Australian Broker Moves 28 October

The big brokers have run the ruler over a number of key stocks over the last 24 hours.

There was a muted response to ANZ's trading update ahead of the bank's upcoming half year results. Most brokers are likely to reserve their judgement on their rating and price target until the full release.

In other moves, the brokers were enthusiastic towards Bendigo & Adelaide Bank's September quarter update, as they were to Nick Scali's update with the company also increasing their profit guidance for the half.
 

Australia and New Zealand Banking Group	ANZ	Jefferies lowers Australia and New Zealand Banking Group (ANZ) price target from $11.90 to $11.70.
Australia and New Zealand Banking Group	ANZ	Citi retains buy rating on Australia and New Zealand Banking Group (ANZ). Retains $23.75 price target. Reviews trading update, lowers expected earnings for FY20 by 12%.
Australia and New Zealand Banking Group	ANZ	Credit Suisse retains outperform rating on Australia and New Zealand Banking Group (ANZ). Retains $26.20 price target. Notes waiting for full release of first half results before reacting to trading update signalling $528m hit to earnings.
Australia and New Zealand Banking Group	ANZ	Macquarie retains outperform rating on Australia and New Zealand Banking Group (ANZ). Retains $18.50 price target. No change to rating or target after reviewing trading update, but lowers expected earnings for FY20 by 9%.
Australia and New Zealand Banking Group	ANZ	Morgan Stanley retains overweight rating on Australia and New Zealand Banking Group (ANZ). Retains $20.00 price target. Sees as much as a 13.5% hit to earnings after considering trading update.
Bendigo and Adelaide Bank	BEN	Jefferies raises Bendigo and Adelaide Bank (BEN) price target from $3.90 to $5.21.
Bendigo and Adelaide Bank	BEN	Macquarie raises Bendigo and Adelaide Bank (BEN) price target from $6.75 to $7.00. Retains neutral rating. Reacts positively to September quarter update. Notes solid increase in volumes and better than expected news on deferrals.
Blackmores	BKL	Credit Suisse upgrades Blackmores (BKL) rating from underperform to neutral. Retains $65.00 price target. Considers improvement in September quarter trading update to be a sign that the co. has returned to growth.
Boral	BLD	Credit Suisse raises Boral (BLD) price target from $4.15 to $4.60. Retains neutral rating. Is pleased with announcement of USG Boral, expects further asset sales.
Coca-Cola Amatil	CCL	JP Morgan downgrades Coca-Cola Amatil (CCL) rating from overweight to neutral.  Notes takeover likely to succeed, so changes rating.
Corporate Travel Management	CTD	Morgan Stanley retains overweight rating on Corporate Travel Management (CTD). Retains $21.50 price target. Notes improving performance at Australia-NZ operations, other regions are not far behind.
Evolution Mining	EVN	Citi upgrades Evolution Mining (EVN) rating from sell to neutral. Raises price target from $5.40 to $5.50. Considers pull back in share price as constructive for the valuation.
Evolution Mining	EVN	Macquarie lowers Evolution Mining (EVN) price target from $6.20 to $5.90. Retains neutral rating. Reviews September quarter production report. Notes production likely to only be in the middle of guidance range.
James Hardie Industries	JHX	UBS raises James Hardie Industries (JHX) price target from $35.40 to $43.00. Retains buy rating. Is pleased with how US operations is tracking. Sees continued growth going forward.
Nick Scali	NCK	Citi raises Nick Scali (NCK) price target from $10.10 to $10.50. Retains buy rating. Broker is impressed with trading update and increased guidance for H2. Also notes strong balance sheet allows co. to investigate acquisitions.
Northern Star Resources	NST	Citi raises Northern Star Resources (NST) price target from $15.70 to $15.90. Retains neutral rating. Expects Saracen merger will proceed. Tweaks target.
Qantas Airways	QAN	Jefferies raises Qantas Airways (QAN) price target from $4.90 to $5.25.
Rio Tinto	RIO	Macquarie retains outperform rating on Rio Tinto (RIO). Retains $111.00 price target. Says comfortable with production guidance, iron-ore price impact on earnings.
Shopping Centres Australasia Property Group	SCP	Jefferies raises Shopping Centres Australasia Property Group (SCP) price target from $2.17 to $2.29.
Shopping Centres Australasia Property Group	SCP	Macquarie upgrades Shopping Centres Australasia Property Group (SCP) rating from neutral to outperform. Raises price target from $2.30 to $2.55. Cites improving outlook for retail, notes co. profit guidance for H1 ahead of expectations.
Sims	SGM	UBS retains buy rating on Sims (SGM). Retains $10.20 price target. Anticipates China to drive improved operating conditions.
TPG Telecom	TPG	UBS upgrades TPG Telecom (TPG) rating from sell to neutral. Raises price target from $7.20 to $7.30. Cites lower share price, now offers better value.