Australian Broker Call

Ord Minnett rates ALK as Buy (1) -

March quarter production beat Ord Minnett's expectations. The broker, having initiated on the stock in January, continues to envisage potential for the company to transform into a mid-tier miner with multiple assets and producing 200,000 ounces per annum.

The Tomingley gold mine is expected to be rejuvenated by FY24. Gold production in the quarter of 16,000 ounces was sustained by a combination of high grades and an improvement in recoveries. Buy rating and $1.30 target retained.

Target price is $1.30 Current Price is $0.74 Difference: $0.56
If ALK meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates ALX as Neutral (3) -

Greenway has secured off-peak toll increases of around 5% for two years. Dividends are pushed out to at least 2027. The outcome, while slightly disappointing, provides more certainty now, Macquarie suggests.

The main issue centres on the recovery in traffic which the broker believes is captured in the share price. Neutral retained. Target is reduced to $5.82 from $6.01.

Target price is $5.82 Current Price is $5.93 Difference: minus $0.11 (current price is over target).
If ALX meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.28, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgans rates AND as Add (1) -

After a better-than-expected third quarter and outlook commentary, Morgans makes marginal revenue upgrades in FY21 and leaves the earnings (EBITDA) forecast unchanged. The Add rating and $1.55 target are maintained.

The broker points out customer adds were a record despite the third quarter typically being seasonally weaker. Management is “very confident about continued strong performance in Q4 and beyond into FY22” and will ramp-up marketing efforts in Q4.

Target price is $1.55 Current Price is $1.25 Difference: $0.3
If AND meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates ANZ as Downgrade to Neutral from Buy (3) -

In a first half results preview, Citi strategists believe the sharp improvement in the Australian economy, particularly the employment
market, is set to make the major banks' covid-crisis loan loss provisions redundant.

FY21 consensus earnings could be an average circa 12% higher if just 60% of these provisions are released back during FY21, calculates the broker. For ANZ Bank's interim, the analyst forecasts cash NPAT of $3,215m, basic cash EPS of 113.1c and a dividend of 65c.

While the analyst upgrades forecasts by around 8-11% across 2H21-FY22 to reflect further loan provision write-backs, the rating is downgraded to Neutral from Buy after a strong run in the share price. The target rises to $30.25 from $26.50.

Target price is $30.25 Current Price is $28.95 Difference: $1.3
If ANZ meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $29.78, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

The share price has declined -33% in the last three months, Macquarie notes. While the broker has previously highlighted the risk of increased price competition, recent investor feedback suggests the market is aware of the risk.

Hence, Macquarie suspects this is now being reflected in the share price.

While the broker will monitor market activity closely, given the sensitivity to prices from price competition that could lead to larger-than-expected earnings downgrades, the rating is upgraded to Neutral from Underperform. Target is $16.

Target price is $16.00 Current Price is $15.16 Difference: $0.84
If APX meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $22.23, suggesting upside of 42.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates BIN as Neutral (3) -

Macquarie Infrastructure will acquire Bingo Industries via a scheme of arrangement. There are two options: $3.45 cash or a mix of cash and unlisted scrip of $3.30 with potential for an earn-out dividend.

Both options are below Credit Suisse's expectations and could be attributed to risk associated with the recovery and growth in the short term. The broker remains bullish about a recovery for the business. Neutral maintained. Target rises to $3.45 from $3.15.

Target price is $3.45 Current Price is $3.40 Difference: $0.05
If BIN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates BIN as Hold (3) -

Bingo Industries has agreed to a takeover proposal from MIRA to acquire 100% of the company via a Scheme of Arrangement. MIRA’s offer includes either an all-cash offer worth $3.45 or a mixed cash/unlisted scrip alternative with greater risk/reward potential.

The mixed cash/unlisted scrip alternative is valued at $3.30 (reduced for any special dividend), comprised of $1.32 in cash and $1.98 in unlisted scrip. The mixed alternative also includes an earn-out dividend of up to 80 cents.

Morgans retains a Hold rating and a $3.45 target set in-line with the cash offer. It's calculated the share price may fall back -15% to $2.90 should the offer fail to proceed.

Target price is $3.45 Current Price is $3.40 Difference: $0.05
If BIN meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

UBS - Cessation of coverage

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Citi rates BSL as Neutral (3) -

Citi upgrades earnings substantially after the company upgraded FY21 earnings (EBIT) guidance yet again. Management expects earnings for the second half FY21 to be in the range of $1-$1.08bn, above the prior guidance range of $750m-$830m.

The broker highlights key drivers include North Star, Australian Steel Products (ASP) and then Building Products in order of importance. With steel spreads now so high, the analyst upgrades FY22 earnings by 22% and raises the target to $22 from $21.

However, a Neutral rating is maintained as margins of 17% are considered unsustainable for steel companies. Additionally, the share price in US dollar terms is up 47% in the last  six months.

Target price is $22.00 Current Price is $22.16 Difference: minus $0.16 (current price is over target).
If BSL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.82, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

Second half earnings guidance (EBIT) has increased to $1-1.08bn from $750-830m. This is a substantial upgrade, Credit Suisse observes, and driven by North Star in the US and Australian Steel Products. The broker increases EBIT estimates for FY21 by 10%.

Nevertheless, earnings are nearing a peak for what can be achieved from the current asset base and the broker envisages diminishing share price returns from earnings upgrades. Rating is downgraded to Neutral from Outperform. Target is steady at $22.50.

Target price is $22.50 Current Price is $22.16 Difference: $0.34
If BSL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $22.82, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

BlueScope Steel has raised second half EBIT guidance to $1-1.08bn, well ahead of expectations. The company has highlighted a US$250/t increase in North American steel prices as the main driver of the upgrade.

Macquarie notes earnings momentum is strong and more upgrades to estimates are likely to ensue. Still, the broker finds it difficult to imagine the environment will become better from here and downgrades to Neutral from Outperform. Target is raised to $23.90 from $23.05.

Target price is $23.90 Current Price is $22.16 Difference: $1.74
If BSL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $22.82, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

BlueScope Steel has updated its earnings guidance for the second half and expects the operating income to be $1-1.08bn. Morgan Stanley notes the upgrade was driven primarily by better prices and volumes at North Star.

The broker expects the update to drive upgrades in FY22 and expects some continuation of the positive market trends.

Equal-Weight rating with the target rising to $24.50 from $23.50. Industry view: In-line.

Target price is $24.50 Current Price is $22.16 Difference: $2.34
If BSL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.82, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates BSL as Buy (1) -

Second half EBIT guidance has increased to $1-1.08bn as the company benefits from both stronger volumes and higher prices.

While Ord Minnett understands the desire of some investors to take profits, as the share price has more than doubled in the past year, there is no indication yet that steel market conditions are softening.

The broker points out, if steel prices are strong into next year, this could trigger material upgrades and lead to significant cash returns to shareholders. Buy rating and $26 target retained.

Target price is $26.00 Current Price is $22.16 Difference: $3.84
If BSL meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $22.82, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Citi rates CBA as Neutral (3) -

With a third quarter trading update due on Wednesday 12 May, Citi upgrades cash earnings forecasts by around 3-6% across FY21-23, reflecting revised bad debt forecasts. 

Citi strategists believe the sharp improvement in the Australian economy, particularly the employment market, is set to make the major banks' covid-crisis loan loss provisions redundant.

The broker lifts the target price to $89.75 from $82.50 to reflect a higher long-term return on equity of 13%, given lower funding costs. The Neutral rating is maintained.

Target price is $89.75 Current Price is $89.33 Difference: $0.42
If CBA meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $82.89, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

UBS rates CNU as Upgrade to Neutral from Sell (3) -

UBS notes Chorus underperformed the NZX50 by circa -15% in the last three months, leading the broker to update its model to take account of increasing wireless competition and movement in risk-free rates.

The broker expects a reduction in long term dividends but even then upgrades to Neutral from Sell. The target falls to $6.30 from $7.

Target price is $6.30 Current Price is $6.14 Difference: $0.16
If CNU meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Citi rates COL as Neutral (3) -

With Coles Group set to announce third quarter sales on Wednesday 28 April, Citi forecasts a -5%  fall in like-for-like sales due to a loss
of share relative to the industry of -2%. Importantly, April sales growth is considered likely to return to positive territory.

The broker believes a multiple re-rate could offset downside risk to consensus earnings, given the consensus price earnings ratio discount that Coles is trading at versus Woolworths ((WOW)).

The company will likely report strong online growth though this reflects online being heavily restricted in March 2020. This arose from availability issues in-store which led to online growth of just 14% in the third quarter. The Neutral rating and $19 target are retained.

Target price is $19.00 Current Price is $15.62 Difference: $3.38
If COL meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.43, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates DOW as Overweight (1) -

Downer EDI announced a capital management initiative, buying-back up to 10% of its share base. Morgan Stanley notes this will lead to circa 10% earnings accretion. The board re-affirmed a 60-70% target dividend payout ratio, in line with the broker's 70% forecast.

In the broker's view, the capital management initiative demonstrates confidence in the underlying business and outlook. 

Target is $6.20. Overweight. Industry view: In-line.

Target price is $6.20 Current Price is $5.32 Difference: $0.88
If DOW meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.99, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

Morgan Stanley notes Damstra Holdings' trading update was soft relative to prior guidance but still in line with the broker's expectations. Even so, the broker thinks a strong fourth quarter will be required to meet the range.

Equal-weight rating with a target of $1.25. Industry view: In-line.

Target price is $1.25 Current Price is $1.18 Difference: $0.07
If DTC meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates DXS as Outperform (1) -

Dexus has announced that unit holders in the ADP, formerly managed by AMP, and DWP funds have approved the proposed merger. While anticipating an elevated incremental margin, Macquarie notes this will partially be offset by a lower fee.

Still, the balance sheet capacity is substantial which provides continued upside risk to earnings and valuation. Outperform retained. Target edges up to $10.60 from $10.46.

Target price is $10.60 Current Price is $9.94 Difference: $0.66
If DXS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.01, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates DXS as Overweight (1) -

Dexus's Dexus Wholesale Property Fund (DWPF) and AMP ((AMP)) Capital Diversified Property Fund (ADPF) unitholders approved the merger of the unlisted funds. Dexus will manage the enlarged/combined vehicle.

Morgan Stanley notes at present there are circa -$2bn in redemption requests by ADPF investors and to support liquidity, Dexus will acquire $400m of ADPF assets and divest almost -$1.6bn of ADPF assets over the next 18 months. 

Also, even after Dexus pays all the merger transaction costs, the broker notes this will still be an accretive deal.

Overweight rating with a target of $11.70. Industry View: In-line.

Target price is $11.70 Current Price is $9.94 Difference: $1.76
If DXS meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $10.01, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates DXS as Hold (3) -

The merger of the AMP Capital Diversified Property Fund and the Dexus Wholesale Property Fund has been approved. Dexus will replace AMP ((AMP)) as fund manager, increasing its external funds under management by $5.4 bn, or 35%.

Ord Minnett welcomes the transaction as it capitalises on the instability in AMP to cheaply acquire management rights of a complementary fund.

Still, the business is facing some structural headwinds in the office segment and the broker retains a Hold rating. Target is raised to $9.70 from $9.30.

Target price is $9.70 Current Price is $9.94 Difference: minus $0.24 (current price is over target).
If DXS meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.01, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates HLS as Neutral (3) -

Citi notes Medicare numbers continue to be dominated by the pandemic, with covid pathology testing remaining elevated and imaging reflecting more normal patterns.

The broker leaves revenue forecasts largely unchanged though increases FY22/23 margins to reflect a simpler business (ex-medical centres) and incorporating more of the cost out program. The target increases to $4.35 from $4.25. Neutral rating maintained.

Target price is $4.35 Current Price is $4.19 Difference: $0.16
If HLS meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates IRE as Neutral (3) -

Net profit guidance for FY21 has increased by $14m while underlying guidance is unchanged. The increase stems from a provision release and is non-cash.

Macquarie notes both of the key superannuation projects are on track to go live in 2021. The broker remains uncertain regarding the success relating to the OneVue strategy.

Initial integration between XPlan and OneVue is expected in the third quarter, although it will take time before the benefits are evident. Neutral retained. Target is $10.50.

Target price is $10.50 Current Price is $10.15 Difference: $0.35
If IRE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.93, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Citi rates MQG as Sell (5) -

In a first half results preview, Citi strategists believe the sharp improvement in the Australian economy, particularly the employment
market, is set to make the major banks' covid-crisis loan loss provisions redundant.

For Macquarie Group, the broker leaves earnings forecasts unchanged though, given the rapid improvement in the macro outlook, the 2H21 dividend assumption is upgraded to a full year dividend of 460c. Cash NPAT of $2,934m and basic cash EPS of 823.7c are forecast.

In a largely pre-guided result, the analyst believes the focus will be on the FY22 guidance. It's expected the group will need to guide FY22 earnings slightly down given the need to cycle record commodities revenues. The Sell rating and $125 price target are maintained. 

Target price is $125.00 Current Price is $158.85 Difference: minus $33.85 (current price is over target).
If MQG meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $151.22, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates MYD as Add (1) -

After a trading update, Morgans retains the Add rating and reduces the target to $1.24 from $1.70. While key metrics are considered to be moving in the right direction, it's considered near-term growth rates will moderate substantially given the strong base to cycle.

Apart from lower forecasts, the analyst applies lower multiples due to the recent de-rating of peers. Longer-dated forecasts are also pared as Morgans waits to see if the company delivers over the next 12 months.

Target price is $1.24 Current Price is $0.78 Difference: $0.46
If MYD meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates NAB as Neutral (3) -

In a first half results preview, Citi strategists believe the sharp improvement in the Australian economy, particularly the employment
market, is set to make the major banks' covid-crisis loan loss provisions redundant.

FY21 consensus earnings could be an average circa 12% higher if just 60% of these provisions are released back during FY21, calculates the broker. The analyst forecasts cash NPAT of $3,268m, basic cash EPS of 99.2c and a dividend of 60c for National Australia Bank.

The broker upgrades FY21 forecasts by around 12% and FY22-23 by circa 3%, which primarily reflects lower bad debt assumptions. The target price is increased to $26.25 from $24.75 reflecting a higher long-term return on equity. Neutral is maintained.

Target price is $26.25 Current Price is $26.61 Difference: minus $0.36 (current price is over target).
If NAB meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.06, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Citi rates NIC as Neutral (3) -

December quarter nickel production of 10.07kt was -4% below Citi's expectation, due to a power outage from a seismic event and labour availability. Cash costs of US$8683/t were 7% higher than expected though ore pricing came in US$2/t above the analyst's estimate.

Weighted realised pricing of US$13600/t was a -77%  discount to LME. Citi appreciates NPI pricing is negotiated at arms-length though doesn't view the removal of the floor pricing agreement with Tsingshan as beneficial to shareholders. Neutral rating and $1.50 target.

Target price is $1.50 Current Price is $1.13 Difference: $0.37
If NIC meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Credit Suisse rates NIC as Outperform (1) -

Production in the March quarter of 10,100t was in line with Credit Suisse estimates. Increased costs amid changes to ore pricing contracts and a higher nickel price added to operating expenditure being 15% ahead of the December quarter.

The impact on cash margins was amplified by a decline in the realised nickel price to US$13,600/t. Still, the company's structurally low-cost position should sustain margins and cash flow under a range of nickel price scenarios, the broker suggests.

Outperform with a target of $1.50.

Target price is $1.50 Current Price is $1.13 Difference: $0.37
If NIC meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates NIC as Outperform (1) -

First quarter results were weaker than expected. Macquarie cuts realised prices by -4% to better reflect pricing trends.

Nevertheless, the company is set to double production over the next three years and the broker notes it is trading on free cash flow yields of above 10% from 2023.

Outperform rating maintained. Target is cut to $1.30 from $1.50.

Target price is $1.30 Current Price is $1.13 Difference: $0.17
If NIC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 PPT as Hold (3) -

A third quarter trading update revealed total funds under management (FUM) grew by 7% for the quarter though outflows in the business continue. The company is expanding Trillium into the UK market and will launch a range of global ESG strategies.

Management noted Trillium was seeing positive flows and observed the assets under management (AUM) had increased 19% since acquisition.

Morgans makes nominal forecast earnings changes in all years, reflecting minor adjustments to FUM assumptions. The price target rises to $39.18 from $38.11 and the Add rating is maintained.

Target price is $39.18 Current Price is $35.20 Difference: $3.98
If PPT meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $36.59, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates PPT as Hold (3) -

Net outflows in the March quarter of -$1.2 bn were largely in the institutional channel and US equities. Ord Minnett notes this was more than offset by market movement/investment performance returns of $6.5bn. Positive currency movements added a further $800m.

This led to total funds under management increasing 7%. The broker awaits signs of a change in the flow outlook and maintains a Hold rating. Target rises to $34 from $32.

Target price is $34.00 Current Price is $35.20 Difference: minus $1.2 (current price is over target).
If PPT meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.59, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates RRL as Neutral (3) -

Following the purchase of a 30% stake in Tropicana Macquarie reduces estimates for earnings per share by -12% for FY21 and -7% for FY22. The broker now models group production to exceed 600,000 ozpa by FY24.

Government approval of McPhillamys remains key to the longer term outlook. Macquarie has a Neutral rating and $2.90 target.

Target price is $2.90 Current Price is $2.68 Difference: $0.22
If RRL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting upside of 46.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Credit Suisse rates RWC as Outperform (1) -

March quarter trading was ahead of forecasts in all regions. Revenue was up 27% in constant currency terms.

The company has reiterated a belief it can offset the increase in copper/zinc/resin costs through pricing and negotiations are either concluded or progressing as expected.

Credit Suisse increases estimates for net profit in FY21 by 8% and for FY22 by 4%. Outperform retained. Target is raised to $5.40 from $5.00.

Target price is $5.40 Current Price is $4.92 Difference: $0.48
If RWC meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates RWC as Outperform (1) -

The trading update impressed Macquarie, particularly sales in the Americas.Cost mitigation via price increases and sustained demand are maintaining momentum in line with the broker's investment thesis.

The option value in relation to acquisitions is not recognised in the multiples and Macquarie retains an Outperform rating. Target is raised to $5.30 from $5.00.

Target price is $5.30 Current Price is $4.92 Difference: $0.38
If RWC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

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

Morgan Stanley observes Reliance Worldwide Corp's third-quarter trading performance shows North America as the key standout. The broker thinks confidence regarding cost mitigation is a positive although not as definitive as the market was looking for.

The company is performing well, highlights the broker, and remains well-positioned to benefit from global strength in housing and repair and remodel activity. Still, the broker is concerned about Reliance Worldwide's growth trajectory when this tailwind comes to an end.

Equal-weight. Target is $4.40. Industry view is Cautious. 

Target price is $4.40 Current Price is $4.92 Difference: minus $0.52 (current price is over target).
If RWC 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 $5.21, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

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

Morgans lifts the rating to Add from Hold after a third quarter sales trading update that was ahead of expectations. Constant currency sales growth was strong across all regions (EMEA 13%, APAC 11%), with Americas (39%) boosted by the Texas freeze event.

The broker increases underlying earnings (EBITDA) estimates for FY21-23 by 6%,1% and 2%, respectively, and raises the target price to $5.50 from $4.65. Management advised that April sales to date are substantially ahead of the covid-impacted pcp. 

The company is continuing to implement price rises for products that have been impacted by higher input costs, particularly brass products which have experienced higher copper and zinc costs.

Target price is $5.50 Current Price is $4.92 Difference: $0.58
If RWC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Ord Minnett rates RWC as Buy (1) -

Ord Minnett highlights Reliance Worldwide Corp continues to achieve positive momentum, after a strong third quarter trading update revealed growth accelerated in the three key regions. Buy rating and the target increases to $5.80 from $5.60. 

The broker highlights net sales increased at 27% on a constant currency basis, with growth of 39% in the Americas, 11% in APAC and 13% in EMEA. It's considered the company is on track for a strong second half. The company noted few signs of a slowdown in activity.

Target price is $5.80 Current Price is $4.92 Difference: $0.88
If RWC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates RWC as Neutral (3) -

Reliance Worldwide Corp's third quarter result was solid, observes UBS, with group sales up 14% to $359m. The result was driven by strong demand across all three regions, adds UBS, especially Americas and EMEA.

The broker lifts its second-half group sales forecasts by 7% to $632m led by stronger-than-expected sales growth across both the US and EMEA regions.

Neutral rating with the target rising to $4.84 from $4.53.

Target price is $4.84 Current Price is $4.92 Difference: minus $0.08 (current price is over target).
If RWC meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.21, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Citi rates S32 as Buy (1) -

March quarter production was marginally weaker than Citi's expectations as Worsley alumina output was impacted by maintenance. This is expected to be made up in the second half.

Upgrades at Cerro Matoso should see nickel production greater than 40ktpa for the next few years, explains the broker. This, along with upgraded aluminium/manganese prices, leads to upward revisions to broker FY21/22 profit (NPAT) estimates of 10% and 5%.

The target price increases to $3.30 from $3 and the Buy rating is maintained.

Target price is $3.30 Current Price is $2.89 Difference: $0.41
If S32 meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 S32 as Outperform (1) -

Credit Suisse found the March quarter performance solid with the highlight being South African manganese production. Lead/zinc production at Cannington was ahead of expectations, amid higher ore grades.

Worsley was slightly softer than expected while output at South Africa Energy Coal was -24% lower amid sluggish demand and disruptions. There was no update on the finalisation of the exit of SAEC.

Credit Suisse retains an Outperform rating and $2.90 target. The exit from SAEC presents a re-rating opportunity, the broker suggests, along with the potential for increased capital management.

Target price is $2.90 Current Price is $2.89 Difference: $0.01
If S32 meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates S32 as Outperform (1) -

Production results were mixed in the March quarter with Macquarie noting a strong performance at Cannington was offset by weak coal output.

FY21 production guidance at Cannington and South African manganese has been upgraded by 10%. The broker notes strength in nickel, manganese and silver has driven free cash flow yields of 9-10% for FY22-23 on its forecasts and at spot prices.

Macquarie retains an Outperform rating and raises the target to $3.20 from $3.10.

Target price is $3.20 Current Price is $2.89 Difference: $0.31
If S32 meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley notes South32's production result was broadly in-line although Illawarra was weaker than Morgan Stanley expected. Worsley was -7% weaker driven by planned calciner maintenance in March. 

South32 has increased its production guidance at Cannington and South Africa Manganese by 10% each. Morgan Stanley notes to meet the guidance, Illawarra energy coal production will need to increase to circa 510kt in the fourth quarter.

Overweight rating. Target is $3.30. Industry view: Attractive.

Target price is $3.30 Current Price is $2.89 Difference: $0.41
If S32 meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Ord Minnett rates S32 as Buy (1) -

March quarter production was mixed with nickel and coal below Ord Minnett's estimates and Cannington's silver/lead/zinc output ahead. Cannington and South African manganese production volumes have been upgraded by 10% each.

Ord Minnett remains positive on the stock from a value perspective and retains a Buy rating. Target is raised to $3.60 from $3.50.

Target price is $3.60 Current Price is $2.89 Difference: $0.71
If S32 meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates SBM as Neutral (3) -

The updated feasibility study for Simberi sulphides has outlined 160,000 ozpa over a 9-year life at an all-in cost of US$896/oz.

The final investment decision is subject to the PNG government, as Simberi currently has a mining lease to December 2028 and the sulphide project is expected to end in 2032.

This extension uncertainty remains the key risk, in Macquarie's view. Neutral maintained. Target is reduced to $2.20 from $2.30.

Target price is $2.20 Current Price is $2.03 Difference: $0.17
If SBM meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.73, suggesting upside of 46.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates SBM as Overweight (1) -

Morgan Stanley believes the Simberi sulphide feasibility study and board approval of US$13m of early works is a positive step and has demonstrated sufficient economics to merit approval. Even so the broker is concerned on account of regulatory issues.

The broker values the feasibility study at $0.32 per share or $0.16 per share if operated until the current mine license in 2028.

Overweight rating with a target of $3.10. Industry view is Attractive.

Target price is $3.10 Current Price is $2.03 Difference: $1.07
If SBM meets the Morgan Stanley target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $2.73, suggesting upside of 46.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Credit Suisse rates SGR as Neutral (3) -

Credit Suisse believes solid gaming demand will support earnings, with domestic premium mass business particularly robust in Sydney. On the Gold Coast, where there have been no pandemic-related shutdowns in the current half-year, January-February revenue was up in high single digits.

The broker believes the company can incrementally retire debt in the second half amid upgraded earnings. Queen's Wharf is on track for opening in 2022 although the broker lowers estimates for FY23 to reflect the drag on timing associated with the ramp up of the venue.

Neutral retained. Target is raised to $4.00 from $3.85.

Target price is $4.00 Current Price is $3.90 Difference: $0.1
If SGR meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

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

Macquarie downgrades to Neutral from Outperform, reducing the target to $9.30 from $10.30. The broker assesses current levels in the stock are ascribing value to growth options in which it has little confidence.

M&A in New Zealand remains the most attractive option while the performance of the bus operations in Sydney remains robust.

Target price is $9.30 Current Price is $10.41 Difference: minus $1.11 (current price is over target).
If SLK meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates SOM as Add (1) -

After the third quarter cash flow report, Morgans assesses the company is tracking in-line with FY21 forecasts. Europe continues to act as the stabilising factor in the business and outperform all other jurisdictions, highlights the broker.

While the analyst makes no changes to forecasts, risks around further lock downs in dental / sleep facilities across major jurisdictions remain high. Add rating and $2.55 target are maintained.

Target price is $2.55 Current Price is $1.96 Difference: $0.59
If SOM meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates TAH as Buy (1) -

Citi sees Entain’s offer of $3.5bn for the Wagering & Media business as a superior outcome for shareholders compared to a demerger. The Buy rating and $5.30 target are retained. All else being equal, the valuation rises to $5.75 if wagering is sold at $3.5bn, points out Citi.

At $3.5bn and the prevailing share price of $5 at the time of the broker update, the lotteries business is valued at appealing multiples relative to the broker's fundamental valuation. Lotteries is also considered to have a strong earnings outlook.

The analyst feels Tabcorp is receiving a full price for the wagering business, as the synergies available to Entain likely enable them to outbid private equity bidders.

Target price is $5.30 Current Price is $5.00 Difference: $0.3
If TAH meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates TAH as Outperform (1) -

Tabcorp has received a revised proposal from Entain, valuing its wagering business at $3.5bn. Credit Suisse takes the opportunity to revise its valuation, adding in new costs associated with the de-merger and other potential liabilities that offset the higher wagering multiple.

Despite the improved proposal from Entain the broker suspects Tabcorp will continue to pursue the de-merger route. Outperform retained. Target is $5.70.

Target price is $5.70 Current Price is $5.00 Difference: $0.7
If TAH meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates TAH as Hold (3) -

Tabcorp Holdings has received a revised proposal for the Wagering & Media business from Entain plc, which values the segment at an enterprise value of $3.5bn versus around $3bn previously. As part of the previously-announced strategic review, the board will assess.

The valuation appears reasonable to the broker. It's believed the market will now focus attention on the potential standalone value of the high quality Lotteries & Keno business.

The analyst thinks the market will continue to value the company from a break-up perspective. Consequently the valuation model is changed to a sum-of-the-parts methodology. The target rises to $5.11 from $4.04 and the rating of Hold is unchanged.

Target price is $5.11 Current Price is $5.00 Difference: $0.11
If TAH meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates TAH as Hold (3) -

Tabcorp has received a second bid from Entain to acquire the wagering and media business for $3.5bn compared with the prior offer worth $3.0bn. Ord Minnett suggests this new bid will likely result in significant regulatory hurdles as well as change of control challenges.

Hence, the chance of a sale is considered low given a potential de-merger assigns a valuation to Tabcorp of $5.10-6.40 per share. Hold rating and $4.20 target maintained.

Target price is $4.20 Current Price is $5.00 Difference: minus $0.8 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.08, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates TPW as Initiation of coverage with Outperform (1) -

Credit Suisse initiates coverage of Temple & Webster with a $12.54 target and Outperform rating. The broker assesses the online-only business is positioned in a large and growing furniture and homewares market which has recently enjoyed an acceleration in online sales growth.

The broker envisages potential for the furniture industry to reach around 13% in online penetration by FY25. The risks include, albeit not limited to, the overall performance of discretionary retail in Australia as well as consumer confidence and the permanency of the recent shift to online.

Target price is $12.54 Current Price is $10.34 Difference: $2.2
If TPW meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgans rates UNI as Add (1) -

After a trading update, Morgans assesses top-line momentum remains strong. Third quarter total sales rose 39.6% and like-for-like sales by 37.3%. The Add rating and $8.37 target are retained while upside risk remains if the current sales trajectory continues over 4Q21.

Sales growth was further boosted by softer sales across March last year (initial covid-19 impacts), before the full store closure period of April/May, explains the broker. The like-for-like sales outcome implies that sales accelerated to 49% in the last six weeks of the half.

Target price is $8.37 Current Price is $7.65 Difference: $0.72
If UNI meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates VEA as Neutral (3) -

Credit Suisse found the first quarter update positive amid commentary regarding a strong retail fuel margin. While envisaging no fundamental change in the outlook, the broker increases forecasts for both retail and refining margins.

The broker also highlights the operational upside within the alliance network specific to Viva Energy as well as the benefits to the Geelong refinery from the closure of Altona. Target is raised to $1.92 from $1.78. Neutral maintained.

Target price is $1.92 Current Price is $1.84 Difference: $0.08
If VEA meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

UBS rates VEA as Buy (1) -

Viva Energy Group's first-quarter update was largely in line with UBS's forecast. Total fuel sales were in line with UBS's forecast while Geelong refining margin of US$5.9/bbl was marginally ahead of the broker's forecast.

Some highlights of the update include higher premium fuel penetration supporting the group's retail margin and higher government support with the refiner production payment.

UBS retains its Buy rating noting Viva Energy remains positively exposed to recovery in transport fuel demand and increasing penetration in premium fuel. The target is $2.

Target price is $2.00 Current Price is $1.84 Difference: $0.16
If VEA meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Citi rates WBC as Buy (1) -

In a first half results preview, Citi strategists believe the sharp improvement in the Australian economy, particularly the employment
market, is set to make the major banks' covid-crisis loan loss provisions redundant.

For Westpac Bank, the broker only expects a -$190m second quarter bad and doubtful debt charge following the first quarter $501m write-back. The analyst forecasts a half-year cash profit (NPAT) of $3,485m, basic cash EPS of 95.7c and a dividend of 65c.

The target rises to $29 from $28.50. The Buy rating is unchanged given leverage to improving mortgage credit growth, sector-wide improving asset quality and a differentiated opportunity versus peers to extract material cost savings and capital via divestments.

Target price is $29.00 Current Price is $24.99 Difference: $4.01
If WBC meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.79, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgans rates WBC as Add (1) -

Westpac Bank has announced that its cash earnings in the first half will be reduced by -$282m (after tax) due to notable items. Of this amount, -$212m were announced as part of the 1Q21 trading update, with the remaining net cash earnings impact occurring in 2Q21.

The broker reduces the cash EPS forecasts by -1.4% for FY21. The Add rating and $28.50 target price are unchanged.

Target price is $28.50 Current Price is $24.99 Difference: $3.51
If WBC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.79, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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