74 | 47.40 | -43.59% |
| Morgans | 20.98 | 36.56 | -42.61% | |||
| Ord Minnett | 21.54 | 25.49 | -15.50% | |||
| LLC | LENDLEASE | $13.40 | Macquarie | 16.86 | 21.71 | -22.34% |
| NAB | NATIONAL AUSTRALIA BANK | $16.51 | Morgan Stanley | 19.50 | 25.50 | -23.53% |
| RIO | RIO TINTO | $80.43 | Macquarie | 100.00 | 106.00 | -5.66% |
| RWC | RELIANCE WORLDWIDE | $2.19 | UBS | 3.79 | 4.20 | -9.76% |
| SYD | SYDNEY AIRPORT | $4.86 | Credit Suisse | 6.00 | 6.90 | -13.04% |
| TWE | TREASURY WINE ESTATES | $8.73 | UBS | 15.40 | 18.00 | -14.44% |
| WBC | WESTPAC BANKING | $16.42 | Morgan Stanley | 18.00 | 23.50 | -23.40% |
| XRO | XERO | $69.63 | UBS | 62.50 | 62.00 | 0.81% |
Summaries
| ALL | ARISTOCRAT LEISURE | Buy - Citi | Overnight Price $22.78 |
| Buy - Ord Minnett | Overnight Price $22.78 | ||
| AMC | AMCOR | Outperform - Credit Suisse | Overnight Price $10.37 |
| ANZ | ANZ BANKING GROUP | Overweight - Morgan Stanley | Overnight Price $16.86 |
| APA | APA | Upgrade to Buy from Neutral - UBS | Overnight Price $8.98 |
| BEN | BENDIGO AND ADELAIDE BANK | Underweight - Morgan Stanley | Overnight Price $6.13 |
| BLD | BORAL | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $2.95 |
| BOQ | BANK OF QUEENSLAND | Equal-weight - Morgan Stanley | Overnight Price $5.33 |
| CBA | COMMBANK | Underweight - Morgan Stanley | Overnight Price $61.15 |
| CTD | CORPORATE TRAVEL | Outperform - Credit Suisse | Overnight Price $7.96 |
| Hold - Morgans | Overnight Price $7.96 | ||
| Accumulate - Ord Minnett | Overnight Price $7.96 | ||
| Buy - UBS | Overnight Price $7.96 | ||
| FLT | FLIGHT CENTRE | Outperform - Credit Suisse | Overnight Price $16.33 |
| Overweight - Morgan Stanley | Overnight Price $16.33 | ||
| Hold - Morgans | Overnight Price $16.33 | ||
| Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $16.33 | ||
| JBH | JB HI-FI | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $30.24 |
| LLC | LENDLEASE | Outperform - Macquarie | Overnight Price $13.40 |
| NAB | NATIONAL AUSTRALIA BANK | Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $16.51 |
| RMD | RESMED | Equal-weight - Morgan Stanley | Overnight Price $22.50 |
| S32 | SOUTH32 | Upgrade to Outperform from Underperform - Macquarie | Overnight Price $1.80 |
| SYD | SYDNEY AIRPORT | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $4.86 |
| TWE | TREASURY WINE ESTATES | Upgrade to Buy from Neutral - UBS | Overnight Price $8.73 |
| VAH | VIRGIN AUSTRALIA | Neutral - UBS | Overnight Price $0.07 |
| WBC | WESTPAC BANKING | Underweight - Morgan Stanley | Overnight Price $16.42 |
| XRO | XERO | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $69.63 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 15 |
| 2. Accumulate | 2 |
| 3. Hold | 7 |
| 5. Sell | 3 |
Monday 16 March 2020
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