OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Shaw and Partners rates FFM as Buy, High Risk

FireFly Metals has reported impressive maiden drill results from its Rambler Main mine, according to Shaw and Partners, intersecting high-grade VMS mineralisation and extending known zones by 200m.

These results are geologically similar to the high-grade Ming Mine, located just 2km away, and highlight the broader potential of the Green Bay project, suggest the analysts.

Firefly ended March with $68.5m in cash and remains fully funded for upcoming work, assures the broker.

Shaw maintains a Buy, High Risk rating and $1.90 target, assuming 40% resource growth over the next year.

Bell Potter rates GNC as Hold

GrainCorp's 1H25 missed Bell Potter's revenue forecast, but EBITDA of $201.7m beat $196.3m forecast, and operating net profit was also ahead.

A $22m favourable movement in crop protection contract (CPC) and stronger results in nutrition and energy helped the outcomes, offsetting softer margins.

The company downgraded FY25 crop guidance to 12.5-13.5mt from 13-14mt, but raised EBITDA and net profit guidance, and the buyback limit to $75m from $50m.

The broker lifted FY25 net profit forecast by 5% on CPC benefits, but cut FY26-27 estimates by -8% and -3%, respectively.

Hold. Target unchanged at $7.45, 

Citi rates TWE as Neutral

Treasury Wine Estates announced the CEO of five years and 15 years with the company is leaving the business at the end of September, which has heightened investor concerns about the "trajectory" of North American operations, according to Citi.

The broker believes Mr Ford, the outgoing CEO, has executed well on China and the shift to luxury, but North America's business is encountering dual headwinds from a slower economy and changing alcohol consumption patterns.

The incoming CEO, Sam Fisher, has over 30 years of experience in alcoholic beverages, consumer goods, and luxury, the analyst states. He is currently the CEO of Lion and has been a director of luxury brand Burberry.

No change to Neutral rating and $10.50 target price.