Australian Broker Call

Citi rates A2M as Buy (1) -

Citi is encouraged by the improvement in the inventory position, restructured distributor agreements as well as improved systems for tracking and traceability.

In China, there are signs the brand is more resilient than previously believed. Buy rating reiterated and $7.20 target retained.

Target price is $7.20 Current Price is $6.97 Difference: $0.23
If A2M meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.09, suggesting downside of -16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

UBS rates ALL as Buy (1) -

Aristocrat Leisure will acquire Playtech in order to enter the real money gambling market. The acquisition implies an enterprise value of $5bn.

UBS observes the acquisition allows the established European business to make an immediate contribution while the US operations ramp up.

The broker forecasts net profit of $1.2bn and $1.4bn in FY22 and FY23, respectively, as Playtech is incorporated into estimates. Buy rating retained. Target is raised to $55.00 from $44.40.

Target price is $55.00 Current Price is $45.79 Difference: $9.21
If ALL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $49.85, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates AMI as Buy (1) -

Aurelia Metals' exploration update pleases Ord Minnett, the company reporting positive developments on several fronts, reaffirming the broker's thesis on mine-life extension with greater copper potential.

Add that to strength in the zinc price, and Ord Minnett retains a Buy and price target of $0.95 heading into the September quarter.

Target price is $0.95 Current Price is $0.39 Difference: $0.56
If AMI meets the Ord Minnett target it will return approximately 144% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates BAP as Buy (1) -

The first quarter update reflected the resilience in the company's business model, Citi asserts, and sales momentum is expected to accelerate in the second quarter.

There are also several medium-term growth strategies in hand including roll-out, private label, supply chain optimisation and international expansion.

Citi reiterates a Buy rating and raises the target to $8.75 from $8.25.

Target price is $8.75 Current Price is $7.68 Difference: $1.07
If BAP meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.91, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates BAP as Outperform (1) -

In a trading update at the AGM, management said it expects a stronger second half in the absence of further significant lockdowns. First quarter revenue was flat versus the previous corresponding period and FY22 guidance was confirmed.

Macquarie lifts its FY22 and FY23 EPS forecasts by 3% and raises its target price by the same percentage to $8.80 from $8.55.The Outperform rating is unchanged.

Target price is $8.80 Current Price is $7.68 Difference: $1.12
If BAP meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.91, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates BAP as Overweight (1) -

Bapcor has reiterated FY22 guidance with the first half expected to be comparatively soft. Easing restrictions should then escalate business in the second half.

Morgan Stanley believes the company is well able to reach guidance and estimates growth in earnings per share of 1%.

Target price steady at $9.70. Overweight rating retained. Industry view: In line.

Target price is $9.70 Current Price is $7.68 Difference: $2.02
If BAP meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $8.91, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates BAP as Upgrade to Add from Hold (1) -

Bapcor managed to achieve flat year on year revenue growth in the September quarter, with growth in wholesale of 7% offsetting a -12% drop in retail with 70% of stores locked down. Some margin pressure was suffered due to higher costs, but should ease post-lockdowns.

Morgans suggests the quarter showed the resilience of revenues and the potential once normal operating conditions fully resume. With sufficient valuation upside having emerged, the broker upgrades to Add from Hold.

Target rises to $8.45 from $8.25.

Target price is $8.45 Current Price is $7.68 Difference: $0.77
If BAP meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.91, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates BAP as Buy (1) -

Bapcor's September-quarter trading result slightly outpaced the broker and previous guidance.

Revenue was flat, which Ord Minnett considers pleasing given covid lockdowns.

The company reports margin pressure due to higher costs from marketing, the new Victorian Distribution Centre and higher staff costs as a percentage of sales, but expects FY22 results should at least meet FY21 if not outperform.

The broker upgrades FY22 and FY23 forecasts 6.5% and 6.4%.

Target prices rises to $9 from $8.60. Buy rating retained.

Target price is $9.00 Current Price is $7.68 Difference: $1.32
If BAP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.91, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates BAP as Buy (1) -

First quarter revenue was level year on year and UBS considers the update "solid". The highlight was trade sales and wholesale which offset the weaker NZ and retail sales that were affected by lockdowns.

Guidance has been reiterated for flat net profit in FY22. UBS is positive about the outlook for re-opening and notes, importantly, the store roll-out, house brand penetration and consolidation of distribution are on track.

The broker retains a Buy rating and $8.50 target.

Target price is $8.50 Current Price is $7.68 Difference: $0.82
If BAP meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.91, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates BHP as Neutral (3) -

BHP September-quarter guidance is unchanged across all divisions and met both Credit Suisse and consensus forecasts.

In terms of performance, the outliers were copper and metallurgical coal, which missed consensus by roughly -4% and -18% because of scheduled maintenance and a longwall move at Broadmeadow, but this was offset by stronger petroleum output which outpaced consensus by 6%.

Port Headland iron-ore expansion received regulatory approval and the board has approved a port debottlenecking program starting this quarter, but production gains are expected to be incremental over several years.

The broker believes BHP may become less diversified and smaller within five years as it demerges its fossil-fuels and met coal feels the ESG heat.

The broker cuts the target price to $39 from $46 and retains a Neutral rating to reflect lower iron-ore price forecasts.

Neutral rating and target of $46 are both unchanged.

Target price is $39.00 Current Price is $38.39 Difference: $0.61
If BHP meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $44.26, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Macquarie rates BHP as Outperform (1) -

Macquarie assesses first quarter production was soft. Weaker metallurgical coal offset beats for petroleum and coal, while there were marginally softer volumes for copper and iron-ore, details the analyst.

Maintenance programs were behind the miss for metallurgical coal, points out the broker. It's highlighted that guidance was unchanged for all key commodities and strong commodity prices continue to drive earnings and valuation upside.

The Outperform rating is unchanged and the target price falls to $54 from $56.

Target price is $54.00 Current Price is $38.39 Difference: $15.61
If BHP meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $44.26, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

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

September quarter production was broadly in line with Morgan Stanley's expectations. BHP Group has received the 330mtpa port operating licence at Port Hedland and will undergo a de-bottlenecking program.

The focus in the short term is 290mtpa and Morgan Stanley believes the next milstone is 310mtpa, which should be achievable from the mine as current bottlenecks exist in port and rail.

Morgan Stanley does not have a rating or target at present. Industry view is In-Line.

Current Price is $38.39. Target price not assessed.

Current consensus price target is $44.26, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Morgans rates BHP as Upgrade to Add from Hold (1) -

Morgans remains cautious on the iron ore market, but has upgraded BHP to Add from Hold, citing three reasons, the fist being recent share price weakness which implies an iron ore price of US$61/t.

Otherwise, the value of the Petroleum demerger has increased on the back of Woodside Petroleum's ((WPL)) share price increase, on the back of rising oil prices, and furthermore, despite the plunge in the iron ore price BHP will still be able to pay a 10%-plus dividend yield.

Target rises to $46.05 from $45.20 despite a mixed September quarter, hampered by maintenance.

Target price is $46.05 Current Price is $38.39 Difference: $7.66
If BHP meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $44.26, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Ord Minnett rates BHP as No Rating (-1) -

BHP Group published a mixed September-quarter production report.

Iron ore shipments fell -3% below Ord Minnett's forecasts reflecting maintenance issues and labour shortgages. FY22 guidance was unchanged. Petroleum forecasts outpaced the broker thanks to strong demand, metallurgical coal disappointed and copper met expectations. Unit cost and volume guidance was unchanged.

The board has approved a debottlenecking program at the Pilbara which should create incremental improvements in the medium term, reports the broker, who expects US$250m in capital expenditure from FY25. Regulators approved an increase in Pilbara shipments to 330Mtpa.

Ord Minnett is under rating restriction.

Current Price is $38.39. Target price not assessed.

Current consensus price target is $44.26, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

UBS rates BHP as Neutral (3) -

UBS observes the September quarter performance was modest as a heavy maintenance program weighed on production.

Earnings momentum in metallurgical coal and copper is likely to just partially offset weakness in iron ore, if the latter prices fall to US$85/t in 2022 and US$80/t in 2023 as the broker expects.

UBS does not find the risk/reward compelling, given the downside risk to iron ore, and retains a Neutral rating. Target is $38.

Target price is $38.00 Current Price is $38.39 Difference: minus $0.39 (current price is over target).
If BHP meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.26, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Citi rates BXB as Buy (1) -

Citi liked the resilience on show in the first quarter results as tough comparables were cycled, and the company was constrained by limited pallet availability and cost inflation.

While understanding the concern around the company's strategy, given the track record, Citi believes the share price is not reflecting the structural improvements that are happening within the business.

Buy rating and $13.35 target maintained.

Target price is $13.35 Current Price is $10.17 Difference: $3.18
If BXB meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $12.60, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

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

Brambles reported constant FX sales growth of 9% in the first quarter. Growth is tracking ahead of Morgan Stanley's expectations for the first half yet this rate is not expected to be sustained, given poor pallet availability.

Sales growth guidance for FY22 is unchanged at 5-7% with underlying profit growth of 1-2%. 

Equal-weight maintained. Target is $11.60. Industry view: Inline.

Target price is $11.60 Current Price is $10.17 Difference: $1.43
If BXB meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.60, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

Morgans rates BXB as Hold (3) -

Brambles' September quarter trading update was slightly better than the broker expected, as the company was able to counter inflationary cost pressures with price increases. FY22 revenue guidance has ticked up to 5-7% growth from a prior 5-6%.

Earnings growth guidance is unchanged at 1-2% and the broker has made no forecast changes. Hold and $11.04 target retained.

Target price is $11.04 Current Price is $10.17 Difference: $0.87
If BXB meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.60, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

UBS rates BXB as Buy (1) -

Sales grew 9% in the first quarter, the rate ahead of guidance. Still, Brambles expects sales growth will ease back once the second half of FY21 is cycled.

Pricing has helped as like-for-like volumes were constrained by pallet availability. CHEP experienced volume declines in North America in the quarter.

FY22 sales guidance has been raised to the higher end of the 5-7% growth range.  UBS believes CHEP can lift prices to better match the cost to serve and as a result lift margins.

Then, once lumber costs and availability stabilises returns should improve enough to re-start pool growth. Buy rating and $13.30 target unchanged.

Target price is $13.30 Current Price is $10.17 Difference: $3.13
If BXB meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $12.60, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

Macquarie rates CGF as Neutral (3) -

Should yields rise in Australia or the US and stay relatively flat in Japan, the currently robust purchase of Australian annuities by the Japanese should further increase, notes Macquarie. Japanese investors are prepared to wear the currency risk, given the yield spread.

Challenger has commenced USD-denominated annuity sales and the broker sees Japanese sales continuing to be a notable contributor over the medium term, The Neutral rating and $6.20 target price are maintained.

Target price is $6.20 Current Price is $6.67 Difference: minus $0.47 (current price is over target).
If CGF meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.27, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgans rates CGF as Add (1) -

Challenger's quarterly update was not perfect, the broker suggests, but solid enough on 32% total Life sales growth. FY21 likely saw the bottoming out of sales and book growth, the broker believes, and earnings forecast have been upgraded.

With momentum appearing reasonable the broker retains Add, lifting its target to $7.28 from $6.49.

Target price is $7.28 Current Price is $6.67 Difference: $0.61
If CGF meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.27, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Ord Minnett rates CL1 as Downgrade to Hold from Buy (3) -

HUB24 ((HUB)) has launched a bid for Class through a scheme of arrangement on an implied price of $3.11 - a 72% premium to Class's last price prior to the offer. 

Ord Minnett describes the offer as compelling, and notes the bid price offers little room for a rival bid although stranger things have been known to happen.

HUB24 says Class will continue to operate separately.

Target price rises to $3 from $2.40, the broker noting there is some time for the transaction to play out, and rating falls to Hold from Buy.

Target price is $3.00 Current Price is $2.98 Difference: $0.02
If CL1 meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates COH as Neutral (3) -

Net profit guidance has been maintained for FY22 at $265-285m, or up 12-20%. Sales revenue should benefit from a recovery in surgery rates.

Citi notes the market for adults in developed markets is under-penetrated at only 3% and this should drive revenue growth for many years.

The broker also points out the implant recall by a competitor last week emphasises the significant barriers to entry and Cochlear's leadership position stemming from decades of R&D investment.

Citi retains a Neutral rating and $220 target.

Target price is $220.00 Current Price is $219.29 Difference: $0.71
If COH meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $228.92, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Credit Suisse rates CQR as Outperform (1) -

Charter Hall Retail REIT has provided FY22 EPS guidance slightly above Credit Suisse's estimates.

The broker reports the outlook for Charter Hall is on the up as lockdowns ease in NSW and Victoria.

Supermarket sale growth grew 5.1% in the September quarter but the picture may not be so rosy for specialty stores, although most opened in NSW. Rent collection was 90% of gross income. 

Credit Suisse cannot rule out an equity raising for acquisitions but views it as unlikely without an earnings growth story.

Charter Hall is the broker's preferred exposure in the sector as the reopening thematic gains traction.

Target price rises to $4.28 from $4.03. Outperform rating retained.

Target price is $4.28 Current Price is $4.12 Difference: $0.16
If CQR meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates CQR as Outperform (1) -

Following a first quarter update, Macquarie assesses FY22 guidance was slightly below its forecast though likely conservative. Management indicated the second half DPS is likely to be greater than the first half, given the timing of rent relief.

The REIT stated nearly all stores should be trading by November 5. The broker raises its target price to $4.41 from $4.24 to reflect  a change in valuation method. The Outperform rating is maintained.

Target price is $4.41 Current Price is $4.12 Difference: $0.29
If CQR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates CQR as Accumulate (2) -

Charter Hall Retail REIT's first-quarter trading update pleased the broker; the REIT maintaining 98.3% occupancy, albeit rent collections fell to 90%.

The REIT provided the first guidance post lockdown; outpacing Ord Minnett but meeting consensus.

The broker reports the portfolio remains resilient with strong supermarket sales.

Target price rises to $4.20 from $4.05. Accumulate rating retained.

Target price is $4.20 Current Price is $4.12 Difference: $0.08
If CQR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Citi rates CSL as Neutral (3) -

In an R&D update CSL has signalled plans to continue spending 10-11% of revenue annually. The progression of several studies/trials has slowed because of the pandemic.

The CSL112 efficacy analysis is expected by the end of FY22 which signals to Citi the launch may not occur until 2025-26. The broker currently assigns a value of $20.25/share to the product, assuming the launch in 2023.

Neutral rating and $325 target maintained.

Target price is $325.00 Current Price is $296.18 Difference: $28.82
If CSL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $305.32, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Credit Suisse rates CSL as Neutral (3) -

CSL's R&D reveals covid continues to stymie pipeline progress but Credit Suisse views the clinical pipeline as robust and says FY23 launches such as EtranaDez, CSL112 and Garadacimab are progressing well

The presentation focused on opportunities and label expansions for CSL's existing products, reports the broker.

These include  KCentra for Trauma; Haegarda into underpenetrated Japna; Hizentra for use in Systemic Sclerosis; Dermatomyositis; and SIDS. CSL also plans to progress its self-amplifying mRNA influenza vaccine to clinic in 2022.

Neutral rating and $315 target price retained.

Target price is $315.00 Current Price is $296.18 Difference: $18.82
If CSL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $305.32, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Macquarie rates CSL as Neutral (3) -

The annual research and development briefing revealed covid-19 has caused some delays for CSL with potential launch dates for key longer-dated products, points out Macquarie. 

Upcoming catalysts, according to the analyst, include the potential approval of efgartigimod and a new plasmapheresis platform (US FDA approval early 2022), along with plasma collection trends. The broker retains its Neutral rating and $302.50 target. 

Target price is $302.50 Current Price is $296.18 Difference: $6.32
If CSL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $305.32, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

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

Morgan Stanley notes several catalysts for 2022 although considers these are already reflected in the share price. There are no changes to expectations for R&D expenditure even though the pandemic has led to delays.

The largest opportunity is CSL112, in the broker's opinion, with the efficacy analysis now expected before the end of FY22. The commercial launch may not happen until FY24/25, nonetheless.

Idelvion is expected to hold a dominant market position while the phase 3 study with Garadacimab is on track, with filing expected in FY24-26.

The broker maintains its Equal-weight rating and $280 target price. Industry view: In line.

Target price is $280.00 Current Price is $296.18 Difference: minus $16.18 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $305.32, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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 CSL as Hold (3) -

Ord Minnett says CSL's research and development day suggests all is on track save for the usual covid delays.

Spending breached $1bn last year and is forecast to rise to with 10% to 11% of sales guidance, reports the broker.

The highlights: CSL112 major phase III trial has suffered a covid-linked recruitment delay; the sa-mRNA influenze vaccine will enter trials in early 2022 using a lower dosing requirement and has been purchased by BARDA; EltranaDez is on track for a subdued FY23 launch; and eight phase III studies are scheduled for FY22, including immune drug Hizentra, angeiodema drug Garadacimab and trauma treatment Kcentra. 

Ord Minnett says CSL remains well positioned. Hold rating and $285 target price are retained. 

Target price is $285.00 Current Price is $296.18 Difference: minus $11.18 (current price is over target).
If CSL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $305.32, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Macquarie rates DDH as Outperform (1) -

Macquarie estimates EPS accretion for FY22-24 of 1%,13% and 17%, respectively, after incorporating the proposed acquisition of Swick
Mining Services ((SWK)) into forecasts. It's assumed there will be synergies of $3m in FY23, rising to $5m per year from FY24 onwards.

The analyst believes the transaction would combine two quality businesses offering complementary drilling services and expertise. The broker lifts its target price to $1.62 from $1.45 and maintains its Outperform rating.

Target price is $1.62 Current Price is $1.15 Difference: $0.47
If DDH meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates DRR as Outperform (1) -

First quarter production from Mining Area C was in-line with Macquarie's expectations. The development of the South Flank project is finished and is expected to ramp-up over the next three years. The Outperform rating and $5.20 target price are maintained. 

The analyst believes iron-ore prices continue to drive upside risk and a spot-price scenario generates 5% and 6% higher earnings for FY22 and FY23.

Target price is $5.20 Current Price is $3.93 Difference: $1.27
If DRR meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates DXS as Outperform (1) -

At its first quarter operational update, Dexus reaffirmed FY22 DPS guidance of 52.8cps. The REIT indicated tenant demand for office markets will improve over 2022, which will coincide with a moderation in incentives.

Macquarie sees upside risk to consensus earnings in outer years upon the sale of more capital-intensive assets and a move toward
higher returning income streams. The Outperform rating and $11.90 target price are maintained.

Target price is $11.90 Current Price is $10.72 Difference: $1.18
If DXS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgan Stanley rates DXS as Overweight (1) -

Morgan Stanley was not overly impressed with the first quarter update but still considers the stock relevant as a mid-late cycle exposure to re-opening when offices are re-populated.

Office incentives were at 31%, so the broker considers this poor in relation to the 24.9% in FY21. The main issue is whether it was merely the temporary disruption caused by the long lockdown in NSW/Victoria.

FY22 guidance is reiterated for distribution growth of not less than 2%. Overweight and $11.95 target retained. Industry View: In Line.

Target price is $11.95 Current Price is $10.72 Difference: $1.23
If DXS meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates EBO as Neutral (3) -

The company has indicated that earnings in the first quarter grew at more than 10%. No FY22 guidance was provided at the AGM. Citi expects minor upgrades to consensus expectations to reflect the performance to date.

The company has also announced a third acquisition for FY22 to date, MD Solutions, which is an Australian distributor of medical devices and consumables.

The implication of the potential for a merger of Sigma Pharma ((SIG)) and Australian Pharmaceutical ((API)) is for a more rational market, in Citi's view, while acquisition of API by Wesfarmers ((WES)) is unlikely to be positive for either Sigma or Ebos Group.

Neutral rating and $31.50 target maintained.

Target price is $31.50 Current Price is $33.45 Difference: minus $1.95 (current price is over target).
If EBO meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.33, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates EVN as Neutral (3) -

In an initial glance at today's first quarter production report from Evolution Mining, Macquarie notes a 5% gold production beat was partially offset by a -4% miss on all-in sustaining costs (AISC), versus the broker's estimate. 

The analyst had expected stronger copper by-product credits and a better performance at Red Lake would have countered the higher costs the company had previously alluded to. Management's FY22 guidance for production and AISC remains unchanged.

Gold production at Mungari was 53% higher than the broker forecast, while Red Lake's production was -35% lower than anticipated. Macquarie retains its Neutral rating and $3.90 target price.

Target price is $3.90 Current Price is $3.72 Difference: $0.18
If EVN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates FBU as Neutral (3) -

Management, without providing specific guidance, has pointed to a 10% FY23 earnings (EBIT) margin target. The second half is expected to reflect progress toward this aim. Macquarie's target falls to NZ$7.20 from NZ$7.26 and the Neutral rating is unchanged.

Further commentary indicates a “rapid and strong bounce-back in activity in New Zealand with earnings above the previous corresponding period for September and October. In Australia, both NSW and then Victoria are expected to see a strong reopening bounce-back". 

Current Price is $6.95. Target price not assessed.

Current consensus price target is $8.40, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

This company reports in NZD. 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 FCL as Outperform (1) -

Macquarie reviews the recent fourth quarter update from overseas peer Duck Creek and concludes subscription revenue growth was in excess of 30%. This is calculated after excluding the impact of a legacy contract completion.

The analyst notes Fineos Corp continues to trade at a material discount to peers, following a negative Duck Creek share price reaction. The broker retains its Outperform rating and $4.92 target price.

Target price is $4.92 Current Price is $4.05 Difference: $0.87
If FCL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

This company reports in EUR. 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

Credit Suisse rates HUB as Outperform (1) -

Hub24 has made a $386m mostly scrip deal to buy Class ((CL1)), a leading SMSF administration software provide. 

Credit Suisse says the deal was struck at 15x FY22 earnings before interest tax depreciation and amortisation, and 53x FY22 net profit after tax (a 72% premium).

The broker reports underpenetration in the SMSF market and that the purchase is 8% accretive in FY23 although the accretive profile deteriorates in outer years. EPS forecasts rise 3%, 6% and 5% across FY22, FY23 and FY24.

While pricey, the broker says the acquisition is a strategic fit, offering cross-sell opportunities, and retains an Outperform rating and $36.50 target price.

Target price is $36.50 Current Price is $33.13 Difference: $3.37
If HUB meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $34.01, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates IEL as Overweight (1) -

First quarter IELTS volumes were in line with expectations. Morgan Stanley expects this will strengthen over FY22 as re-opening occurs.

Meanwhile, student placements are ahead of expectations and the first quarter outcomes augur well for a beat to the broker's forecasts.

Morgan Stanley retains an Overweight rating, $40.20 target and In-Line industry view.

Target price is $40.20 Current Price is $37.15 Difference: $3.05
If IEL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.70, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

IDP Educations' trading update indicated a mostly strong recovery in growth, with IELTS volumes up 84% year on year, of which 55% was organic. However this required 120% growth from the northern hemisphere to counter -24% in Australia.

Growth in the US/Canada was the highlight for Morgans, supporting longer term growth expectations. But while the broker remains attracted to IDP's market share opportunity through acquisitions, valuation has now become stretched.

Target rises to $38.20 from $31.25, downgrade to Hold from Add.

Target price is $38.20 Current Price is $37.15 Difference: $1.05
If IEL meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $36.70, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates IEL as Buy (1) -

UBS assesses the re-opening of NSW to returning Australians in November and the ability of students to enter Australia for the March 2022 semester will be important milestones for IDP Education.

Moreover, Australia has recognised Sinovac, important for Chinese students, as well as Covishield (Indian students). The company reported volume recovery occurred in the first quarter, with IELTS volumes up 84%.

UBS assesses IELTS is largely back to pre-pandemic levels. The broker remains comfortable with estimates and retains a Buy rating and $36.40 target.

Target price is $36.40 Current Price is $37.15 Difference: minus $0.75 (current price is over target).
If IEL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.70, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates IPD as Add (1) -

The PREVENT trial has met its primary endpoint and was statistically significant. This, says the broker, is a major milestone in the Impedimed history. The next step is peer review and publication in medical journals.

Unfortunately, due to covid delays this is still a couple of months away. In the meantime, Speculative Buy and 21c target retained.

Target price is $0.21 Current Price is $0.18 Difference: $0.03
If IPD meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates JMS as Underperform (5) -

Macquarie maintains its Neutral rating after first half FY22 results were considered soft from both Tshipi and Jupiter Mines. It's thought
challenging conditions in South Africa impacted mining and logistics. Tshipi is the company's flagship managanese mine in Sth Africa.

A $0.005cps interim dividend (unfranked) was declared, in-line with the analyst's expectation. A roll-forward of valuation has offset the weaker near-term earnings outlook and the broker retains its $0.22 target price.

Target price is $0.22 Current Price is $0.24 Difference: minus $0.02 (current price is over target).
If JMS meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in February.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -1.0

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

Macquarie rates LME as Outperform (1) -

In a third quarter trading update, management maintained its FY21 guidance and expects strong fourth quarter contract signings. Macquarie makes minimal changes to forecasts and maintains its Outperform rating and $1.12 target price.

The company expects to launch a mid-market well-being offering in the fourth quarter, which will be distributed via the direct channel. Macquarie believes operating conditions will improve as HR budgets expand post covid restrictions easing.

Target price is $1.12 Current Price is $0.56 Difference: $0.56
If LME meets the Macquarie target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 LRK as Buy (1) -

Lark Distilling has announced a $54m capital raising for the strategic purchase of Shene Estate, enabling Lark to fast-track international expansion to FY23 and increase production capacity by roughly 311%. The deal also expands whisky under maturation.

Ord Minnett says the net sales affect of more whisky and medium-term production capacity boost outweighs short-term dilution and views the deal positively given it removes inventory constraints and opens larger markets.

The sale was struck at $40m, and the balance of the placement will fund a new distillery.

Buy rating retained. Target rises to $6.08 from $5.77, to reflect a 31% rise in cash flow.

Target price is $6.08 Current Price is $5.52 Difference: $0.56
If LRK meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates NST as Outperform (1) -

Northern Star Resources reports softer September-quarter production post the Kundana sale, and as KCGM production volumes disappointed thanks to lower grades. Pogo suffered from an extended outage on plant upgrades.

On the upside, Jundee outperformed thanks to higher grades; and the miner doesn't expect energy prices rises will affect its cost base as it enters into heightened stripping at KCGM. 

Debt has fallen to $262m post the Kundana sale and company guidance is unchanged. 

Broker cuts FY22 EPS -3% to reflect the weak quarter and higher depreciation and amortisation. Outperform and $11.65 target price retained. 

Target price is $11.65 Current Price is $9.40 Difference: $2.25
If NST meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.86, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates NST as Outperform (1) -

First quarter gold sales and all-in sustaining costs (AISC) were within -2% of Macquarie's estimates. Guidance for FY22 production and costs are unchanged. The analyst feels an improved performance from the Pogo project may present a key catalyst.

A lower depreciation forecast drives increased future cash tax payments, and the broker lowers its target price to $13 from $14 as a result. The Outperform rating is maintained.

Target price is $13.00 Current Price is $9.40 Difference: $3.6
If NST meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $11.86, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

Gold production in the September quarter missed Morgan Stanley's estimates, largely because of Pogo. Gold sales were in line.

Guidance is unchanged, with production weighted towards the second half and grades at Yandal and mining rates at Pogo likely to improve.

The broker believes the stock is fairly valued and retains an Equal-weight rating. Target is raised to $10.35 from $10.05. Industry view: In-Line.

Target price is $10.35 Current Price is $9.40 Difference: $0.95
If NST meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.86, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates NST as Buy (1) -

Northern Star Resources' softer September-quarter production figures fell -5% shy of Ord Minnett's forecasts due largely to downtime at Pogo and weaker KCGM throughput, which outweighed improvements at Jundee and Carosue Dam.

Management retains FY22 guidance, suggesting a stronger second half.

The broker expects the company will gather momentum on operational and lower risk organic improvements, with the impending KCGM processing study a potential upside catalyst.

Buy rating retained and target price rises to $12.30 from $11.90.

Target price is $12.30 Current Price is $9.40 Difference: $2.9
If NST meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $11.86, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates RED as Buy (1) -

Red 5's September-quarter results outpaced Ord Minnett's forecasts by 8% thanks to higher milled tonnes at Darlot, which outweighed higher mining costs.

Guidance was steady and KOTH is on budget and on schedule, although labour costs continue to weigh.

Ord Minnett considers the company inexpensive, trading at a discount to the broker's fair value assumption (possibly relating to residual execution and development risks around KOTH which should unwind as first production approaches).

Target price rises to 40c from 35c. Buy rating retained.

Target price is $0.40 Current Price is $0.27 Difference: $0.13
If RED meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates SCP as Neutral (3) -

SCA Property Group's September-quarter guidance outpaced the broker thanks to $108m in acquisitions, including three assets from its (former) SURF 3 Fund.

Credit Suisse revises earning revisions SCA Property Group to account for the acquisitions - up 1.9%, 3.8% and 4.1% across FY22, FY23 and FY24.

Management advised it is seeking more acquisitions and, while the broker expects the balance sheet will accommodate this, it cannot rule out that fresh capital might be needed.

Target price rises to $2.73 from $2.59. Neutral rating retained.

Target price is $2.73 Current Price is $2.76 Difference: minus $0.03 (current price is over target).
If SCP meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.77, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates SCP as Outperform (1) -

In a trading update 3% ahead of Macquarie's expectations Shopping Centres Australasia Property Group now expects first half adjusted funds from operations (AFFO) of at least 7.1cps. For the second half, at least 7.9cps is forecast.

Separately, the REIT announced the acquisition of four assets for around -$110m, (completion by the end of November), which the analyst estimates to be circa 2.7% accretive on an annualised basis. The broker raises its target to $2.90 from $2.65. Outperform-rated.

Target price is $2.90 Current Price is $2.76 Difference: $0.14
If SCP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgan Stanley rates SCP as Overweight (1) -

Shopping Centres Australasia is signalling a distribution of 15c per security for FY22, ahead of Morgan Stanley's forecast.

The broker attributes this to the additional purchase of four assets, and robust operating conditions despite the lockdowns.

Gearing will rise to 34% post the acquisitions so the broker suspects any major acquisitions from now on may need to be financed by equity.

The broker maintains an Overweight rating. The target is $2.85. In-Line industry view.

Target price is $2.85 Current Price is $2.76 Difference: $0.09
If SCP meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates SGP as Neutral (3) -

Macquarie believes the strength in residential has continued, following a first quarter update by Stockland. The FY22 funds from operations guidance (FFO) was reaffirmed, as was FY22 settlement guidance of 6,400 lots and margins of 18%.

The analyst sees upside risk to FY22 settlement volumes and increases the FY23 forecast to 7,300 from around 7,100. The target price rises to $4.84 from $4.68 and the Neutral rating is unchanged.

Target price is $4.84 Current Price is $4.61 Difference: $0.23
If SGP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgan Stanley rates SGP as Overweight (1) -

The company has held FY22 guidance for earnings per security at 34.6-35.6c. Morgan Stanley observes there will be a higher-than-usual skew to the second half.

Residential remains strong, with first quarter sales up 8%. FY22 guidance has been maintained at 6,300 settlements, although the shudowns to construction mean the skew to the fourth quarter is substantial.

Further updates are expected at the strategy briefing on November 8.

Morgan Stanley retains an Overweight rating, $5 target and In-Line industry view.

Target price is $5.00 Current Price is $4.61 Difference: $0.39
If SGP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates SGP as Hold (3) -

Stockland's September-quarter trading update pleased Ord Minnett.

FY22 funds from operations were reiterated with a greater than usual second-half skew; residential sales remained strong, albeit down -1.4% on the June quarter; residential pre-sale prices rose 13% on FY21 settlements, boosting margins; and Trust experienced good leasing in the face of covid.

The broker raises the target price to $4.75 from $4.60. Hold rating retained.

Target price is $4.75 Current Price is $4.61 Difference: $0.14
If SGP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates SLR as Outperform (1) -

Silver Lake Resources released a first quarter report revealing a 3% beat on production versus Macquarie's estimate, and a 4% beat on all-in sustaining costs (AISC). The analyst expects AISC to reduce and cashflows to grow, into FY23 and beyond.

The broker maintains its Outperform rating and $2.10 target price. Sales growth is expected to be driven by Deflector, the lower-cost flagship asset.

Target price is $2.10 Current Price is $1.59 Difference: $0.51
If SLR meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates SLR as Buy (1) -

Silver Laker Resources' September-quarter production figures outpaced Ord Minnett's forecasts by 5%, thanks to a record performance from Deflector.

The broker expects Deflector to continue to improve ore grades and optionality. The broker spies increased recoveries from the CIP circuit, while Mt Monger provides a consistent base-load.

Ord Minnett considers the company to be cheap on fundamentals, offering a strong floor thanks to balance sheet strength. 

Guidance was conservative. Buy rating retained. Target price rises to $2 from $1.90.

Target price is $2.00 Current Price is $1.59 Difference: $0.41
If SLR meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates SRL as Downgrade to Neutral from Outperform (3) -

Following a first quarter update, Macquarie lowers its rating to Neutral from Outperform over the uncertainty in securing a funding and development partner for the Sunrise Nickel-Cobalt project. The $2.10 target price is unchanged.

In the broker's base case, it's assumed the development is funded via US$1.4bn in debt, US$0.5bn in offtake finance and a US$0.5bn equity raising at $1.40. A short-term catalyst is envisaged when assay results from the Phoenix Platinum Zone arrive.

Target price is $2.10 Current Price is $1.91 Difference: $0.19
If SRL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates SXY as Downgrade to Neutral from Outperform (3) -

POSCO has announced a $4.40 a share offer for Senex Energy and Credit Suisse expects a higher offer (of roughly $4.60) may be in the wings, which would take it closer to the more typical 30% takeover premium.

The broker says other suitors may enter the fray. Senex's September-quarter update met the broker and consensus estimates.

Target price rises to $4.47 from $3.52 but rating is downgraded to Neutral from Outperform to reflect low deal risks (broker's view) such as FIRB, government and due diligence surprises, on top of recent share-price strength.

Target price is $4.47 Current Price is $4.45 Difference: $0.02
If SXY meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates SXY as No Rating (-1) -

Senex Energy's first quarter production was in-line with Macquarie's estimate, while revenue was a -3% miss on weaker-than-expected gas price realisations. The analyst lowers the FY22 EPS forecast by -7%.

The broker is on research restriction and doesn't provide a rating or target price.

Current Price is $4.45. Target price not assessed.

Current consensus price target is $4.38, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Further to the bid announced by Posco International, Morgan Stanley suspects, as the Senex Energy board has not endorsed the offer, a small hike in the offer may do the trick.

The cash offer price is $4.40 a share and the broker raises the target to that level, from $3.50. Equal Weight rating retained. Industry view: Attractive.

Target price is $4.40 Current Price is $4.45 Difference: minus $0.05 (current price is over target).
If SXY meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.38, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates SXY as Hold (3) -

Senex Energy's quarterly numbers were steady, roughly in line with the broker's forecasts. Expansion of Atlas stage 2 is underway, with commissioning expected in the March quarter FY23.

While the takeover offer from POSCO is largely in line with the broker's valuation, Senex's large possible/probable reserve base could justify a higher price, the broker suggests.

Hold and $4.30 target retained.

Target price is $4.30 Current Price is $4.45 Difference: minus $0.15 (current price is over target).
If SXY 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 $4.38, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates SXY as Hold (3) -

Senex Energy has reported a respectable September quarter but Ord Minnett expects the focus will remain on the non-binding, indicative and conditional POSCO bid.

The broker advises against chasing a higher bid, believing it's far from a done deal, and may meet Foreign Investment Review Board challenges given expectations of tightening east coast gas markets.

Hold rating and $4.40 target price retained.

Target price is $4.40 Current Price is $4.45 Difference: minus $0.05 (current price is over target).
If SXY meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.38, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates TAH as Neutral (3) -

Tabcorp Holdings has downgraded its FY22 and FY23 earnings by -10% and -4% to reflect covid retail closures, and a continued higher cost base in wagering and gaming.

Credit Suisse reports margin benefits from migration to digital, but expects margins to be compressed as the business moves from high-margin media revenue to lower pub subscriptions and newly consolidated low-margin international wagering.

Lotteries proved resilient, scratchies weak, and Keno revenue slowed thanks to covid.

Neutral rating retained. Target price eases to $5.10 from $5.25.

Target price is $5.10 Current Price is $5.09 Difference: $0.01
If TAH meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.48, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates TAH as Add (1) -

Tabcorp Holding's September quarter revenue was down -7.3% year on year due to lockdowns and no JobKeeper this time around. Lotteries & Keno nevertheless retained their defensive characteristics, the broker notes, and the demerger remains on track for June next year.

The broker has not changed its Lotteries & Keno forecasts but has lowered group profit forecasts on a more conservative stance on margins in Wagering and Gaming. Add retained with risk/reward skewed to the upside ahead of the demerger.

Target dips to $5.70 from $5.71.

Target price is $5.70 Current Price is $5.09 Difference: $0.61
If TAH meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.48, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates TAH as Hold (3) -

Tabcorp Holdings' September-quarter trading update met Ord Minnett's forecasts for wagering and media.

The broker suspects a negative market reaction may have related to higher-than-expected corporate costs (IT investment and gaming services) and the lack of new details on the company's split.

Tabcorp reiterated that spending to attract punters were affecting variable contribution margins. The broker revises down first-half revenue estimates. Hold rating and $4.75 target price retained.

Target price is $4.75 Current Price is $5.09 Difference: minus $0.34 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.48, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgan Stanley rates TYR as Overweight (1) -

Morgan Stanley anticipates transaction volumes will lift as NSW and Victoria emerge from lockdowns and highlights, historically, the shares are highly correlated with transaction volumes.

The question posed, therefore, is whether the shares move higher. The broker retains an Oveweight rating and target price of $4.70. Industry view is Attractive.

Target price is $4.70 Current Price is $4.04 Difference: $0.66
If TYR meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

The definitive feasibility study of Vimy Resources' Mulga Rock project confirmed a robust operation, Morgans notes. Vimy's exemption from WA's ban on uranium mining requires commencement of Mulga Rock by December, assuming approvals.

With approvals now received and funding in place, early works have begun. Target rises to 25c from 17c but on the share price run-up from under 10c, driven by higher uranium prices, the broker pulls back to Hold from Add.

Target price is $0.21 Current Price is $0.30 Difference: minus $0.09 (current price is over target).
If VMY meets the Morgans target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates WHC as Add (1) -

Whitehaven Coal's September quarter production was in line with the broker's forecast, but thereafter it's all about coal prices. Market feedback suggests upside risk to the broker's base-case FY22 price forecast.

On a base case, valuation is $3.32 on the broker's modelling but on a bull case, that rises to $4.51. The broker's target, which rises to $3.92 from $3.85, splits the difference. Add retained.

Target price is $3.92 Current Price is $3.31 Difference: $0.61
If WHC meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

Worley offers leverage to a large increase in sustainable energy and decarbonisation investment, UBS asserts. The broker estimates a cumulative investment of US$115trn is required to achieve net zero emission targets by 2050.

Sustainability projects are small but fast growing and with sales of 14% of the portfolio this is up 24% on FY20 levels, and these projects make up 32% of the company's future bid pipeline.

UBS upgrades to Buy from Neutral and raises the target to $13.20 from $11.65. FY22-24 earnings estimates are upgraded by 1-5%.

Target price is $13.20 Current Price is $10.49 Difference: $2.71
If WOR meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.79, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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