Evening Wrap: ASX 200 notches 10 out of 10 as Wisetech leads tech higher, promising lithium rally fizzles

It was another massive day on the ASX in terms of results and results-related moves. Double-digit gains or losses are becoming commonplace as the earnings deluge reaches fever pitch!

As always, I have all the details on all the big moves for your there, as well as how the big brokers responded...buy, hold or sell.

I'm sure everyone knows it was 10 in a row for the benchmark, a feat not seen in nearly a decade. There's plenty to like about how the Aussie stock market is trading, and I've got full technical analysis for you in today's ChartWatch.

Finally, it's worth noting that it started out as a great day for ASX lithium stocks as they responded to the rally in GFEX lithium carbonate futures I reported in yesterday’s Wrap, but as the same price plummeted today – most had given back much of their gains by the close...for all this and much more!

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 16.5 points higher at 8,027.0, 0.21% from its session low and 0.16% from its high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by 144 to 116.

Information Technology (XIJ) (+-%) again the best performing sector today, again on the back of a solid 7.8% gain in major constituent Wisetech Global (WTC). But, there were several other massive moves in the sector, both up and dow,n as per the table below (all were results related!).

A massive day of moves in the ASX Information Technology sector today

Double-digit percentage moves are now becoming commonplace as FY24 results are coming in think and fast! Don’t forget to check out our August earnings season calendar to see when the stocks in your portfolio are reporting.

In theory, the Industrials (XNJ) (+1.3%) sector was the next best performer today, but that was pretty much all Brambles (BXB) (+5.3%) – and that’s also results related. It continued to bask in the glory of its better-than-expected results released yesterday, and due to several positive broker updates that followed today. You’ll find two rating upgrades and near-unanimous target price upgrades for the BXB in the Broker Notes section below.

It was a bit of a spread from there with Real Estate Investment Trusts (XPJ) (+0.82%) having a solid day, and the Materials (XMJ) (+0.4%) sector wasn’t awful either.

It started out as a great day for ASX lithium stocks as they responded to the rally in GFEX lithium carbonate futures I reported in yesterday’s Wrap, but as the same price plummeted today – most had given back much of their gains by the close. 😭

GFEX Lithium Carbonate Nov-24 contract. Source: SMM

The best and worst of the ASX Resources sector today

ChartWatch

S&P/ASX 200 (XJO)

10/10 for effort!

The last time we covered the XJO was in ChartWatch in the Evening Wrap on 19 August.

In that update, I switched back to a bullish bias, noting strong candles and an all-important V-shaped recovery from what will go down as the great carry trade unwind “blip” of 2024!

I felt with us going 10 in a row or better – something we have only done 5 times in the last 25 years – deserved a follow up.

Longest winning streaks on the S&P/ASX 200 since the year 2000 in days

Up is fine and all, 10, 20, candles whatever…what’s more important on a candle-to-candle basis is how much we go up and how near we close to the high. Long candles that close near the high are strong indications of demand-side control – as are long downward pointing shadows.

In this regard, today’s candle (and arguably most of the famous 10 in a row) are neither here nor there. Certainly, candles 9, 16, and 21 August are very solid, and together with the overall steepness of this last rally lead me to believe the demand-side remains well in control here.

V-shaped rallies are always the most likely to be sustainable.

Demand (dynamic) is expected at the short term uptrend ribbon, I see that kicking in around 7889-7907, then down to the static point at 7861.

Supply is expected at 8149.

Either way, candles from here are critical (as we approach the all-time high). Black-bodied candles and or those with upward pointing shadows signal the supply-side is again at work, whereas the status quo (i.e., 11, 12, or a record 13 ups in a row!) would signal a break to a new high is a mere formality.

5-5 Breakeven Inflation Rate (USA)

Everyone loves chestnuts...right?

This is the first time we’ve covered this one: The 5-5 breakeven inflation rate. It’s calculated by subtracting the yield on 5-year T-Bonds from the yield on 5-year TIPS (Treasury Inflation Protected Securities).

The TIPS yield is the market rate of a bond that is issued by the US Treasury whose face value is pegged to the CPI and adjusted with the rate of inflation. By comparing the non-protected and protected 5-year T-Bond yields, we are left with the market’s best guess for what inflation will average over the next 5 years (the 10-10 breakeven rate is also commonly used – the shape of its chart is identical to the one above, but its current breakeven inflation rate is 2.07%)

Remember, the Fed’s inflation target is 2%. The 5-5 breakeven inflation rate has dipped and appears to be holding below 2% – last trading at 1.94%. Note how markedly this value has fallen over the last few months – there has been a major shift in thinking among market participants about the inflation outlook.

With the fight against inflation all but won (hahaha, yes, a bit of sarcasm there, but this is what the market is telling us!), it therefore it paves the way for the Fed to cut rates.

CME FedWatch Tool - Aggregated Meeting Probabilities. Source: CME

Looking at the implied yield curve generated by pricing of Fed Fund Futures, the market is pricing a 65.5% chance of a 0.25% cut to 5-5.25% next month, and a 79.5% chance of a further 0.50% cut to 4.50-4.75% in November, and in theory, we should end the year with the Fed’s official cash rate at 4.25-4.50% – a whole 100 basis points lower than where it is right now.

Why am I telling you this stuff and not rolling out another chart of iron ore, uranium, copper or lithium? Because as I’ve said before – we’re talking about the price of money here – and the price of money impacts all assets. Including your portfolio.

I suggest, the risk here is that this is what markets are expecting. It’s what they’re setting up for. If we get these cuts, fine and dandy…all is good in the universe. But if we don’t…it could be tantrums all-round!

I’ll leave you with one final observation. There are two times we’ve seen a drop of similar magnitude in the 5-5 breakeven inflation rate over the last 5-years. One was at the start of 2022 when the Fed lift-off occurred – that is the Fed began hiking rates in the current cycle. Higher rates / prospect of higher rates is usually very effective at dampening inflation expectations (look at how hard and fast inflation expectations ran up before that!).

The second was during the worst of the pandemic. A global recession followed.

So, inflation expectations tend to respond to interest rate hikes and fears of a major economic slowdown.

Let’s consider the current environment. Are rates about to go up or down? Ok, so inflation expectations are NOT falling because of that old chestnut…

Tell me then, which chestnut remains? 🤔

Economy

Today

• AUS Flash Manufacturing PMI & Flash Services PMI August

  • Manufacturing 48.7 vs 47.5 in July = solid beat, but below 50 is still in contraction

  • Services: 52.2 vs 50.4 in July = solid beat, Aussies still splurging on services!

Later this week

Thursday

• 17:15 EUR Various countries and EU Flash Manufacturing and Services PMIs

• 23:45 USA Flash Manufacturing PMI & Flash Services PMI August (49.8 forecast and 54.0 forecast respectively and vs 49.6 and 55.0 respectively in July)

Friday

• 00:00 USA Existing home sales July (3.92 million forecast vs 3.89 million June)

• ALL DAY USA Jackson Hole Symposium

Saturday

• 00:00 USA Federal Reserve Chairman Jerome Powell speech

• 00:00 USA New home sales July (628,000 forecast vs 617,000 June)

• ALL DAY USA Jackson Hole Symposium

Latest News

Interesting Movers

Trading higher

• +16.3% MA Financial Group (MAF) - Appendix 4D and HY24 Financial Report and 1H24 Results Presentation

• +14.3% Appen (APX) - Continued positive response to 30 July Q2 FY24 Quarterly Activity Report and Appendix 4C, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up (note: Appeared as Feature Uptrend in ChartWatch Scans 14 Aug) 🔎📈

• +14.0% Pointsbet (PBH) - FY24 Appendix 4E and Annual Report and FY24 Investor Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +13.2% Brainchip (BRN) - Application for quotation of securities

• +11.4% Codan (CDA) - Full Year Statutory Accounts and FY24 Investor Presentation, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +11.2% Universal Store (UNI) - Appendix 4E and 2024 Annual Report and FY24 Results Presentation, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +10.3% Firefly Metals (FFM) - New regional copper and gold targets at Green Bay Project and Change in substantial holding (increase), rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +10.3% Servcorp (SRV) -Appendix 4D and Full Year Statutory Accounts and Results Presentation - Full Year Results, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.8% Clarity Pharmaceuticals (CU6) - FDA Fast Track Designation 64CU-SAR-bisPSMA, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +7.8% Wisetech Global (WTC) - Continued positive response to yesterday's WiseTech Global FY24 results investor presentation, see also several broker updates in Broker Notes section below, rise is consistent with prevailing short and long term uptrends 🔎📈

• +6.3% Macmahon (MAH) - Continued positive response to 20 Aug Macmahon FY24 Results Investor Presentation, see also several broker updates in Broker Notes section below, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +6.3% Whitehaven Coal (WHC) - FY24 Appendix 4E and Annual Financial Report and FY24 Results Presentation

• +6.2% Super Retail Group (SUL) - Appendix 4E & 2024 Annual Report and 2024 Full Year Results Presentation, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +5.9% Superloop (SLC) - FY24 Full Year Statutory Accounts - Appendix 4E and FY24 Results Presentation, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +5.7% Accent Group (AX1) - No news, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

• +5.3% Brambles (BXB) - Continued positive response to yesterday's Brambles FY24 Results Presentation, see also several broker updates in Broker Notes section below, rise is consistent with prevailing short and long term uptrends (ChartWatch Scans Feature Uptrends regular!) 🔎📈

Trading lower

• -21.0% Megaport (MP1) - Appendix 4E and FY24 Annual Report and FY24 Full Year Investor Presentation, fall is consistent with prevailing short and long term downtrends (ChartWatch Scans Feature Downtrends regular!) 🔎📉

• -15.7% Insignia Financial (IFL) - Insignia Financial Annual Financial Report and IFL FY24 Financial Results Investor Presentation, unexpected pause to dividend payments to enhance balance sheet and allow for strategic flexibility!

• -13.4% Fineos Corporation (FCL) - Half Yearly Report and Accounts and FCL 1H FY24 Results Presentation, fall is consistent with prevailing short and long term downtrends 🔎📉

• -12.9% Collins Foods (CKF) - Trading Update, fall is consistent with prevailing short and long term downtrends (ChartWatch Scans Feature Downtrends regular!) 🔎📉

• -12.9% Aroa Biosurgery (ARX) - No news that I could find…fall is consistent with prevailing short and long term downtrends

• -11.0% Monash IVF Group (MVF) - MVF FY24 Appendix 4E and Financial Report and FY24 MVF Results Presentation

• -10.4% Big River Industries (BRI) - Appendix 4E & Annual Report 30 June 2024 and FY24 Investor Presentation

• -9.9% Data#3 (DTL) - Reversal of yesterday's Trading Update related gains, 2 broker rating downgrades (see Broker Notes Section below)

• -9.6% The Reject Shop (TRS) - Appendix 4E and 2024 Annual Report and FY24 Results Presentation, fall is consistent with prevailing short and long term downtrends 🔎📉

• -9.4% Acrow (ACF) - Appendix 4E - Preliminary Final report and FY24 Full Year Results Presentation

• -9.0% Cogstate (CGS) - Annual Report and FY24 Financial Results & Business Outlook, fall is consistent with prevailing short and long term downtrends 🔎📉

• -7.5% G8 Education (GEM) - CY24 Half Yearly Report and Accounts and CY24 Half Year Investor Presentation

• -7.4% Corporate Travel Management (CTD) - Continued negative response to yesterday's Preliminary Final Report - Presentation, see also two broker downgrades in Broker Notes section below, fall is consistent with prevailing short and long term downtrends (ChartWatch Scans Feature Downtrends regular!) 🔎📉

Broker Notes

• Articore Group (ATG)

  • Retained at hold at Morgans; Price Target: $0.58 from $0.68

  • Retained at neutral at UBS; Price Target: $0.43 from $0.53

• AUB Group (AUB)

  • Retained at buy at Goldman Sachs; Price Target: $34.00 from $33.00

  • Retained at overweight at JP Morgan; Price Target: $34.50

  • Retained at overweight at Morgan Stanley; Price Target: $37.65 from $37.00

  • Retained at buy at UBS; Price Target: $36.80 from $34.50

• Bapcor (BAP)

  • Retained at hold at Morgans; Price Target: $5.45 from $4.95

  • Retained at hold at Ord Minnett; Price Target: $5.40

• Beacon Lighting Group (BLX)

  • Retained at overweight at Jarden; Price Target: $2.80

• Breville Group (BRG)

  • Downgraded to underweight from neutral at Barrenjoey; Price Target: $28.00 from $25.00

  • Retained at neutral at JP Morgan; Price Target: $28.50 from $24.00

  • Retained at overweight at Morgan Stanley; Price Target: $35.00 from $28.00

  • Retained at hold at Morgans; Price Target: $30.05 from $26.00

  • Retained at buy at Ord Minnett; Price Target: $33.00 from $26.50

  • Retained at sector perform at RBC Capital Markets; Price Target: $27.00 from $25.00

  • Downgraded to neutral from buy at UBS; Price Target: $32.70 from $28.30

• Brambles (BXB)

  • Retained at overweight at Barrenjoey; Price Target: $20.30 from $17.90

  • Upgraded to neutral from sell at Citi; Price Target: $17.35 from $14.25

  • Retained at positive at E&P; Price Target: $18.29

  • Retained at sell at Goldman Sachs; Price Target: $17.40 from $15.70

  • Upgraded to hold from underperform at Jefferies; Price Target: $16.48 from $13.14

  • Retained at overweight at JP Morgan; Price Target: $18.80 from $17.40

  • Retained at outperform at Macquarie; Price Target: $17.85 from $16.25

  • Retained at overweight at Morgan Stanley; Price Target: $20.00

  • Retained at hold at Morgans; Price Target: $17.95 from $15.15

  • Retained at buy at UBS; Price Target: $19.10 from $17.40

• Capitol Health (CAJ)

  • Retained at neutral at Jarden; Price Target: $0.27

• Charter Hall Group (CHC)

  • Retained at neutral at Barrenjoey; Price Target: $14.50 from $12.30

  • Retained at buy at Citi; Price Target: $15.70 from $13.50

  • Upgraded to outperform from hold at CLSA; Price Target: $15.55 from $11.51

  • Retained at overweight at Jarden; Price Target: $14.50

  • Retained at overweight at JP Morgan; Price Target: $15.00 from $14.00

  • Retained at outperform at Macquarie; Price Target: $15.43 from $13.67

  • Downgraded to sell from neutral at UBS; Price Target: $12.80 from $11.93

• Cosol (COS)

  • Retained at hold at Bell Potter; Price Target: $1.10 from $1.20

  • Retained at buy at Ord Minnett; Price Target: $1.20 from $1.33

• Corporate Travel Management (CTD)

  • Retained at hold at CLSA; Price Target: $12.50 from $16.25

  • Retained at overweight at Jarden; Price Target: $14.00 from $19.00

  • Retained at neutral at Macquarie; Price Target: $13.31 from $14.40

  • Retained at overweight at Morgan Stanley; Price Target: $17.00 from $17.70

  • Retained at add at Morgans; Price Target: $15.95 from $20.65

  • Retained at hold at Ord Minnett; Price Target: $12.20 from $13.16

  • Downgraded to sector perform from outperform at RBC Capital Markets; Price Target: $13.50 from $18.00

  • Retained at buy at Shaw and Partners; Price Target: $15.90

  • Downgraded to neutral from buy at UBS; Price Target: $13.55 from $19.80

  • Retained at marketperform at Wilsons; Price Target: $12.43 from $15.25

• Cedar Woods Properties (CWP)

  • Retained at buy at Bell Potter; Price Target: $6.50 from $5.75

  • Initiated at buy at Shaw and Partners; Price Target: $7.00

• Cleanaway Waste Management (CWY)

  • Retained at neutral at Barrenjoey; Price Target: $2.90 from $3.00

  • Retained at buy at Bell Potter; Price Target: $3.30 from $3.15

  • Downgraded to neutral from overweight at Jarden; Price Target: $3.05 from $3.00

  • Retained at buy at Jefferies; Price Target: $3.40 from $3.20

  • Retained at outperform at Macquarie; Price Target: $3.25 from $3.15

  • Retained at overweight at Morgan Stanley; Price Target: $3.00

  • Downgraded to hold from add at Morgans; Price Target: $2.83 from $3.02

  • Retained at buy at UBS; Price Target: $3.40 from $3.30

• Coventry Group (CYG)

  • Retained at buy at Bell Potter; Price Target: $1.85 from $2.00

• Domino's Pizza Enterprises (DMP)

  • Downgraded to neutral from overweight at Barrenjoey; Price Target: $31.00 from $42.00

  • Retained at buy at Goldman Sachs; Price Target: $40.00 from $41.30

  • Upgraded to neutral from underweight at JP Morgan; Price Target: $34.00 from $33.50

  • Retained at neutral at Macquarie; Price Target: $35.00 from $37.00

  • Retained at overweight at Morgan Stanley; Price Target: $44.00 from $45.00

  • Retained at hold at Morgans; Price Target: $33.20 from $37.00

  • Downgraded to hold from buy at Ord Minnett; Price Target: $31.00 from $42.00

  • Retained at neutral at UBS; Price Target: $33.00 from $36.50

• Data#3 (DTL)

  • Retained at overweight at Morgan Stanley; Price Target: $10.00 from $8.40

  • Retained at hold at Morgans; Price Target: $8.65 from $7.50

  • Downgraded to sell from neutral at UBS; Price Target: $8.70 from $8.40

  • Downgraded to marketperform from overweight at Wilsons; Price Target: $9.23 from $9.12

• Ebos Group (EBO)

  • Retained at neutral at Citi; Price Target: $33.00 from $31.50

  • Retained at outperform at Macquarie; Price Target: $40.50 from $4.70

  • Retained at add at Morgans; Price Target: $39.04 from $39.20

  • Retained at buy at Ord Minnett; Price Target: $35.50 from $33.50

• Experience Co (EXP)

  • Retained at buy at Ord Minnett; Price Target: $0.33 from $0.34

• Fletcher Building (FBU)

  • Retained at neutral at Goldman Sachs; Price Target: $3.00 from $3.05

  • Retained at equal-weight at Morgan Stanley; Price Target: $2.84

• Helia Group (HLI)

  • Downgraded to neutral from outperform at Macquarie; Price Target: $3.80 from $3.90

• Healius (HLS)

  • Retained at neutral at Macquarie; Price Target: $1.60 from $1.45

  • Retained at hold at Morgans; Price Target: $1.48 from $1.28

• HMC Capital (HMC)

  • Retained at outperform at Macquarie; Price Target: $9.01 from $8.37

  • Retained at equal-weight at Morgan Stanley; Price Target: $7.05

• Hotel Property Investments (HPI)

  • Retained at add at Morgans; Price Target: $3.69 from $3.71

• Hansen Technologies (HSN)

  • Retained at buy at Ord Minnett; Price Target: $6.00 from $6.80

  • Retained at buy at Shaw and Partners; Price Target: $7.20

  • Retained at buy at UBS; Price Target: $6.40 from $6.20

• Insurance Australia Group (IAG)

  • Retained at overweight at Barrenjoey; Price Target: $8.25 from $8.10

  • Retained at buy at Citi; Price Target: $8.20 from $8.00

  • Retained at overweight at Jarden; Price Target: $7.55 from $7.35

  • Retained at hold at Jefferies; Price Target: $7.85 from $7.70

  • Retained at outperform at Macquarie; Price Target: $8.00

  • Retained at equal-weight at Morgan Stanley; Price Target: $6.85 from $6.60

  • Retained at buy at Ord Minnett; Price Target: $8.25 from $8.10

  • Retained at neutral at UBS; Price Target: $7.10

• Iluka Resources (ILU)

  • Retained at overweight at Barrenjoey; Price Target: $7.20 from $7.30

  • Retained at buy at Citi; Price Target: $7.80

  • Upgraded to outperform from neutral at Macquarie; Price Target: $7.10 from $7.00

  • Retained at equal-weight at Morgan Stanley; Price Target: $6.75

• Imdex (IMD)

  • Retained at sell at Bell Potter; Price Target: $1.90 from $1.60

  • Retained at neutral at Macquarie; Price Target: $2.20 from $2.42

  • Retained at add at Morgans; Price Target: $2.40 from $2.50

  • Retained at buy at UBS; Price Target: $2.35 from $2.20

• IPH (IPH)

  • Retained at overweight at Jarden; Price Target: $10.10

• Iress (IRE)

  • Retained at accumulate at Ord Minnett; Price Target: $12.00 from $11.30

• Judo Capital (JDO)

  • Retained at buy at Ord Minnett; Price Target: $1.80 from $1.59

• Lynas Rare Earths (LYC)

  • Upgraded to buy from hold at Canaccord Genuity; Price Target: $7.15 from $6.25

• Maas Group (MGH)

  • Retained at outperform at Macquarie; Price Target: $4.95 from $4.55

  • Retained at add at Morgans; Price Target: $5.20

• Medibank Private (MPL)

  • Retained at neutral at Citi; Price Target: $3.80

• National Storage Reit (NSR)

  • Retained at buy at Citi; Price Target: $2.70 from $2.60

  • Retained at neutral at Macquarie; Price Target: $2.51 from $2.44

• Northern Star Resources (NST)

  • Retained at buy at Citi; Price Target: $15.90

  • Retained at underweight at Jarden; Price Target: $12.30

• Peter Warren Automotive (PWR)

  • Retained at hold at Morgans; Price Target: $1.86 from $1.98

  • Retained at hold at Ord Minnett; Price Target: $1.88 from $1.95

• Pexa Group (PXA)

  • Retained at overweight at Barrenjoey; Price Target: $16.70 from $15.70

  • Retained at outperform at Macquarie; Price Target: $16.90 from $16.80

  • Retained at hold at Morgans; Price Target: $14.71

• Qualitas (QAL)

  • Retained at outperform at Macquarie; Price Target: $2.94 from $3.09

• Ridley Corporation (RIC)

  • Retained at buy at UBS; Price Target: $2.75 from $2.65

• Scentre Group (SCG)

  • Retained at overweight at Barrenjoey; Price Target: $3.40

  • Retained at neutral at Citi; Price Target: $3.50 from $3.10

  • Retained at outperform at Macquarie; Price Target: $3.60 from $3.45

  • Retained at overweight at Morgan Stanley; Price Target: $3.79

• Stockland (SGP)

  • Retained at buy at Jarden; Price Target: $5.45

• Superloop (SLC)

  • Retained at overweight at Morgan Stanley; Price Target: $1.85

  • Retained at add at Morgans; Price Target: $1.90 from $1.80

• Synlait Milk (SM1)

  • Retained at hold at Bell Potter; Price Target: $0.47

  • Retained at underweight at Macquarie; Price Target: NZ$0.45 from NZ$0.35

• Service Stream (SSM)

  • Retained at buy at Citi; Price Target: $1.70 from $1.55

  • Retained at buy at Ord Minnett; Price Target: $1.64 from $1.37

• Santos (STO)

  • Retained at overweight at Barrenjoey; Price Target: $8.50

  • Retained at neutral at Citi; Price Target: $8.00

  • Retained at outperform at Macquarie; Price Target: $8.70 from $8.95

  • Upgraded to overweight from equal-weight at Morgan Stanley; Price Target: $8.08

  • Retained at hold at Morgans; Price Target: $7.50 from $7.60

  • Retained at buy at UBS; Price Target: $8.80 from $9.00

• Step One Clothing (STP)

  • Retained at add at Morgans; Price Target: $2.25

• Super Retail Group (SUL)

  • Retained at neutral at Jarden; Price Target: $15.10

• Southern Cross Electrical Engineering (SXE)

  • Retained at buy at Bell Potter; Price Target: $2.25 from $2.10

  • Retained at buy at Shaw and Partners; Price Target: $2.10

• The Lottery Corporation (TLC)

  • Retained at buy at Citi; Price Target: $5.60

  • Retained at positive at E&P; Price Target: $5.46 from $5.67

  • Retained at neutral at Jarden; Price Target: $5.10 from $5.00

  • Upgraded to overweight from neutral at JP Morgan; Price Target: $5.30 from $5.10

  • Retained at outperform at Macquarie; Price Target: $5.50

  • Retained at equal-weight at Morgan Stanley; Price Target: $5.35

  • Retained at add at Morgans; Price Target: $5.40 from $5.50

  • Retained at buy at UBS; Price Target: $5.60 from $5.75

• Ventia Services Group (VNT)

  • Retained at outperform at Macquarie; Price Target: $4.53 from $4.40

• Whitehaven Coal (WHC)

  • Retained at neutral at Citi; Price Target: $8.90

• Wisetech Global (WTC)

  • Retained at overweight at Barrenjoey; Price Target: $120.00 from $96.00

  • Retained at hold at Bell Potter; Price Target: $115.00 from $100.00

  • Retained at neutral at Citi; Price Target: $90.00

  • Downgraded to hold from outperform at CLSA; Price Target: $117.00 from $115.00

  • Retained at hold at Jefferies; Price Target: $105.20 from $84.34

  • Upgraded to overweight from neutral at JP Morgan; Price Target: $123.00 from $87.00

  • Retained at neutral at Macquarie; Price Target: $100.00 from $81.90

  • Retained at overweight at Morgan Stanley; Price Target: $120.00 from $95.00

  • Retained at hold at Morgans; Price Target: $114.20 from $96.10

  • Retained at buy at UBS; Price Target: $129.00 from $112.00

Scans