Australian Broker Moves 30 September

The big brokers have run the ruler over a number of key stocks over the last 24 hours. They reacted negatively to profit warnings from Bank of Queensland (BOQ) and A2 Milk (A2M), with both companies the victims of price targets downgrades.

In other moves, brokers were enthusiastic over Corporate Travel Management's (CTD) announcement that it would acquire smaller competitor Travel & Transport. UBS went so far as to say that the acquisition would be "business changing".
 

A2 Milk Company	A2M	Citi lowers A2 Milk Company (A2M) price target from $17.20 to $14.20. Retains sell rating. Reacts negatively to news from co. warning that Vic lockdowns have adversely impacted daigou channel sales.
A2 Milk Company	A2M	Goldman Sachs lowers A2 Milk Company (A2M) price target from $20.40 to $19.34. Retains buy rating. Reacts negatively to news from co. warning that Vic lockdowns have adversely impacted daigou channel sales.
Adbri	ABC	Citi retains neutral rating on Adbri (ABC). Retains $2.70 price target. Sees upside from likely increased infrastructure spend post Federal Budget.
ALS	ALQ	Macquarie raises ALS (ALQ) price target from $9.00 to $10.30. Retains outperform rating. Expects improving outlook for minerals industry globally will underpin earnings.
Atlas Arteria	ALX	Macquarie upgrades Atlas Arteria (ALX) rating from neutral to outperform. Raises price target from $6.81 to $6.99. Notes encouraging signs of recovery in Europe and US, also is pleased with dividend yield.
Bank Of Queensland	BOQ	Jefferies lowers Bank Of Queensland (BOQ) price target from $4.18 to $4.14.
Bank Of Queensland	BOQ	Goldman Sachs lowers Bank Of Queensland (BOQ) price target from $7.10 to $6.85. Retains buy rating. Reacts negatively to co's increased provisioning for bad and doubtful debts. But notes capital position remains strong.
Bank Of Queensland	BOQ	Morgan Stanley lowers Bank Of Queensland (BOQ) price target from $5.90 to $5.70. Retains equalweight rating. Blames lowering of FY21 guidance, increasing costs.
Corporate Travel Management	CTD	Macquarie upgrades Corporate Travel Management (CTD) rating from neutral to outperform. Raises price target from $14.40 to $16.40. Reviews Travel & Transport acquisition and associated capital raising. Sees as a modest positive.
Corporate Travel Management	CTD	UBS raises Corporate Travel Management (CTD) price target from $18.00 to $18.70. Retains buy rating. Broker is impressed with Travel & Transport acquisition, says could be business changing.
Downer EDI	DOW	UBS upgrades Downer EDI (DOW) rating from neutral to buy. Raises price target from $4.50 to $5.00. Predicts turnaround from restructuring is well under way.
Northern Star Resources	NST	UBS upgrades Northern Star Resources (NST) rating from sell to neutral.
RIO Tinto	RIO	Societe Generale downgrades RIO Tinto (RIO) rating from buy to hold.
Scentre Group	SCG	Credit Suisse lowers Scentre Group (SCG) price target from $2.81 to $2.73. Retains outperform rating. Reviews recent capital raising via hybrid issuance. Says is preferred alternative versus share placement.