The big brokers have run the ruler over a number of key stocks over the last 24 hours.
They reacted positively to a trading update from Santos (STO). Yesterday, the energy company tipped it would increase production and lower costs, and brokers responded with their own increase - in their price targets for the stock.
Trading updates from fast food retailers Collins Foods (CKF) and Dominos Pizza Enterprises (DMP) were also well received.
| AUB Group |
AUB |
Macquarie raises AUB Group (AUB) price target from $17.53 to $18.57. Retains outperform rating. Reviews acquisition of underwriting subdivision of CGU. Notes, will add scale to existing operations. |
| Collins Foods |
CKF |
UBS raises Collins Foods (CKF) price target from $10.65 to $11.65. Retains buy rating. Broker is impressed with first half FY21 results. Notes, co. is well placed to take advantage of improving economic outlook, and structural trends towards fast foods. |
| Dominos Pizza Enterprises |
DMP |
UBS upgrades Dominos Pizza Enterprises (DMP) rating from sell to neutral. Retains $72.00 price target. Is pleased with presentations made at recent investor day. Can see upside to European operations, improvement on costs. |
| Graincorp |
GNC |
Macquarie raises Graincorp (GNC) price target from $5.26 to $5.35. Retains outperform rating. Anticipates stronger earnings in store as crop conditions point to 19% increase yoy. |
| Graincorp |
GNC |
UBS raises Graincorp (GNC) price target from $4.90 to $5.15. Retains buy rating. Expects strong crop harvests as ABARES upgrades Australian east-coast winter crop outlook. |
| Lovisa |
LOV |
Citi raises Lovisa (LOV) price target from $11.60 to $11.90. Retains neutral rating. Predicts acquisition of Beeline France will accelerate its France rollout, help reduce costs and offer greater leverage in lease negotiations. Rating maintained due to likely COVID-19 impact on European sales, store closures. |
| Qantas Airways |
QAN |
UBS retains buy rating on Qantas Airways (QAN). Retains $5.25 price target. Predicts WA border openings will see as much as 40% bump in capacity compared to prior fortnight, and tips co. to be at 60% of capacity by Christmas. |
| RIO Tinto |
RIO |
Bank of Canada retains neutral rating on RIO Tinto (RIO). |
| Sandfire Resources |
SFR |
Macquarie upgrades Sandfire Resources (SFR) rating from neutral to outperform. Raises price target from $4.20 to $5.40. Reacts positively to news that co. has approved development of T3 Motheo project. Expects will increase FY21 earnings by 1%, but longer term, between 7%-25% out to FY28. |
| SSR Mining |
SSR |
UBS lowers SSR Mining (SSR) price target from $33.00 to $32.00. Retains buy rating. Blames update from the co. which indicates production at the lower end of expectations. |
| Santos |
STO |
Citi raises Santos (STO) price target from $6.76 to $7.34. Retains buy rating. Is pleased with comments made at investor day. Notes, focus on Barossa make sense. Co. remains best pick in sector. |
| Santos |
STO |
Credit Suisse downgrades Santos (STO) rating from outperform to neutral. Raises price target from $6.33 to $6.40. Notes that despite downgrade, co. remains top pick in sector. Margins are healthy, as is balance sheet. Recent share price appreciation blamed for rating downgrade. |
| Santos |
STO |
Macquarie raises Santos (STO) price target from $5.40 to $6.25. Retains neutral rating. Broker believes strong free cash flows, cost targeting, and relative valuations of peers means co. is becoming increasingly attractive. |
| Santos |
STO |
Morgan Stanley retains overweight rating on Santos (STO). Retains $6.30 price target. Broker is impressed with trading update which included increased production guidance and lower expected costs. Execution remains key to upside potential. |
| Santos |
STO |
UBS retains buy rating on Santos (STO). Retains $6.60 price target. Considers recent delays to some projects not enough to prevent an increase in underlying value. Pleased with trading update. |
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