Australian Broker Call

Citi rates ABG as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Abacus Group remains $1.45, alongside a Buy rating. This update was released on January 4.

Target price is $1.45 Current Price is $1.12 Difference: $0.33
If ABG meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 35.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates AIA as Hold (3) -

International travelers numbers are catching up on the post-covid trajectory that earlier had proved much more robust for domestic travels, highlights Ord Minnett.

The broker points out additional airlines have been adding connections to mainland USA and Canada.

On Ord Minnett's projections, numbers will return to pre-covid levels by 2025 with the broker cautioning the trajectory won't be a straight line.

Fair value estimate is set at NZ$8.50 or $7.85 in Aussie dollars, unchanged. Hold. Forecasts have not changed. This update was released in December.

Target price is $7.85 Current Price is $7.83 Difference: $0.02
If AIA meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Citi rates ASK as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Abacus Storage King has been retained at $1.20, alongside a Buy rating. This update was released on January 4.

Target price is $1.20 Current Price is $1.08 Difference: $0.12
If ASK meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates BUB as Neutral (3) -

Bubs Australia raised $3m through a share purchase plan to assist with its growth plans and Citi has incorporated the dilution into its modeling.

Target price is 13c. Neutral/High Risk rating. This update was issued on January 3.

Target price is $0.13 Current Price is $0.13 Difference: $0
If BUB meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates BWP as Sell (5) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for BWP Trust has been retained at $3.40, alongside a Sell rating. It appears this is the broker's least preferred exposure in the sector. This update was released on January 4.

Target price is $3.40 Current Price is $3.45 Difference: minus $0.05 (current price is over target).
If BWP meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.52, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Ord Minnett rates BXB as Hold (3) -

Despite the risk of a global economic slowdown, Ord Minnett argues Brambles' earnings outlook should remain "resilient". One of the defining features is the company's cost advantage, which is expected to benefit the company.

Ord Minnett points out Brambles receives an estimated third of all operating earnings from the USA, where the economy is projected to slow noticeably in 2024.

The broker thinks earnings growth will come in near the top end of management's guidance of 9%-12% growth in 2024. Hold. Fair value estimated at $14.

This update was released in December.

Target price is $14.00 Current Price is $13.67 Difference: $0.33
If BXB meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.96, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 CBA as Underweight (5) -

It is Morgan Stanley's long standing observation the share price of Australia's number one bank, CommBank, moves in close correlation with the prices of domestic housing.

Want more evidence? CBA's share price appreciated by 9% in 2023. Housing values rose by 8% over the year.

Rating Underweight. Target $86. Sector view is In-Line. This update was released on January 1.

Target price is $86.00 Current Price is $112.99 Difference: minus $26.99 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $90.20, suggesting downside of -19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Morgans rates CBL as Hold (3) -

Morgans points out cashflows have been an issue for Control Bionics and the recent capital raising is not completely removing risks. Management now has some runway to execute on its strategy, but Morgans maintains things will be tight, still.

Price target drops to 5.8c on dilution. Hold rating retained.

For those not as yet familiar with this company: Control Bionics presents itself as a provider of innovative assistive technology systems to enable people with disabilities to communicate and control electronic devices using their neuroelectric signals.

Target price is $0.06 Current Price is $0.05 Difference: $0.008
If CBL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates CEH as Upgrade to Accumulate from Hold (2) -

Ord Minnett highlights shares in the former Ardent Leisure, now trading as Coast Entertainment, continue to trade well below the broker's fair value assessment of 60c.

For any modern day disciples of the Benjamin Graham style of value investing, this has now become a rare opportunity in today's share markets, the analyst argues.

Upgrade to Accumulate from Hold. This report was released on January 3.

Target price is $0.60 Current Price is $0.44 Difference: $0.16
If CEH meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgans rates CGF as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Challenger has risen slightly to $7.25 from $7.14. Add rating retained. This update was released on January 2.

Target price is $7.25 Current Price is $6.63 Difference: $0.62
If CGF meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates CGF as Downgrade to Hold from Accumulate (3) -

In what appears to be no more than a technical update, Ord Minnett's rating for Challenger has been pulled back to Hold from Accumulate.

The fair value estimate has remained unchanged at $7.30.

While Challenger has a number of positive features, including a strongly growing boutique funds management business, the broker maintains it is essentially a high-risk operation.

The latter assessment is based upon the assessment the business depends on annuities and high sales growth to offset recurring annuity payments obligations.

No changes have been made to forecasts.

Target price is $7.30 Current Price is $6.63 Difference: $0.67
If CGF meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates CHC as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Charter Hall has dropped to $13.50 from $14, alongside a Buy rating. This update was released on January 4.

Target price is $13.50 Current Price is $11.37 Difference: $2.13
If CHC meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.18, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgan Stanley rates CKF as Initiation of coverage with Overweight (1) -

Morgan Stanley has initiated coverage of Collins Foods with an Outperform rating and $14.20 price target. The broker likes the fast food restaurants operator for its defensive qualities amidst a challenging outlook for consumer spending.

Other positive features include a predictable incremental return on investments (ROIC) and optionality through M&A.

Anticipated margin expansion supports the broker's forecast for 19% EPS CAGR for FY23-FY26 (with 8% revenue growth throughout the period).

The impact from GLP-1 drugs is expected to be less for Australia and Europe than in the US where total calorie consumption is estimated to shrink by -1.3% by 2035.

While the risks from changing consumer behaviour can be greater, Morgan Stanley argues they remain manageable for a strong brand that is KFC.

Target price is $14.20 Current Price is $11.83 Difference: $2.37
If CKF meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.36, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates CLW as Neutral (3) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Charter Hall Long WALE REIT remains $4, alongside a Neutral rating. This update was released on January 4.

Target price is $4.00 Current Price is $3.63 Difference: $0.37
If CLW meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates CPU as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Computershare has dropped to $27.21 from $28.28. Add rating retained. This update was released on January 2.

Target price is $27.21 Current Price is $24.65 Difference: $2.56
If CPU meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $28.24, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 CQR as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Charter Hall Retail REIT has dropped by -10c to $4, alongside a Buy rating. This update was released on January 4.

Target price is $4.00 Current Price is $3.52 Difference: $0.48
If CQR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates CSR as Downgrade to Sell from Hold (5) -

Today's Ord Minnett report is obviously catching up on decisions made but not yet widely communicated. CSR's rating has shifted to Sell from Hold.

The broker's fair value assessment (nee Morningstar) is still set at $5.80.

Target price is $5.80 Current Price is $6.40 Difference: minus $0.6 (current price is over target).
If CSR meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.94, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgan Stanley rates DMP as Overweight (1) -

The key debate surrounding Domino's Pizza Enterprises, argues Morgan Stanley, is whether profit margins can be restored or whether the future now consists of structurally lower profitability?

The broker finds market consensus is positioned too conservatively with margin recovery the key element supporting its own Overweight rating for the shares.

Morgan Stanley thinks FY24 will act as an inflection point for key share price drivers. Industry view is In-Line. Target $70 (up from $65).

Target price is $70.00 Current Price is $55.74 Difference: $14.26
If DMP meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $60.18, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Citi rates DXS as Neutral (3) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Dexus remains $8.20, alongside a Neutral rating. This update was released on January 4.

Target price is $8.20 Current Price is $7.54 Difference: $0.66
If DXS meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.55, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgans rates GDG as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Generation Development has lifted to $1.91 from $1.70. This update was released on January 2.

Target price is $1.91 Current Price is $1.75 Difference: $0.165
If GDG meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates GMG as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Goodman Group has risen to $25.50 from $24.50, alongside a Buy rating. This update was released on January 4.

Target price is $25.50 Current Price is $24.02 Difference: $1.48
If GMG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $23.90, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates GOR as Neutral (3) -

Gold Road Resources' preliminary update provided somewhat of a shock to Macquarie as both production and sales missed the broker's forecast by some -18%.

The broker explains Gruyere achieving consistent mill throughput of circa 9.5Mtpa in the longer term remains key to its base case scenario and forecasts.

Neutral rating retained. Price target unchanged at $2.

Target price is $2.00 Current Price is $1.71 Difference: $0.29
If GOR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Citi rates GOZ as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Growthpoint Properties Australia remains at $2.70, alongside a Buy rating. This update was released on January 4.

Target price is $2.70 Current Price is $2.37 Difference: $0.33
If GOZ meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates GPT as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for GPT Group has dropped to $4.90 from $5, alongside a Buy rating. This update was released on January 4.

Target price is $4.90 Current Price is $4.48 Difference: $0.42
If GPT meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgans rates GQG as Add (1) -

In an update released on January 2, Morgans expresses the view that solid money flows are likely to have continued in December for GQG Partners.

The broker's mark-to-market exercise has triggered upgrades to forecasts. Morgans continues to see the stock as attractively priced.

Successful execution on the communicated diversification strategy will likely result in a re-rating, the broker argues. Add rating retained. Price target $2.05 (was $1.90).

Target price is $2.05 Current Price is $1.66 Difference: $0.39
If GQG meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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 IAG as Downgrade to Hold from Add (3) -

A general sector re-assessment of non-bank financial services providers in Australia has led to Morgans downgrading its rating for Insurance Australia Group to Hold from Add following a rise in the share price and a reduction in price target.

Across the board, forecasts have been amended on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Insurance Australia Group has declined to $6 from $6.24. This update was released on January 2.

Target price is $6.00 Current Price is $5.73 Difference: $0.27
If IAG meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates INA as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Ingenia Communities remains $4.80, alongside a Buy rating. This update was released on January 4.

Target price is $4.80 Current Price is $4.39 Difference: $0.41
If INA meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates JDO as Downgrade to Hold from Accumulate (3) -

Judo Capital's rating has been pulled down to Hold from Accumulate with Ord Minnett's fair value assessment unchanged at $1.10.

The broker does not anticipate any dividend payments anytime soon as the bank is still in its growth phase, despite operating at a relative cost disadvantage to the larger banks in Australia.

Ord Minnett believes dissatisfied customers from brokers are the logical pool of opportunity for the challenger bank. No changes have been made to forecasts.

Target price is $1.10 Current Price is $1.00 Difference: $0.1
If JDO meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates JIN as Hold (3) -

Ord Minnett only initiated coverage of Jumbo Interactive with a Hold rating and $12.90 target price in November last year.

The broker observes lottery volumes have been abnormally soft which has forced the company into a slow start into FY24. In addition, it is expected The Lottery Corp's digital offering will continue to grab market share.

As more lottery tickets are shifting online, Jumbo Interactive can still grow its operations, the broker argues. Despite the company branching out in alternative growth areas, lottery ticket sales are expected to remain the lion's share of the business for a while.

This update was issued in December.

Target price is $12.90 Current Price is $13.30 Difference: minus $0.4 (current price is over target).
If JIN meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.59, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Morgans rates KSL as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Kina Securities has risen to $1.14 from $1.09. Add rating retained. This update was released on January 2.

Target price is $1.14 Current Price is $0.80 Difference: $0.34
If KSL meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

This company reports in PGK. 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

Citi rates LIC as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Lifestyle Communities has remained intact at $21, alongside a Buy rating, on minor downward adjustments to forecasts.

This update was released on January 4.

Target price is $21.00 Current Price is $17.77 Difference: $3.23
If LIC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $18.37, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates LLC as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Lendlease Group has remained $9.50, irrespective of lowered forecasts, alongside a Buy rating. This update was released on January 4.

Target price is $9.50 Current Price is $7.27 Difference: $2.23
If LLC meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $10.00, suggesting upside of 37.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgans rates MAF as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for MA Financial has remained unchanged at $6.25. Add rating retained. No changes have been made to forecasts.This update was released on January 2.

Target price is $6.25 Current Price is $5.60 Difference: $0.65
If MAF meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.62, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates MEI as Buy (1) -

Bell Potter's (Speclative) Buy rating and target price of 40 cents are retained as the broker lauds the latest drilling results at Meteoric Resources' Soberbo deposit through wordplays revolving around "superb/Soberbo".

The broker expects to see a significant transfer from inferred material into indicated resource occurring in 2024. It is highlighted the company's plan is to de-risk the Caldeira project this calendar year.

No changes have been made to forecasts. This update was released in December.

Target price is $0.40 Current Price is $0.29 Difference: $0.11
If MEI meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates MFG as Downgrade to Sell from Neutral (5) -

A continuously cautious Citi remains sceptical about the justification of Magellan Financial's share price rise as global equities experienced one helluva Santa rally into 2024.

The broker has thus downgraded to Sell from Neutral. Its target price did appreciate to $8.10 from $7 on higher forecasts.

Citi highlights the investment performance when measured on 3 and 5-year horizons remains "weak".

Target price is $8.10 Current Price is $9.65 Difference: minus $1.55 (current price is over target).
If MFG meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.45, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Citi rates MGR as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Mirvac Group has dropped to $2.20 from $2.50, alongside a Buy rating. This update was released on January 4.

Target price is $2.20 Current Price is $2.02 Difference: $0.18
If MGR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates MP1 as Buy (1) -

Movements in currencies, more specifically a dearer Aussie dollar in comparison with USD and EUR, has the potential to weigh down Megaport's monthly recurring revenues, suspects Citi.

On a constant currency assessment, the broker suspects low growth of 4% quarter on quarter in Q2. This compares to 3% growth in Q1.

Citi thinks investors will need to wait until Q4 to see MRR growth picking up substantially. Growth is projected to accelerate in FY25.

The broker continues to see upgrade potential for current consensus projections. Buy. Target falls to $12.05 from $12.25 on slightly lower forecasts.

This update was issued on January 4.

Target price is $12.05 Current Price is $8.58 Difference: $3.47
If MP1 meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $12.78, suggesting upside of 50.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgans rates MPL as Hold (3) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Medibank Private slightly increased to $3.76 (up 2c). Hold rating retained. This update was released on January 2.

Target price is $3.76 Current Price is $3.67 Difference: $0.09
If MPL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.79, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgans rates MTO as Downgrade to Hold from Add (3) -

As the company has issued a rather disappointing guidance update (in December), Morgans has decided to downgrade to Hold from Add. The shorter term outlook has become uncertain, the analyst argues, while retaining a positive stance longer term.

Morgans had assumed the diversified earnings base would mitigate the impact from softer consumer spending. The broker highlights core new motorcycle sales remain strong, but margin pressure is real and tangible.

The broker finds the outlook for sales into the agricultural sector "unclear". EPS forecasts have received the chainsaw treatment. Short term uncertainty is the dominant feature in the broker's assessment.

Target price drops to $1.95 from $2.60. This update was issued in December.

Target price is $1.95 Current Price is $2.03 Difference: minus $0.08 (current price is over target).
If MTO meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates NHF as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for nib Holdings gained 9c to $8.47. Add rating retained. This update was released on January 2.

Target price is $8.47 Current Price is $7.56 Difference: $0.91
If NHF meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.28, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates NSR as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for National Storage REIT remains intact at $2.60, alongside a Buy rating. This update was released on January 4.

Target price is $2.60 Current Price is $2.22 Difference: $0.38
If NSR meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates NXT as Downgrade to Lighten from Hold (4) -

Ord Minnett (whitelabeling Morningstar) is clearly not a fan of NextDC, which is seen as having no moat and -essentially- no advantages as a business over its competitors and operational threats.

While demand for data and data centres is growing rapidly, the broker highlights competitors are investing heavily to capture that demand.

Downgrade to Lighten from Hold. Fair value assessment is $12.00.

Target price is $12.00 Current Price is $13.36 Difference: minus $1.36 (current price is over target).
If NXT meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.81, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates PBP as Downgrade to Hold from Add (3) -

Probiotec has received a take-over approach from Indonesian pharmaceutical company Pyridam, with the board approving the proposed full acquisition at $3 per share.

Morgans awaits further developments and has downgraded to Hold from Add, as is custom within such a context. Target drops to $3 from $3.15.

This update was released in December.

Target price is $3.00 Current Price is $2.89 Difference: $0.11
If PBP meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates PXA as Hold (3) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Pexa Group gained 1c to $11.66. Hold rating retained. This update was released on January 2.

Target price is $11.66 Current Price is $10.93 Difference: $0.73
If PXA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.26, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates QAN as Hold (3) -

As Qantas Airways' profitability is "normalising" post covid, Ord Minnett is happy to retain its fair value estimate for the airline at $6.10.

As this process plays out, the expectation is that prior, pre-covid industry burdens will return. Forecasts have been lowered.

Ord Minnett also reminds investors the fleet of more than 300 planes requires substantial capital investment in the years ahead.

Hold. This update was issued in December.

Target price is $6.10 Current Price is $5.28 Difference: $0.82
If QAN meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.18, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates QBE as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for QBE Insurance has slightly increased to $17.56 from $17.46. Morgans suspects there might be room for a positive surprise for general insurers short term.This update was released on January 2.

Target price is $17.56 Current Price is $15.04 Difference: $2.52
If QBE meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.31, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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 QRI as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Qualitas Real Estate Income Fund remains $1.60, alongside a Buy rating. This update was released on January 4.

Target price is $1.60 Current Price is $1.63 Difference: minus $0.03 (current price is over target).
If QRI meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates RGN as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Region Group remains $2.60, alongside a Buy rating. This update was released on January 4.

Target price is $2.60 Current Price is $2.20 Difference: $0.4
If RGN meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Citi rates SCG as Neutral (3) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Scentre Group has been retained at $2.95, alongside a Neutral rating. This update was released on January 4.

Target price is $2.95 Current Price is $2.94 Difference: $0.01
If SCG meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting downside of -0.5% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Citi rates SGM as Downgrade to Sell from Neutral (5) -

Citi remains sceptical about the outlook for Sims and has thus downgraded to Sell from Neutral following a rise in share price.

It is the broker's view that global growth is poised for a slow down, with China's steel overproduction to continue. The latter should depress steel prices in the ASEAN region, as well as HRC spreads.

Ex-China steel production is expected to remain below-trend.

US prime scrap has risen to a price premium to pig iron from Brazil, which explains the share price rally, but Citi questions the sustainability of it all.

Target price retained at $14.30. This update was released on January 4.

Target price is $14.30 Current Price is $14.19 Difference: $0.11
If SGM meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.90, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Citi rates SGP as Buy (1) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Stockland has remained at $5.10, alongside a Buy rating. This update was released on January 4.

Target price is $5.10 Current Price is $4.34 Difference: $0.76
If SGP meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

Following the reversed take-over agreement between Sigma Healthcare and key partner Chemist Warehouse, Morgan Stanley believes investors will price in bull case scenarios, at least until a definitive outcome is known about the proposed transaction.

Among the conclusions drawn are that Sigma Healthcare's valuation looks stretched without the Chemist Warehouse contract. Both partners are counting on -$60m in annual synergies.

Morgan Stanley has bumped up its price target to 94c in the meantime (was 75c). Equal-weight rating with an In-Line sector view. This update was released on January 4.

Target price is $0.94 Current Price is $0.91 Difference: $0.03
If SIG meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates SUN as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Suncorp Group has increased to $15.07 from $14.55. This update was released on January 2.

Target price is $15.07 Current Price is $13.99 Difference: $1.08
If SUN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $15.31, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Morgans rates TAH as Add (1) -

In the latest news (December), Tabcorp Holdings will be the sole operator of retail wagering in Victoria for a period of 20 years, now its Victorian Wagering Licence has been renewed exclusively.

Morgans is not surprised by the exclusivity or the renewal, but the favourable terms of the new agreement have come as a positive surprise.

Hence, Morgans is referring to a "significant victory". In forecast terms, costs have been reduced, and in combination with an improved tax structure, have pushed up prospective margins to 10%-12%.

The offset comes via higher interest assumptions. The end result is still for lower EPS forecasts in FY25 and FY26. Price target gains 10c to $1.10. Add rating retained.

This update was released in December.

Target price is $1.10 Current Price is $0.78 Difference: $0.32
If TAH meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 35.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates TLC as Upgrade to Accumulate from Hold (2) -

While describing Lottery Corp as having a wide-moat, with the company poised to dominate lotteries in Australia, Ord Minnett also acknowledges sales volumes have been abnormally soft.

The latter should translate into a rather soft H1 performance, estimated -7% below last year's performance. Oz Lotto, with sales down -20%, is the biggest drag to date, points out the broker.

With long term forecasts remaining intact, the analyst has reduced short term estimates. Fair value assessment remains $5. Upgrade to Accumulate from Hold.

This update was issued in December.

Target price is $5.00 Current Price is $4.69 Difference: $0.31
If TLC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates TPG as Outperform (1) -

Macquarie has returned from research restriction with an Outperform rating and $5.40 price target, highlighting TPG Telecom is offering an attractive dividend yield and with its growth outlook (3 years) supported by improving mobile market dynamics (assisted by rational pricing).

The broker is anticipating a "solid" result in February. The explicit warning is that typical accountancy definitions might make the result appear weaker than it actually is.

Forecasts have been slightly increased for FY23 and FY24 (and there is more chatter about your typical accountancy practices and differences).

Target price is $5.40 Current Price is $4.99 Difference: $0.41
If TPG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates TYR as Add (1) -

A general sector re-assessment of non-bank financial services providers in Australia has triggered changes to forecasts on mark-to-market updates and a general re-appraisal of the sector's growth outlook, including adjustments for equity markets, bond yields and currency moves.

The broker's preferred sector Add calls are QBE Insurance, Computershare, Suncorp Group, Tyro Payments and Generation Development Group.

The price target for Tyro Payments has dropped to $1.61 from $1.77. Morgans suspects upside risk to prevail for the company heading into the February results season. This update was released on January 2.

Target price is $1.61 Current Price is $1.01 Difference: $0.6
If TYR meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 69.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates VCX as Neutral (3) -

The year ahead should see interest rates peaking and central banks cutting rates from the second half onwards, argues Citi. One of the consequences is renewed interest for A-REITs from investors.

The broker includes two general sector warnings; asset values remain under pressure and higher interest rates continue to create earnings risks for segments of the industry.

Citi remains constructive of the structural growth in Industrial, Self-Storage, Land-lease and housing sectors, while Retail is seen as "relatively supported" in the short term.

A-REITs have already rallied, leading Citi to prefer "structural growth at relatively reasonable value", with the analysts nominating Goodman Group, National Storage, Lifestyle Communities, Ingenia Communities and Stockland among sector favourites.

As investor focus turns towards results and the earnings growth outlook into FY25, Citi believes these stocks will continue to remain attractive.

The price target for Vicinity Centres remains at $2, alongside a Neutral rating. This update was released on January 4.

Separately: As shopping centres landlord Vicinity Centres is rolling out new development in Chatswood Chase and Chadstone through FY24 and FY25, Citi points out there will be negative consequences for metrics including earnings growth and finance costs.

The broker maintains its forecast for strong potential earnings growth in FY26, followed by organic growth thereafter.

Target price has been retained at $2. Rating Neutral. This update was issued in December.

Target price is $2.00 Current Price is $2.01 Difference: minus $0.01 (current price is over target).
If VCX meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates WGX as Outperform (1) -

Macquarie saw Westgold Resources releasing a rather mixed market update with stronger realised pricing compensating for a weaker production in Q2.

Management did confirm the company remains on track to achieve FY24 production guidance, the broker highlights. Full Q1 metrics will be provided on January 31.

Macquarie also highlights the balance sheet remains "strong". Outperform rating retained. Target $2.50.

Target price is $2.50 Current Price is $1.97 Difference: $0.53
If WGX meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates XRO as Buy (1) -

Buy rating retained with a price target of $129.40 as Citi observes key competitor Intuit has raised its prices in the UK. This, the broker suggests, shows competition remains rational.

Intuit's offering is still cheaper than Xero's and Citi believes Intuit is aiming at accountants and bookkeepers, which are the key channel for Xero.

The Investor Day, scheduled for February 29, is seen as the next catalyst for the share price. This update was released on January 1.

Target price is $129.40 Current Price is $106.34 Difference: $23.06
If XRO meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $110.62, suggesting upside of 4.9% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

This company reports in NZD. 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