A selection of ratings upgrades and downgrades, target price changes, and commentary for ASX stocks from major research houses for 21 September.
The big brokers have run the ruler over a number of key stocks over the last 24 hours.
City Chic Collective (CCX) received another price target decrease on the back of missing out on the acquisition of US fashion brand Catherines.
In other moves, brokers reacted negatively to results from Clover Corporation (CLV) and Webjet (WEB).
| Bluescope Steel |
BSL |
Citi raises Bluescope Steel (BSL) price target from $13.00 to $13.60. Retains neutral rating. Cites improving steel spreads in the US, upgrades Fy21 earnings forecasts by 19%. |
| City Chic Collective |
CCX |
EL&C Baillieu lowers City Chic Collective (CCX) price target from $3.70 to $3.50. Retains buy rating. Broker believes co. is well positioned to deliver strong growth in the medium term, but is disappointed by news it has missed out on Catherines acquisition. |
| Clover Corporation |
CLV |
UBS lowers Clover Corporation (CLV) price target from $2.50 to $2.30. Retains neutral rating. Broker is impressed with H2 FY20 performance, but notes FY21 outlook remains uncertain. |
| Dexus |
DXS |
Morgan Stanley downgrades Dexus (DXS) rating from overweight to underweight. Lowers price target from $10.20 to $8.15. Blames structural shifts away from office property. |
| Iluka Resources |
ILU |
Goldman Sachs lowers Iluka Resources (ILU) price target from $10.20 to $10.10. Retains buy rating. Blames delays in South Flank ramp up, says likely to have -13% impact on FY21 earnings. |
| Inghams Group |
ING |
Citi raises Inghams Group (ING) price target from $3.50 to $3.70. Retains buy rating. Predicts recovery from pandemic impact will be strong. Notes share price falls creates value. |
| James Hardie Industries |
JHX |
Goldman Sachs raises James Hardie Industries (JHX) price target from $37.23 to $37.35. Retains buy rating. Predicts earnings risks are skewed to the upside due to strong performance in US. |
| Nufarm |
NUF |
Citi retains buy rating on Nufarm (NUF). Retains $5.60 price target. Anticipates market will rerate European performance. |
| Santos |
STO |
Macquarie lowers Santos (STO) price target from $6.00 to $5.50. Retains neutral rating. Anticipates co. will struggle to deliver on growth outlook. Pricing still key risk going forward. |
| Scentre Group |
SCG |
UBS raises Scentre Group (SCG) price target from $2.25 to $2.40. Retains neutral rating. Is pleased with capital raising, but notes continued uncertainty. |
| Webjet |
WEB |
Morgan Stanley lowers Webjet (WEB) price target from $3.30 to $3.00. Retains underweight rating. Reviews FY20 results and downgrades expectations. |
| Whitehaven Coal |
WHC |
UBS retains buy rating on Whitehaven Coal (WHC). Retains $2.00 price target. Notes share price declines create value, but coal price recovery will require patient approach to co. |
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