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Australian Broker Moves 14 January

Carl Capolingua Carl Capolingua 14/01/2021
Australian Broker Moves 14 January Australian Broker Moves 14 January
Australian Broker Moves 14 January Carl Capolingua
The big brokers have run the ruler over a number of key stocks over the last 24 hours.

There were mixed reactions to yesterday's trading update from retailer Premier Investments (PMV), which now expects first half earnings before tax to be up around 75-85% on the previous corresponding period. The stock received 3 price target increases, but also a ratings downgrade.

In other moves, brokers were less enthusiastic towards a first half trading update from technology company Altium (ALU). Deteriorating operating conditions due to the lingering impact of the pandemic saw each broker surveyed lowering their price target for the stock.

We'll investigate these moves and more in today's Australian Broker Moves.
 
Date Company Name Ticker Broker Move
14-Jan The A2 Milk Company A2M Goldman Sachs downgrades The A2 Milk Company (A2M) rating from buy to hold. Lowers price target from $18.15 to $12.09.  
14-Jan Adbri ABC Morgan Stanley downgrades Adbri (ABC) rating from overweight to underweight. Lowers price target from $3.60 to $3.30.  
14-Jan Audinate Group AD8 Morgan Stanley raises Audinate Group (AD8) price target from $7.50 to $9.00. Retains overweight rating.  
14-Jan AGL Energy AGL Macquarie raises AGL Energy (AGL) price target from $11.43 to $11.63. Retains underperform rating.  
14-Jan Altium ALU Citi lowers Altium (ALU) price target from $36.50 to $32.20. Retains neutral rating. Considers H1 trading update. Notes most likely scenario is co. has passed earnings low point and growth can return in 2021 as pandemic impacts subside. Still, adjustments to fair value as a result of amended expectations sees price target decline.
14-Jan Altium ALU Jefferies lowers Altium (ALU) price target from $39.80 to $32.00. Retains hold rating. Reacts negatively to H1 trading update. Notes revenue forecasts lower than expected, now expects H2 to deteriorate further due to poor Europe performance. Decline in NEXUS sales concerning.
13-Jan Altium ALU Credit Suisse lowers Altium (ALU) price target from $42.00 to $35.00. Retains outperform rating. After assessing H1 2021 results, notes that COVID-19 impact continues to undermine performance. Whilst co. assures H2 pipeline is strong, broker downgrades earnings estimates as risks remain elevated.
13-Jan Altium ALU Macquarie lowers Altium (ALU) price target from $35.00 to $31.00. Retains neutral rating. Cites ongoing negative impact of pandemic and China licensing issues as key reasons for disappointing H1 results. Potential recovery in H2, but weakness in operating environment deserves earnings downgrade - lower price target.
13-Jan Amcor AMC UBS raises Amcor (AMC) price target from $2.40 to $3.15. Retains neutral rating.  
14-Jan Australia and New Zealand Banking Group ANZ Credit Suisse raises Australia and New Zealand Banking Group (ANZ) price target from $26.20 to $28.00. Retains outperform rating. Anticipates dividend recovery in FY21 with potential capital management as soon as FY22. Co. is preferred pick in sector.
14-Jan Afterpay APT Morgan Stanley raises Afterpay (APT) price target from $120.00 to $136.00. Retains overweight rating. Anticipates strong H1 performance as downloads of co's app continue to surge in US and UK. Concerned about strong AUD.
13-Jan ARB Corporation ARB Citi retains buy rating on ARB Corporation (ARB). Retains $34.25 price target. No change to rating or target after reviewing H1 trading update. Sees strong momentum in sales as older vehicles are remaining on road, second hand vehicle sales up due to pandemic induced changes in consumer behaviour. US operations a highlight.
13-Jan ARB Corporation ARB Credit Suisse raises ARB Corporation (ARB) price target from $30.25 to $33.30. Retains neutral rating. Broker is impressed with H1 trading update, but is cautious on rating given unsure if sales bump from pandemic spending pattern shift is sustainable.
13-Jan ARB Corporation ARB Macquarie raises ARB Corporation (ARB) price target from $29.50 to $33.50. Retains neutral rating. Cites better than expected H1 trading update. Notes strong momentum in sales, improving margins and currency rate tailwinds. Remains cautious about longer term sustainability of earnings growth.
13-Jan Accent Group AX1 Morgan Stanley downgrades Accent Group (AX1) rating from overweight to equalweight. Raises price target from $2.00 to $2.60.  
14-Jan Boral BLD Morgan Stanley upgrades Boral (BLD) rating from equalweight to overweight. Raises price target from $4.80 to $5.80.  
14-Jan Bluescope Steel BSL Macquarie raises Bluescope Steel (BSL) price target from $20.25 to $21.20. Retains outperform rating. Cites strong earnings growth momentum.
14-Jan Bluescope Steel BSL Morgan Stanley raises Bluescope Steel (BSL) price target from $18.50 to $21.00. Retains equalweight rating.  
14-Jan Commonwealth Bank of Australia CBA Credit Suisse raises Commonwealth Bank of Australia (CBA) price target from $74.80 to $82.00. Retains neutral rating. Anticipates dividend recovery in FY21 with potential capital management as soon as FY22. 
14-Jan Commonwealth Bank of Australia CBA Zacks downgrades Commonwealth Bank of Australia (CBA) rating from buy to hold.   
13-Jan Challenger CGF UBS raises Challenger (CGF) price target from $6.85 to $7.70. Retains buy rating.  
14-Jan Chalice Mining CHN Macquarie raises Chalice Mining (CHN) price target from $5.30 to $5.40. Retains outperform rating.  
14-Jan Dalrymple BAY Infrastructure/Notes DBI Citi initiates hold rating on Dalrymple BAY Infrastructure/Notes (DBI). Initiates $2.42 price target.  
13-Jan G.U.D. Holdings GUD Citi raises G.U.D. Holdings (GUD) price target from $14.30 to $14.40. Retains buy rating.  
14-Jan Incitec Pivot IPL Morgan Stanley upgrades Incitec Pivot (IPL) rating from equalweight to overweight. Raises price target from $2.45 to $2.75.  
14-Jan James Hardie Industries JHX Morgan Stanley raises James Hardie Industries (JHX) price target from $42.00 to $43.00. Retains overweight rating.  
13-Jan Lovisa Holdings LOV Citi lowers Lovisa Holdings (LOV) price target from $11.90 to $11.45. Retains neutral rating.  
14-Jan Mincor Resources MCR Macquarie raises Mincor Resources (MCR) price target from $1.200 to $1.400. Retains outperform rating.  
13-Jan Magellan Financial Group MFG UBS lowers Magellan Financial Group (MFG) price target from $63.75 to $52.00. Retains neutral rating.  
13-Jan Medibank Private MPL UBS raises Medibank Private (MPL) price target from $2.95 to $3.20. Retains neutral rating.  
14-Jan National Australia Bank NAB Credit Suisse raises National Australia Bank (NAB) price target from $22.00 to $26.00. Retains outperform rating. Anticipates dividend recovery in FY21 with potential capital management as soon as FY22. 
13-Jan NIB Holdings NHF UBS raises NIB Holdings (NHF) price target from $5.85 to $6.15. Retains neutral rating.  
14-Jan Nickel Mines NIC Macquarie raises Nickel Mines (NIC) price target from $1.200 to $1.400. Retains outperform rating. Cites increase in nickel price expectations. Result is significant earnings upside.
14-Jan Orora ORA Morgan Stanley downgrades Orora (ORA) rating from overweight to equalweight. Lowers price target from $3.40 to $3.00.  
14-Jan Origin Energy ORG Macquarie raises Origin Energy (ORG) price target from $5.47 to $5.58. Retains neutral rating.  
14-Jan Panoramic Resources PAN Macquarie raises Panoramic Resources (PAN) price target from $0.130 to $0.140. Retains neutral rating.  
14-Jan Pact Group Holdings PGH Morgan Stanley downgrades Pact Group Holdings (PGH) rating from equalweight to underweight. Retains $2.60 price target.  
14-Jan Premier Investments PMV Citi raises Premier Investments (PMV) price target from $20.60 to $25.00. Retains neutral rating. Reacts positively to H1 trading update. Well ahead of expectations. Please with sales momentum and improving margins. 
14-Jan Premier Investments PMV Credit Suisse raises Premier Investments (PMV) price target from $20.39 to $23.09. Retains neutral rating. Broker is impressed with H1 trading update. Notes, online sales performance particularly pleasing. Only negative is likely delay to Smiggles recovery.
14-Jan Premier Investments PMV Morgan Stanley retains equalweight rating on Premier Investments (PMV). Retains $18.40 price target. Says whilst H1 trading update to H1 income well ahead of expectations, is concerned that recent pandemic-induced momentum may decline in FY22.
14-Jan Premier Investments PMV UBS downgrades Premier Investments (PMV) rating from buy to neutral. Raises price target from $20.50 to $24.50. Notes H1 trading update indicates earnings well ahead of broker's expectations. Is concerned however this is already priced in.
14-Jan Readytech Holdings RDY Macquarie raises Readytech Holdings (RDY) price target from $2.40 to $2.85. Retains outperform rating.  
14-Jan Rio Tinto RIO Deutsche Bank downgrades Rio Tinto (RIO) rating from buy to hold. Raises price target from $5100.00 to $6000.00. (Prices in GBP as per London Stock Exchange listing). Whilst broker sees supply in iron ore market remaining tight beyond 2021, marginal producers and new projects will bolster supply, and along with slowing demand, will cause a prices to normalise through H2 2021 and 2022.
13-Jan Rio Tinto RIO Morgan Stanley raises Rio Tinto (RIO) price target from $113.50 to $116.00. Retains equalweight rating.  
14-Jan Reliance Worldwide Corporation RWC Morgan Stanley lowers Reliance Worldwide Corporation (RWC) price target from $4.00 to $3.70. Retains underweight rating.  
14-Jan Sims SGM Macquarie raises Sims (SGM) price target from $11.60 to $16.40. Retains outperform rating.  
14-Jan Sims SGM Morgan Stanley raises Sims (SGM) price target from $12.00 to $15.50. Retains equalweight rating.  
14-Jan Telstra Corporation TLS Macquarie raises Telstra Corporation (TLS) price target from $3.50 to $4.00. Retains outperform rating. Anticipates value can be unlocked from asset sales.
14-Jan Westpac Banking Corporation WBC Credit Suisse raises Westpac Banking Corporation (WBC) price target from $20.30 to $22.50. Retains outperform rating. Anticipates dividend recovery in FY21 with potential capital management as soon as FY22. 
14-Jan Western Areas WSA Macquarie raises Western Areas (WSA) price target from $2.80 to $3.30. Retains outperform rating.  
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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