A selection of ratings upgrades and downgrades, target price changes, and commentary for ASX stocks from major research houses for 25 September.
The big brokers have run the ruler over a number of key stocks over the last 24 hours. They saw little reason to change either their ratings or price targets for Westpac (WBC) after the news yesterday of its record fine for Austrac breaches.
In other moves, brokers reacted positively to results from Brickworks (BKW), but were less enthusiastic about the prospect of rising costs for Oceanagold Corporation (OGC).
| AUB Group |
AUB |
Macquarie raises AUB Group (AUB) price target from $16.80 to $17.53. Retains outperform rating. Reacts positively to recent profit guidance by the co. |
| Brickworks |
BKW |
Citi raises Brickworks (BKW) price target from $20.95 to $19.00. Retains buy rating. Reviews FY20 results, sees short term tailwinds on the back of housing construction. |
| Brickworks |
BKW |
Macquarie raises Brickworks (BKW) price target from $17.80 to $18.80. Retains outperform rating. Broker is impressed with co's FY20 results. |
| Charter Hall Retail Reit |
CQR |
Goldman Sachs raises Charter Hall Retail Reit (CQR) price target from $3.69 to $3.71. Retains neutral rating. Reviews recent acquisitions, ups estimates by an average of 1.4% for FY21-23. |
| Computershare |
CPU |
Citi retains sell rating on Computershare (CPU). Retains $12.00 price target. Anticipates lower margins due to the current low interest rate environment. Profits could drop by over 10% in FY21 before recovering strongly in FY22. |
| Insurance Australia Group |
IAG |
Morgan Stanley lowers Insurance Australia Group (IAG) price target from $6.65 to $6.50. Retains overweight rating. Downgrades price target, but still see long term value. |
| Oceanagold Corporation |
OGC |
Macquarie lowers Oceanagold Corporation (OGC) price target from $3.90 to $2.80. Retains outperform rating. Blames higher than expected costs. |
| Sydney Airport |
SYD |
Macquarie raises Sydney Airport (SYD) price target from $6.06 to $6.66. Retains outperform rating. Anticipates it may take years for passenger numbers and fleet sizes to return to pre-covid levels, but sees value in share price at current levels. |
| United Malt Group |
UMG |
Credit Suisse initiates neutral rating on United Malt Group (UMG). Initiates $4.02 price target. Is concerned about competition in the sector. |
| Waypoint Reit |
WPR |
Goldman Sachs retains buy rating on Waypoint Reit (WPR). Retains $3.07 price target. Notes transparent and secure cashflows has provides support for portfolio valuations. |
| Westpac Banking Corporation |
WBC |
Citi retains buy rating on Westpac Banking Corporation (WBC). Retains $23.50 price target. Reviews Austrac settlement, no change to outlook. |
| Westpac Banking Corporation |
WBC |
Macquarie retains neutral rating on Westpac Banking Corporation (WBC). Retains $17.50 price target. Reviews Austrac settlement, no change to outlook. |
| Westpac Banking Corporation |
WBC |
Morgan Stanley retains equalweight rating on Westpac Banking Corporation (WBC). Retains $17.40 price target. Reviews Austrac settlement, no change to outlook. |
| Westpac Banking Corporation |
WBC |
UBS retains buy rating on Westpac Banking Corporation (WBC). Retains $20.50 price target. Reviews Austrac settlement, no change to outlook. |
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