Afternoon Report / ASX falls most this month, COH beats, Crown rallies 5%, Have a great weekend all

By Market Matters 19 February 21

ASX falls most this month, COH beats, Crown rallies 5%, Have a great weekend all

Market Matters Afternoon Report 19th February 2021

WHAT MATTERED TODAY

A very poor session to end the week with the ASX clocking up its worst day this month as Energy stocks felt the brunt of weakness in Crude Oil prices overnight while a strong 1H result from Cochlear (COH) +8.4% was not enough to offset the big drag created by CSL which fell 5% taking 20pts off the index. In terms of Cochlear, while the half was a tough one they did guide to NPAT of $225-245m for the full year, nearly 15% better than consensus and that was enough to see the shares sharply higher. Fortunately for MM., we hold the next two strongest stocks in the ASX 200 today with Z1P Co (Z1P) up +5.56% and wait for it…Crown (CWN) up +5.34%.

Australian stocks were the worst in the region today, Asia was mixed while US Futures are trading only marginally lower.

By the close, the ASX 200 fell -92pts / -1.34%% to close at 6793. Dow Futures are trading off -59pts/-0.19%

ASX 200 Chart

ASX 200 Chart

CATHCING MY EYE

Sectors this week

Source: Bloomberg

Stocks this week

Source: Bloomberg

BROKER MOVES

Most brokers revising CSL forecasts lower

·         Codan Cut to Hold at Moelis & Company; PT A$14.86

·         Iress Raised to Neutral at Macquarie; PT A$10.50

·         Corporate Travel Cut to Neutral at Macquarie; PT A$18.65

·         Wesfarmers Raised to Buy at Goldman; PT A$59.70

·         Event Hospitality Cut to Neutral at JPMorgan; PT A$11.10

·         Growthpoint Raised to Buy at Morningstar

·         CSL Cut to Sell at Morningstar; PT A$244

·         Seven Group Raised to Hold at Morningstar; PT A$23.40

·         Crown Resorts Raised to Outperform at Credit Suisse; PT A$12

·         CSL Cut to Neutral at Credit Suisse; PT A$320

·         CSL Cut to Neutral at Goldman; PT A$305

·         ANZ Bank Raised to Hold at Jefferies; PT A$28.30

·         Sonic Healthcare Raised to Buy at Jefferies; PT A$40

·         Seven Group Raised to Overweight at JPMorgan; PT A$26

·         United Malt Raised to Outperform at Credit Suisse; PT A$4.21

OUR CALLS

No changes today

Have a great weekend,

James, Harry and the Market Matters team

Disclosure

Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.

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