Australian Broker Call

Citi rates ABP as Buy (1) -

Abacus Property has now advanced to de-stapling into two separately listed entities, Abacus Group ((ABP)) and Abacus Storage King ((ASK)). The latter will be added to the S&P/ASX 200 index effective at the opening of trading on August 1.

Citi notes a technical risk has now been removed by the de-stapling, namely the loss of passive shareholding because of the index removal of a portion of the group balance sheet. Buy rating and $3.40 target maintained.

Target price is $3.40 Current Price is $2.69 Difference: $0.71
If ABP meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates AKE as Buy (1) -

June quarter production from Mount Cattlin was 58,000t and Olaroz was 5,100t.  Bell Potter notes Allkem's product sales were materially below production across both assets, and scheduling uncertainty continues regarding resourcing/procurement at Sal de Vida and James Bay.

Realised prices were also weaker than previously guided. The broker is confident the merger with Livent will proceed, suspecting an interloper is unlikely to emerge. The detail should be completed by the end of 2023. Buy rating maintained. Target is reduced to $18.90 from $19.20.

Target price is $18.90 Current Price is $15.32 Difference: $3.58
If AKE meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.93, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates AKE as Outperform (1) -

Allkem's June quarter numbers were mixed, Macquarie notes, with strong production offset by lower sales and costs mixed at the two operations. Realised prices were softer for both Olaroz and Mt Cattlin.

Looking ahead to the company's first half result, Macquarie suggests updates on the merger proposal with Livent remain a key catalyst.

Outperform retained, target trimmed to $19.00 from $19.10.

Target price is $19.00 Current Price is $15.32 Difference: $3.68
If AKE meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $17.93, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates AKE as No Rating (-1) -

Morgan Stanley is currently restricted on research for Allkem and cannot provide a rating or target.

Following 4Q results, the broker lowers its FY23 and FY24 EPS forecasts by -8.2% and -1.8%, respectively. Industry View: Attractive.

Current Price is $15.32. Target price not assessed.

Current consensus price target is $17.93, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates AKE as Hold (3) -

Production at the Olaroz operations in Argentina set a record in Q4 and blew past forecasts by consensus and Morgans by 15% and 13%, respectively. Production at Mt Cattlin in WA also beat consensus and the broker by nearly 30%.

However, sales volumes at both operations disappointed due to some stockpiling at Olaroz during a slump in spodumene pricing and weather-related shipment delays at Mt Cattlin, explains the broker.

The analysts expect ongoing lithium price volatility and forecasts assume a trend down to the broker’s longer-term price forecast.

The target rises to $14.80 from $14.40. Hold.

Target price is $14.80 Current Price is $15.32 Difference: minus $0.52 (current price is over target).
If AKE meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.93, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates ALK as Buy (1) -

Gold production for FY23 was slightly ahead of guidance. Alkane Resources has received approval for the Tomingley expansion,  which should elevate its gold production and earnings to a more relevant level and provide a platform for growth, Bell Potter points out.

An updated Boda resource is planned for the fourth quarter of 2023 and an update on Kaiser for the first quarter of 2024. Buy rating retained. Target is reduced to $1.05 from $1.10.

Target price is $1.05 Current Price is $0.77 Difference: $0.28
If ALK meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 AWC as Sell (5) -

Citi notes the June quarter was tough for Alumina Ltd, with higher costs, lower quality bauxite in Western Australia and unscheduled maintenance of Alumar. The company's net debt increased to US$221m.

Revised dividend yields in 2024 and 2025 are 2.7% and 7.7%, respectively, the latter being formed from an improved alumina price of US$350/t and assuming operating expenditure moves back to around US$250/t for a cash operating margin of US$80/t.

Citi reduces its expected loss in 2023 to -US$68m. Sell rating and $1.40 target maintained.

Target price is $1.40 Current Price is $1.41 Difference: minus $0.01 (current price is over target).
If AWC 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 $1.34, suggesting downside of -3.8% (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: -0.3

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

Shaw and Partners rates AZY as Buy (1) -

Antipa Minerals will conduct 12-15,000 metres of drilling at Minyari Dome in 2023, with results expected in the second half of the year ahead of a resource upgrade in early 2024.

The company, in its June quarter update, has also enlarged on exploration programs for the Paterson and Wilki farm-in projects, which will be funded by IGO ((IGO)) and Newcrest Mining ((NCM)), respectively.

Shaw and Partners considers exploration success from these farm-ins, or ongoing growth at Minyari Dome, as potential catalyst for corporate activity. Buy rating and 6c target maintained.

Target price is $0.06 Current Price is $0.02 Difference: $0.043
If AZY meets the Shaw and Partners target it will return approximately 253% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings delivered a strong finish to the June quarter as margins continue to improve after a large amount of promotional expenditure in the first half. Ord Minnett notes slightly softer customer additions were offset by higher turnover from active customers.

The Buy rating is reiterated, with the broker asserting this is an attractive investment as the SaaS opportunity gains momentum. Target is $0.80.

Target price is $0.80 Current Price is $0.21 Difference: $0.59
If BBT meets the Ord Minnett target it will return approximately 281% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgan Stanley rates BEN as Overweight (1) -

While Morgan Stanley expects 2H earnings for Bendigo & Adelaide Bank will meet or beat consensus, recent deposit pricing trends suggest caution on the outlook for FY24.

The broker lowers its target to $10.20 from $10.50 in anticipation the trend will  weigh on the "exit" margin leading to cautious outlook commentary by management.

The Overweight rating is maintained. Industry view: In-Line.

Target price is $10.20 Current Price is $9.36 Difference: $0.84
If BEN meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.53, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates BMT as Buy (1) -

Highlights from the Beamtree Holdings trading update include continued evidence of progress, Shaw and Partners comments, with Abbott on track and another hospital signed off on Ainsoff along with a potential NHS coding audit opportunity.

The company has confirmed a strong start to FY24, showing confidence that trend growth and profitability will continue.

Shaw and Partners believes the stock is attractively priced, forecasting 23% organic revenue growth in FY24, and reiterates a Buy rating. Target is $0.70.

Target price is $0.70 Current Price is $0.22 Difference: $0.478
If BMT meets the Shaw and Partners target it will return approximately 215% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Shaw and Partners rates C79 as Buy (1) -

Highlights from the June quarter update from Chrysos demonstrate the growing acceptance of its technology and, Shaw and Partners notes, its capacity to deliver.

The broker expects expansion to the US and South America will add substantially to its global footprint in key mining jurisdictions.

The broker brings forecasts in line with the initial FY24 revenue and EBITDA guidance, which includes at least 18 deployed units, total revenue between $48-58m and EBITDA between $7-17m. Buy rating reiterated. The $5.70 price target is unchanged.

Target price is $5.70 Current Price is $4.90 Difference: $0.8
If C79 meets the Shaw and Partners target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

UBS rates CBA as Neutral (3) -

UBS forecasts CommBank will deliver $2.4bn in cash earnings for Q4 when FY23 results are released on August 9, a forecast which is broadly in line with the consensus estimate.

While the broker doesn't expect net interest margin (NIM) guidance, an easing in the competitive environment for mortgages and retail deposits could support a stronger-than-expected NIM outcome for the quarter.

Neutral-rated CommBank remains one of the most preferred names by UBS in the sector. The $100 target is unchanged.

Target price is $100.00 Current Price is $106.53 Difference: minus $6.53 (current price is over target).
If CBA meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $89.68, suggesting downside of -15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Bell Potter rates CHN as Speculative Buy (1) -

Chalice Mining has confirmed it will complete the scoping study for Gonneville during the current quarter. This is a major milestone, Bell Potter points out, and will be based on the latest mineral resource estimate that was completed in March.

The broker suspects global mining companies will be passing the ruler over both Gonneville and Julimar because of the significant scale of the Gonneville resource.

This is the second largest undeveloped nickel sulphide resource in Australia and is in a top-rated jurisdiction. Julimar is also a globally significant platinum group-nickel-copper deposit. Speculative Buy rating maintained. Target is reduced to $10 from $12.

Target price is $10.00 Current Price is $6.05 Difference: $3.95
If CHN meets the Bell Potter target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 40.9% (ex-dividends)

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

Morgan Stanley rates CSL as Overweight (1) -

Recent commentary by CSL suggests to Morgan Stanley its cost per litre (CPL)  of plasma has fallen by around -20% in recent times.

In reporting 2Q results, competitor Grifols also noted cost per litre had declined by -20% in June, which would see its adjusted Biopharma gross margin increase by 250bp.

Another competitor, Argenx, also reported 2Q results in the US showing Vyvgart revenue of US$269m, a 13% beat against the consensus forecast.

The broker believes Vyvgart is 2.5-2.8 times more expensive than immunoglobulin and its felt overall risks from increased competition are manageable.

Overweight and $325 target retained. Industry View: In-Line.

Target price is $325.00 Current Price is $267.70 Difference: $57.3
If CSL meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $328.17, suggesting upside of 23.0% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates EM2 as Buy (1) -

Eagle Mountain Mining's June quarter efforts identified multiple high-grade copper zones from drilling at Oracle Ridge, Arizona. Increases are therefore expected to both the resource size and quality following the thicker-than-anticipated mineralised zones.

Shaw and Partners bases its valuation for Oracle Ridge on a 22mt resource, 33% larger than the current resource base. The Buy rating and 47c target are unchanged.

Target price is $0.47 Current Price is $0.12 Difference: $0.35
If EM2 meets the Shaw and Partners target it will return approximately 292% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 FMG as Sell (5) -

Iron ore shipments for Fortescue Metals in the June quarter totalled 48.9mt while C1 cash costs were US$17.57/wmt.

Bell Potter continues to expect steady declines in earnings and dividends, driven by a falling iron ore price, noting while the company has controlled costs well these have steadily increased and EBITDA margins have narrowed.

Moreover, the prospect of Chinese government policy stimulus has had a limited impact and the demand outlook in China appears subdued.

Along with the uncertainty over capital allocation and investment returns for both FFI and the Belinga project in Gabon the broker finds limited upside and retains a Sell rating. Target is raised to $15.97 from $15.16.

Target price is $15.97 Current Price is $22.92 Difference: minus $6.95 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.99, suggesting downside of -21.6% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates FMG as Underperform (5) -

Fortescue Metals' iron ore production, shipments and realised prices were in line with Macquarie's estimates for the June quarter, while cash costs were lower.

Volume guidance for FY24 was softer than expected, and the broker has lowered shipping forecasts and slowed its Iron Bridge ramp-up expectations.

The stock is trading on modest free cash flow yields of 4-7%, Macquarie notes, and with uncertainty over the capital commitment to Fortesuce Future Industries the broker retains an Underperform rating. Target falls to $16.70 from $17.30.

Target price is $16.70 Current Price is $22.92 Difference: minus $6.22 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.99, suggesting downside of -21.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates FMG as Underweight (5) -

Following 4Q results for Fortescue Metals, Morgan Stanley expects spending related to Fortescue Future Industries will continue to weigh on the return on invested capital (ROIC) measure and yields.

While the broker raises its FY23 EPS forecast by 4.3%, higher-than-expected costs for FY24 lowers the analyst's EPS estimate by -10%. 

Production and costs for the quarter were in line with the analysts' estimates. Costs were a 4% beat against consensus.

A  25% increase in FY24 capex guidance lowers Morgan Stanley's FY24 free cash flow and dividend yields to 3% and 4%, respectively.

The target falls to $16.45 from $16.80. Underweight. Industry View: Attractive.

Target price is $16.45 Current Price is $22.92 Difference: minus $6.47 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.99, suggesting downside of -21.6% (ex-dividends)

The company's fiscal year ends in June.

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 FMG as Reduce (5) -

Following in-line Q4 shipments, pricing and costs for Fortescue Metals, Morgans makes only minor changes to FY24 forecasts and raises its target to $18.30 from $18.20.

While the analyst is impressed by management's ability to contain costs to lessen the impact of inflationary pressures, FY24 guidance for C1 costs of US$18-$19/wmt compares to the consensus estimate for US$17.97/wmt.

Also, shipments guidance of 192-197mt was lower than the consensus estimate for 196mt, notes the broker.

As a capex-heavy phase is looming (inclusive of Fortescue Future Industries) and because iron ore prices are expected to gradually moderate, the broker maintains its Sell rating.

Target price is $18.30 Current Price is $22.92 Difference: minus $4.62 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.99, suggesting downside of -21.6% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates FMG as Lighten (4) -

Fortescue Metals delivered June quarter production that was in line with Ord Minnett's expectations. The broker notes the new Iron Bridge mine has started production and should ramp up to full capacity in 2025 or 2026.

The shares are trading at a 52% premium to fair value, in the broker's view, attributed to optimism over high near-term iron ore prices along with the company's "bold green energy ambitions".

Lighten rating and $15 target price retained.

Target price is $15.00 Current Price is $22.92 Difference: minus $7.92 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.99, suggesting downside of -21.6% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates GQG as Accumulate (2) -

Ord Minnett, at first glance, assesses GQG Partners counter to Regal Partners' bid for Pacific Current appears out of place with the strategy of organic growth. The broker suspects the underlying objective may be defensive.

GQG Partners may be seeking to ward off Regal Partners and preserve its commercial relationship with Pacific Current, which distributes its products in North America and Australia.

At this stage Ord Minnett retains a $1.90 target with an Accumulate rating.

Target price is $1.90 Current Price is $1.65 Difference: $0.25
If GQG meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 22.9% (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: 0.9

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

Citi rates IFL as Neutral (3) -

While Insignia Financial expects to deliver more cost savings over and above what was previously expected by the market Citi notes the MLC integration is proving more complex and costly than originally envisaged.

Still, if the additional savings, which the company expects could be -$110m, are significant and flow through to earnings this will be meaningful.

Citi reserves its judgement for now, although lifts EPS estimates for FY23 slightly and by 3% for FY24. Workplace continues to be the significant differentiated offering, the broker adds. Neutral maintained. Target rises to $3.10 from $2.60.

Target price is $3.10 Current Price is $2.93 Difference: $0.17
If IFL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgan Stanley rates IFL as Overweight (1) -

Stronger financial market resulted in better-than-expected funds under management and administration (FUMA) for Insignia Financial in the June quarter, though negative wealth flows were greater than Morgan Stanley forecast.

Management is targeting a reduction in opex over FY24-26 of -$175-190m.

The broker's Overweight rating and $3.85 target price are retained. Industry view: In-line.

Target price is $3.85 Current Price is $2.93 Difference: $0.92
If IFL meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates IPD as Upgrade to Speculative Buy from Hold (1) -

As the pace of payor coverage in the US for ImpediMed's bioimpedance spectroscopy (BIS) technology is set to increase, Morgans sees upside to the current share price and upgrades its rating to Speculative Buy from Hold.

The broker assesses a solid 4Q cash flow report, which came in ahead of expectations largely due to the broad private payor coverage.

The analyst raises longer-term forecasts and increases the target to 25c from 19c.

Target price is $0.25 Current Price is $0.22 Difference: $0.03
If IPD meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates JRV as Neutral (3) -

Jervois Global reported June quarter sales 20% above Macquarie as excess inventory was unwound. The miner is advancing a partnering process for its refinery and is undertaking a divestment process for Nico Young.

Weak cobalt prices and a highly leveraged balance sheet are likely to remain a headwind in the near term, the broker suggests.

Neutral and 7c target retained.

Target price is $0.07 Current Price is $0.06 Difference: $0.009
If JRV meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates KAR as Outperform (1) -

Karoon Energy's June quarter missed Macquarie by -3% and revenues by -11% on lower realised oil prices. FY24 production guidance of 9-11mmboe met the broker's 11mmboe esitmate but opex guidance came in higher than expectation.

Karoon continues to pursue a disciplined acquisition, screening North America and Brazil, and Macquarie retains Outperform with the stock one of its preferred smaller energy plays, and would recommend using recent strength in Beach Energy ((BPT)) to switch into Karoon.

Target rises to $2.95 from $2.85.

Target price is $2.95 Current Price is $2.25 Difference: $0.7
If KAR meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 31.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates KAR as Overweight (1) -

Due to a previously flagged 42-day unplanned shut in, 4Q production for Karoon Energy was down -15% quarter-on-quarter and shy of forecasts by Morgan Stanley and consensus by -2% and -9%, respectively. 

FY23 production guidance of 7-7.1MMbbl was in line with the broker's forecast. FY24 guidance is for production in the range of 9-11MMbbl with a unit production cost of US$11-15/bbl.

Morgan Stanley's Overweight rating and $2.83 target are maintained. Industry view: Attractive.

Target price is $2.83 Current Price is $2.25 Difference: $0.58
If KAR meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 31.6% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates KED as Neutral (3) -

Keypath Education International's June quarter revenues and earnings were in line with FY23 guidance. Healthcare programs are driving growth, Macquarie notes

Three new partners and eight new programs were added in the quarter; two of the eight programs were in the Healthcare vertical, the broker reports.

In FY23, 23 of the 34 new programs signed were in the Healthcare vertical. Seven of the eight programs added in 4Q23 were in Australia and Malaysia.

Revenue has been impacted by the expected softening of enrollments in some programs from mature vintages, weighted to the business vertical, and increased strategic focus on the Healthcare vertical.

Target falls to 57c from 73c on a switch to DCF valuation. Neutral retained.

Target price is $0.57 Current Price is $0.54 Difference: $0.033
If KED meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates LVH as Add (1) -

While the tougher operating environment poses a challenge, Morgans considers LiveHire has adopted the right strategy by focusing on larger ideal client profiles (ICPs) and initiating a cost-out program to reduce overall cash burn.

The outcome of these strategies were evident to the broker in a 4Q trading update showing the proactive churning of 13 non-ICPs in the DS business over the period.

The Add rating is maintained and the target eases to 21c from 22c after the broker adjusts for lower-than-previously estimated client wins/slower ramp of larger ICP’s, as well as the cost-out program.

Target price is $0.21 Current Price is $0.07 Difference: $0.139
If LVH meets the Morgans target it will return approximately 196% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgans rates MIN as Add (1) -

Morgans assesses a largely in-line 4Q operational and sales result by Mineral Resources and highlights the Onslow iron ore project has secured all major permits and is on track for first ore shipped by mid-2024.

The broker believes Onslow will transform the iron ore and mining services businesses. The target falls to $86 from $93 partly because of a pull-forward of Onslow capex.

Management makes no apologies for significant changes to the lithium strategy over the last six months given fluid sector dynamics. The company has recently exited its downstream agreements with both Albemarle and Gangfeng, though still sells spodumene to both. 

The Add rating is maintained.

Target price is $86.00 Current Price is $72.90 Difference: $13.1
If MIN meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $79.64, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates MIN as Sell (5) -

While 4Q results for Mineral Resources were mostly in line with forecasts by UBS, weaker realised prices at Mt Marion and soft volumes at Wodgina weighed.

Spodumene production at Wodgina was 41kt, which was below the broker's forecast of 48kt but above the consensus estimate for 33kt.

The analyst remains with a Sell rating as the company is in a phase of high capex and light free cash flows at a time of industry-wide project delays and cost inflation. The target rises to $64 from $63.

Target price is $64.00 Current Price is $72.90 Difference: minus $8.9 (current price is over target).
If MIN meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $79.64, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MP1 as Neutral (3) -

Megaport's quarter-on-quarter annual recurring revenue decelerated from the prior quarter to 6%. Services growth is driving revenue retention  in excess of 120%, providing a strong platform for FY24 sales growth, Macquarie suggests.

Free cash flow turned positive in the quarter however reinvestment will impact after FY24 in the broker's view. FY24 guidance was reiterated. Macquarie is positive on free cash flow but wary of reinvestment costs.

Neutral retained. Target rises to $12 from $9 to reflect increased earnings in outer years.

Target price is $12.00 Current Price is $10.62 Difference: $1.38
If MP1 meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.85, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgan Stanley rates MP1 as Equal-weight (3) -

Morgan Stanley highlights Megaport has returned to positive free cash flow in the 4Q, with net cash rising by 7% to end the quarter at $33.3m.

While revenue was -5% adrift of the broker's forecast, earnings (EBITDA) were in line with guidance. Megaport Virtual Edge (MVE) and Megaport cloud router (MCR) growth rates are seen as solid.

The Equal-weight rating and $8.30 target are unchanged. Industry View: Attractive.

Target price is $8.30 Current Price is $10.62 Difference: minus $2.32 (current price is over target).
If MP1 meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.85, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates MP1 as Accumulate (2) -

Ord Minnett found the preliminary results unsurprising, highlighting Megaport's high growth rate and uninterrupted path towards profitability.

A turn to profits and free cash flow remain the biggest driver of recent success, with the broker noting fiscal fourth quarter normalised EBITDA of $11.8m was more than double the third quarter result and more than the prior four quarters combined.

An Accumulate rating and $13 target are maintained.

Target price is $13.00 Current Price is $10.62 Difference: $2.38
If MP1 meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $10.85, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

UBS rates MP1 as Buy (1) -

Megaport's 4Q revenue was in line with the forecast by UBS while normalised earnings (EBITDA) were within the upgraded guidance range.

The broker forecasts 24% underlying growth for the business, which is considered impressive given the rebuilding of the sales force (management are commencing further hiring from next week).

Buy rating retained. Target price rises to $12.75 from $12.50 on the broker's marginal adjustments to FY24 forecast earnings.

Target price is $12.75 Current Price is $10.62 Difference: $2.13
If MP1 meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $10.85, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates MQG as Neutral (3) -

Post the first quarter update from Macquarie Group, Citi lowers FY24 net profit estimates by -6% to $4bn, leaving outer year forecasts unchanged. While first quarter commentary was softer than expected, the broker also notes a more difficult outlook.

Neutral retained, as it is too early to be definitive on commodity volatility and deal flow may recover as rates stabilise. Still, the broker finds it hard to make a case for re-rating as expectations continue to be guided lower. Target is $175.

Target price is $175.00 Current Price is $175.03 Difference: minus $0.03 (current price is over target).
If MQG 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 $190.52, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Overweight (1) -

Softer gains on sale and weaker commodities across three division weighed on Macquarie Group's 1Q result, according to Morgan Stanley.

The broker expects consensus earnings downgrades due to management's outlook, which allows for weaker conditions in the first third of FY24.

The analyst points out the previously announced sales of UK offshore wind farms and a US port did not complete in the 1Q, but at least they signal a return of transactions in infrastructure and green energy.

On capital markets, the broker views the 1Q miss as largely timing and sees an improving outlook, while for commodities there are a wide range of potential outcomes. It's felt the group is well placed to resume earnings growth in FY25.

The broker's Overweight rating is kept but the target falls to $209 from $215. Industry view: In-Line. 

Target price is $209.00 Current Price is $175.03 Difference: $33.97
If MQG meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $190.52, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Add (1) -

A trading update by Macquarie Group at its AGM noted weaker trading conditions in the first quarter with the net profit contribution (NPC) “substantially down” on the previous corresponding period.

Management commentary suggested softer short-term conditions for a number of divisions, particularly the annuity-style and market facing businesses.

As a result of this commentary, the broker downgrades its FY24 and FY25 EPS forecasts by around -8% for Macquarie Capital, Commodities and Global Markets as well as Macquarie Asset Management.

The Add rating is retained on the analyst's confidence in the medium-term outlook and the target falls to $193.60 from 201.80.

Target price is $193.60 Current Price is $175.03 Difference: $18.57
If MQG meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $190.52, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in March.

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

Ord Minnett rates MQG as Hold (3) -

Macquarie Group has eased back its outlook for FY24.  Ord Minnett advises investors to not draw long-term conclusions from quarterly updates, given group earnings are dependent on market conditions and the timing of asset realisations.

As the broker's prior profit forecast for FY24 of $4.3bn implied an -18% drop on FY23 this now appears difficult to achieve based on the commentary provided. Estimates are lowered by another -5% to $4bn.

Ord Minnett also suggests the transition to renewable energy could lead to more instability and earnings volatility compared with that experienced historically by the group. Importantly, there was no change to language around the outlook for banking and financial services.

The Hold rating and target of $175.00 are retained. 

Target price is $175.00 Current Price is $175.03 Difference: minus $0.03 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $190.52, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in March.

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 MX1 as Speculative Buy (1) -

Morgans makes only minor changes to its FY24 forecasts following Micro-X's 4Q cashflow report and retains its Speculative Buy rating and 28c target.

Commercial launch of the Argus is expected by end of 2023 instead of the end of FY23, while the results of a strategic review led by the new ceo will focus on near-term commercial outcomes.

Target price is $0.28 Current Price is $0.12 Difference: $0.16
If MX1 meets the Morgans target it will return approximately 133% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates PAN as Outperform (1) -

Panoramic Resources reported a weak June quarter production result at Savannah, with the mill impacted by filter pressure plate failure leading to downtime. Lower nickel production was driven by lower grades and recoveries, Macquarie notes, while costs were in line.

FY24 guidance was weaker than expected and the broker updates its base case, incorporating higher long-term costs driving material earnings downgrades.

The company is raising capital to strengthen its balance sheet. Neutral retained, target falls to 6c from 19c.

Target price is $0.06 Current Price is $0.06 Difference: $0.005
If PAN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 PGC as Downgrade to Hold from Buy (3) -

Paragon Care now expects FY23 EBITDA from continuing business to be $38m. This implies like-for-like growth of 35%. The closure of the Lovell manufacturing business will entail -$3m in one-off charges in FY23.

Bell Potter acknowledges the stock is inexpensive, noting a well-defined strategy to support its ambition for $100m in EBITDA by FY27. Still, EPS expansion is modest and the growth outlook for FY24 is unclear as it appears dependent on revenue earned in Asia.

The broker downgrades to Hold from Buy and reduces the target to $0.26 from $0.45.

Target price is $0.26 Current Price is $0.24 Difference: $0.025
If PGC 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 FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates PME as Sell (5) -

Pro Medicus has won a contract with Memorial Sloan Kettering Cancer Center for a minimum value of $24m over seven years. Ord Minnett had expected further contracts would contribute to earnings growth from FY24 and maintains current estimates.

The centre is an academic hospital specialising in comprehensive cancer care and has been ranked as one of the top two US cancer hospitals.

The broker believes shares in the company are materially overvalued and suspects the market is underestimating the competitive pressures. Hence, a Sell rating and $30 target are maintained.

Target price is $30.00 Current Price is $67.94 Difference: minus $37.94 (current price is over target).
If PME meets the Ord Minnett target it will return approximately minus 56% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.84, suggesting downside of -23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Ord Minnett rates PNR as Speculative Buy (1) -

Pantoro's June quarter production results were slightly softer than Ord Minnett expected as grades were weaker at both Norseman and Halls Creek.

Still, the broker observes the market has rightly looked through this into FY24 as grade should increase significantly when Scotia comes on line in greater quantities.

Production estimates for the first half are still lowered, given commentary around continued issues with labour availability. Speculative Buy rating maintained. Target is $0.12.

Target price is $0.12 Current Price is $0.08 Difference: $0.038
If PNR meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 PPT as Buy (1) -

Perpetual’s June quarter update appears to reflect the weak industry flows and, while disappointed, Citi is not overly troubled as two mandate losses seemingly caused a substantial amount of net outflows in the quarter.

Nevertheless, the broker finds it hard to envisage many positive catalysts, noting mandate wins for Barrow should fund in the first quarter and there is ongoing growth in MFS in corporate trust.

The stock is considered inexpensive and Citi remains confident in a successful amalgamation of Pendal. Buy rating and $30 target retained.

Target price is $30.00 Current Price is $25.90 Difference: $4.1
If PPT meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $30.32, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates PPT as Outperform (1) -

Perpetual again suffered net outflows in the June quarter, Macquarie notes, increasing to -5.1bn from -$0.1bn the prior quarter. All boutique funds saw outflows, most pronounced in JOHCM (-$2.3bn). The Pendal synergy target of of $80m remains on track.

FY23 cost expectations have been revised upwards to 40% from previous guidance of 37-39% and the broker's estimate of 38%.

Target falls to $30.50 from $31.00, Outperform retained.

Target price is $30.50 Current Price is $25.90 Difference: $4.6
If PPT meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $30.32, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates PPT as Overweight (1) -

Morgan Stanley retains its $30.40 target and Overweight stance, following Perpetual's 4Q results where assets under management (AUM) beat the broker's forecast on more upbeat financial markets.

The analyst had forecast neutral flows yet outflows occurred across all regions and asset classes. A better outcome for AUM is expected to offset FY23 cost growth guidance which rose to 40% from 37-39%. Industry view: In-Line.

Target price is $30.40 Current Price is $25.90 Difference: $4.5
If PPT meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $30.32, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates PPT as Neutral (3) -

A 4Q update by Perpetual missed forecasts by UBS for funds under management (FUM), net flows and costs.

While outflows were broad-based across all key boutiques, management remains upbeat on future flows. The broker is not convinced on this point and believes near-term outflows will persist given market conditions remain challenging.

Moreover, the analyst notes cost growth seems to be negating much of the prior $20m synergy upgrade announced in the March quarter.

The Neutral rating is unchanged. The target falls to $26 from $27.75.

Target price is $26.00 Current Price is $25.90 Difference: $0.1
If PPT meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $30.32, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates RIO as Overweight (1) -

In a follow up to 1H results, Rio Tinto hosted a conference call where Morgan Stanley noted management expects lower aluminium costs in the 2H compared to the 1H due to 3-4 months of inventories being held across the value chain.

The broker also highlights capex for decarbonation is expected to keep rising but remain within budget. It was also noted management has no interest in steel making though is not averse to joint venturing to develop high-quality low-carbon iron ore.

The Overweight rating and $124 target are unchanged. Sector view is Attractive.

Target price is $124.00 Current Price is $117.80 Difference: $6.2
If RIO meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $114.17, suggesting downside of -1.9% (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: 0.2

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

Ord Minnett rates RIO as Hold (3) -

Rio Tinto's adjusted net profit fell -34% in the first half, amid lower commodity prices and higher unit cash costs. Adjusted EBITDA was also below Ord Minnett's estimates.

The new Gudai-Darri iron ore mine in the Pilbara achieved production at nameplate of 40m metric tonnes during the half year and the broker forecasts Pilbara iron ore production for 2023 of around 280m metric tonnes, a small 4% increase on 2022.

Ord Minnett notes the shares trade around a 13% premium to fair value, likely stemming from high near-term iron ore and copper prices and optimism about demand from China.

Yet, the broker suspects any stimulus is likely to be more consumption based compared with the past. Hold maintained. Target is $107.

Target price is $107.00 Current Price is $117.80 Difference: minus $10.8 (current price is over target).
If RIO 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 $114.17, suggesting downside of -1.9% (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: 0.2

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

Ord Minnett rates RMS as Buy (1) -

The June quarter production report from Ramelius Resources was largely in line with Ord Minnett's expectations. Guidance is also in line as improving grades should more than offset the inflationary conditions.

The broker expects the stock will re-rate on delivery of its target and as the benefits from the Musgrave acquisition become more apparent.

Ord Minnett observes large cap gold names have outperformed while smaller names have underperformed the gold price, believing the disconnect will unwind should sentiment towards gold remain positive and investors move further down the curve for value.

Buy rating retained. Target rises to $1.70 from $1.65.

Target price is $1.70 Current Price is $1.32 Difference: $0.38
If RMS meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.66, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates RMS as Buy (1) -

Ramelius Resources produced 68,752 ounces of gold in the June quarter at an AISC of $1648/oz. Production guidance for FY24 has been tightened to 250-275,000 ounces.

Shaw and Partners considers the quarterly production "excellent" and an inflection point in both production and costs can clearly be seen.

The company also remains in a strong financial position and is on the lookout for growth opportunities, the analyst assures, targeting a third 100,000ozpa processing hub. Buy rating and $1.69 target maintained.

Target price is $1.69 Current Price is $1.32 Difference: $0.37
If RMS meets the Shaw and Partners target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.66, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

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 RPL as Buy (1) -

Regal Partners has made a proposal to acquire Pacific Current for $10.77 a share. The offer involves a combination of cash, shares or a Regal Partners share alternative.

Bell Potter considers this would be a good strategic acquisition, estimating it could be around 5% accretive based on an all-paper deal at the share prices laid out in the proposal. No changes are made to forecasts at this stage. Buy rating and $3.68 target maintained.

Target price is $3.68 Current Price is $2.58 Difference: $1.1
If RPL meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).

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

Macquarie rates RRL as Outperform (1) -

Regis Resources had already pre-released most key June quarter metrics but costs came in better than Macquarie expected. FY24 guidance was weak, flagging production to be down -5% year on year and costs up 16%.

Management suggested that increasing costs will likely see Duketon North suspended at the end of FY24, although this asset is only a small part of the broker's net asset value.

Outperform retained, target falls to $2.30 from $2.90.

Target price is $2.30 Current Price is $1.87 Difference: $0.435
If RRL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates RRL as Overweight (1) -

Gold production for Regis Resources in the 4Q beat forecasts by Morgan Stanley and consensus by 4% and 25%,respectively, while group cash costs were a -4% miss.

FY24  production guidance was a miss versus the broker and consensus by -7% and -10%, respectively, due to the exclusion of production at Duketon due to inflationary pressures.

The target falls to $2.10 from $2.25. Overweight. Industry view is Attractive.

Target price is $2.10 Current Price is $1.87 Difference: $0.235
If RRL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates RRL as Add (1) -

Fourth quarter gold production and all-in sustaining costs for Regis Resources were in line with consensus forecasts but FY24 guidance for both measures were well below consensus expectations.

Consensus was expecting FY24 production of around 500kz of gold, but guidance was in the range of 415-455koz due to the exclusion of marginal ounces at Duketon.

All-in sustaining cost (AISC) guidance of between $1,995-$2,315/oz disappointed consensus versus the less than $2000/oz anticipated.

The broker’s rating is downgraded to Hold from Add on valuation, while the target falls to $1.87 from $2.51 on the disappointing guidance.

Target price is $1.87 Current Price is $1.87 Difference: $0.005
If RRL meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates RRL as Neutral (3) -

Fourth quarter production for Regis Resources brought total production for FY23 to 458koz, which met the lower end of guidance.

Unfortunately, 4Q all-in sustaining costs (AISC) were a miss, as was the cost outlook for FY24, explains the analyst. FY24 guidance of 415-455koz and AISC were misses of -8% and -30%, respectively, against forecasts by UBS.

The broker points out the majority of the AISC lift is due to elevated material movements classified as growth capex moving into sustaining, as the Havana pit is declared commercial.

The target falls to $1.90 from $2.00. Neutral.

Target price is $1.90 Current Price is $1.87 Difference: $0.035
If RRL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates SBM as Outperform (1) -

St Barbara finished FY23 with a solid June quarter production result, in line with Macquarie's estimates, with key metrics released prior. The sale of Leonora assets was completed in the period.

St Barbara expects the Touquoy operations to transition to care and maintenance by the end of this quarter. Management has flagged an impairment charge of -$75-85m given the planned shut. FY24 guidance is expected at the FY23 result release.

Target falls to 33c from 35c, Outperform retained.

Target price is $0.33 Current Price is $0.25 Difference: $0.08
If SBM meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.49, suggesting upside of 94.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates SFR as Outperform (1) -

Sandfire Resources' June quarter was weaker than Macquarie had expected, with group copper production below estimates. Guidance for FY24 was mixed with lower copper output at Matsa offset by a much stronger ramp-up at Motheo.

Cash generation is expected to improve in FY24 as production at Motheo is ramped up.

Outperform and $7.10 target retained.

Target price is $7.10 Current Price is $6.54 Difference: $0.56
If SFR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.78, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

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

Copper production for Sandfire Resources was in line with Morgan Stanley's forecast aided by in-line copper production at Matsa while Degrussa copper production was a -0.6kt miss. However, copper production was -12% adrift of the consensus forecast.

Group costs were also in line with the broker at US$2.01/lb but a -9% miss versus consensus.

Morgan Stanley keeps its Equal-weight rating on a fair valuation and retains its $6.05 target. Industry view: Attractive.

Target price is $6.05 Current Price is $6.54 Difference: minus $0.49 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.78, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Ord Minnett rates SFR as Accumulate (2) -

Ord Minnett assesses the quarterly production results from Sandfire Resources emphasise the need for delivery in a market that is deficient in copper opportunities, as the stock is up 9% on a "seemingly in-line result".

Significant value is likely still to be realised from the existing asset base and the broker envisages momentum as Motheo ramps up and exploration opportunities become more apparent to investors. Accumulate maintained. Target is $7.65.

Target price is $7.65 Current Price is $6.54 Difference: $1.11
If SFR meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.78, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

UBS rates SFR as Buy (1) -

The UBS view on Buy-rated Sandfire Resources remains largely unchanged following 4Q results. The company is on track to deliver US$246m of earnings (EBITDA) and finish FY23 with US$142m cash and net debt of US$430m.

The broker was previously more conservative on the ramp-up at Motheo and guidance for 39kt in FY24 is ahead of expectations and results in a small earnings upgrade.

Overall FY24 management guidance is for 58kt copper and 88kt zinc at Matsa, which is in line with the broker's expectations.

The $7 target is unchanged.

Target price is $7.00 Current Price is $6.54 Difference: $0.46
If SFR meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.78, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

UBS rates TLX as Buy (1) -

UBS hosted a conference call with Telix Pharmaceuticals and management suggested TLX250-CDx could be as big as, or bigger than, Illuccix in eventual sales.

In short, potential sales of TLX250-CDx could exceed $1bn, while the analyst currently forecasts peak sales of $240m, given forecast usage only allows for a fairly narrow group of patients in the US.

The broker suggests the current share price implies no value is being ascribed to the product and thinks this will change.

The Buy rating and $14 target are maintained.

Target price is $14.00 Current Price is $11.45 Difference: $2.55
If TLX meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

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 TPW as Hold (3) -

Bell Potter reviews the category trends and outlook for Temple & Webster. While the overall category of furniture and homewares has trended down since earlier in the year, the online channel in terms of traffic has reverted to growth.

While retaining FY23 estimates the broker makes marginal changes to FY24-25 revenue forecasts to incorporate the current pace of web traffic for July.

A somewhat stronger start  to FY24 has driven a lift to the broker's estimates for first half revenue. Hold rating retained. Target is raised to $6.40 from $4.70.

Target price is $6.40 Current Price is $6.61 Difference: minus $0.21 (current price is over target).
If TPW 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 $5.15, suggesting downside of -21.6% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates TWE as Outperform (1) -

Macquarie notes Treasury Wine Estates' commercial wine sales have been in structural decline, with the trend continuing in 2023. This is particularly evident in the US and the UK.

However following its restructure, Treasury Premium Brands should be well positioned to grow earnings, the broker suggests, as it "premiumises" its portfolio and divests commercial wine assets.

Analysis of the Treasury Americas restructure indicates to Macquarie that it has largely been successful in reducing commercial wine volumes, while expanding earnings and margins. Target falls to $13.50 from $13.90, Outperform retained.

Target price is $13.50 Current Price is $11.27 Difference: $2.23
If TWE meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.75, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates TWE as Overweight (1) -

Morgan Stanley explains weakness in the US and the UK was behind a fall in value of -10%  for wine exports (price declined; volumes flat) shown in data compiled by Wine Australia for the 12 months to June.

While packaged volumes declined by -19%, the average value increased by 8% to $7.09 per litre free on board (FOB), reflective of continued premiumisation, points out the broker.

It's not mentioned in the broker's research but premiumisation benefits Treasury Wine Estates.

The $14.70 target and Overweight rating are maintained. Industry view: In-line.

Target price is $14.70 Current Price is $11.27 Difference: $3.43
If TWE meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $12.75, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates TWE as Buy (1) -

UBS highlights the premiumisation trend for wine continues following the release of export data by Wine Australia for the June quarter.

The key growth area for the over $10/bottle segment was again Hong Kong with mainland China also growing off a very low base, explains the analyst.

The Buy rating and $13.75 target are unchanged.

Target price is $13.75 Current Price is $11.27 Difference: $2.48
If TWE meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.75, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates VCX as Neutral (3) -

Citi reviews earnings assumptions ahead of the upcoming results, adjusting interest costs higher. The broker notes Vicinity Centres has been more conservative regarding gearing and hedging policies compared with its peers and will further benefit from a recovery in CBD retail.

The main issue is higher development costs, which clouds the timing of the development outlook. The broker retains a Neutral rating, expecting sales may be softer in FY24 although leasing should be relatively stable. Target is $2.

Target price is $2.00 Current Price is $2.03 Difference: minus $0.03 (current price is over target).
If VCX 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 $1.99, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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