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Australian Broker Moves 20 January

Carl Capolingua Carl Capolingua 20/01/2021
Australian Broker Moves 20 January Australian Broker Moves 20 January
Australian Broker Moves 20 January Carl Capolingua
The big brokers have run the ruler over a number of key stocks over the last 24 hours.

They reacted positively to preliminary first half sales updates from retailers JB Hi-Fi (JBH) and Super Retail Group (SUL). Both companies are riding the wave of spending due to travel budgets being redirected and government stimulus measures. The big question brokers are asking, is the spending sustainable past FY21?

Hub24's (HUB) trading update was also well received, but brokers were less impressed with an update from insurer QBE. 

In other moves, UBS reviewed its ratings and price targets for a number of property companies, and local banking stocks are also in focus.

We'll investigate these moves and more in today's Australian Broker Moves.
 
Date Company Name Ticker Broker Move
20-Jan Aristocrat Leisure ALL Credit Suisse lowers Aristocrat Leisure (ALL) price target from $37.60 to $34.50. Retains outperform rating.  
20-Jan Afterpay APT Jefferies initiates buy rating on Afterpay (APT). Initiates $153.08 price target. Anticipates Europe and Asia expansion will boost transaction margins and earnings in long term. Sees upside in US as market penetration remains low.
20-Jan Bendigo and Adelaide Bank BEN Goldman Sachs downgrades Bendigo and Adelaide Bank (BEN) rating from neutral to sell.   
20-Jan Bluescope Steel BSL Credit Suisse raises Bluescope Steel (BSL) price target from $19.50 to $19.80. Retains outperform rating.  
20-Jan BWP Trust BWP UBS raises BWP Trust (BWP) price target from $3.80 to $3.86. Retains neutral rating.  
20-Jan Challenger CGF Citi raises Challenger (CGF) price target from $4.55 to $7.00. Retains neutral rating.  
20-Jan Charter Hall Group CHC UBS upgrades Charter Hall Group (CHC) rating from neutral to buy. Raises price target from $12.25 to $16.10.  
20-Jan Centuria Industrial Reit CIP UBS upgrades Centuria Industrial Reit (CIP) rating from neutral to buy. Raises price target from $3.23 to $3.38.  
20-Jan Centuria Capital Group CNI UBS downgrades Centuria Capital Group (CNI) rating from buy to neutral. Lowers price target from $2.46 to $2.43.  
20-Jan Centuria Office Reit COF UBS downgrades Centuria Office Reit (COF) rating from buy to neutral. Lowers price target from $2.50 to $2.10.  
20-Jan Computershare CPU Macquarie upgrades Computershare (CPU) rating from neutral to outperform. Raises price target from $14.35 to $15.95.  
20-Jan CSL CSL Macquarie lowers CSL (CSL) price target from $296.00 to $289.00. Retains neutral rating.  
20-Jan Domino's Pizza Enterprises DMP Macquarie upgrades Domino's Pizza Enterprises (DMP) rating from neutral to outperform. Raises price target from $72.10 to $90.30. Expects co. winning market share from rivals. Outlook remains positive.
20-Jan Dexus DXS UBS raises Dexus (DXS) price target from $10.59 to $10.87. Retains buy rating.  
20-Jan Goodman Group GMG UBS raises Goodman Group (GMG) price target from $17.50 to $19.00. Retains neutral rating.  
20-Jan GPT Group GPT UBS downgrades GPT Group (GPT) rating from buy to neutral. Raises price target from $4.50 to $4.55.  
20-Jan Hub24 HUB Citi raises Hub24 (HUB) price target from $24.00 to $26.40. Retains buy rating. Broker is impressed with December quarter trading update. Ahead of expectations. H2 sales typically outperform, so further upside anticipated.
20-Jan Hub24 HUB Credit Suisse upgrades Hub24 (HUB) rating from neutral to outperform. Raises price target from $21.50 to $26.00. Reacts positively to Q2 funds under management numbers. Notes, inflows up approx. 30%, well ahead of expectations. Organic growth impressive. Market share to increase.
20-Jan Hub24 HUB Macquarie raises Hub24 (HUB) price target from $23.50 to $25.00. Retains neutral rating. After assessing December quarter update, increases expected earnings for FY21 and FY22 by approx. 6%. Netwealth (NWL) remains preferred pick in sector.
20-Jan Insurance Australia Group IAG Morgan Stanley raises Insurance Australia Group (IAG) price target from $4.80 to $5.00. Retains equalweight rating.  
20-Jan IGO IGO Morgan Stanley raises IGO (IGO) price target from $5.15 to $5.45. Retains equalweight rating.  
20-Jan Iluka Resources ILU Goldman Sachs retains buy rating on Iluka Resources (ILU). Retains $7.20 price target.  
20-Jan Incitec Pivot IPL Macquarie raises Incitec Pivot (IPL) price target from $2.67 to $2.82. Retains outperform rating.  
20-Jan JB HI-FI JBH Citi raises JB HI-FI (JBH) price target from $50.00 to $53.00. Retains neutral rating. Notes 2021 is a boom year, but sales momentum unlikely to be sustainable in longer term.
20-Jan JB HI-FI JBH Credit Suisse downgrades JB HI-FI (JBH) rating from outperform to neutral. Raises price target from $53.02 to $54.72. Is pleased with H1 preliminary sales update. Notes strong sales momentum and expanding margins. Scope for further upgrades, but share price appreciation has forced rating change.
20-Jan JB HI-FI JBH Jefferies raises JB HI-FI (JBH) price target from $46.00 to $50.00.  Sees little sign in short term that sales momentum is letting up as travel budgets continue to be redirected to discretionary retail. H2 less certain though.
20-Jan JB HI-FI JBH Macquarie raises JB HI-FI (JBH) price target from $49.50 to $53.10. Retains neutral rating. Notes strong H1 sales momentum is in line with broker's expectations. Harvey Norman (HVN) is preferred pick in sector.
20-Jan JB HI-FI JBH UBS raises JB HI-FI (JBH) price target from $47.80 to $51.00. Retains neutral rating. Describes H1 preliminary sales numbers as strong. Impressed with online sales performance, now 44% of sales. Expects continued strength in retail spending, co. ideally placed to take advantage, but notes share price appreciation undermines valuation opportunity.
20-Jan Mirvac Group MGR UBS raises Mirvac Group (MGR) price target from $2.72 to $2.95. Retains buy rating.  
20-Jan Michael Hill International MHJ Citi raises Michael Hill International (MHJ) price target from $0.620 to $0.750.   
20-Jan Megaport MP1 UBS raises Megaport (MP1) price target from $15.45 to $16.45. Retains buy rating.  
20-Jan National Australia Bank NAB Zacks downgrades National Australia Bank (NAB) rating from buy to hold.   
20-Jan Nufarm NUF Morgan Stanley raises Nufarm (NUF) price target from $4.80 to $5.20. Retains overweight rating.  
20-Jan Oceanagold Corporation OGC Macquarie lowers Oceanagold Corporation (OGC) price target from $2.70 to $2.60. Retains neutral rating.  
20-Jan Oceanagold Corporation OGC Raymond James Financial lowers Oceanagold Corporation (OGC) price target from $3.75 to $3.50.  (Prices in CAD as per Toronto Stock Exchange listing.)
20-Jan Premier Investments PMV Morgan Stanley raises Premier Investments (PMV) price target from $18.40 to $24.00. Retains equalweight rating.  
20-Jan QBE Insurance Group QBE Citi lowers QBE Insurance Group (QBE) price target from $10.60 to $10.40. Retains buy rating.  
20-Jan QBE Insurance Group QBE Morgan Stanley lowers QBE Insurance Group (QBE) price target from $11.50 to $10.30. Retains overweight rating.  
20-Jan Rio Tinto RIO JP Morgan lowers Rio Tinto (RIO) price target from $7100.00 to $7000.00.  (Prices in GBP as per London Stock Exchange listing).
20-Jan Rio Tinto RIO Macquarie raises Rio Tinto (RIO) price target from $125.00 to $127.00. Retains outperform rating. Reviews December quarter trading update.
20-Jan Resmed RMD Credit Suisse raises Resmed Foreign Exempt NYSE (RMD) price target from $31.00 to $29.50. Retains outperform rating.  
20-Jan Scentre Group SCG UBS downgrades Scentre Group (SCG) rating from neutral to sell. Raises price target from $2.40 to $2.58.  
20-Jan Sims SGM Credit Suisse raises Sims (SGM) price target from $10.75 to $13.00. Retains neutral rating.  
20-Jan Stockland SGP UBS raises Stockland (SGP) rating from neutral to buy. Raises price target from $3.80 to $4.50. Anticipates ongoing strength in residential construction, development and sales as stimulus measures work their way through Australian economy.
20-Jan Super Retail Group SUL Citi raises Super Retail Group (SUL) price target from $13.10 to $14.00. Retains buy rating. Predicts retailer will likely outperform peers over next 6 months. Increases FY22 expected earnings by 11%.
20-Jan Super Retail Group SUL Credit Suisse raises Super Retail Group (SUL) price target from $12.21 to $13.19. Retains outperform rating. After assessing first half trading update, remains confident that sales momentum can be maintained into FY22. Valuation attractive, continued re-ratings likely.
20-Jan Super Retail Group SUL Macquarie raises Super Retail Group (SUL) price target from $11.30 to $11.70. Retains neutral rating. Cites better than expected first half trading update. Some gains are going to be permanent. Margin improvement pleasing.
20-Jan Super Retail Group SUL Morgan Stanley raises Super Retail Group (SUL) price target from $12.30 to $12.90.  Broker is impressed with first half trading update. Notes, earnings forecasts better than expected.
20-Jan Super Retail Group SUL Morgan Stanley raises Super Retail Group (SUL) price target from $12.30 to $12.90. Retains overweight rating. Broker is impressed with first half sales performance. Significantly better than market was expecting. Cash flow a highlight, makes capital management increasingly likely. Increased expected earnings for FY21 by 40% and FY22 by 24%.
20-Jan Super Retail Group SUL UBS raises Super Retail Group (SUL) price target from $12.20 to $12.60. Retains buy rating. Reacts positively to what it describes as a solid first half sales performance. Tailwinds remain, and group is well placed to take advantage. Margin improvement very impressive.
20-Jan Suncorp Group SUN Morgan Stanley raises Suncorp Group (SUN) price target from $9.90 to $10.35. Retains equalweight rating.  
20-Jan Transurban Group TCL Macquarie lowers Transurban Group (TCL) price target from $15.93 to $15.06. Retains outperform rating.  
20-Jan Tyro Payments TYR Macquarie lowers Tyro Payments (TYR) price target from $3.50 to $2.50. Retains neutral rating.  
20-Jan Vicinity Centres VCX UBS downgrades Vicinity Centres (VCX) rating from neutral to sell. Raises price target from $1.380 to $1.460.  
20-Jan Westpac Banking Corporation WBC UBS raises Westpac Banking Corporation (WBC) price target from $22.00 to $23.50. Retains buy rating. Cites improving economic outlook, company specific drivers including stabilisation in mortgage rates, non-core assets sales, higher capital returns.
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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Mohamed Zidan
Chief Market Strategist, Dubai

Mohamed Zidan is a chief market strategist in Dubai and CFA Level III candidate. He reports to London office and has more than eight years of experience focusing on Forex, Commodities, Indices and global economic developments as well as central bank policies and intermarket analysis. worked as FX Analyst, and Strategist in several different organizations and for various departments. He holds a bachelor’s degree from Cairo University in Egypt. Mohamed Zidan is a regular guest on several major TV networks such as; CNBC Arabia, Fran24 Arabic, Alarabiya , Dubai TV, Sama Dubai, Skynews Arabia, Saudi National News, and Egypt National news.

Zidan presents insight to the markets movements, holds open discussions and relays possibilities related to the world’s financial market and economies.

Mohamed Zidan has been invited as a guest speaker for several international seminars. Zidan provides daily and weekly outlook for the markets. His experience ranges from currencies, commodities, stocks and options. he applies a top-down, global macro approach combined with price action to generate trade ideas and anticipate the next move.

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Victor Golovtchenko has been analysing and trading foreign exchange markets since 2004, and is actively involved in the online media space since 2014. His tenure as a Senior Editor at a major brokerage industry news outlet was followed with a breakthrough into the financial news space with the brand new TradeStar website.

As an affectionate macro-focused analyst, he has an integrated framework to look at financial markets as a whole, identifying gaps between currencies, stocks, bonds, and other asset classes to get a core complete picture of the macroeconomic environment.

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Fawad Razaqzada
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Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms. He leverages years of market knowledge to provide retail and professional traders worldwide with succinct fundamental & technical analysis. Fawad also offers trading education to help shorten the learning curves of developing traders.
 
His colleagues consider him an expert at reading price action on the charts. This together with his deep understanding of economics and fundamental analysis, and trading experience, puts him in a great position to forecast short term price movements. Fawad covers a wide range of markets, including FX, commodities, stock indices and cryptocurrencies and his comments are regularly quoted by the leading financial publications such as Reuters and Market Watch. In addition to ThinkMarkets, Fawad also provides analysis and premium trade signals on his own website at TradingCandles.com.
 
 

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Carl Capolingua
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Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Mohammed Zidan
Mohamed Zidan
He has more than eight years of experience focusing on Forex, Commodities, Indices and global economic developments as well as central bank policies and intermarket analysis.
Victor Golovtchenko
Victor Golovtchenko
Victor Golovtchenko has been trading on the foreign exchange markets since 2004, and is actively involved in the online media space since 2014. His tenure as a Senior Editor follows his role with TradeStar.
Fawad Razaqzada
Fawad Razaqzada
Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms.
Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.

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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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