Australian Broker Call

UBS rates ALL as Upgrade to Buy from Neutral (1) -

UBS lowers its target for Aristocrat Leisure to $74.50 from $75.50 and upgrades to Buy from Neutral due to recent share price weakness and a view the business will be relatively more resilient in a weaker macroeconomic backdrop.

The broker's forecasts currently do not assume any material impacts on margins from potential tariffs.

The analyst notes US gross gaming revenue (GGR) has traditionally been very resilient to economic downturns.

Target price is $74.50 Current Price is $64.20 Difference: $10.3
If ALL meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $76.93, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ALX as Buy (1) -

Atlas Arteria delivered a solid March quarter revenue and traffic update, in Citi's view, with group revenue up by 6.1% year-on-year and traffic rising 1.6%, despite cycling a leap year.

The broker notes revenue growth was ahead of its 1H25 forecast of 4.7%, with Easter expected to further support second quarter traffic performance.

Chicago Skyway, representing 45% of group valuation, saw revenue grow by 4.5% despite a -1.7% decline in traffic, as recent toll increases lifted average daily revenue, explains the analyst.

In France, APRR traffic rose 1.4% and revenue grew 4.0%, consistent with Citi's expectations.

The broker retains a Buy rating and maintains the target price at $5.70.

Target price is $5.70 Current Price is $4.93 Difference: $0.77
If ALX meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates ALX as Equal-weight (3) -

Morgan Stanley views the 1Q25 traffic and revenue update for Atlas Arteria as broadly in line with expectations.

APRR, representing 59% of the company’s valuation, reported traffic growth of 1.4% on the previous quarter and toll revenue up 4%, supported by toll increases of 1.8% from February 1.

Chicago Skyway, at around 29% of the valuation, showed a traffic decline of -1% and was down -11% against 2019, falling below the broker’s estimate by -8%, though some pricing resilience offset the impact of bad weather.

Dulles Greenway, comprising circa 8% of the valuation, reported traffic growth of 8% year-on-year.

Equal-weight rating. Target is $5.28. Industry view: In-Line.

Target price is $5.28 Current Price is $4.93 Difference: $0.35
If ALX meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates ALX as Hold (3) -

Atlas Arteria reported 1Q25 traffic and toll revenue data, which rose 1.4% and 4%, respectively, on the previous quarter. Morgans views the results as below expectations, and average revenue per trip growth was less than forecast.

The decline in the AUD/EUR exchange rate by around -6% boosted the analyst's forecast of distribution receipts from APRR (Autoroutes Paris-Rhin-Rhône) on translation to AUD.

For Chicago Skyway, which represents around 27% of the company's valuation, traffic declined by -1.7%, but revenue rose by 4.5% on the prior quarter. Both results were again below the broker's estimates.

Dulles Greenway, around 6% of the valuation, reported traffic and toll revenue up 6.4% and 5.9%, respectively, on the previous period.

No change to Hold rating. Target price rises to $5.09 from $4.60.

Target price is $5.09 Current Price is $4.93 Difference: $0.16
If ALX meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AMI as Outperform (1) -

Macquarie assesses Aurelia Metals' 3Q25 report as mixed with gold production 38% higher than consensus but base metals' production missing consensus by up to -37%. The latter was impacted by deferral of high-grade Pb-Zn stopes to 4Q and labor shortages.

The broker was more interested in the strong drilling results from a new prospect at Federation West, and believes a higher exploration budget for FY25 is likely given the success.

FY25 EPS forecast lifted by 7% after factoring in the 3Q result, and FY26 EPS raised by 8% on an increase in gold grade forecast.

Outperform. Target rises to 32c from 31c.

Target price is $0.32 Current Price is $0.29 Difference: $0.03
If AMI meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates AMI as Buy (1) -

Ord Minnett describes Aurelia Metals' 3Q25 result as strong, with the highlight being strong operating cash flow of $44.6m from Peak Mine beating its estimate of $15m on account of higher gold production.

The broker believes the company is on track to meet FY25 guidance. At spot gold prices, the analyst sees prospects for strong cash flows in FY26-27 despite capex investments.

FY25 earnings estimate lifted by 35% after factoring in the 3Q result. Valuation lifted after incorporating the Feasibility Study assumptions for the recently approved Great Cobar Project.

Buy. Target rises to 41c from 38c.

Target price is $0.41 Current Price is $0.29 Difference: $0.12
If AMI meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AMP as Upgrade to Outperform from Neutral (1) -

Macquarie highlights AMP's net flows improved in 1Q, with Platforms cash inflow of $740m, up strongly on a year earlier, and superannuation & investments net outflow of -$108m comparing well with -$371m in 4Q24.

The broker's outlook for controllable costs is in line with the company's guidance, but the FY25 estimate of $614m is -4% lower than consensus. Forecasts for net profit is, however, below consensus for FY25-28.

The analyst reckons any impact of the upcoming trial beginning May 26 may be covered by insurance and excess capital on the balance sheet. The stock's valuation discount also covers this risk, the broker notes.

Rating upgraded to Outperform from Neutral as the stock's 2-year forward PE is around a -33% discount to peers. Target cut to $1.34 from $1.64.

Target price is $1.34 Current Price is $1.18 Difference: $0.16
If AMP meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates CBO as Hold (3) -

Bell Potter observes a rise in water costs, downgrades to crop yield expectations by other growers and a fall in olive oil wholesale prices in Spain. All these have implications for Cobram Estate Olives.

The broker has revised forecasts based on these factors, raising FY26-27 water cost estimates and incorporating lower interest rates.

Net profit forecast for FY25 cut by -3% and by -7% for FY26.

Hold. Target unchanged at $1.95.

Target price is $1.95 Current Price is $1.83 Difference: $0.12
If CBO meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates CMM as Hold (3) -

Capricorn Metals' 3Q25 production was solid with a 7% rise on the previous quarter, and in line with Bell Potter's forecast. The company remains on track to meet the mid-point of its FY25 guidance of 110-120koz, suggesting the recent quarter's production performance will be replicated in the June quarter.

Cost guidance was reiterated, and the -10% lower cost implied in 2H is lower than the broker's prior forecasts, resulting in a downward revision.

The broker notes CEO Paul Criddle's leave of absence following aggravated assault charge (he pleaded not guilty) is a negative but not material for the company's outlook, given highly experienced leadership team.

FY25 EPS forecast upgraded by 6%, and no change to FY26. Hold. Target lifted to $8.77 from $8.61.

Target price is $8.77 Current Price is $9.01 Difference: minus $0.24 (current price is over target).
If CMM meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.79, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates CY5 as Buy (1) -

Shaw and Partners highlights strong exploration progress at Cygnus Metals following its merger with Dore Copper Mining.

Management reported high-grade copper-gold intersections at the Chibougamau Project in Quebec, including 7.3m at 4.6% copper equivalent and 2.5m at 9.7% copper equivalent outside the current resource.

The company’s 900ktpa mill is the only infrastructure of its kind within a 250km radius, highlights the broker, and the 2022 preliminary economic assessment (PEA) supports robust economics.

Cygnus plans to expand the resource through systematic brownfield and greenfield exploration while also reviewing historic high-grade data from the Copper Rand Mine.

Cash at March quarter-end stood at $10.3m, funding near-term exploration and development, suggest the analysts.

Shaw maintains a Buy rating and a 25c target price.

Target price is $0.25 Current Price is $0.10 Difference: $0.155
If CY5 meets the Shaw and Partners target it will return approximately 163% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates DRO as Buy (1) -

Bell Potter highlights DroneShield's 1Q25 update showed a record quarter and a significant increase in contracted revenue for delivery in FY25 to $94.4m from $57.5m in FY24.

The broker has previously noted the company's key strength is a diversified asset base of contracted revenue, with the US now accounting for just 22% of business vs 70% in FY24.

The analyst lifted revenue forecast and also increased cost assumptions, and the result is a 9% rise to FY25 EPS estimate and a 14% increase to FY26.

Buy. Target rises to $1.50 from $1.30. 

Target price is $1.50 Current Price is $1.21 Difference: $0.29
If DRO meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates GMD as Buy (1) -

Citi observes March quarter production of 59.8koz for Genesis Minerals included 5.3koz from third-party ore, with costs (AISC) of $2,323/oz excluding ore purchases.

The company ended the quarter with $348m in cash and bullion, up $145m quarter-on-quarter, while stockpiles grew to 932kt at 1.4g/t, supporting operational flexibility and mill expansion potential, suggests the broker.

FY25 guidance of 190-210koz at costs (AISC) of $2,200–2,400/oz was maintained.

Tower Hill remains on track for first production in FY28. The broker's current forecasts do not yet include the Westralia open pit or additional mill capacity.

Citi raises the target price to $4.00 from $3.90 and retains a Neutral rating.

Target price is $4.00 Current Price is $3.91 Difference: $0.09
If GMD meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IFL as No Rating (-1) -

Citi notes Insignia Financial experienced -$1.75bn in net outflows in the March quarter, reversing $2.28bn of inflows from the December quarter, largely due to a single institutional redemption of $1.8bn.

Funds under management and administration (FUMA) fell -1.5% to $321.8bn, impacted by both market volatility and negative net flows, explains the analyst.

Despite headline deterioration, the broker highlights underlying flows were broadly flat quarter-on-quarter once the large redemption is excluded, supported by strong contributions from the MLC Expand platform and workplace superannuation channel.

Net inflows into MLC Expand totalled $498m, marking a fourth consecutive quarter of growth, though management flagged -$1.4bn in expected outflows from divestments may yet materialise.

Retail multi-asset solutions attracted positive flows, but total asset management saw -$1.5bn in net outflows, mostly from the same institutional client, explains the analyst.

Citi lowers its core EPS forecasts by -2% for FY25 and by -5% for FY26 and FY27. The broker is currently not providing a target or rating.

Current Price is $3.72. Target price not assessed.

Current consensus price target is $4.47, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates IFL as Resume at Hold (3) -

Ord Minnett has resumed coverage of Insignia Financial under white label research.

The broker notes while platforms and asset management businesses reported a decline in funds under management in 3Q25, it was not as bad as feared.

Hold maintained on global uncertainty and risk of a downward adjustment to the takeover bid price.

Target $5.

Target price is $5.00 Current Price is $3.72 Difference: $1.28
If IFL meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates IFL as Neutral (3) -

Insignia Financial's March quarter funds under management and administration (FUMA) of $321.8bn was broadly in line with the prior UBS forecast. The number was down -1.5% quarter-on-quarter, driven by -0.8% net outflows and -0.7% market impact.

Wrap net inflows of $498m showed ongoing strength following the MLC Expand migration, notes the analyst, while Master Trust outflows were lower than forecast.

Platform flows outperformed the broker's expectations, with net outflows of -$1.2bn versus -$1.5bn expected, while Asset Management underperformed with -$1.5bn in outflows, mainly from lower-margin institutional mandates.

UBS expects further improvements in advised flows from October fee reductions and enhanced platform capability.

The broker retains a Neutral rating and maintains the $4.00 target price.

Target price is $4.00 Current Price is $3.72 Difference: $0.28
If IFL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ILU as Neutral (3) -

Citi highlights a Reuters report that the Australian government has pledged $1.2bn to establish a strategic critical minerals reserve, with the agency noting the Prime Minister stated the minerals would be acquired from commercial projects or secured through options to purchase at a given price.

The report also indicates a strategic taskforce will be created to consult and finalise the scope and design of the reserve, with an operational target date in 2H 2026.

Citi believes this likely refers to Iluka Resources' rare earth refinery, where the government has already provided a $1.65bn loan. The analyst states the announcement is clearly a positive for the company.

Neutral/High risk rating retained. Target price $4.40.

Target price is $4.40 Current Price is $3.73 Difference: $0.67
If ILU meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.15, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates IMR as Speculative Buy (1) -

Morgans retains a high level of enthusiasm for Imricor Medical Systems, emphasising the latest 2025 announcements, including the first-in-human ventricular ablation guided by real-time MRI and using the NorthStar mapping system.

The company also completed a successful capital raising of $70m and reported 1Q25 cash receipts of US$0.2m, up 83%, and operating cash flow of US$4.6m, down slightly by -3%.

Cash on hand at the end of the first quarter stands at US$53.9m. Management also announced the approval of its second-generation Vision_MR Ablation Catheter in Europe, which is expected to increase sales, the broker notes.

Speculative Buy rating and $2.28 target price retained. No change to earnings estimates.

Target price is $2.28 Current Price is $1.51 Difference: $0.77
If IMR meets the Morgans target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates LFS as Equal-weight (3) -

Latitude Group hosted its 2024 AGM, with Morgan Stanley explaining the commentary was positive and consistent with the analyst's outlook, supporting forecast cash earnings growth of around 70% in 2025.

Momentum has been retained into the start of 2025, with a competitive environment still in play. The CEO noted "strong credit demand and consumer spending activity," with an expectation that interest margins will continue to expand.

Target $1.30 and Equal-weight rating unchanged. Industry view: In-Line. Earnings forecasts are also unchanged.

Target price is $1.30 Current Price is $1.15 Difference: $0.15
If LFS meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates LNW as Buy (1) -

UBS lowers its target for Light & Wonder to $196 from $198, noting the business traded negatively over the past eight weeks with greater operating risk, financial leverage, and a legal risk overhang.

More positively, the analysts believes the company has relatively low earnings risk going into 1Q results on May 8.

The broker's forecasts currently do not assume any material impacts on margins from potential tariffs.

The analyst notes US gross gaming revenue (GGR) has traditionally been very resilient to economic downturns.

The Buy rating is retained.

Target price is $196.00 Current Price is $130.91 Difference: $65.09
If LNW meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $202.20, suggesting upside of 54.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates MAD as Upgrade to Buy from Hold (1) -

Bell Potter observes an increase in commodity production in the US following the elections and a rise in rail movements in North America, both important for Mader Group's business and outlook. Partly offsetting these trends was weather events in key Australian regions that impacted mining activity.

The broker is now more confident in the company's outlook for FY25, given 1H25 was weak, and believes it could also meet its aspirational FY26 revenue goal of at least $1.0bn.

Rating upgraded to Buy from Hold. Target lifted to $6.70 from $6.50.

Target price is $6.70 Current Price is $6.06 Difference: $0.64
If MAD meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates NEM as Buy (1) -

Citi's first impressions are of a solid March quarter for Newmont Corp with production of 1.5moz and cash costs of $1,227/oz in line with expectations. Operating EPS of $1.25 beat forecasts by the broker and consensus for 98 cents and 92 cents, respectively.

Following a strong quarter for Cadia, copper production of 35kt beat the analysts' forecast. Operating cash flow was $2.0bn, enabling free cash flow (FCF) to reach $1.2bn. The company will look to further reduce debt, highlights Citi.

FY25 production guidance is unchanged.

Target $95. Buy.

Target price is $95.00 Current Price is $82.35 Difference: $12.65
If NEM meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $89.80, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates PDN as Buy (1) -

Paladin Energy’s March quarter production rose to 0.745mlb U3O8, up 17% quarter-on-quarter and 20% above Citi’s forecast, despite rainfall disruptions at Langer Heinrich.

Sales reached 0.872mlb, including 0.2mlb delivered from loan material, with a realised price of US$69.9/lb, well above the broker's US$60/lb estimate.

Cash costs were in line at US$41/lb and sustaining capex of US$7.2m was around US$2m lower than forecast by the analysts.

Initial blasting commenced at pit G2A, with dewatering underway at pit G3A. The broker expects production to improve further in the June quarter, though guidance has not been issued pending feed assessment.

Elsewhere, the Canadian Patterson Lake South project remains on track following an exemption from Canada’s ownership rules, with approvals and community agreements progressing, highlights Citi.

Buy. Target unchanged at $10.20. 

Target price is $10.20 Current Price is $4.96 Difference: $5.24
If PDN meets the Citi target it will return approximately 106% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 49.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates PDN as Outperform (1) -

Paladin Energy reported a stronger-than-expected production at the Langer Henrich uranium mine despite disruption from major rain event and is on track for an improvement in 4Q. Higher processed volume and improved feed grades helped.

The company didn't update FY25 guidance, but Macquarie believes the low-3.0Mlb guidance will unlikely be met, and is forecasting 2.8Mlb.

The company will issue FY26 outlook in August, and the broker is forecasting 4.5Mlb vs the original plan for 5.4Mlb for year 2 of the mine restart. EPS forecasts lifted for FY25-26 mainly on lower unit operating expense estimate.

Outperform. Target rises to $8.45 from $8.25.

Target price is $8.45 Current Price is $4.96 Difference: $3.49
If PDN meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 49.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates PDN as Overweight (1) -

Paladin Energy's 3Q25 result was better than expected, with Langer Heinrich production exceeding expectations, Morgan Stanley notes.

Ore processed grew 20%, with ore grade above estimates and a recovery rate of 88%, ahead of the analyst’s 77% forecast.

U3O8 production was 0.75mlbs, a rise of 17% on the previous quarter, slightly below Morgan Stanley’s 0.81mlbs forecast but well above consensus. U3O8 sold was 0.87mlbs, with an average price of US$69.90/lb, both above expectations.

Sales included twelve offtake contracts with 22.3mlbs contracted out to 2030. Integration of the Fission team is progressing well, and management has engaged a consultant to review the historical metallurgical test work at Mt Isa to assess future processing options.

Overweight rating and $5 target retained. Industry view: In-Line.

Target price is $5.00 Current Price is $4.96 Difference: $0.04
If PDN meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 49.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates PDN as Buy (1) -

Ord Minnett acknowledges the downgrade to Paladin Energy's estimates following the disruption to Langer Heinrich mine due to major rain event was overdone. The 3Q25 report turned out to be a solid beat vs the downgraded consensus on all metrics.

The next catalyst is FY26 guidance due in late August, with the company not ready to provide any update until it has clarity on the mine plan and budget.

Target lifted to $9.50 from $9.00 on higher EBITDA estimate. Buy maintained.

Target price is $9.50 Current Price is $4.96 Difference: $4.54
If PDN meets the Ord Minnett target it will return approximately 92% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 49.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates PDN as Buy (1) -

Paladin Energy reported better-than-expected production at Langer Heinrich for the March quarter at 745mlbs, a lift of 17% on the previous quarter. Sales were also above expectations, UBS notes, at 872mlbs with an average realised price of US$69.90/lb.

The company has also progressed well with the mine restart, which is now ahead of the analyst’s expectations, with a June/July restart on the cards. UBS cautions there are still risks associated with the ramp-up.

The broker increases forecasts for FY25/FY26 production by 11% and 7%, respectively, which is incrementally positive for EPS estimates.

UBS forecasts U3O8 prices to remain at US$65/lb in FY25, rising to US$70/lb as market activity picks up.

No change to Buy rating with a $9.10 target price.

Target price is $9.10 Current Price is $4.96 Difference: $4.14
If PDN meets the UBS target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 49.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates PIQ as Hold (5) -

Morgans notes Proteomics International Laboratories completed a $4.5m placement to fund the launch of its diagnostic tests in Australia and the US, alongside upgrading systems and building out laboratory platforms.

With short-term cash flow concerns alleviated, the broker stresses there is insufficient momentum to achieve meaningful commercial success and believes the in-house commercial strategy and reliance on "out-of-pocket" funding will curb progress and make growth harder to achieve.

Morgans views further capital raisings as necessary to facilitate the sales growth traction needed for the company.

Hold rating unchanged. Target price lowered to 43c from 50c.

Target price is $0.43 Current Price is $0.39 Difference: $0.04
If PIQ meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SLC as Buy (1) -

Citi highlights wholesale subscriber growth for Superloop from the Origin Energy ((ORG)) customer migration has significantly exceeded expectations, with a run rate of circa 8,800 net-adds per month in the second half to date.

This uptick places the full-year wholesale subscriber base on track to reach up to 263,200, around 12% above the analysts' prior forecast.

The strong uptake of Origin’s bundled offers is driving momentum, explains the broker, and could add up to $1.5m in upside to earnings (EBITDA) in FY25.

Citi’s FY25 earnings (EBITDA) forecast remains at $86m, while valuation incorporates a premium to peers, reflecting six years of growth visibility from the Origin contract.

The Buy rating and $2.65 target price are maintained.

Target price is $2.65 Current Price is $2.37 Difference: $0.28
If SLC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates TLX as Buy (1) -

Following March quarter reporting, Bell Potter observes Telix Pharmaceuticals continues to hold a stable market share in its core prostate cancer diagnostic segment. Revenues of US$186m exceeded the broker's US$174m forecast.

The broker believes the company’s performance reflects strong demand for Illuccix and successful international market penetration, particularly in the US.

Bell Potter notes a growing pipeline of development-stage theranostic products, with upcoming clinical milestones expected to underpin future value. Expansion into new markets and indications remains a key strategic focus for management.

A Buy rating and $36 target are maintained.

Target price is $36.00 Current Price is $28.32 Difference: $7.68
If TLX meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates TLX as Buy (1) -

UBS highlights Telix Pharmaceuticals' 1Q25 revenue of US$186m works out to US$744m annualised, which is close to US$770-800m guidance.

This suggests upside risk of guidance revision given contribution from likely product launches in 2Q and 3Q.

A key catalyst for this year is interim data on TLX591 due in the 1H, the broker notes.

Buy. Target unchanged at $36, with the broker reiterating the stock is "materially undervalued."

Target price is $36.00 Current Price is $28.32 Difference: $7.68
If TLX meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates WDS as Neutral (3) -

Woodside Energy missed March quarter production and revenue expectations held by Citi primarily due to lower Pluto output and Sangomar cargo timing, leading to a -6.6% cut to 2025 underlying earnings forecasts.

Forecast revisions also include improved confidence in Scarborough, prompting removal of the analyst's previously assumed -US$0.5bn cost overrun, and higher production assumptions at Bass Strait following upgrades at Kipper and Turrum.

Despite lower 2025 forecasts, Citi maintains long-term valuation confidence, attributing higher risk weightings to Scarborough and Louisiana LNG phases, supported by steady progress on development milestones.

The broker retains a Neutral rating and maintains the target price at $21.50.

Target price is $21.50 Current Price is $20.42 Difference: $1.08
If WDS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $25.38, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates WDS as Neutral (3) -

Woodside Energy's 1Q25 production beat Macquarie's forecast by 2% and revenue exceeded by 1%, but vs consensus, the revenue beat was a larger 19%.

The broker notes most projects are on schedule and budget, and the two upcoming catalysts are sell-down and final investment decision on the Louisiana LNG Project, expected in the current quarter.

FY25 EPS lifted by 1% after accounting for the quarterly result and minor mark-to-market of commodity prices. FY26 EPS forecast cut by -1%.

Neutral. Target unchanged at $24.

Target price is $24.00 Current Price is $20.42 Difference: $3.58
If WDS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $25.38, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates WDS as Equal-weight (3) -

Morgan Stanley expects a neutral reaction to the March quarterly update from Woodside Energy, noting the stock has fallen around -15% over the period, with the ASX Energy sector down -14%.

March quarter production of 49.1mmboe was lower than the previous quarter by -5% and up 9% on a year earlier, slightly below the broker's estimate.

Revenue at US$3,315m rose 12% year-on-year and fell -4% on the December quarter. Capex at US$1.8bn rose 29% on the quarter and was up 53% year-on-year, excluding acquisitions. Management reaffirmed guidance, and Scarborough is 82% complete with first LNG expected in 2H 2026.

Equal-weight rating and $27 target. Industry view: In-Line.

Target price is $27.00 Current Price is $20.42 Difference: $6.58
If WDS meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $25.38, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates WDS as Neutral (3) -

UBS notes Woodside Energy reported March quarter results that were broadly in line with expectations, although production was slightly below due to unplanned outages at Pluto, offset by higher sales on stronger realised oil prices, the analyst explains.

Sangomar is producing at nameplate capacity, although UBS stresses commercial de-risking is always the key focus for major projects.

Management noted that tariff announcements confirm project capex is being reassessed, with no changes to date.

The broker lowers EPS forecasts by -8% to -9% for 2025–2027 due to higher assumptions on depreciation and amortisation for Sangomar and a lower production forecast at Pluto.

Neutral rating with a $23.20 target price.

Target price is $23.20 Current Price is $20.42 Difference: $2.78
If WDS meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $25.38, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources