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Morning Bell 14 August

Bell Direct
August 14, 2020

The Aussie share marked is eyeing a flat start to today’s session, after rising 1.4% Monday to Thursday. The lack of gas behind us today, comes as global markets closed mixed overnight, while U.S. futures are now suggesting a slight gain tonight.

In terms of economic news, we saw green shoots emerge in the U.S. showing its economy is clawing back. U.S. weekly job claims rose less than expected. What’s key is the number of those filing for benefits is now under 1 million for the first time since the pandemic started.

What to watch today:

  • On the economic front, the RBA Governor will give a speech later today and New Home sales numbers are out for July.
  • On the company news side, we mentioned Mesoblast (ASX:MSB) yesterday, well it’s back in focus today with the FDA advisory committee underway voting on MSB product’s efficacy in treating graft versus host disease in children with blood cancer, so keep an eye on the FDA’s vote due Friday 14th. MSB is a speculative buy for Bell Potter with a $6 target.
  • Companies reporting today: Baby Bunting Group (ASX:BBN) and Adacel Technologies (ASX:ADA), both Bell Potter buys will report results. Other companies reporting including Newcrest Mining (ASX:NCM), Abacus Property Group (ASX:ABP) and Charter Hall Retail REIT (ASX:CQR).

Local trading ideas:

  • Breville Group (ASX:BRG) was downgraded from a buy to a hold by Bell Potter with a $26.00 price target. UBS also downgraded BRG but expects its share price to continue to grow to $29.50. Breville has a strong balance sheet and is continuing to expand into Europe as planned. It also delivered a better than expected financial year result despite COVID-19.
  • Macquarie downgraded AMP’s (ASX:AMP) price target to $1.30 following its financial results being handed down. While Bell Potter again went out on a limb, maintaining its buy rating and actually increased AMP’s price target to $2.60, expecting 70% share price growth.

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