The FNArena database tabulates the views of eight major Australian and international stock brokers: Citi, Credit Suisse, Deutsche Bank, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS.<\/em><\/p>\n For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy\/Hold\/Sell (B\/H\/S) ratio.<\/em><\/p>\n Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.<\/em><\/p>\n Summary<\/strong><\/em><\/p>\n Period: Monday October 2 to Friday October 6, 2017 The week ending Friday, 6th October 2017 offered a little bit of positive news from the stockbroking community for the Australian share market. All upgrades for individual stocks went to Buy and only two downgrades sank to a Sell. But that's pretty much where the positive news ends.<\/p>\n FNArena registered only two upgrades for the week and six downgrades, including one for ANZ Bank ahead of the upcoming banks reporting season.<\/p>\n There was not much happening in terms of changes to consensus price targets, but those who did enjoy a positive change mostly enjoyed one that counts. Beach Energy's target went up by 7%, Spotless enjoyed a gain of 6% and South32 came third with a plus of 1%.<\/p>\n There was more to register on the negative side with targets for Kathmandu and APN Outdoor sliding by -7% and -6% respectively, followed by smaller target cuts for Scentre Group, Orica and a few others.<\/p>\n The table for positive revisions to earnings estimates is pretty much an all-resources affair; Mt Gibson Mining on top, followed by Karoon Gas, Whitehaven Coal, and others.<\/p>\n The table for negative revisions to earnings estimates is more diversified. Beadell Resources suffered the largest reduction for the week, followed by APN Outdoor, QBE Insurance and ERM Power, then Syrah Resources.<\/p>\n Reductions are on average larger than upward amendments.<\/p>\n On Thursday, Bank of Queensland will kick off the local banking reporting season.<\/p>\n <\/p>\n Upgrade<\/u><\/strong><\/p>\n APN OUTDOOR GROUP LIMITED ((APO)) Upgrade to Buy from Neutral by UBS<\/strong> .B\/H\/S: 4\/1\/0<\/p>\n The company has lost the Yarra Trams contract. The annualised reduction to operating earnings is expected to be around -$7m.<\/p>\n UBS reduces 2018-19 forecasts for earnings per share by -9%. Having previously downgraded the stock to Neutral on rising margin\/re-contracting headwinds and digital yield concerns, now, even factoring these in, the stock appears inexpensive.<\/p>\n Rating is upgraded to Buy and the target reduced to $4.75 from $5.25.<\/p>\n LEND LEASE CORPORATION LIMITED ((LLC)) Upgrade to Underweight from Overweight by Morgan Stanley<\/strong> .B\/H\/S: 4\/2\/0<\/p>\n Morgan Stanley increases its weighting towards capital-light developers with better growth by upgrading Lend Lease to Overweight from Underweight.<\/p>\n The stock is the broker's preferred development exposure with its low gearing, large pipeline and expanding funds platform.<\/p>\n Target is raised to $19.75 from $16.45. Industry view is Cautious.<\/p>\n Downgrade<\/u><\/strong><\/p>\n THE A2 MILK COMPANY LIMITED ((A2M)) Downgrade to Hold from Buy by Deutsche Bank<\/strong> .B\/H\/S: 3\/2\/0<\/p>\n Synlait Milk ((SM1)) has received CFDA registration for a2 Milk's infant formula and a strong move in the share price of both stocks has resulted in Deutsche Bank revising estimates.<\/p>\n A material near-term earnings upgrade is made on the back of stronger a2 Milk volumes. Nevertheless, the broker now finds value is harder to obtain and downgrades to Hold from Buy. Target is raised to NZ$7.00 from NZ$5.80.<\/p>\n ALTURA MINING LIMITED ((AJM)) Downgrade to Underperform from Neutral by Macquarie<\/strong> .B\/H\/S: 0\/0\/1<\/p>\n Macquarie updates its development scenario for the Pilgangoora project.<\/p>\n The company has secured sufficient debt to bring the project into production. Nevertheless, the increased level of debt increases the risk associated with ramp up in case of any delay in achieving specifications could create a funding gap.<\/p>\n The broker believes, while the company may need to extend current debt facilities by at least a year to cover cash shortages, the expansion potential offers upside. Rating is downgraded to Underperform from Neutral. Target rises to $0.20 from $0.16.<\/p>\n AUSTRALIA & NEW ZEALAND BANKING GROUP ((ANZ)) Downgrade to Equal-weight from Overweight by Morgan Stanley<\/strong> .B\/H\/S: 3\/5\/0<\/p>\n Morgan Stanley has reduced confidence in the bank's ability to recover revenue and considers its loan loss versus normalised loss rates greater than its peers.<\/p>\n While the broker believes company-specific problems have passed, the estimate of risk tendency confirms the bank still has the highest risk profile of the majors.<\/p>\n Rating is downgraded to Equal-weight from Overweight. Target is reduced to $29 from $30. Sector view is In-Line.<\/p>\n LIFEHEALTHCARE GROUP LIMITED ((LHC)) Downgrade to Neutral from Buy by UBS<\/strong> .B\/H\/S: 0\/1\/0<\/p>\n UBS downgrades the stock to Neutral from Buy ahead of an expected announcement of -10-15% reductions to the prosthesis list prices.<\/p>\n The company's exposure to prosthesis is around 35% of revenue. At this stage the broker does not adjust the earnings outlook as it lacks clarity on the magnitude and timing of the cuts. Target is reduced to $2.30 from $2.75.<\/p>\n SOUTH32 LIMITED ((S32)) Downgrade to Neutral from Buy by UBS<\/strong> .B\/H\/S: 3\/5\/0<\/p>\n UBS believes the stock has run too hard for now and aluminium\/alumina, metallurgical coal and manganese remain vulnerable to the correction seen in copper and iron ore.<\/p>\n The broker downgrades to Neutral from Buy. Target is raised to $3.25 from $3.00.<\/p>\n The stock is appreciated for its cash balance sheet and 20% free cash flow yield at spot prices but UBS would have liked to see more cash returns to shareholders, and remains concerns about operations at Illawarra and Cannington.<\/p>\n SYNLAIT MILK LIMITED ((SM1)) Downgrade to Sell from Hold by Deutsche Bank<\/strong> .B\/H\/S: 0\/1\/2<\/p>\n Synlait has received CFDA registration for a2 Milk's ((A2M)) infant formula and a strong move in the share price of both stocks has resulted in Deutsche Bank revising estimates.<\/p>\n A material near-term earnings upgrade is made for Synlait on the back of stronger a2 Milk volumes. Nevertheless, the broker now finds value is harder to obtain and downgrades to Sell from Hold. Target is raised to NZ$6.00 from NZ$5.80.<\/p>\n<\/p>\n \t\t\tBroker Recommendation Breakup<\/strong> Technical limitations<\/strong><\/p>\n If you are reading this story through a third party distribution channel and you cannot see charts included<\/em>, we apologise, but technical limitations are to blame.<\/em><\/strong><\/p>\n
\nTotal Upgrades: 2
\nTotal Downgrades: 6
\nNet Ratings Breakdown: Buy 42.23%; Hold 41.49%; Sell 16.28%<\/em><\/p>\n\n\n
\n Total Recommendations<\/strong>
\n\t\t\t<\/td>\n
Recommendation Changes<\/strong>
\n\t\t\t<\/td>\n<\/tr>\n
\n \n
\n\t\t\t<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n\n
\n \n Broker Rating<\/h2>\n<\/td>\n<\/tr>\n
\n <\/p>\n \n\n
\n \nOrder<\/th>\n Company<\/th>\n New Rating<\/th>\n Old Rating<\/th>\n Broker<\/th>\n<\/tr>\n<\/thead>\n \n Upgrade<\/td>\n<\/tr>\n \n 1<\/td>\n APN OUTDOOR GROUP LIMITED<\/a><\/td>\n Buy<\/td>\n Neutral<\/td>\n UBS<\/td>\n<\/tr>\n \n 2<\/td>\n LEND LEASE CORPORATION LIMITED<\/a><\/td>\n Buy<\/td>\n Buy<\/td>\n Morgan Stanley<\/td>\n<\/tr>\n \n Downgrade<\/td>\n<\/tr>\n \n 3<\/td>\n ALTURA MINING LIMITED<\/a><\/td>\n Sell<\/td>\n Neutral<\/td>\n Macquarie<\/td>\n<\/tr>\n \n 4<\/td>\n AUSTRALIA & NEW ZEALAND BANKING GROUP<\/a><\/td>\n Neutral<\/td>\n Buy<\/td>\n Morgan Stanley<\/td>\n<\/tr>\n \n 5<\/td>\n LIFEHEALTHCARE GROUP LIMITED<\/a><\/td>\n Neutral<\/td>\n Buy<\/td>\n UBS<\/td>\n<\/tr>\n \n 6<\/td>\n SOUTH32 LIMITED<\/a><\/td>\n Neutral<\/td>\n Buy<\/td>\n UBS<\/td>\n<\/tr>\n \n 7<\/td>\n SYNLAIT MILK LIMITED<\/a><\/td>\n Sell<\/td>\n Neutral<\/td>\n Deutsche Bank<\/td>\n<\/tr>\n \n 8<\/td>\n THE A2 MILK COMPANY LIMITED<\/a><\/td>\n Neutral<\/td>\n Buy<\/td>\n Deutsche Bank<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n \n Recommendation<\/h2>\n<\/td>\n<\/tr>\n
\n \n Positive Change Covered by > 2 Brokers<\/h3>\n
\n\n
\n \nOrder<\/th>\n Symbol<\/th>\n Company<\/th>\n New Rating<\/th>\n Previous Rating<\/th>\n Change<\/th>\n Recs<\/th>\n<\/tr>\n<\/thead>\n \n 1<\/td>\n APO<\/a><\/td>\n APN OUTDOOR GROUP LIMITED<\/td>\n 80.0%<\/td>\n 60.0%<\/td>\n 20.0%<\/td>\n 5<\/td>\n<\/tr>\n \n 2<\/td>\n BPT<\/a><\/td>\n BEACH ENERGY LIMITED<\/td>\n 33.0%<\/td>\n 17.0%<\/td>\n 16.0%<\/td>\n 6<\/td>\n<\/tr>\n \n 3<\/td>\n SCG<\/a><\/td>\n SCENTRE GROUP<\/td>\n 50.0%<\/td>\n 42.0%<\/td>\n 8.0%<\/td>\n 7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n \n \n Negative Change Covered by > 2 Brokers<\/h3>\n
\n\n
\n \nOrder<\/th>\n Symbol<\/th>\n Company<\/th>\n New Rating<\/th>\n Previous Rating<\/th>\n Change<\/th>\n Recs<\/th>\n<\/tr>\n<\/thead>\n \n 1<\/td>\n SM1<\/a><\/td>\n SYNLAIT MILK LIMITED<\/td>\n -67.0%<\/td>\n -33.0%<\/td>\n -34.0%<\/td>\n 3<\/td>\n<\/tr>\n \n 2<\/td>\n A2M<\/a><\/td>\n THE A2 MILK COMPANY LIMITED<\/td>\n 60.0%<\/td>\n 80.0%<\/td>\n -20.0%<\/td>\n 5<\/td>\n<\/tr>\n \n 3<\/td>\n KMD<\/a><\/td>\n KATHMANDU HOLDINGS LIMITED<\/td>\n 50.0%<\/td>\n 67.0%<\/td>\n -17.0%<\/td>\n 4<\/td>\n<\/tr>\n \n 4<\/td>\n SPO<\/a><\/td>\n SPOTLESS GROUP HOLDINGS LIMITED<\/td>\n -67.0%<\/td>\n -50.0%<\/td>\n -17.0%<\/td>\n 3<\/td>\n<\/tr>\n \n 5<\/td>\n ANZ<\/a><\/td>\n AUSTRALIA & NEW ZEALAND BANKING GROUP<\/td>\n 31.0%<\/td>\n 44.0%<\/td>\n -13.0%<\/td>\n 8<\/td>\n<\/tr>\n \n 6<\/td>\n ORI<\/a><\/td>\n ORICA LIMITED<\/td>\n -25.0%<\/td>\n -13.0%<\/td>\n -12.0%<\/td>\n 8<\/td>\n<\/tr>\n \n 7<\/td>\n S32<\/a><\/td>\n SOUTH32 LIMITED<\/td>\n 38.0%<\/td>\n 50.0%<\/td>\n -12.0%<\/td>\n 8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n \n Target Price<\/h2>\n<\/td>\n<\/tr>\n
\n \n Positive Change Covered by > 2 Brokers<\/h3>\n
\n\n
\n \nOrder<\/th>\n Symbol<\/th>\n Company<\/th>\n New Target<\/th>\n Previous Target<\/th>\n Change<\/th>\n Recs<\/th>\n<\/tr>\n<\/thead>\n \n 1<\/td>\n BPT<\/a><\/td>\n BEACH ENERGY LIMITED<\/td>\n 0.795<\/td>\n 0.743<\/td>\n 7.00%<\/td>\n 6<\/td>\n<\/tr>\n \n 2<\/td>\n SPO<\/a><\/td>\n SPOTLESS GROUP HOLDINGS LIMITED<\/td>\n 1.043<\/td>\n 0.980<\/td>\n 6.43%<\/td>\n 3<\/td>\n<\/tr>\n \n 3<\/td>\n S32<\/a><\/td>\n SOUTH32 LIMITED<\/td>\n 3.148<\/td>\n 3.116<\/td>\n 1.03%<\/td>\n 8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n \n \n Negative Change Covered by > 2 Brokers<\/h3>\n
\n\n
\n \nOrder<\/th>\n Symbol<\/th>\n Company<\/th>\n New Target<\/th>\n Previous Target<\/th>\n Change<\/th>\n Recs<\/th>\n<\/tr>\n<\/thead>\n \n 1<\/td>\n KMD<\/a><\/td>\n KATHMANDU HOLDINGS LIMITED<\/td>\n 2.335<\/td>\n 2.520<\/td>\n -7.34%<\/td>\n 4<\/td>\n<\/tr>\n \n 2<\/td>\n APO<\/a><\/td>\n APN OUTDOOR GROUP LIMITED<\/td>\n 5.286<\/td>\n 5.672<\/td>\n -6.81%<\/td>\n 5<\/td>\n<\/tr>\n \n 3<\/td>\n SCG<\/a><\/td>\n SCENTRE GROUP<\/td>\n 4.474<\/td>\n 4.510<\/td>\n -0.80%<\/td>\n 7<\/td>\n<\/tr>\n \n 4<\/td>\n ORI<\/a><\/td>\n ORICA LIMITED<\/td>\n 17.463<\/td>\n 17.594<\/td>\n -0.74%<\/td>\n 8<\/td>\n<\/tr>\n \n 5<\/td>\n ANZ<\/a><\/td>\n AUSTRALIA & NEW ZEALAND BANKING GROUP<\/td>\n 30.675<\/td>\n 30.800<\/td>\n -0.41%<\/td>\n 8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n \n Earning Forecast<\/h2>\n<\/td>\n<\/tr>\n
\n \n Positive Change Covered by > 2 Brokers<\/h3>\n
\n\n
\n \nOrder<\/th>\n Symbol<\/th>\n Company<\/th>\n New EF<\/th>\n Previous EF<\/th>\n Change<\/th>\n Recs<\/th>\n<\/tr>\n<\/thead>\n \n 1<\/td>\n MGX<\/a><\/td>\n MOUNT GIBSON IRON LIMITED<\/td>\n 1.350<\/td>\n 0.350<\/td>\n 285.71%<\/td>\n 3<\/td>\n<\/tr>\n \n 2<\/td>\n KAR<\/a><\/td>\n KAROON GAS AUSTRALIA LIMITED<\/td>\n -7.000<\/td>\n -13.400<\/td>\n 47.76%<\/td>\n 3<\/td>\n<\/tr>\n \n 3<\/td>\n WHC<\/a><\/td>\n WHITEHAVEN COAL LIMITED<\/td>\n 37.980<\/td>\n 35.980<\/td>\n 5.56%<\/td>\n 8<\/td>\n<\/tr>\n \n 4<\/td>\n BPT<\/a><\/td>\n BEACH ENERGY LIMITED<\/td>\n 7.480<\/td>\n 7.097<\/td>\n 5.40%<\/td>\n 6<\/td>\n<\/tr>\n \n 5<\/td>\n A2M<\/a><\/td>\n THE A2 MILK COMPANY LIMITED<\/td>\n 19.584<\/td>\n 18.861<\/td>\n 3.83%<\/td>\n 5<\/td>\n<\/tr>\n \n 6<\/td>\n IVC<\/a><\/td>\n INVOCARE LIMITED<\/td>\n 58.538<\/td>\n 56.663<\/td>\n 3.31%<\/td>\n 7<\/td>\n<\/tr>\n \n 7<\/td>\n S32<\/a><\/td>\n SOUTH32 LIMITED<\/td>\n 22.720<\/td>\n 22.065<\/td>\n 2.97%<\/td>\n 8<\/td>\n<\/tr>\n \n 8<\/td>\n BHP<\/a><\/td>\n BHP BILLITON LIMITED<\/td>\n 172.097<\/td>\n 168.240<\/td>\n 2.29%<\/td>\n 8<\/td>\n<\/tr>\n \n 9<\/td>\n ORE<\/a><\/td>\n OROCOBRE LIMITED<\/td>\n 15.353<\/td>\n 15.020<\/td>\n 2.22%<\/td>\n 6<\/td>\n<\/tr>\n \n 10<\/td>\n MFG<\/a><\/td>\n MAGELLAN FINANCIAL GROUP LIMITED<\/td>\n 120.783<\/td>\n 119.283<\/td>\n 1.26%<\/td>\n 6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n \n \n Negative Change Covered by > 2 Brokers<\/h3>\n
\n\n
\n \nOrder<\/th>\n Symbol<\/th>\n Company<\/th>\n New EF<\/th>\n Previous EF<\/th>\n Change<\/th>\n Recs<\/th>\n<\/tr>\n<\/thead>\n \n 1<\/td>\n BDR<\/a><\/td>\n BEADELL RESOURCES LIMITED<\/td>\n -0.633<\/td>\n -0.300<\/td>\n -111.00%<\/td>\n 3<\/td>\n<\/tr>\n \n 2<\/td>\n APO<\/a><\/td>\n APN OUTDOOR GROUP LIMITED<\/td>\n 33.658<\/td>\n 83.825<\/td>\n -59.85%<\/td>\n 5<\/td>\n<\/tr>\n \n 3<\/td>\n QBE<\/a><\/td>\n QBE INSURANCE GROUP LIMITED<\/td>\n 35.626<\/td>\n 71.606<\/td>\n -50.25%<\/td>\n 8<\/td>\n<\/tr>\n \n 4<\/td>\n EPW<\/a><\/td>\n ERM POWER LIMITED<\/td>\n 5.100<\/td>\n 6.100<\/td>\n -16.39%<\/td>\n 3<\/td>\n<\/tr>\n \n 5<\/td>\n SYR<\/a><\/td>\n SYRAH RESOURCES LIMITED<\/td>\n -9.690<\/td>\n -8.690<\/td>\n -11.51%<\/td>\n 5<\/td>\n<\/tr>\n \n 6<\/td>\n WSA<\/a><\/td>\n WESTERN AREAS NL<\/td>\n 4.373<\/td>\n 4.801<\/td>\n -8.91%<\/td>\n 7<\/td>\n<\/tr>\n \n 7<\/td>\n ORG<\/a><\/td>\n ORIGIN ENERGY LIMITED<\/td>\n 48.231<\/td>\n 51.606<\/td>\n -6.54%<\/td>\n 7<\/td>\n<\/tr>\n \n 8<\/td>\n TNE<\/a><\/td>\n TECHNOLOGY ONE LIMITED<\/td>\n 14.333<\/td>\n 15.033<\/td>\n -4.66%<\/td>\n 3<\/td>\n<\/tr>\n \n 9<\/td>\n NST<\/a><\/td>\n NORTHERN STAR RESOURCES LTD<\/td>\n 40.403<\/td>\n 41.737<\/td>\n -3.20%<\/td>\n 6<\/td>\n<\/tr>\n \n 10<\/td>\n NCM<\/a><\/td>\n NEWCREST MINING LIMITED<\/td>\n 80.216<\/td>\n 82.387<\/td>\n -2.64%<\/td>\n 8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n