Australian Broker Call

Ord Minnett rates ALL as Accumulate (2) -

Ord Minnett upgrades EPS estimates by 2% across FY25-FY26 for Aristocrat Leisure due to forex changes and revised estimates for interactive and land-based operations.

The broker believes the company can generate 19% EPS growth in FY25 with a full-year contribution from NeoGames and its win of the US New Hampshire iLottery business.

Aristocrat is viewed as attractively valued with upside potential from consolidation in the industry. The target price rises to $79 from $72, and the Accumulate rating is retained.

Target price is $79.00 Current Price is $70.67 Difference: $8.33
If ALL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $71.92, suggesting upside of 1.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Shaw and Partners rates AVL as Buy, High Risk (1) -

Shaw and Partners highlights the significant opportunity for vanadium flow batteries, noting the rapidly increasing capacity being installed in Japan, China, and Europe.

Domestically, if the market reaches 50% of the target set by the Australian Energy Market Operator for the National Electricity Market, the revenue opportunity for Australian Vanadium is $240m by 2030, explain the analysts.

Shaw retains a Buy, High-Risk rating with a target price of 8c.

Target price is $0.08 Current Price is $0.01 Difference: $0.066
If AVL meets the Shaw and Partners target it will return approximately 471% (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 BBN as Neutral (3) -

In an initial view of today's first-half update by Baby Bunting, Citi notes a faster-than-expected acceleration in like-for-like sales in December 2024, which has continued into January.

An expansion in gross margin compared to the previous corresponding period was broadly in line with the consensus forecast, observes the broker.

While material EPS revisions are unlikely, the analysts believe investors should gain confidence a turnaround is gaining momentum. Management reiterated FY25 guidance.

Target $1.98. Neutral.

Target price is $1.98 Current Price is $1.58 Difference: $0.4
If BBN meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates BGL as Outperform (1) -

Following Bellevue Gold's update on January 6, Macquarie lowers production forecasts for FY25 and FY26 by -38% and -9%, respectively, and by around -11.5% thereafter.

These changes follow a weak second quarter, according to the broker, and management's -9% lower FY25 production guidance.

Production in the second quarter was negatively impacted by lower grades as mining was undertaken at the edges of ore bodies with higher grade variability, explains the analyst. The average realised sales price also missed consensus expectations by -14%, notes Macquarie.

The target price falls by -11% to $1.70. Outperform rating is maintained.

Target price is $1.70 Current Price is $1.08 Difference: $0.625
If BGL meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 50.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates CAR as Buy (1) -

Citi points to used passenger car transactions in South Korea, which rose 3% in the December quarter, a 2% increase from the previous quarter and flat compared to the June half of 2024.

Total used car transactions, including commercial use, were flat in both the September and December quarters as commercial used car transactions declined.

For CAR Group, the broker believes the increase in car transactions is positive for Encar and supports 1H25 revenue forecasts of 15% growth year-on-year, boosted by new branch openings and price increases for Guarantee last year, the analyst highlights.

Citi notes management reiterated group guidance but expects the market to focus on regional performance and the outlook for both the US and Brazil at the 1H25 results.

CAR Group remains Buy rated with a $42.40 target price.

Target price is $42.40 Current Price is $38.52 Difference: $3.88
If CAR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $39.15, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

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

Due to recent share price strength, Ord Minnett downgrades CAR Group to Hold from Accumulate, retaining the target price at $39.

The broker notes management reconfirmed FY25 guidance for revenue and earnings, including the closure of its wholesale and retail online tyres business following a strategic review.

There are no changes to the analyst's earnings estimates.

Target price is $39.00 Current Price is $38.52 Difference: $0.48
If CAR meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $39.15, suggesting upside of 3.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates CCX as Buy, High Risk (1) -

While yesterday's City Chic Collective's trading update indicates FY25 guidance will be challenging to achieve, Citi sees potential upside against (prior) lower consensus expectations of $6.7m for earnings (EBITDA) in FY25.

The analysts highlight improving momentum in web traffic and note US earnings should benefit from stronger US dollar tailwinds.

Buy, High-Risk rating is maintained, and the target price is reduced to 20c from 25c.

Target price is $0.20 Current Price is $0.11 Difference: $0.09
If CCX meets the Citi target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $0.14, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates CIA as Outperform (1) -

Macquarie marks-to-market commodity price, forex changes and previews the upcoming 4Q 2024 results for bulk miners.

The broker expects Champion Iron to report softer production, down -3%, and a decline in shipments of -7% against consensus due to train load outages in December.

Macquarie forecasts revenue growth of 5% quarter-on-quarter due to higher prices, but this remains below consensus by -10%.

The analyst cuts EPS estimates by -21% and DPS by -15% for FY25.

The target price increases to $7.50 from $7 due to the inclusion of Kami. Outperform rating is retained.

Target price is $7.50 Current Price is $5.82 Difference: $1.68
If CIA meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. 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 CRN as Outperform (1) -

Macquarie marks-to-market commodity price and forex changes and previews the upcoming 4Q 2024 results for bulk miners.

The broker's 4Q 2024 forecasts for Coronado Global Resources are mixed compared to consensus, with revenue forecast to be lower by -10% and sales in line, alongside a higher anticipated level of net debt by US$30m.

Volumes are expected to be "solid" in the quarter, the analyst states, with both production and sales rising quarter-on-quarter by 4% and 14%, respectively.

Lower coal prices are expected to result in a -5% decline in revenue to US$582m, with sluggish earnings due to ongoing capital investment in growth projects.

The Outperform rating and $1 target price remain unchanged.

Target price is $1.00 Current Price is $0.77 Difference: $0.23
If CRN meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 85.3% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates DRR as Outperform (1) -

Macquarie marks-to-market commodity price/forex changes and previews the upcoming 4Q 2024 results for bulk miners.

The broker's forecast for Mining Area C, operated by BHP Group, is 8% above consensus, with production rising 1% on the previous quarter to 29.1mt for Deterra Royalties.

An updated mineral resource and reserve estimate for the Thacker Pass lithium project has increased the mine life to 85 years from 40 years, the analyst notes. The company also detailed an expansion plan for 160ktpa of battery-grade lithium carbonate.

Macquarie explains the royalty benefits to the project are more significant with the mine life expansion than through a leveraged equity stake.

Deterra is Outperform rated, with the target price raised to $4.40 from $4.30.

Target price is $4.40 Current Price is $3.94 Difference: $0.46
If DRR meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates DTL as Overweight (1) -

Ahead of the upcoming reporting season, Morgan Stanley highlights small/mid-cap ideas with stock underperformance and conviction on earnings forecasts.

Data#3 is a second key idea, with the broker noting earnings have been re-based due to Microsoft incentive changes, resulting in a -3% impact on gross profit margins. This led to consensus EPS downgrades of -6% to -7% for FY26-FY27 and a corresponding share price decline of -18%.

Morgan Stanley believes the valuation is now more attractive at the lower end of its five-year range, with 1H25 guidance for profits before tax at $31m-$33m.

The Overweight rating is retained as the stock has de-rated. Industry View: In Line. Target price: $7.60.

Target price is $7.60 Current Price is $6.34 Difference: $1.26
If DTL meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates FPR as Overweight (1) -

Ahead of the upcoming reporting season, Morgan Stanley highlights small/mid-cap ideas with stock underperformance and conviction on earnings forecasts.

FleetPartners Group is highlighted for its attractive valuation, with forecast 5%-9% FY25 EPS growth and potential share buyback upside.

The company reports out of cycle, with 1H25 results in May. The upcoming AGM on January 23 is likely to deliver a 1Q25 trading update, and competitor SG Fleet ((SGF)) reports on February 18, which could provide further insights, the analyst explains.

Morgan Stanley maintains an Overweight rating with a $3.90 target price and an Industry View of In-line.

Target price is $3.90 Current Price is $2.69 Difference: $1.21
If FPR meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates GYG as Upgrade to Neutral from Sell (3) -

Due to higher forecasts for Australian same-store sales growth and adjusted earnings (EBITDA) margins, UBS raises its target for Guzman y Gomez to $40 from $37 and upgrades to Neutral from Sell.

The analysts believe the company can beat current market expectations due to menu innovation, delivery, extended hours, along with daypart. A daypart refers to a specific segment of the day during which distinct menu items are typically promoted or consumed.

Target price is $40.00 Current Price is $38.33 Difference: $1.67
If GYG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $40.23, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates IGO as Neutral (3) -

UBS previews the upcoming quarterly results for lithium producers. The broker believes the lithium price has most likely bottomed, but excess capacity at CATL makes significant upside price potential unlikely.

The analyst highlights lithium equities are not expensive, though concerns persist around growth plans for producers with a "softer" pricing backdrop.

UBS forecasts December quarter production for IGO Ltd above consensus, with a slightly lower realised price, placing the company on track to achieve FY25 guidance, the analyst states.

An update on the ramp-up in Greenbushes in the absence of a dividend from the TLEA JV would be positive.

The broker retains a Neutral rating with a target price of $5.45.

This summary is based on research released yesterday by UBS.

Target price is $5.45 Current Price is $4.98 Difference: $0.47
If IGO meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.71, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates INA as Buy (1) -

Ingenia Communities remains Citi's preferred land lease play due to an attractive growth outlook highlighted by management's 6.5-9.5% higher earnings (EBIT) guidance for FY25.

First-half settlements of 258 units were in line with the broker's expectations, with management also highlighting falling interest costs and greater tax benefits.

Management announced the exit from its managed funds business during the half and noted increasing settlements from joint ventures, which Citi believes will drive strong profits over coming years.

Buy. Target $6.15.

Target price is $6.15 Current Price is $5.20 Difference: $0.95
If INA meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates JHX as Neutral (3) -

Among ASX-listed Building Products companies with US-denominated earnings, Shaw and Partners prefers Buy-rated Reliance Worldwide.

For James Hardie Industries, the broker sees challenges for large ticket housing investments as US mortgage rates remain elevated.

The stock is Neutral rated with an unchanged $56 target price.

Target price is $56.00 Current Price is $50.97 Difference: $5.03
If JHX meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $59.84, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Ord Minnett rates JIN as Upgrade to Hold from Lighten (3) -

Ord Minnett highlights that prize pools in the first half of FY25 fell by -4% year-on-year, driven by a lack of jackpots above $100m and a -10% decline in overall jackpot prize pools.

As expected by the broker, lower jackpot pools also slowed the rate of digital penetration. The analyst still anticipates long-term growth for lotteries of around 4%, compared to growth of 7% per annum over the past five years.

The target for Jumbo Interactive is lowered to $12.70 from $13.10. The broker's rating is upgraded to Hold from Lighten due to recent share price weakness.

Target price is $12.70 Current Price is $13.05 Difference: minus $0.35 (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 $15.60, suggesting upside of 22.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgans rates LTM as Hold (3) -

Morgans highlights largely stable lithium prices since the end of September 2024, noting current spot prices are higher than those achieved at that time, despite lithium equities being sold off.

Pilbara Minerals remains the broker's key pick in the lithium space, offering both short-term and long-term value.

For Arcadium Lithium, the analysts maintain a Hold rating and raise the target to $9.50 from $8.60, as a weaker currency is expected to increase cash proceeds for ASX shareholders when the takeover by Rio Tinto ((RIO)) is finalised.

Target price is $9.50 Current Price is $9.17 Difference: $0.33
If LTM meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.09, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in December.

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 LTR as Hold (3) -

Morgans highlights largely stable lithium prices since the end of September 2024, noting current spot prices are higher than those achieved at that time, despite lithium equities being sold off.

Pilbara Minerals remains the broker's key pick in the lithium space, offering both short-term and long-term value.

For Liontown Resources, the analysts maintain a Hold rating and lower the target to 60c from 80c after adjusting production and cost assumptions following the release of management's strategic review in late-2024.

Target price is $0.60 Current Price is $0.54 Difference: $0.06
If LTR meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.74, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates LTR as Sell (5) -

UBS previews the upcoming quarterly results for lithium producers. The broker believes the lithium price has most likely bottomed, but excess capacity at CATL makes significant upside price potential unlikely.

The analyst highlights lithium equities are not expensive, though concerns persist around growth plans for producers with a "softer" pricing backdrop.

UBS's expectations for Liontown Resources' quarterly are above market consensus, the analyst states, for production volumes and all-in-sustaining costs as the ramp-up progresses. Cash flow and prices will remain in focus.

The stock is Sell rated with a 50c target price.

This summary is based on research released yesterday by UBS.

Target price is $0.50 Current Price is $0.54 Difference: minus $0.04 (current price is over target).
If LTR meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.74, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates MIN as Hold (3) -

Morgans highlights largely stable lithium prices since the end of September 2024, noting current spot prices are higher than those achieved at that time, despite lithium equities being sold off.

Pilbara Minerals remains the broker's key pick in the lithium space, offering both short-term and long-term value.

For Mineral Resources, the analysts maintain a $39 target and a Hold rating due to heightened near-term risk and uncertainty relating to leadership succession, asset performance and high leverage.

Target price is $39.00 Current Price is $35.77 Difference: $3.23
If MIN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $43.21, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates MIN as Sell (5) -

UBS previews the upcoming quarterly results for lithium producers. The broker believes the lithium price has most likely bottomed, but excess capacity at CATL makes significant upside price potential unlikely.

The analyst highlights lithium equities are not expensive, though concerns persist around growth plans for producers with a "softer" pricing backdrop.

UBS expects another "complicated" quarterly from Mineral Resources, with the analyst forecasting below-consensus results on mining services, iron ore, and Mt Marion volumes. The numbers may not include Bald Hill moving to care and maintenance.

The stock is Sell rated with a $34 target price.

This summary is based on research released yesterday by UBS.

Target price is $34.00 Current Price is $35.77 Difference: minus $1.77 (current price is over target).
If MIN meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $43.21, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Shaw and Partners rates MMI as Buy, High Risk (1) -

Shaw and Partners raises its 2025 and 2026 earnings forecasts for Metro Mining by 8% and 22%, respectively, after increasing the price forecast for Australian bauxite, which has reached a record high of US$100/t.

The analysts note strong demand growth from China during a period of supply constraints, as Indonesia has implemented export bans, Chinese domestic production is declining, and Guinea is experiencing supply disruptions.

The Buy, High-Risk rating is unchanged, and the target rises to 17c from 14c.

Target price is $0.17 Current Price is $0.05 Difference: $0.117
If MMI meets the Shaw and Partners target it will return approximately 221% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Morgans rates MND as Hold (3) -

Morgans updates earnings forecasts for Monadelphous Group to align with AGM guidance, where management indicated 1H25 revenue would rise slightly year-on-year and FY25 revenue would advance in the high single digits.

The broker explains the stock price tends to track contract awards in the engineering and construction sector, which represents the bulk of the company's earnings.

The analyst notes industry feedback suggests limited new contracts in the sector, and the market's expectations for margin expansion may be too high until the pace of contract awards improves.

Morgans lifts EPS forecasts by 3.6% for FY25 and a similar degree for FY26, reflecting the AGM update. Hold rated. Target price increases to $14.28 from $13.80.

Target price is $14.28 Current Price is $14.52 Difference: minus $0.24 (current price is over target).
If MND meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.56, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Macquarie upgrades oOh!media to Outperform from Neutral, citing expectations that out-of-home growth will exceed other advertising categories, with forecast rate cuts likely to support higher ad spending.

The company is also expected to benefit from cost-out programs, and Macquarie believes the valuation remains appealing. 

Management has pointed to more rational competitive behaviour, which should alleviate pressure on gross margins.

The company is expected to report 2024 results on February 24. Macquarie lifts EPS estimates by 7% and 11% for 2025 and 2026, respectively.

The target price decreases to $1.45 from $1.56, based on a 12.5x price-to-earnings valuation. Outperform rating maintained.

Target price is $1.45 Current Price is $1.18 Difference: $0.27
If OML meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates OPT as Speculative Buy (1) -

Opthea announced an updated presentation in which Bell Potter draws encouragement from the Phase 3 trials' pooled patient baseline data, "broadly" similar to the Phase 2 trial and expected to replicate the positive results from the earlier trial.

The company had US$130m in cash on the balance sheet as of December 31, with an estimated cash burn of -US$40m per quarter, the broker states, inferring approximately three quarters of available funds.

Bell Potter makes no changes to earnings forecasts. The Speculative Buy rating is maintained with a $1.30 target price.

Target price is $1.30 Current Price is $0.80 Difference: $0.5
If OPT meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates PEN as Buy, High Risk (1) -

Management at Peninsula Energy announced that early-stage operations have generated around 1,100lbs of uranium, and final approval has been received to expand the mine permit area to include the Kendrick Project area.

A cash balance of approximately US$45m as of 31 December 2024 is sufficient to support the company through to first production, note the analysts.

Shaw and Partners maintains a Buy, High-Risk rating with a target of $4.81.

Target price is $4.81 Current Price is $1.41 Difference: $3.405
If PEN meets the Shaw and Partners target it will return approximately 242% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates PLS as Add (1) -

Morgans highlights largely stable lithium prices since the end of September 2024, noting current spot prices are higher than those achieved at that time, despite lithium equities being sold off.

Pilbara Minerals remains the broker's key pick in the lithium space, offering both short-term and long-term value.

The Add rating and $3.25 target are unchanged.

Target price is $3.25 Current Price is $2.20 Difference: $1.05
If PLS meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates PLS as Sell (5) -

UBS previews the upcoming quarterly results for lithium producers. The broker believes the lithium price has most likely bottomed, but excess capacity at CATL makes upside price potential unlikely.

The analyst highlights lithium equities are not expensive, though concerns persist around growth plans for producers with a "softer" pricing backdrop.

Pilbara Minerals is expected to report another strong production result as Pilgangoora P680 continues to ramp up. UBS suggests FY25 volumes could reach the upper end of guidance despite the Ngungaju plant being in care and maintenance.

UBS retains a Sell rating and a $2.40 target price. This summary is based on research released yesterday.

Target price is $2.40 Current Price is $2.20 Difference: $0.2
If PLS meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates PMT as Buy (1) -

UBS previews the upcoming quarterly results for lithium producers. The broker believes the lithium price has most likely bottomed, but excess capacity at CATL makes significant upside price potential unlikely.

The analyst highlights lithium equities are not expensive, though concerns persist around growth plans for producers with a "softer" pricing backdrop.

UBS notes the above-market placement to Volkswagen in late December, with the next share price catalyst being the submission of the Environmental Impact Statement and the release of the Definitive Feasibility Study in September 2025.

The stock remains Buy rated with a 60c target.

This summary is based on research released yesterday by UBS.

Target price is $0.60 Current Price is $0.38 Difference: $0.225
If PMT meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $0.81, suggesting upside of 107.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. 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

Bell Potter rates PMV as Buy (1) -

Bell Potter lowers its target for Premier Investments to $34 from $38 following management's lower first-half revenue and earnings (EBIT) guidance last Monday.

Guidance implied a decline of around -20% compared to the previous corresponding period, notes the analyst.

As earnings for Smiggle and Apparel Brands are tracking weaker than the broker's forecasts, Bell Potter reduces its assumed multiples for these businesses.

The Buy rating is maintained.

Target price is $34.00 Current Price is $27.40 Difference: $6.6
If PMV meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $33.14, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates PWH as Buy (1) -

Citi notes PWR Holdings is expected to report 1H25 results on February 20, with the analyst forecasting revenue of around $62m and net profit after tax of $3.7m, in line with management's guidance.

The company also announced its first major contract in the Aerospace and Defense sector post an $8.9m contract related to the US government.

The broker forecasts around 70% of the contract to be executed in 2H25 and expects revenue from the sector to rise by 68% to $21m. Citi views the contract favourably and believes it demonstrates PWR can achieve an increased presence in the sector.

The stock is Buy rated with a $9.45 target price.

Target price is $9.45 Current Price is $7.62 Difference: $1.83
If PWH meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates REH as Neutral (3) -

Among ASX-listed Building Products companies with US-denominated earnings, Shaw and Partners prefers Buy-rated Reliance Worldwide.

For Reece, the broker sees headwinds from higher-for-longer interest rates and a store footprint which is over indexed to the key southern markets in the US, which are predominantly new housing markets.

The Neutral rating and $25.85 target are maintained.

Target price is $25.85 Current Price is $22.43 Difference: $3.42
If REH meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $21.93, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Citi rates RWC as Buy (1) -

Among ASX-listed Building Products companies with US-denominated earnings, Shaw and Partners prefers Reliance Worldwide.

Sales generated through large retail chains or big-box retailers are inflecting earlier than expected, and the worst is largely over for the UK, believes the broker.

Buy rating and $5.85 target are retained for Reliance Worldwide.

Target price is $5.85 Current Price is $5.07 Difference: $0.78
If RWC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.81, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Morgan Stanley rates SGP as Overweight (1) -

Management at Stockland has guided to an additional 2,500 residential settlements per year following the acquisition of 12 communities from Lendlease Group ((LLC)), settled last November.

Morgan Stanley sees greater upside over the medium-to-longer term as Stockland transitions into a multifaceted residential developer. It's felt the pipeline could almost double, adding around 7% to medium-term earnings (EBIT).

Overweight rating. Target price raised to $6.50 from $6.35. In-Line Industry view.

Target price is $6.50 Current Price is $4.82 Difference: $1.68
If SGP meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates SGR as Reduce (5) -

Reviewing Star Entertainment's liquidity market update last week, Morgans views the risk/reward payoff on the stock as "unfavourable," citing a lack of short-term funding options, a lack of state government support, risks of more dilutive equity issues, and weakness in the overall market.

The broker lowers the FY25 revenue forecast by -15% and now expects a greater earnings loss for the fiscal year.

Morgans includes asset sales of $282m in the FY25 forecast for the sale of the Treasury carpark, as well as the sale of the Darling Sydney and other non-core assets, including yachts and carbon farms. The AUSTRAC fine is not expected to be announced until mid-2025.

The target price falls to 12c from 22c. Reduce rating retained.

Target price is $0.12 Current Price is $0.14 Difference: minus $0.02 (current price is over target).
If SGR meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.25, suggesting upside of 90.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Ord Minnett rates SYL as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage of Symal Group with a Buy rating and a $2.44 target price. The company is a founder-led civil construction business that has operated since 2001, the broker states.

The company is vertically integrated across contracting, plant and equipment hire, material sales, and recycling/re-purposing, which the broker believes supports above-average margins compared to peers.

With a total addressable market of $80bn, Ord Minnett estimates the group holds less than a 1% market share.

Target price is $2.44 Current Price is $1.66 Difference: $0.78
If SYL meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates TCL as Neutral (3) -

While remaining a high-quality defensive stock, the adverse impact of higher bond yields is yet to weigh on Transurban Group's share price, highlights Macquarie. The broker notes bonds continue to be the dominant driver of the share price.

Yesterday's closing price of $13.61 compares to a mid-November price of $12.48 when 10-year bond yields were at a similar level, observes the analyst.

Macquarie retains a Neutral rating and lowers its target by -1% to $12.82.

Target price is $12.82 Current Price is $13.61 Difference: minus $0.79 (current price is over target).
If TCL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.49, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates TLC as Buy (1) -

Ord Minnett highlights that prize pools in the first half of FY25 fell by -4% year-on-year, driven by a lack of jackpots above $100m and a -10% decline in overall jackpot prize pools.

As expected by the broker, lower jackpot pools also slowed the rate of digital penetration. The analyst still anticipates long-term growth for lotteries of around 4%, compared to growth of 7% per annum over the past five years.

The Buy rating and $5.70 target are maintained for Lottery Corp.

Target price is $5.70 Current Price is $4.85 Difference: $0.85
If TLC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 14.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates VEA as Outperform (1) -

As lightning interrupted grid power supply, causing an unplanned shutdown at Viva Energy's Geelong refinery on January 12, Macquarie lowers its first-half refining intake by -8%.

The broker allows for a two-week shutdown and an additional -$10m in operating expenses in the first quarter.

The target price falls to $4.00 from $4.15, largely due to changes in the analyst's valuation assumptions. The Outperform rating is unchanged.

Target price is $4.00 Current Price is $2.73 Difference: $1.27
If VEA meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 31.2% (ex-dividends)

The company's fiscal year ends in December.

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 WGX as Outperform (1) -

On January 9, management at Westgold Resources released first-half gold production numbers, which were -15% weaker than the consensus forecast, though FY25 guidance was retained, notes Macquarie.

The broker now anticipates only modest misses for both production and costs (AISC) in FY25, given the expected production lift from the Bluebird/Beta Hunt ramp-up and first ore at Great Fingall.

The target price for Westgold Resources falls to $3.70 from $3.90. The Outperform rating remains unchanged.

Target price is $3.70 Current Price is $2.62 Difference: $1.08
If WGX meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates WHC as Outperform (1) -

Macquarie marks-to-market commodity price and forex changes and previews the upcoming 4Q 2024 results for bulk miners.

The broker anticipates saleable production for Whitehaven Coal to be below consensus by -4% but in line with seasonal trends. Coal sales of 7.6mt are expected, with Daunia up 12%, Maules Creek up 8%, Blackwater down -11%, Narrabri down -6%, and Gunnedah falling -6%.

Macquarie lowers the EPS forecast by -8% for FY25.

The target price remains $9, and the Outperform rating is unchanged.

Target price is $9.00 Current Price is $6.45 Difference: $2.55
If WHC meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 42.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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