Australian Broker Call

Credit Suisse rates AMC as Neutral (3) -

The broker suggests the market is factoring in an earnings upgrade ahead for Amcor, in the wake of the Bemis acquisition. The broker can't see it. Maybe synergy assumptions might be increased, but otherwise the broker notes weak volume trends in a number of Amcor's markets.

The broker is "optimistically" factoring in a share buyback, given the cash the company will receive after disposing of European assets as was required by the regulator to approve the acquisition. Neutral and $14.90 target retained.

Target price is $14.90 Current Price is $16.43 Difference: minus $1.53 (current price is over target).
If AMC meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.75, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Deutsche Bank rates AMC as Buy (1) -

Analysts at Deutsche Bank note the latest Nielsen data update covering the 4-week period to 15 June 2019 was negative for Amcor, with the analysts pointing out the comp was strong and demand was likely impacted by adverse weather.

Nevertheless, the week period followed another soft 4-week period ending 18 May. Deutsche Bank expects North American Beverage volumes to be flat in the June half. The June quarter represents the busiest quarter of the year for the beverages industry, the analysts add.

Price target $19. Buy.

Target price is $19.00 Current Price is $16.43 Difference: $2.57
If AMC meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $16.75, suggesting upside of 1.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Macquarie rates AMC as Outperform (1) -

Amcor has sold three assets in UK/Ireland, as required by the regulator, for a total of US$394m when the broker had factored in US$310m. Total asset sale proceeds post the Bemis acquisitions have now reached US$609m, providing Amcor with capital management optionality.

The Bemis acquisition supports a positive earnings growth outlook, the broker believes, and valuation is not demanding. Outperform retained, target rises to $17.70 from $17.60.

Target price is $17.70 Current Price is $16.43 Difference: $1.27
If AMC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $16.75, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Ord Minnett rates AMC as Accumulate (2) -

Ord Minnett analysts have noted beverage data released by Nielsen suggest US retail takeaway beverage volumes remained weak in the four weeks to 15 June. May and June are crucial months for Amcor's North America beverage business, point out the analysts. They have now adopted a more cautious stance.

Accumulate rating maintained with the analysts stating the outlook for Flexible Packaging is far better than for Rigids in the medium term. This underpins the broker's view the acquisition of Bemis has improved the underlying growth outlook for Amcor, as it has increased the group's exposure to flexibles while diluting leverage to beverage containers.

Target is steady at $16.00.

Target price is $16.00 Current Price is $16.43 Difference: minus $0.43 (current price is over target).
If AMC 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 $16.75, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

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

With the company announcing the sale and leaseback of a further Newstead property in Brisbane for $61m, Morgan Stanley notes this marks the second meaningful sale to be completed in the area since April.

The analysts think this provides further evidence of the company's longer term strategy to consolidate its presence within geographies and brands to better leverage the cost base of its current dealer network.

The analysts also believe the sale provides significant firepower to AP Eagers, and thus it should be taken positively by the market. Equal-weight rating retained. Target $7. Industry view: In-Line.

Target price is $7.00 Current Price is $9.75 Difference: minus $2.75 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.89, suggesting downside of -19.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates AQG as Buy (1) -

UBS doubts Alacer Gold's share rush will stop here and retains a Buy rating.

Despite the rise in the share price from $2 to $5, the broker believe that a demonstration of consistent production from the newly ramped-up sulfide plant could drive a rerating. The broker also believes exploration success could stem the forecast decline in oxide production.

Add to that the application of 7% cross-sector increases in UBS gold-forecasts and the target price rises to $5.70 from $4.90.

Target price is $5.70 Current Price is $4.85 Difference: $0.85
If AQG meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

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

A general update on metals producers in Australia has revealed a downgrade for Alumina ltd to Neutral from Buy. This is the result of the share price moving near the broker's price target, which has remained unchanged post the general sector update.

Target price is $2.50 Current Price is $2.37 Difference: $0.13
If AWC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

UBS rates AWC as Neutral (3) -

UBS downgrades Alumina's target price to $2.10 from $2.20 after revising down its aluminium (-6%) and alumina (-8%) price forecasts. 

After adjusting for new foreign exchange assumptions, UBS forecasts a net -17% earnings decline in 2019 and a -22% fall in 2020.

The broker also spies a few risks in the wings: softening margins, weakness in alumina prices, and hurdles for the Alunorte restart. 

Neutral rating retained. 

Target price is $2.10 Current Price is $2.37 Difference: minus $0.27 (current price is over target).
If AWC meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.53, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Citi rates BHP as Neutral (3) -

A general update on miners has revealed a bullish outlook at Citi for the next three months, with price forecasts rising on a twelve months horizon for thermal coal, copper, gold and iron ore. In particular iron ore miners have received a boost to forecasts from the update.

However, it needs to be pointed out that Citi analysts continue to see biggest downside risk for iron ore.

On the back of some meaty increases to forecasts, BHP's price target lifts to $44 from $40. Neutral rating retained.

Target price is $44.00 Current Price is $41.97 Difference: $2.03
If BHP meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $38.61, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

UBS rates BHP as Neutral (3) -

UBS lowers BHP's FY19 earnings estimates -2% - the net result from an 8% increase in the broker's iron-ore forecast and a -6% reduction in the copper-price forecast.

FY21 earnings estimates fall -8% to reflect forecast lower copper and thermal coal forecasts.

Neutral rating and $37 target price retained, the broker believing the expectation of a hefty final dividend and free-cash-flow yield of 10% should garner strong shareholder returns over the year.

Target price is $37.00 Current Price is $41.97 Difference: minus $4.97 (current price is over target).
If BHP meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.61, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

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

At its investor day, Bingo noted the integration of Dial-a-Dump is going well and -$5m of cost savings have been realised thus far. Ahead of Queensland introducing a waste disposal levy from July1, Bingo plans to increase NSW pricing by 20-25%, however visibility on traction, the broker notes, is thus far low.

With the closing of the Dial-a-Dump deal mitigating risks and progress in capacity additions underpinning Bingo's growth trajectory, Macquarie lifts its target to $2.35 from $2.00. The share price has now enjoyed a recovery off its lows to a 24% premium to the ASX200 Industrials and here Macquarie sees valuation as fair. Downgrade to Neutral.

Target price is $2.35 Current Price is $2.19 Difference: $0.16
If BIN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

UBS rates CRN as Buy (1) -

Coronado Global Resources enjoys an increase in earnings-per-share estimates after the broker nets out a 1% increase to hard coking coal foreasts with a -16% cut to thermal coal prices.

This translates into a 1% increase in 2019 earnings per share and a 12% rise for 2020.

Full-year guidance has been maintained, despite a soft quarter, and UBS expects the company to be in a net-cash position by mid year underpinning strong free-cash-flow.

Buy rating retained. Target price steady at $3.90.

Target price is $3.90 Current Price is $3.53 Difference: $0.37
If CRN meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

Citi rates CSR as Sell (5) -

CSR's annual general meeting was short on specifics so the broker retains a Sell rating and $3.50 target price.

While housing market sentiment has improved, and stabilising volumes in the first two months of FY20 suggests the housing cycle has bottomed, Citi expects it will take some time to flow through to the financials.

Meanwhile, CSR reported strong demand for industrial property in Western Sydney and the company has renegotiated contracts for 75% of its alumina demands. Depending on pricing for the final 25%, Citi estimates a headwind of -10% to group net profit after tax.

Citi believes the stock remains overvalued and is awaiting guidance from CSR's new CEO Julie Coates in September.

Target price is $3.50 Current Price is $3.93 Difference: minus $0.43 (current price is over target).
If CSR meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -13.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Deutsche Bank rates CSR as Hold (3) -

Hold rating and $3.60 price target retained post the AGM. Deutsche Bank analysts observe management noted that volumes in the first two months of FY20 remain broadly consistent with 4QFY19.

The analysts believe any thought of a quick recovery in housing seems overly optimistic and continue to expect a -20% decline in building products EBIT over the next two years. They also believe other segments are unlikely to offset this in the short-term.

Target price is $3.60 Current Price is $3.93 Difference: minus $0.33 (current price is over target).
If CSR meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -13.3% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Morgan Stanley rates CTX as Upgrade to Equal-weight from Underweight (3) -

Caltex's operations have been under pressure causing the share price to fall and investors adopting a more negative view. Morgan Stanley analysts think Caltex management will respond. In anticipation, they have upgraded to Equal-weight from Underweight.

The analysts do add success from management's response will depend on the extent of fuel margin compression across the industry versus cost-out initiatives and/or property divestments.Target is $24. Underweight. Industry view: In-Line.

Note: Both EPS and DPS estimates have received a noticeable haircut.

Target price is $24.00 Current Price is $24.99 Difference: minus $0.99 (current price is over target).
If CTX meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.62, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Citi rates DCN as Neutral (3) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

For Dacian Gold, the impact is an increase in price target to $0.70 from $0.60. Neutral/High Risk rating retained.

Target price is $0.70 Current Price is $0.54 Difference: $0.16
If DCN meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 180.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Deutsche Bank rates DXS as Hold (3) -

Dexus management announced it has externally revalued 109 of its 114 assets, resulting in an estimated $250m valuation uplift, or a 1.6% increase to its December 2018 book value.

Deutsche Bank analysts note valuation increases were driven by both the office and industrial portfolio, and by rental growth and cap-rate compression. The analysts calculate Dexus' NTA is expected to increase 23cps to $10.42/share.

Deutsche Bank acknowledges office and industrial landlords will continue to benefit from valuation gains, but the broker also believes this has already been priced into the share price. Hold. Price target lifts to $12.78 from $12.38.

Target price is $12.87 Current Price is $13.12 Difference: minus $0.25 (current price is over target).
If DXS meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.78, suggesting downside of -2.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates EVN as Neutral (3) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Target price for Evolution Mining has lifted to $4.40 from $3.60. Neutral.

Target price is $4.40 Current Price is $4.31 Difference: $0.09
If EVN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.53, suggesting downside of -18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates EVN as Neutral (3) -

UBS increases Evolution Mining's target price to $4.35 from $3.65 to reflect a 7% rise in the broker's gold-price forecasts.

However, the broker retains a Neutral rating believing that while the stock is fairly priced, it remains the pick of its peers.

The broker notes management has guided to a strong June quarter thanks to favourable weather and the restoration of high-grade access at Mungari and Mt Rawdon.

As a result, UBS says Evolution carries the lowest production risk of its peers and has strong cash-generation.

Target price is $4.35 Current Price is $4.31 Difference: $0.04
If EVN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.53, suggesting downside of -18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Citi rates FBU as Neutral (3) -

Fletcher Building has announced a NZ$300m share buyback, steady guidance and a -NZ$100m cost-out program. But Citi remains cautious given the company's exposure to the domestic housing downturn.

Citi estimates the buyback will be 3.5% accretive, assuming it is debt funded at 5% interest.  he broker shaves earnings-per-share forecasts -3% and -1% for FY19 and FY20, but raises the FY21 forecast 7% to account for the full impact of the buyback and cost-out.

Target price is steady at NZ$5.30. Neutral rating retained.

Current Price is $4.68. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

UBS rates FBU as Neutral (3) -

Fletcher Building has announced a $300m buyback at its investor day but the company's top-line earnings guidance misses the broker and consensus.

While this is countered by an opposite upgrade resulting from an IFRS16 accounting standard change to operating leases, the broker notes the news still results in a bottom-line downgrade of -10% to -20%.

A meeting with management suggests a turnaround is further away, given the company is relying on a strong recovery in housing commencements, but UBS notes divisional managements continue to hit targets.

The broker suspects another similarly-sized buyback may be in the wings after this one is well digested. Target price rises 3.38% to NZ$5.15.

Current Price is $4.68. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Citi rates FMG as Neutral (3) -

A general update on miners has revealed a bullish outlook at Citi for the next three months, with price forecasts rising on a twelve months horizon for thermal coal, copper, gold and iron ore. In particular iron ore miners have received a boost to forecasts from the update.

However, it needs to be pointed out that Citi analysts continue to see biggest downside risk for iron ore.

Price target Fortescue Metals increases to $8 from $7.20. Neutral rating retained.

Target price is $8.00 Current Price is $9.12 Difference: minus $1.12 (current price is over target).
If FMG meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.63, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates FMG as Sell (5) -

UBS raises the red flag over Fortescue Metals Group, retaining a Sell rating while increasing the target price to $7.20 from $6.90 to account for upgrades to the broker's commodity forecasts.

Iron-ore estimates rise 8%, yielding a 4% to 18% increase in earnings across FY19 and FY20.

The broker expects a 52m tonne iron-ore shortfall in 2019, which will need to be bridged by stock sourced from higher cost suppliers, drawdowns on port stock, and increased scrap use.

Given the stock is trading at a 22% premium to UBS's valuation, the broker finds it hard to hold the faith.

Target price is $7.20 Current Price is $9.12 Difference: minus $1.92 (current price is over target).
If FMG meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.63, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Macquarie rates GTN as Outperform (1) -

GTN provided a disappointing update, the broker suggests, albeit risks materialising were flagged. Weakness in ATN persists, raising the question of whether it is a structural issue, but management assures the problem is cyclical and a bottom is near. BTN/CTN earnings should see improvement in FY20.

If management is right, a depressed valuation, yield support, strong balance sheet and share buybacks suggests investors should stick with the stock for now, the broker believes, hence Outperform retained. However, weakness will likely persist in the near term and improved execution is required. Target falls to $1.36 from $1.70.

Target price is $1.36 Current Price is $0.90 Difference: $0.46
If GTN meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

UBS downgrades Galaxy Resources to Neutral from Buy to reflect continued weakness in the lithium-carbonate market.

The broker says the company's operations have improved and its cash position is strong enough to develop Sal de Vida (Galaxy said it was formally closing the sale process) but the probability of it moving forward has been reduced to 25% from 75%.

Downward revisions to the broker's lithium carbonate forecasts of -8% in 2019 and -21% in 2020 have resulted in cuts to the company's 2019 and 2020 net profit estimates of -33% and -255% respectively.

Net present value falls -41% to reflect Sal de Vida issues. Target price cut to $1.40 from $2.30.

Target price is $1.40 Current Price is $1.25 Difference: $0.15
If GXY meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.17, suggesting upside of 73.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Citi rates IGO as Neutral (3) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

For Independence Group, the price target has lifted to $5 from $4.50. Neutral.

Target price is $5.00 Current Price is $4.80 Difference: $0.2
If IGO meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

Iluka Resources' shares have rallied 20% over the month past and Citi analysts think it's time for a breather; they have downgraded to Neutral from Buy.

Also, the analysts believe it will be challenging for Iluka to continue to outperform into a slowing China property sector in 2H CY19. Price target lifts to $11.40 from $11.

Target price is $11.40 Current Price is $10.97 Difference: $0.43
If ILU meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.79, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

UBS rates ILU as Buy (1) -

UBS increases Iluka Resources earnings per share by roughly 6% to reflect an increase in the broker's rutile and zircon price-estimates in 2019 (both up 16%).

The broker notes the company has maintained guidance despite a soft-start to the year and substantial capital expenditure, and points to the company's strong growth pipeline.

UBS expects flat zircon prices in 2020 but expects rutile will rise another 6%.

The broker's net present value estimate rises 10% after it lowers the discount rate on the MAC royalty -1 percentage point from 6% to 5%.

Buy rating retained and target price jumps to $12 from $11.

Target price is $12.00 Current Price is $10.97 Difference: $1.03
If ILU meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.79, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Morgan Stanley rates MFG as Downgrade to Underweight from Equal-weight (5) -

Recommendation has been downgraded to Underweight from Equal-weight as the analysts at Morgan Stanley believe market expectations have risen too high, while also observing the share price is already up more than 100% year-to-date.

Countering market enthusiasm, Morgan Stanley states it thinks growth options in retirement products are not certain to succeed, expansion to US is unlikely to accelerate, and Magellan's business mix remains narrow.

Target is raised to $38 from $28.60. Industry view: In-Line. Both EPS and DPS forecasts have received a serious boost.

Target price is $38.00 Current Price is $51.11 Difference: minus $13.11 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.97, suggesting downside of -25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Citi rates MGX as Sell (5) -

A general update on miners has revealed a bullish outlook at Citi for the next three months, with price forecasts rising on a twelve months horizon for thermal coal, copper, gold and iron ore. In particular iron ore miners have received a boost to forecasts from the update.

However, it needs to be pointed out that Citi analysts continue to see biggest downside risk for iron ore.

On the back of serious upgrades to forecasts, Citi's price target has increased by a further 5c to $0.85. Sell/High Risk rating retained.

Target price is $0.85 Current Price is $1.11 Difference: minus $0.26 (current price is over target).
If MGX meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

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

Morgans downgrades Monash IVF to Hold from Add to reflect recent share price strength.

The broker remains optimistic on the stock, believing guidance for 15% net-profit-after-tax growth will be met and industry feedback suggests competition is moderating.

Morgans adjusts longer term growth rates and raises the valuation-based target price to $1.37 from $1.25.

Target price is $1.37 Current Price is $1.44 Difference: minus $0.07 (current price is over target).
If MVF meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

A general update on metals has forced Citi analysts to upgrade their prior price forecasts for gold, with positive impact on all Australian producers under coverage. Newcrest Mining, however, has nevertheless been downgraded to Neutral from Buy.

Citi believes, despite the positive impulse from higher gold price forecasts, the share price has run too far. Price target lifts to $33.25 from $28.50. Estimates have received a boost.

Target price is $33.25 Current Price is $31.99 Difference: $1.26
If NCM meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $24.50, suggesting downside of -23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.6

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

Citi rates NST as Neutral (3) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Citi's price target has moved to $11.55 from $9.05 on improved forecasts. Neutral.

Target price is $11.55 Current Price is $11.61 Difference: minus $0.06 (current price is over target).
If NST 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 $8.89, suggesting downside of -23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

UBS rates NST as Downgrade to Sell from Neutral (5) -

UBS downgrades Northern Star to Sell from Neutral after the recent 50% run in the share price.

The broker notes the prognosis remains positive for company, and expects a big rise in production for the June quarter and a maiden reserve at Pogo in August.

A 7% upgrade to the broker's gold-price forecasts (and lesser upgraded operating assumptions for Pogo) triggers a 30% upgrade to net-profit-after-tax estimates.

The target price rises to $10.60 from $9.

Target price is $10.60 Current Price is $11.61 Difference: minus $1.01 (current price is over target).
If NST meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.89, suggesting downside of -23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Deutsche Bank rates NWH as Upgrade to Hold from Sell (3) -

The share price has now fallen far enough to warrant an upgrade to Hold from Sell, report analysts at Deutsche Bank. No other changes have been made.

Target price is $2.32 Current Price is $2.59 Difference: minus $0.27 (current price is over target).
If NWH meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.79, suggesting upside of 7.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates OGC as Buy (1) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Price target has climbed to $4.90. Neutral.

Target price is $4.90 Current Price is $4.24 Difference: $0.66
If OGC meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

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

UBS downgrades Orocobre from Buy to Neutral to reflect the malaise in the lithium-carbonate market.

Delays to commissioning downstream capacity, downgrade revisions to lithium carbonate prices, and the move of China to a net exporter (seaborne prices continue to outperform domestic prices), all played their part.

Add to that cash issues and flat production, the broker expects an uneventful year.

The broker has downgraded lithium carbonate forecasts -8% in 2019 and -21% in 2020. Net present value falls -17% as UBS increases the discount rate from 10% to 12%.

Target price falls to $3.50 from $4.20.

Target price is $3.50 Current Price is $2.80 Difference: $0.7
If ORE meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 61.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates OZL as Buy (1) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Citi's price target has lifted to $12.45 from $12. Buy.

Target price is $12.45 Current Price is $10.16 Difference: $2.29
If OZL meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $11.27, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

Morgans downgrades Pro Medicus to Hold from Add in the light of recent share-price strength and is awaiting a better entry point.

The broker expects a good FY19 result struck on revenue and margin growth but suspects the adoption of ASC606 accounting standards around contracts may create some volatility.

The broker believes that once the market better understands the accounting rebasing, the market can expect consensus upgrades to the outer years.

Target price is $25.46, previously $23.69.

Target price is $25.46 Current Price is $25.05 Difference: $0.41
If PME meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates PRU as Buy (1) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecasts was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Price target lifts to $0.75 from $0.60. Buy/High Risk rating retained.

Target price is $0.75 Current Price is $0.58 Difference: $0.17
If PRU meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.64, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates RIO as Buy (1) -

A general update on miners has revealed a bullish outlook at Citi for the next three months, with price forecasts rising on a twelve months horizon for thermal coal, copper, gold and iron ore. In particular iron ore miners have received a boost to forecasts from the update.

However, it needs to be pointed out that Citi analysts continue to see biggest downside risk for iron ore.

Incorporating higher forecasts has pushed up the price target to $114 from $104. Buy rating maintained.

Target price is $114.00 Current Price is $106.15 Difference: $7.85
If RIO meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $99.64, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

UBS rates RIO as Neutral (3) -

UBS lowers Rio Tinto's earnings estimates -2%, a netting off of an 8% rise in the broker's iron-ore forecast and a -6% cut in copper and aluminium forecasts.

UBS says the company is not historically expensive but is trading at net present value, hence the Neutral rating.

Target price steady at $101.00

Target price is $101.00 Current Price is $106.15 Difference: minus $5.15 (current price is over target).
If RIO meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $99.64, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Citi rates RRL as Sell (5) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

The price target for Regis Resources has lifted on the back of increased forecasts to $4.80 from $4.10. Sell rating retained.

Target price is $4.80 Current Price is $5.29 Difference: minus $0.49 (current price is over target).
If RRL meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.65, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Citi rates RSG as Buy (1) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Target price has increased to $2.05 from $1.95. Buy/High Risk rating retained.

Target price is $2.05 Current Price is $1.29 Difference: $0.76
If RSG meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates S32 as Buy (1) -

A general update on miners has revealed a bullish outlook at Citi for the next three months, with price forecasts rising on a twelve months horizon for thermal coal, copper, gold and iron ore. In particular iron ore miners have received a boost to forecasts from the update.

However, it needs to be pointed out that Citi analysts continue to see biggest downside risk for iron ore.

Buy rating retained with the analysts citing "valuation appeal". Price target declines to $3.70 from $3.90.

Target price is $3.70 Current Price is $3.25 Difference: $0.45
If S32 meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

UBS rates S32 as Buy (1) -

UBS reiterates its Buy rating and $3.75 target price for South 32 ahead of the August result, despite a commodity-price driven earnings downgrade.

The broker believes the share price will continue to find support from the SA Coal sale process - expected to take six to nine months - and believes this could yield an out-of-cycle return in 2020.

UBS expects the company will stay its hand on the buy-back in the near-term, prioritising cash commitments for dividends.

Earnings per share forecasts ease -1% to -15% for FY19 and FY20 to reflect the rerating of UBS's aluminium prices (-6%), alumina prices (-6%), and mananese ore prices (-3%).

Target price is $3.75 Current Price is $3.25 Difference: $0.5
If S32 meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Citi rates SAR as Sell (5) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Target price has increased to $2.95. Sell rating remains unchanged.

Target price is $2.95 Current Price is $3.74 Difference: minus $0.79 (current price is over target).
If SAR meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates SBM as Neutral (3) -

Citi has increased USD price forecasts for gold in the years ahead. Forecasts went up 6.5% to US$1437/oz for H22019, up 7% to US$1466/oz in 2020 and by a similar amount for the subsequent years, reaching US$1700/oz in 2023 (previous forecast was US$1500/oz).

At the same time, AUD/USD projections are for a steady rise from 0.69 in 2019 to 0.77 in 2022 and 2023. The interesting observation here to make is that on these revised forecasts gold in Aussie dollar is likely to peak in 2020, and stay high for the subsequent years (but the currency is eating the remaining upside as suggested by USD gold price projections).

Target price improves to $3.40 from $3.10. Neutral/High Risk rating retained.

Target price is $3.40 Current Price is $3.01 Difference: $0.39
If SBM meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates SDF as Neutral (3) -

Steadfast has entered into an agreement to buy the rebate rights to Insurance Brokers Network Australia, which is currently partnered with AUB Group ((AUB)). The broker calculates 2-3% accretion, but suggests the medium term opportunity of an increased network could be much greater.

If the deal goes ahead, it would mean Steadfast's broker network would increase to more than double that of AUB, allowing the leverage of scale and further acquisitions, the broker believes. While the immediate impact on AUB is minimal, the broker notes medium term growth opportunities may also be minimal.

Neutral and $3.00 target retained for Steadfast.

Target price is $3.00 Current Price is $3.49 Difference: minus $0.49 (current price is over target).
If SDF meets the Credit Suisse target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.27, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates SGP as Downgrade to Sell from Neutral (5) -

Citi's team of property specialists has been negative on the outlook and risks for owners of retail property, and they have again reiterated that view in the latest sector update. They point out their price targets for many a retail landlord in Australia is at least -10% below the share price.

In an attempt to emphasise the risk, Citi analysts state they expect falling underlying values to weigh heavily on retail landlords' share prices, similar to what has occurred in markets such as the US and the UK.

Stockland has been downgraded to Sell from Neutral. Price target falls to $3.80 from $3.88.

Target price is $3.80 Current Price is $4.21 Difference: minus $0.41 (current price is over target).
If SGP meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.06, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

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

UBS downgrades Syrah Resources to Neutral from Buy to reflect downgrades to the broker's graphite prices forecasts. The broker has lost patience on the Balama project, which has yet to reach positive cash flow despite yet another capital raising.

UBS doubts the company can expand production without further diluting the price and says a slow ramp-up of Balama will extend the cash burn period. Nevertheless, operations capacity is sufficient, the underlying problem is weak market demand, with anode producers favouring synthetic graphite to natural flake.

Graphite forecasts fall -14% to -19% across 2019-2022, resulting in downgrades to FY19 and FY20 net profit forecasts of -16% and -419%. Net present value falls to 62% after a rise in the discount rate of 18% and the inclusion of the one for five equity raising.

Target price more than halves to 90c from $2.40.

Target price is $0.90 Current Price is $0.83 Difference: $0.07
If SYR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 67.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Ord Minnett rates TAH as Lighten (4) -

Ord Minnett has used a general update on the company to lower the target price by -10c to $4.10. Lighten rating retained as the share price trades at a premium.

Target price is $4.10 Current Price is $4.49 Difference: minus $0.39 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.04, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

Morgans downgrades Virtus Health to Hold from Add given the share price has rallied 18% over June to reflect fair value. The broker remains positive on the company and is awaiting a better entry point.

The broker expects the company to outpace consensus primarily because of a contribution from a licence fee for its artificial intelligence software called Ivy that can predict viable pregnancies in embryos, from the Swedish company Embryoscope and Australian company Harrison AI. The technology supports elective single embryo transfers and shorten pregnancy times.

Target price rises to $4.87 from $4.60.

Target price is $4.87 Current Price is $4.48 Difference: $0.39
If VRT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.87, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates WHC as Buy (1) -

UBS holds faith with Whitehaven Coal, despite the stock losing -8%  thanks to the -16% fall in thermal coal prices over the quarter, noting strong free-cash-flow generation. 

Spot coal prices suggest UBS's FY20 earnings estimates will need to be shaved -14% and the broker cuts pricing forecasts -16% to -19% across FY19 to FY21. Net present value falls -10%.

But the broker expects Whitehaven Coal will be in a net cash position by FY20 and generating a free cash flow yield of 16%, suggesting new capital expenditure will be funded from operating cash flow.

Whitehaven has lowered FY19 production guidance -5% (still a record) and the broker points to a respectable pipeline. Target price falls to $5.20 from $5.75 to reflect the changes to coal-price estimates. Buy rating retained.

Target price is $5.20 Current Price is $3.61 Difference: $1.59
If WHC meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 36.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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