Australian Broker Call

UBS rates A1N as Sell (5) -

UBS previews stocks in the Australian Media sector ahead of February results and updates forecasts in response to ongoing weakness in December SMI TV advertising spend data.

The analyst highlights TV spending remains challenged, while Out-Of-Home advertising has performed well.

The broker raises the target for ARN Media to 57c from 51 and retains a Sell rating.

Target price is $0.57 Current Price is $0.65 Difference: minus $0.08 (current price is over target).
If A1N meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.51, suggesting downside of -21.5% (ex-dividends)

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

Morgan Stanley rates AD8 as Overweight (1) -

Morgan Stanley ponders whether Audinate Group is facing "cyclical or structural" headwinds following management rebasing earnings expectations with weak 1H25 and FY25 guidance.

Going into 1H25, the broker highlights guidance of gross profit between US$14m-US$15m, with 2H25 expected to be the stronger half.

Post a soft 1Q25 guidance update, the analyst lowers estimated FY25 gross profit by -26% in USD terms to circa US$31.4m and FY26 gross profit by -15%.

Morgan Stanley highlights limited transparency around key drivers for the stock ahead of the 1H25 report but remains of the view the challenges are cyclical rather than structural.

Keep Overweight. Target slips to $9 from $10.50. Industry View: In-Line.

Target price is $9.00 Current Price is $7.32 Difference: $1.68
If AD8 meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.10, suggesting upside of 44.5% (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

Ord Minnett rates AIS as Hold (3) -

Ord Minnett highlights Aeris Resources reported mixed 2Q25 results, with a better performance from Cracow and Mt Colin offset by Tritton, which reported lower production than forecast by -27%, resulting in higher costs of 27%, the analyst explains.

Cash on hand was below expectations by -$4m, the broker notes.

Ord Minnett lowers earnings forecasts by -7% for FY25.

Target price falls to 23c from 28c. No change to Hold rating.

Target price is $0.23 Current Price is $0.14 Difference: $0.085
If AIS meets the Ord Minnett target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 64.6% (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

Shaw and Partners rates AL3 as Buy, High Risk (1) -

Shaw and Partners leaves its earnings estimates unchanged after provider of 3D printing services and machinery, AML3D, released its December quarter cash flow statement.

Described by the broker as a compelling investment opportunity, the analyst maintains a Buy, High Risk rating and a 40c target.

Target price is $0.40 Current Price is $0.14 Difference: $0.26
If AL3 meets the Shaw and Partners target it will return approximately 186% (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

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

Morgan Stanley previews the upcoming 1H25 earnings report for Amcor and expects the company to announce results that meet expectations and management to reconfirm FY25 guidance.

The broker is looking for EPS growth guidance between 3%-8% for FY25 on a constant currency basis, and 1H25 estimates for the analyst are broadly in line with consensus estimates.

Although growth has shown some signs of picking up, Morgan Stanley believes it will be "modest" in the short term, and more certainty regarding the Bery transaction is needed to provide upside to the share price.

The broker maintains a target price of $15.50 with an Equal-weight rating and an Industry view of "In Line".

Target price is $15.50 Current Price is $15.65 Difference: minus $0.15 (current price is over target).
If AMC 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 $16.73, suggesting upside of 6.4% (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: 0.3

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

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

Following the US government’s announcement of tariffs on Canada, Mexico, and China, Austin Engineering management has assured investors that its US operations remain largely unaffected.

Shaw and Partners highlights the strength of Austin Engineering’s business model and the quality of its management, noting the company has repositioned its US business over the past nine months to mitigate direct impacts.

Buy rating retained, High risk, with an unchanged target price of 70c.

Target price is $0.70 Current Price is $0.49 Difference: $0.21
If ANG meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates APX as Upgrade to Buy from Accumulate (1) -

Ord Minnett upgrades Appen to Buy from Accumulate with a higher target price of $3.30 from $2.80.

The broker believes the sell-off in the company's share price on the day of the December quarter update, which was viewed as "robust," had more to do with the broader sell-off in technology stocks around DeepSeek concerns.

Ord Minnett views Appen's prospects as good, with the expected 2024 EPS loss at -0.5c to -0.7c post the update.

Target price is $2.50 Current Price is $2.56 Difference: minus $0.06 (current price is over target).
If APX meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in 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

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

Shaw and Partners notes the substantial progress across Australian Vanadium’s full grid battery supply chain evident in its second-quarter results.

The broker estimates a potential revenue opportunity of $240m by 2030 if the market achieves just 50% of AEMO’s recent target for storage capacity needed to transition to renewables from coal-fired generation.

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

Target price is $0.08 Current Price is $0.01 Difference: $0.067
If AVL meets the Shaw and Partners target it will return approximately 515% (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

Shaw and Partners rates AW1 as Buy, High Risk (1) -

American West Metals ended the December quarter with a cash balance of $1.4m, observes Shaw and Partners, after a busy period which included an updated mineral resource estimate (MRE) at its flagship Storm Copper project located in Nunavut, Canada.

In the broker's view, recent share price weakness affords investors an excellent buying opportunity ahead of material catalysts largely relating to exploration updates.

Buy, High Risk rating and 32c target maintained.

Target price is $0.32 Current Price is $0.05 Difference: $0.273
If AW1 meets the Shaw and Partners target it will return approximately 581% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates BET as Speculative Buy (1) -

Ord Minnett highlights Betmakers Technology benefited from its cost out program and the transtion to the Apollo platfrom as revealed in the company's 2Q25 update.

The broker notes the bottom line was as anticipated even though there were discrepancies on a line by line basis.

Post the update, Ord Minnett now forecasts the company to be breakeven in 4Q25, pulled forward trom 1Q26.

Target price moves to 17c from 16c. No change to Speculative Buy rating.

Target price is $0.17 Current Price is $0.12 Difference: $0.05
If BET meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates CGF as Buy (1) -

In a reporting season preview by Citi of its coverage of diversified financials, the broker is most positively disposed to the attractive value on offer at Buy-rated Perpetual and Challenger.

For Challenger, the broker is expecting management to deliver on its return on equity (ROE) target and is forecasting a FY25 normalised profit (NPBT) above the mid-point of guidance.

The $7.80 target price is unchanged.

Target price is $7.80 Current Price is $6.11 Difference: $1.69
If CGF meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in June.

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 CLG as Hold, High Risk (3) -

Adding to the uncertainty of a withdrawn private equity takeover proposal by Adamantem Capital, Shaw and Partners notes management at Close the Loop last week downgraded 1H earnings (EBITDA) guidance.

The broker attributes the downgrade to lost sales due to operational challenges at the US computer refurbishment business, ISP Tek, and a delay in the establishment of the low-cost Mexicali plant, resulting in higher operating costs.

The Hold, High Risk rating is maintained. The target falls to 50c from 55c 

Target price is $0.50 Current Price is $0.12 Difference: $0.38
If CLG meets the Shaw and Partners target it will return approximately 317% (excluding dividends, fees and charges).

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 CNU as Outperform (1) -

Macquarie notes further fibre penetration growth and accelerating copper disconnections (a positive outcome) in Chorus’ second-quarter connections data.

The company expanded its footprint by passing an additional 6,000 addresses in the quarter, with overall penetration rising to 71.7% from 71.4% at FY24.

The broker expects management to reaffirm FY25 earnings (EBITDA) guidance of NZ$700-720m at the first-half result on February 24.

Macquarie maintains an Outperform rating with a NZ$9.83 target price.

Current Price is $7.74. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in NZD. 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 CTT as Sell, High Risk (5) -

For the medium term, Citi thinks a broader trade war would certainly be negative for Cettire, following the US government's tariff announcements on Canada, Mexico, and China, with concerns over potential expansion to the EU.

Over 50% of Cettire’s revenue originates from the US, and most suppliers are EU-based, leading to possible disruptions in luxury discount channels.

A prolonged trade war could exacerbate existing demand weakness caused by multi-year price inflation and economic downturns, suggests Citi.

Target $1.30. Sell, High Risk.

Target price is $1.30 Current Price is $1.18 Difference: $0.125
If CTT meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

UBS rates CWY as Buy (1) -

UBS forecasts earnings (EBIT) of $203m for Cleanaway Waste Management and minimal change to FY25 guidance when 1H results are released on February 19.

The broker remains positive on industry tailwinds for Cleanaway as the market starts to focus upon FY26 and beyond.

Target eases to $3.30 from $3.40. Buy maintained.

Target price is $3.30 Current Price is $2.73 Difference: $0.57
If CWY meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 17.8% (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

Shaw and Partners rates CY5 as Buy, High Risk (1) -

Shaw and Partners believes Cygnus Metals is well positioned for future work programs following a December quarter cash balance of $14.9m.

The broker supports the company's pivot to copper after its merger with Dore Copper Mining, noting copper’s potential in the energy transition and AI trade once US tariff policies stabilise.

Shaw and Partners retains a Buy, High Risk rating with a 25c target price.

Target price is $0.25 Current Price is $0.12 Difference: $0.135
If CY5 meets the Shaw and Partners target it will return approximately 117% (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

Macquarie rates DGT as Initiation of coverage with Outperform (1) -

Initiating research coverage with an Outperform rating and $5.33 target for Digico Infrastructure REIT, Macquarie believes risk is skewed to the upside for investors, noting a number of positive near-term catalysts.

Critical to securing contracts with Australian government customers, management hopes for Hosting Certificate Framework (HCF) approval by mid-2025, explains the broker. Other catalysts include contract announcements and potential S&P Index inclusion in March 2025.

The analyst points out executing on strategy should deliver double-digit earnings (EBITDA) growth in the medium-term, underpinned by development and rent escalators.

Target price is $5.33 Current Price is $4.49 Difference: $0.84
If DGT meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 22.4% (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

Shaw and Partners rates DSE as Downgrade to Hold from Buy (3) -

A proposed takeover by NinjaOne LLC for Dropsuite was announced with the company's 4Q24 update.

Shaw and Partners notes the company's 4Q annual recurring revenue advanced 37% in USD terms, and users grew 42% year-on-year. The company ended the period with almost 5,000 indirect partners generating an average US$6,300 per annum, the broker states.

Rating moves to Hold from Buy, High Risk, with the analyst bemoaning the loss of ASX tech stocks acquired over the past few years. The target rises to $5.90 to align with the proposed cash offer.

No change to earnings forecasts.

Target price is $5.90 Current Price is $5.72 Difference: $0.18
If DSE meets the Shaw and Partners target it will return approximately 3% (excluding dividends, fees and charges).

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

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

Emerald Resources is downgraded to Sell from Hold with an unchanged target price of $3.50 by Ord Minnett, as much of the "investment attraction" is discounted in the share price, the analyst states.

The company's 2Q25 update met the pre-released numbers on January 6, with the Cambodian mine Okvau continuing to perform well.

Management is expected to announce a final investment decision on Dingo Range (WA) and the Memot project in Cambodia in 2025, with a target of raising gold output to more than 300kozpa in five years from 100koz per annum currently, the broker explains.

Sell rated. Target price $3.50.

Target price is $3.50 Current Price is $4.34 Difference: minus $0.84 (current price is over target).
If EMR meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Bell Potter rates FDV as Speculative Buy (1) -

Bell Potter's first take on Frontier Digital Ventures' 4Q24 update revealed a fall in group revenue of -6% and a decline in group margin to 8% compared to 9% in the previous quarter, the analyst states.

Weaker trading conditions in Uruguay, which accounts for 40% of the company's revenue, led to a second-quarter fall in quarterly revenue year-on-year for 360LATAM by -18% in 4Q, with the margin down by around -100bps, Bell Potter highlights.

Management is continuing to transition the platform within InfoCasas, as leads will be managed within the existing Iris environment, the analyst details, which should improve conversion rates and result in higher margins.

No change to Speculative Buy rating. Target price falls to 52c from 70c.

Target price is $0.52 Current Price is $0.24 Difference: $0.285
If FDV meets the Bell Potter target it will return approximately 121% (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

Shaw and Partners rates FFM as Buy (1) -

FireFly Metals reported a 42% rise in the resource at Green Bay, as noted by Shaw and Partners in the December quarter update. The latest hole results showed 86.3mt at 3.7% copper equivalent, an increase of 42% in resource.

The broker pointed to the completion of Titt Cove, which has 115km² of "highly prospective" exploration area in an area contiguous to Green Bay.

FireFly finished the quarter with $84.1m in cash, with the Green Bay resource at 59mt at 2% copper equivalent, as well as substantial gold (550koz) and silver (5.4moz), the analyst states.

Buy, High Risk. Target price $1.90, unchanged. No change to earnings forecast.

Target price is $1.90 Current Price is $0.84 Difference: $1.06
If FFM meets the Shaw and Partners target it will return approximately 126% (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

Bell Potter rates FLC as Hold (3) -

Fluence reported 4Q24 revenue growth of 98% on the previous quarter, which was down -23% year-on-year, Bell Potter notes.

The broker highlights weaker sales than the October revised guidance of $19m for Smart Product Solutions at $1.51m, but profitability came in higher than the analyst's forecast, with earnings of $1.3m versus an estimated loss of -$0.8m.

The balance sheet was boosted by a $3.6m cash payment from IVC, which Bell Potter views as a positive, with the company generating break-even cash flow in the quarter. The analyst expects Fluence to be cash flow positive in 2025.

Speculative Hold rating unchanged. Target price falls to 8.5c from 10c.

Target price is $0.09 Current Price is $0.07 Difference: $0.017
If FLC meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

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: 0.0

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

Citi rates FPH as Sell (5) -

Following an executive order by President Trump imposing tariffs on imports from Canada, Mexico, and China, Citi highlights 25% of Fisher & Paykel Healthcare's revenue comes from goods manufactured in Mexico and sold in the US.

The broker assesses a maximum impact of -NZ$75m on 2026 net profit should no mitigation measures be taken.

Management expects to lessen the impact by shifting production volumes between its New Zealand and Mexican plants, though this will take time and increase logistics costs, caution the analysts.

Citi has adjusted its model to reflect a delay in gross margin recovery to 2028, compared to the prior expectation of 2027.

The broker reduces its 2026 and 2027 earnings per share estimates by -8% and -3%, respectively, and lowers the target price to NZ$32 from NZ$33.50. Sell rating.

Current Price is $31.80. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Ord Minnett rates HSN as Buy (1) -

Hansen Technologies announced a $50m contract win in the UK with Virgin Media (VMO2) for a five-year period, with the company to generate a $15m upfront fee in FY25, Ord Minnett highlights.

Management's update included 1H25 revenue guidance, which was marginally lower than the analyst's forecasts, inferring a 2H25 skew to revenue and earnings, the broker believes, as FY25 guidance was reconfirmed.

Ord Minnett lifts EPS estimates by 3%-7% over the next three years and raises the target price to $6.30 from $6.

No change to Buy rating

Target price is $6.30 Current Price is $5.59 Difference: $0.71
If HSN meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.67, suggesting upside of 17.6% (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

Shaw and Partners rates HSN as Buy (1) -

Hansen Technologies has announced a five-year contract with Virgin Media O2 (VMO2), valued at $50m, Shaw and Partners explains, with Virgin taking three of the company's communications platforms.

The analyst believes the contract emphasises the strength of Hansen's platform in the market as well as its robust position in Catalog/Configure, Price, Quote solutions, acquired in 2019.

Management reiterated FY25 guidance, with the Virgin contract lending further support to Hansen achieving 2H25 revenue, as $15m will be recognised in this period.

Shaw and Partners views the company as attractively priced for growth upside in FY26.

The Buy rating, High Risk designation, and $7.20 target price remain unchanged.

Target price is $7.20 Current Price is $5.59 Difference: $1.61
If HSN meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.67, suggesting upside of 17.6% (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

Citi rates HVN as Buy (1) -

Yesterday's ABS retail data showing improvement over the December quarter for the Electrical and Furniture categories are suggesting to Citi Harvey Norman is well positioned leading into 1H results this month.

The brokers prefers JB Hi-Fi in the Discretionary sector on the ASX.

The $5.20 target and Buy rating are maintained for Harvey Norman.

Target price is $5.20 Current Price is $5.14 Difference: $0.06
If HVN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting downside of -4.9% (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

Ord Minnett rates IAG as Accumulate (2) -

Ord Minnett observes Insurance Australia Group has written back $200m of a $380m class action provision over covid business interruption claims, which is expected to assist the insurer's balance sheet, the broker notes.

Following the announcement, Ord Minnett lifts the net profit forecast by 12%, but the EPS estimate remains unchanged.

Target price lifts to $9.65 from $9.45. Accumulate.

Target price is $9.65 Current Price is $8.94 Difference: $0.71
If IAG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.85, suggesting downside of -0.8% (ex-dividends)

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 JBH as Buy (1) -

Yesterday's ABS retail data showing 6.7% year-on-year growth over the December quarter for the Electrical category suggest to Citi significant upside to the consensus expectation for JB Hi-Fi's 1H revenue.

Historically, the broker point out, the company's market share gain grows faster than the ABS Electrical category. Target $110. Buy.

Target price is $110.00 Current Price is $101.25 Difference: $8.75
If JBH meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $81.74, suggesting downside of -19.8% (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 MND as Downgrade to Neutral from Buy (3) -

Citi anticipates Monadelphous Group’s 1H results will reflect a favourable environment for contractors, with revenue forecast to rise by 4.8% and the earnings (EBITDA) margin to improve by 30 basis points to 6.4%.

Secured work for FY25 stands at approximately $1.7bn, already covering 78% of the broker’s full-year revenue forecast, with further upside potential from ongoing contract wins.

Management has guided to a 1H profit of $40-43m, including a $7m post-tax uplift from non-operating items, which Citi considers largely one-off. 

The target rises to $16.30 from $16.20 on a valuation roll-forward, but Citi downgrades to Neutral from Buy in the belief upside is largely captured in the current share price.

Target price is $16.30 Current Price is $15.44 Difference: $0.86
If MND meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.17, suggesting downside of -1.0% (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 NEC as Downgrade to Neutral from Buy (3) -

UBS previews stocks in the Australian Media sector ahead of February results and updates forecasts in response to ongoing weakness in December SMI TV advertising spend data.

The analyst highlights TV spending remains challenged, while Out-Of-Home advertising has performed well.

The broker lowers the target for Nine Entertainment to $1.45 from $1.65 and downgrades to Neutral from Buy, noting a tricky combination of escalating content costs and a very challenging macroeconomic advertising environment.

One potential upside risk is the current strategic review by management, which, UBS suggests, could help unlock value within the Domain ((DHG)) ownership.

Target price is $1.45 Current Price is $1.31 Difference: $0.14
If NEC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 27.7% (ex-dividends)

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

UBS rates NUF as Neutral (3) -

While still early days in the recovery, UBS believes AgChem industry earnings look to have bottomed, after reviewing December quarter results for Nufarm's peer UPL, the world's largest global off-patent crop protection company.

The most relevant readthrough for Nufarm, suggests the broker, is UPL's lower cost of goods sold (COGS) which supported a higher margin. Management at Nufarm has previously spoken of a potential $90m earnings improvement in FY25 from lower COGS.

Neutral rated with a $4.50 target price.

Target price is $4.50 Current Price is $3.56 Difference: $0.94
If NUF meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

UBS previews stocks in the Australian Media sector ahead of February results and updates forecasts in response to ongoing weakness in December SMI TV advertising spend data.

The analyst highlights TV spending remains challenged, while Out-Of-Home advertising has performed well.

For News Corp, the broker raises its target to $64.50 from $51.00 and upgrades to Buy from Neutral, expecting recognition by the market of the Dow Jones growth profile will address current undervaluation.

Target price is $64.50 Current Price is $50.81 Difference: $13.69
If NWS meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $54.50, suggesting upside of 5.6% (ex-dividends)

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

UBS rates OML as Downgrade to Neutral from Buy (3) -

UBS previews stocks in the Australian Media sector ahead of February results and updates forecasts in response to ongoing weakness in December SMI TV advertising spend data.

The analyst highlights TV spending remains challenged, while Out-Of-Home advertising has performed well.

The broker downgrades oOh!media to Neutral from Buy, citing a decline in return on invested capital (ROIC) below the cost of capital to 9%. The target price is lowered to $1.25 from $1.85.

UBS seeks evidence of stabilisation or reversal in the company's significant market share losses in 2024 before turning more positive.

Target price is $1.25 Current Price is $1.15 Difference: $0.105
If OML meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 28.0% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates ORG as Buy (1) -

Origin Energy's 2Q sales volumes and revenues beat market expectations, but UBS considers the main focus was -2-3% lower production guidance for APLNG in FY25. Well optimisation activities and field performance were weaker-than-expected.

While a relatively immaterial downgrade, the broker points out it may raise questions about APLNG’s production cost outlook if further
development drilling is required.

The broker's target rises to $11.90 from $11.75 partly due to higher 2025-26 JKM price forecasts and the inclusion of Eraring Stage 3 battery earnings. Buy maintained.

Target price is $11.90 Current Price is $10.26 Difference: $1.64
If ORG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.71, suggesting upside of 3.8% (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

Morgan Stanley rates PME as Overweight (1) -

Post Morgan Stanley initiating coverage of Pro Medicus, the broker has sought investor feedback, with concerns around barriers to entry due to low R&D spending and the stock’s valuation, which implies a 30% market share in the US, the analyst states.

In contrast, investors are positive on the cadence of new product wins and the upside boost from renewals in 2025/2026, with pricing resulting in a lift of over 7% per annum.

The broker is upbeat on the potential new revenue stream from cardiology, and management is targeting market potential of around 30% of radiology.

Regarding competitive concerns from RadNet's DeepHealth offering, the broker believes Visage will outperform.

Morgan Stanley lifts earnings forecasts by 2%-7% for FY25-FY27 and the target price to $310.

Rated Overweight. Industry View: Attractive.

Target price is $310.00 Current Price is $269.94 Difference: $40.06
If PME meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $210.92, suggesting downside of -25.6% (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

Morgan Stanley rates PMV as Overweight (1) -

Morgan Stanley adjusts earnings estimates for the removal of apparel by -30%, which should result in a reduction in the discount applied to Premier Investments' valuation on a more simplified structure, the broker stresses.

Post the revision and a lower target price of $32 from $37.50, the analyst believes the new structure, with Premier owning 100% of Peter Alexander, Smiggle, and 26% of Breville Group ((BRG)), is being ascribed too low a multiple by the market.

Morgan Stanley estimates Premier will finish with $275m in net cash in FY25, offering options for a share buyback, M&A, or a capital return to shareholders.

Overweight rating unchanged. Target $32. Industry View: In-Line.

Target price is $32.00 Current Price is $23.68 Difference: $8.32
If PMV meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $29.53, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in July.

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 PPT as Buy (1) -

In a reporting season preview by Citi of its coverage of diversified financials, the broker is most positively disposed to the attractive value on offer at Buy-rated Perpetual and Challenger.

For Perpetual, the analysts await more details on additional expense savings and plans to address certain areas of investment underperformance.

The $24.20 target is unchanged.

Target price is $24.20 Current Price is $21.41 Difference: $2.79
If PPT meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.3% (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 RIO as Overweight (1) -

Morgan Stanley considers the potential impact of 25% tariffs on Canada for Rio Tinto, including aluminium, as the company has a number of Canadian operations across aluminium, iron ore, and titanium dioxide.

The company does not break down the exact exposure to aluminium, but the analyst estimates the US imports around 3mtpa from Canada, which represents an estimated 1.7mt of production for Rio or 55% of total Canadian aluminium exports to the US.

At current prices, revenue of US$5.4bn, or around 9.5% of group revenue, and circa 4.3% of earnings are exposed, Morgan Stanley estimates. Aluminium is likely to be the most impacted if the tariffs are enforced.

Overweight rating. Target $136.50. Industry View: In-Line.

Target price is $136.50 Current Price is $114.91 Difference: $21.59
If RIO meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $128.58, suggesting upside of 9.6% (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: 0.5

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

Morgans rates RMD as Add (1) -

Morgans notes ResMed's 2Q25 results were above expectations, with double-digit top and bottom line growth, expanding margins and strong cash flow. 

As per the commentary, sales in the Americas were strong and above market growth, with product segments benefiting from new patient set-ups/new releases and market-leading cloud connected device platforms.

Rest-of-world sales tracked the market and residential care software sales slowed, but inked double-digit profit gains. The broker highlights gross profit margin surprised again to the upside despite a -30bp forex headwind.

The broker continues to see the company as well-positioned to benefit from growing sleep disorder awareness around trends in consumables and weight loss drugs. 

The analyst raised FY25 and FY26 EPS forecasts by 1.1% and 0.5% respectively. Target price rises to $43.6 from $41.33. Rating retained at Add.

Target price is $43.60 Current Price is $38.94 Difference: $4.66
If RMD meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $43.63, suggesting upside of 11.7% (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

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

Post a better-than-expected Q2 performance from ResMed, UBS believes the market is too conservative on US device sales growth, suggesting demand could potentially return to pre-covid levels.

One suggestion made is GLP-1 and wearables are likely to drive incremental patient demand though any impact remains hard to quantify, the broker acknowledges.

It is the broker's assessment the shares are trading at a discount to US peers, hence further EPS upgrades can trigger a re-rating.

UBS's target is raised to US$290 from US$255. Upgrade to Buy from Neutral.

Current Price is $38.94. Target price not assessed.

Current consensus price target is $43.63, suggesting upside of 11.7% (ex-dividends)

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 RSG as Hold (3) -

In the latest December quarter update from Resolute Mining, Ord Minnett notes the company reported lower-than-expected production and higher costs than the market anticipated.

Management's FY25 guidance also came in lower than expected, with the company paying US$160m to settle alleged tax and claims with the Mali government.

Ord Minnett includes higher operating costs in the company's estimates due to the new Mali mining code, around US$50m per annum.

The broker lowers the 2024 EPS forecast by -1%. No change to Hold rating. Target trimmed to 40c from 50c.

Target price is $0.40 Current Price is $0.38 Difference: $0.02
If RSG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

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 SWM as Sell (5) -

UBS previews stocks in the Australian Media sector ahead of February results and updates forecasts in response to ongoing weakness in December SMI TV advertising spend data.

The analyst highlights TV spending remains challenged, while Out-Of-Home advertising has performed well.

The broker raises the target for Seven West Media to 15c from 14c and retains a Sell rating.

Target price is $0.15 Current Price is $0.17 Difference: minus $0.02 (current price is over target).
If SWM meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.15, suggesting downside of -6.3% (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

UBS rates SXL as Neutral (3) -

UBS previews stocks in the Australian Media sector ahead of February results and updates forecasts in response to ongoing weakness in December SMI TV advertising spend data.

The analyst highlights TV spending remains challenged, while Out-Of-Home advertising has performed well.

The broker raises the target for Southern Cross Media to 64c from 56c and retains a Neutral rating.

Target price is $0.64 Current Price is $0.62 Difference: $0.02
If SXL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.56, suggesting downside of -9.1% (ex-dividends)

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

Shaw and Partners rates TTT as Buy (1) -

Shaw and Partners notes the 2Q25 quarterly 4C release for Titomic. The broker argues Titomic is in a strong position to capitalise on tariffs and onshoring/reshoring in the US, with tariffs making 3D-printed products more "cost-effective."

The analyst highlights the company can assist customers in managing supply chains and lowering reliance on offshore suppliers.

Buy, High Risk rating, and 30c target price are unchanged. No change to earnings forecasts.

Target price is $0.30 Current Price is $0.23 Difference: $0.07
If TTT meets the Shaw and Partners target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates VMM as Speculative Buy (1) -

Ord Minnett changes Viridis Mining and Minerals to Speculative Buy from Buy with an unchanged target price of $1.

The company reconfirmed an increase in the measured and indicated resource for the Colossus project to 329mt at 2,680ppm in the December quarter update.

Ord Minnett argues the next stage will be more "challenging" for the company, including securing around US$400m in funding for a 5mtpa operation.

The analyst highlights Viridis has been in a trading halt since January 30 and entered voluntary suspension on February 3, which infers to the analyst there are some challenges around obtaining funding.

At quarter-end, the company had $1.2m, post spending -$3.7m during the quarter. Ord Minnett estimates $10m is required to fund the Definitive Feasibility Study without any breaks.

Target price is $1.00 Current Price is $0.40 Difference: $0.605
If VMM meets the Ord Minnett target it will return approximately 153% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates WGX as Outperform (1) -

Macquarie views the FY25 production guidance cut from Westgold Resources as larger than anticipated at -17%, coming in below the broker and consensus forecasts by -13%.

A slow ramp-up at Beta Hunt and Bluebird was highlighted as the cause for the downgrade. The company also announced a rise in all-in-sustaining costs of 16%, which is higher than estimated by 7%, the analyst explains.

Macquarie lowers EPS forecasts by -31% for FY25 and -23% for FY26, incorporating lower grades at Big Bell.

Target price declines by -14% to $3.20. No change to Outperform rating.

Target price is $3.20 Current Price is $2.26 Difference: $0.94
If WGX meets the Macquarie target it will return approximately 42% (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