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Australian Broker Moves 1 December

Carl Capolingua Carl Capolingua 01/12/2020
Australian Broker Moves 1 December Australian Broker Moves 1 December
Australian Broker Moves 1 December Carl Capolingua
The big brokers have run the ruler over a number of key stocks over the last 24 hours.

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They reacted positively to an investor day presentation from Dominos Pizza Enterprises (DMP), with the stock receiving two ratings upgrades and one price target increase.

Contrasting this, brokers voiced significant concerns regarding the announcement that China will apply a temporary security deposit on all imports of Australian wines.

Most viewed this effectively as a tariff, and whilst potentially only temporary, brokers generally saw it as a disturbing development for major wine producer Treasury Wine Estates (TWE). Interestingly, there were a range of reactions including both upgrades and downgrades to ratings, and similarly increased and decreases to price targets for the company.
 
Australian Finance Group AFG Macquarie raises Australian Finance Group (AFG) price target from $2.41 to $2.56. Retains outperform rating. Broker is impressed with October trading update and comments made at 27 Nov AGM. Notes, levels of activity nearing pre-covid levels, co. well placed to take advantage of continued housing market strength.
Breville Group BRG Macquarie upgrades Breville Group (BRG) rating from neutral to outperform. Raises price target from $26.00 to $27.00. Broker is impressed with sales momentum heading into what is expected to be strong holiday season.
Champion Iron CIA RBC Capital Markets raises Champion Iron (CIA) price target from $4.25 to $5.50.  (Prices in CAD as per Toronto Stock Exchange listing)
Dominos Pizza Enterprises DMP Citi retains sell rating on Dominos Pizza Enterprises (DMP). Retains $67.40 price target. Anticipates sales will likely withstand worsening COVID-19 situation in Europe, but growth opportunity limited. Combined with unattractive valuation at current share price, retains sell rating.
Dominos Pizza Enterprises DMP Jefferies upgrades Dominos Pizza Enterprises (DMP) rating from underperform to hold. Raises price target from $50.00 to $65.50. Upgrades FY21 revenue and core earnings forecast on expectation of better margins. Japan operations to outperform.
Dominos Pizza Enterprises DMP Macquarie upgrades Dominos Pizza Enterprises (DMP) rating from underperform to neutral. Retains $72.10 price target. Notes valuation and share price have converged, hence rating change.
Elders ELD Citi initiates buy rating on Elders (ELD). Initiates $13.00 price target. Anticipates improved agricultural conditions will support earnings growth in FY21. Recent acquisitions should also provide benefits into FY22.
GPT Group GPT Credit Suisse downgrades GPT Group (GPT) rating from outperform to neutral. Raises price target from $4.29 to $4.83. Cites share price strength as eroding value proposition. Notes, co. remains on track to benefit from normalisation of movement in post-COVID Australia.
Karoon Energy KAR Macquarie raises Karoon Energy (KAR) price target from $1.250 to $1.400. Retains outperform rating. Considers recent share price appreciation. Notes, still potential upside given exploration potential at Neon and Goia, and production expansion at Santos Basin operations.
Mirvac Group MGR Credit Suisse raises Mirvac Group (MGR) price target from $2.41 to $2.69. Retains outperform rating. Expects co. will benefit from improving housing market, and development opportunities. Balance sheet is in strong position.
Metcash MTS Credit Suisse raises Metcash (MTS) price target from $3.62 to $3.77. Retains outperform rating. Broker believes co. is under appreciated by market. Operationally sound performance through pandemic, and outlook continues to improve.
Origin Energy ORG Morgan Stanley lowers Origin Energy (ORG) price target from $5.93 to $5.55. Retains equalweight rating. Is concerned about the impact the strength in the Australian dollar is likely to have on earnings. Notes, may erode any expected gains from increased production.
RIO Tinto RIO RBC Capital Markets raises RIO Tinto (RIO) price target from $5000.00 to $5900.00.  (Prices in GBP as per London Stock Exchange listing)
Select Harvests SHV UBS lowers Select Harvests (SHV) price target from $7.90 to $7.65. Retains buy rating. Reviews FY20 results. Is impressed with cost management performance, but is concerned about pricing in key markets, particularly in the US.
Telix Pharmaceuticals TLX Jefferies raises Telix Pharmaceuticals (TLX) price target from $3.30 to $3.80.   
Temple & Webster Group TPW Macquarie downgrades Temple & Webster Group (TPW) rating from outperform to neutral. Raises price target from $10.50 to $10.60. Broker would like to see how co. responds to inevitable slowdown in revenue growth, boosted by pandemic trends. Notes however, strong profitability and likelihood of strong Christmas trading period.
Treasury Wine Estates TWE Citi downgrades Treasury Wine Estates (TWE) rating from buy to sell. Lowers price target from $10.40 to $8.20. Warns that China's aggressive stance towards Australian wine imports, and news of 169% anti-dumping tariff will have negative and long-lasting impact on company and sector. Believes there is upside from North America operations, but investment case too risky.
Treasury Wine Estates TWE Credit Suisse upgrades Treasury Wine Estates (TWE) rating from neutral to outperform. Raises price target from $8.50 to $11.00. Broker believes that with the announcement of China punitive tariff on Australian wine, and given share price falls, worst is now behind co. Notes, tariffs are temporary, and may be removed.
Treasury Wine Estates TWE Jefferies downgrades Treasury Wine Estates (TWE) rating from buy to hold. Lowers price target from $9.00 to $8.50. Reacts negatively to China imposing temporary "tariff" on Australian wine industry. Sees major negative impact on sales growth opportunities.
Treasury Wine Estates TWE Macquarie retains neutral rating on Treasury Wine Estates (TWE). Retains $10.60 price target. No change to rating or target after reviewing news of China's moves to implement a range of security deposits for wine importers. Broker notes, effectively a tariff. Puts at risk Chinese sales. Whilst there is opportunity to pivot to rest of Asia, and US operations remain sound, is concerned about downside risks to margins and sales.
Treasury Wine Estates TWE Morgan Stanley lowers Treasury Wine Estates (TWE) price target from $11.00 to $10.00. Retains overweight rating. Broker believes China's punitive moves against Australian wine industry will negatively impact sales volumes into China. Lowers price target but retains rating for now because of balance sheet strength, pivot options, though extremely cautious.
Treasury Wine Estates TWE UBS downgrades Treasury Wine Estates (TWE) rating from buy to neutral. Raises price target from $8.80 to $9.20. Cites increased uncertainty with respect to earnings stability due to China tariffs. Notes strong balance sheet position and also exposure to premium brands which are likely to be less impacted
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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