Australian Broker Call

Macquarie rates 29M as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for 29Metals rises to 45c from 29c and the Neutral rating is unchanged.

Target price is $0.45 Current Price is $0.50 Difference: minus $0.045 (current price is over target).
If 29M meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.47, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates A11 as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The target for Atlantic Lithium falls to 46c from 56c. Outperform.

Target price is $0.46 Current Price is $0.38 Difference: $0.08
If A11 meets the Macquarie target it will return approximately 21% (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

Macquarie rates AGY as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

Argosy Minerals has a Neutral rating and 16c target.

Target price is $0.16 Current Price is $0.18 Difference: minus $0.02 (current price is over target).
If AGY meets the Macquarie target it will return approximately minus 11% (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: 0.0

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

Citi rates AIA as Buy (1) -

In an indication of strong traffic momentum for 2024, according to Citi, Auckland International Airport's February traffic update showed an improvement over a strong January.

Traffic is now recovering toward pre-covid levels, indicating to the broker potential upside to management's conservative FY24 profit guidance.

The Buy rating and NZ$9.50 target are unchanged.

Current Price is $7.65. Target price not assessed.

Current consensus price target is $8.25, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

Macquarie rates AIS as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The Neutral rating for Aeris Resources is maintained and the target rises to 15c from 13c.

Target price is $0.15 Current Price is $0.16 Difference: minus $0.005 (current price is over target).
If AIS meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates AMI as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The Outperform rating is maintained for Aurelia Metals and the target rises to 23c from 22c.

Target price is $0.23 Current Price is $0.14 Difference: $0.09
If AMI meets the Macquarie target it will return approximately 64% (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

Macquarie rates AWC as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for Alumina Ltd rises to $1.30 from $1.10 on higher long-term prices. The Neutral rating is unchanged.

Target price is $1.30 Current Price is $1.22 Difference: $0.08
If AWC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting downside of -7.8% (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: 0.3

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

Shaw and Partners rates BC8 as Buy, High Risk (1) -

Management at Black Cat Syndicate has restructured the funding package to restart the Paulsens project.

Changes were made to expedite the Overseas Direct Investment (ODI) approval process required for Chinese businesses to finance projects.

The funding package is substantially on the same terms as the prior package, and if successful, Sundy the Hong Kong listed holding company vehicle will become a 37% shareholder of Black Cat.

Shaw doesn't expect any delays to first gold, currently forecast for the end of 2024.

The Buy, High Risk rating and target price of 74 cents are retained.

Target price is $0.74 Current Price is $0.20 Difference: $0.54
If BC8 meets the Shaw and Partners target it will return approximately 270% (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

Macquarie rates BGL as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The Outperform rating and target price of $1.90 are retained for Bellevue Gold.

Target price is $1.90 Current Price is $1.68 Difference: $0.22
If BGL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's rating for BHP Group is downgraded to Neutral from Outperform after earnings forecasts across FY26/27 are reduced by -9% and -24%, respectively. The target falls to $42 from $48. South32 and Rio Tinto preferred among the large cap exposures.

Target price is $42.00 Current Price is $42.41 Difference: minus $0.41 (current price is over target).
If BHP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.73, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

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

Black Rock Mining has received loan approval from The Industrial Development Corporation for US$53.4m, notes Shaw and Partners. This is the second part of the targeted US$113m term loan for the Mahenge Graphite Project in Tanzania, explains the broker.

The loan term is expected to be seven years and the interest rate will be based on the Secured Overnight Financing Rate plus a
margin.

The Buy, High Risk rating and target price of 46 cents are retained.

Target price is $0.46 Current Price is $0.07 Difference: $0.392
If BKT meets the Shaw and Partners target it will return approximately 576% (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

Macquarie rates BOE as Outperform (1) -

Boss Energy's first half underlying result was largely as Macquarie expected. A gain on uranium inventory valuation saw reported profit materially beat. The first drum of uranium is expected to be produced from Honeymoon in the March quarter.

Boss has also acquired 30% of the high-grade Alta Mesa ISR project in Texas, growing its production base globally, the broker notes, and also has organic growth optionality as recent drilling success could see production increase.

Macquarie believes Boss Energy offers material upside at uranium spot prices versus its own forecasts.

The Outperform rating and $6.00 target for Boss Energy are retained.

Target price is $6.00 Current Price is $4.70 Difference: $1.3
If BOE meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates BPT as Outperform (1) -

After Macquarie raises oil price forecasts by -4-5%, and incorporates lower spot LNG futures pricing for 2024/25, the broker suggests equities remain cheap, particularly relative to the rising market valuation multiple.

The broker's oil price estimates for 2024 and 2025 are US$80.34/bbl and US$68.75/bbl, respectively, on moderate surpluses in the 1H of 2024, followed by larger oversupply in the 2H.

Macquarie still anticipates superior near-term earnings growth for Beach Energy despite around -12% EPS downgrades to fthe company's forecast in FY25 on lower spot LNG prices. The Outperform rating and $1.95 target are maintained.

Target price is $1.95 Current Price is $1.70 Difference: $0.25
If BPT meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Macquarie rates CHN as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The $2.00 target for Chalice Mining and Outperform rating are unchanged.

Target price is $2.00 Current Price is $1.13 Difference: $0.875
If CHN meets the Macquarie target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 167.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for Champion Iron falls by -18% to $7.50  and the rating is downgraded to Neutral from Outperform.

Target price is $7.50 Current Price is $7.14 Difference: $0.36
If CIA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

This company reports in CAD. 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 CMM as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The Neutral rating and target price of $4.80 are retained for Capricorn Metals.

Target price is $4.80 Current Price is $4.79 Difference: $0.01
If CMM meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates CNB as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The Outperform rating and $1.10 target for Carnaby Resources are maintained.

Target price is $1.10 Current Price is $0.51 Difference: $0.59
If CNB meets the Macquarie target it will return approximately 116% (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

Macquarie rates CRN as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for Coronado Global Resources falls to $2.00 from $2.20. Overweight.

Target price is $2.00 Current Price is $1.22 Difference: $0.78
If CRN meets the Macquarie target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 47.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Macquarie rates CTM as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The Outperform rating and 70c target are maintained for Centaurus Metals.

Target price is $0.70 Current Price is $0.30 Difference: $0.4
If CTM meets the Macquarie target it will return approximately 133% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates CU6 as Buy (1) -

The six participants comprising the third cohort in Clarity Pharmaceuticals' SECuRE study investigating the therapeutic qualities of treatment 64Cu-SAR-bisPSMA have had only mild or moderate adverse events in response to a singular dose of the treatment.

As per Bell Potter, all cohorts have shown encouraging reduction from a singular dose, and the Safety Review Committee has recommended the fourth cohort be expanded to four doses.

The Buy rating and target price of $3.90 are retained.

Target price is $3.90 Current Price is $2.65 Difference: $1.25
If CU6 meets the Bell Potter target it will return approximately 47% (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

Macquarie rates CXO as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The target for Core Lithium falls to 15c from 20c. Neutral.

Target price is $0.15 Current Price is $0.18 Difference: minus $0.03 (current price is over target).
If CXO meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Macquarie rates DEG as Outperform (1) -

Having released a definitive feasibility study for its Hemi project, De Grey Mining has announced a two-tranche $300m equity raise, with the second tranche of $54m subject to shareholder approval notes Macquarie.

Equity raised is intended to be used for the ordering of long-lead items, exploration drilling and early works. 

The results of the definitive feasibility study were largely in line with the pre-feasibility study delivered in September 2022, albeit with pre-production capital up 28%. Macquarie sees a focus on Hemi as reducing delivery risk. 

De Grey Mining's Outperform rating is retained and the target eases to $1.70 from $1.80. From among small caps under coverage, Macquarie prefers both De Grey Mining and Westgold Resources.

Target price is $1.70 Current Price is $1.24 Difference: $0.46
If DEG meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 39.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates DRR as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for Deterra Royalties falls to $4.50 from $4.80. Neutral.

Target price is $4.50 Current Price is $4.95 Difference: minus $0.45 (current price is over target).
If DRR meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.91, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates EML as Hold (3) -

EML Payments has agreed to the sale of digital payment business Sentenial to GoCardless for $54.1m, a move Ord Minnett considers value accretive to the company.

Not only has the company divested a loss making business at a better than expected price, but the sale allows for a more simplified structure and allows management to focus on core business. 

The Hold rating is retained and the target price increases to $1.05 from $1.00.

Target price is $1.05 Current Price is $1.26 Difference: minus $0.21 (current price is over target).
If EML meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates EVN as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

Outperform rating and $3.80 target price are retained for Evolution Mining.

Target price is $3.80 Current Price is $3.32 Difference: $0.48
If EVN meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates FMG as Underperform (5) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's target for Fortescue falls to $14 from $18.50 on forecast earnings cuts for iron ore across FY26 and FY27 of -8% and -30% respectively. The Underperform rating is unchanged.

Macquarie highlights Fortescue has higher operational leverage than peers and pure play exposure - apart from Fortescue Energy.

Target price is $14.00 Current Price is $23.96 Difference: minus $9.96 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 42% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.63, suggesting downside of -13.0% (ex-dividends)

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: -0.7

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

Macquarie rates GL1 as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The target for Global Lithium Resources falls to 66c from 70c. Outperform.

Target price is $0.66 Current Price is $0.59 Difference: $0.075
If GL1 meets the Macquarie target it will return approximately 13% (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

Macquarie rates GLN as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The Outperform rating is retained for Galan Lithium, and the target falls to 60c from 95c.

Target price is $0.60 Current Price is $0.41 Difference: $0.195
If GLN meets the Macquarie target it will return approximately 48% (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

Macquarie rates GMD as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The $2.00 target and Outperform rating for Genesis Minerals are retained.

Target price is $2.00 Current Price is $1.92 Difference: $0.08
If GMD meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates GOR as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The target for Gold Road Resources rises to $1.70 from $1.60. Outperform.

Target price is $1.70 Current Price is $1.54 Difference: $0.165
If GOR meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 17.7% (ex-dividends)

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 HUB as Overweight (1) -

Morgan Stanley has identified Hub24 as a key pick from the recent reporting season. The broker has found Hub24 very successful in disrupting incumbent platforms, and feels structural tailwinds will continue and allow the company to continue expanding market share.

Comparing Hub24 to peer Netwealth Group ((NWL)), the broker has a near-term preference for Hub24 given its current premium discount to Netwealth Group and its stronger flows in recent years.

The Overweight rating is retained with a target price of $44.00. Industry view: In-Line.

Target price is $44.00 Current Price is $40.18 Difference: $3.82
If HUB meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $41.04, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The broker's earnings forecasts for IGO are lowered by -3-40% across FY26-28 due to the lower lithium price outlook. The rating is downgraded to Neutral from Outperform and the target falls to $7.90 from $8.60.

Target price is $7.90 Current Price is $7.39 Difference: $0.51
If IGO meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates ILU as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for Iluka Resources falls to $7.00 from $7.60. Neutral.

Target price is $7.00 Current Price is $6.86 Difference: $0.14
If ILU meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.60, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Citi rates IMD as Buy (1) -

Citi sees signs exploration across the mining industry is edging towards an up-cycle largely driven by the major resource companies with juniors still  on the sidelines as indicated by another subdued month of fundraising.

The broker sees scope for ongoing average revenue per user (ARPU) growth for Imdex in the 2H on both easier comparatives and ramp-ups from majors.

The Buy rating and $2.25 target are unchanged.

Target price is $2.25 Current Price is $2.16 Difference: $0.09
If IMD meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates JMS as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The 25c target and Outperform rating for manganese producer Jupiter Mines are unchanged.

Target price is $0.25 Current Price is $0.18 Difference: $0.07
If JMS meets the Macquarie target it will return approximately 39% (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

Macquarie rates KAR as Outperform (1) -

After Macquarie raises oil price forecasts by -4-5%, and incorporates lower spot LNG futures pricing for 2024/25, the broker suggests equities remain cheap, particularly relative to the rising market valuation multiple.

The broker's oil price estimates for 2024 and 2025 are US$80.34/bbl and US$68.75/bbl, respectively, on moderate surpluses in the 1H of 2024, followed by larger oversupply in the 2H.

Macquarie maintains its Outperform rating for Karoon Energy and notes higher near-term prices are a key positive for Bauna/Patola cash flows. Target $2.55.

Target price is $2.55 Current Price is $1.95 Difference: $0.605
If KAR meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 41.9% (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: 0.9

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

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

Ahead of a strategy update from Lendlease Group in late May, Morgan Stanley points out investor faith in the stock may be improved by a better sight on what segmental returns and earnings the company can deliver comfortably, given 2020 targets have never been met.

The company has flagged that returns and operational targets may be refined at the strategy update, as well as outlining plans to restructure operations. The broker expects if well executed, this could also revitalise investor confidence.

The Equal-weight rating and target price of $7.30 are retained. Industry view: In-Line. 

Target price is $7.30 Current Price is $6.60 Difference: $0.7
If LLC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting upside of 36.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates LLL as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The Neutral rating and 50c target are maintained for Leo Lithium.

Target price is $0.50 Current Price is $0.51 Difference: minus $0.005 (current price is over target).
If LLL meets the Macquarie target it will return approximately minus 1% (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: 0.0

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

Macquarie rates LTM as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The price target for Arcadium Lithium falls to $10 from $11 and the Outperform rating is unchanged.

Target price is $10.00 Current Price is $6.81 Difference: $3.19
If LTM meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 48.1% (ex-dividends)

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 LTR as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The target for Liontown Resources is $1.30. Neutral.

Target price is $1.30 Current Price is $1.25 Difference: $0.05
If LTR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates MGX as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for Mount Gibson Iron falls to 50c from 55c. Outperform.

Target price is $0.50 Current Price is $0.44 Difference: $0.065
If MGX meets the Macquarie target it will return approximately 15% (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

Macquarie rates MIN as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The target for Mineral Resources rises to $77 from $75 with Macquarie noting potential upside for the services and energy valuation. The Outperform rating is maintained.

Higher near-term iron ore prices raise the broker's FY24/25 earnings estimates, though FY26-28 are impacted by a softer outlook for both iron ore and lithium.

Target price is $77.00 Current Price is $65.91 Difference: $11.09
If MIN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $69.80, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates NEM as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

For Newmont, the Outperform rating is maintained and the target rises to $68 from $67 assisted by higher gold leverage and copper exposure, explains Macquarie.

Target price is $68.00 Current Price is $50.85 Difference: $17.15
If NEM meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $72.00, suggesting upside of 41.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates NHC as Underperform (5) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for New Hope declines by -5% to $4.00. Underperform.

Target price is $4.00 Current Price is $4.51 Difference: minus $0.51 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in July.

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

Macquarie rates NIC as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target rises to $1.20 from $1.10 for Nickel Industries, which is Macquarie's preferreed nickel-producing exposure.The Outperform rating is maintained.

Target price is $1.20 Current Price is $0.76 Difference: $0.44
If NIC meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $1.18, suggesting upside of 59.0% (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: 1.0

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

Macquarie rates NST as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The target for Northern Star Resources rises to $17 from $16. Outperform. Northern Star is preferred by the broker among the large caps under coverage.

Target price is $17.00 Current Price is $13.70 Difference: $3.3
If NST meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $13.80, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates PDN as Outperform (1) -

Boss Energy's first half underlying result was largely as Macquarie expected. A gain on uranium inventory valuation saw reported profit materially beat. The first drum of uranium is expected to be produced from Honeymoon in the March quarter.

Boss has also acquired 30% of the high-grade Alta Mesa ISR project in Texas, growing its production base globally, the broker notes, and also has organic growth optionality as recent drilling success could see production increase.

Macquarie believes Boss Energy offers material upside at uranium spot prices versus its own forecasts.

The Outperform rating and $1.50 target for Paladin Energy are retained.

Target price is $1.50 Current Price is $1.21 Difference: $0.295
If PDN meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Macquarie rates PLL as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

Piedmont Lithium carries an Outperform rating and the target slips to 36c form 40c.

Target price is $0.36 Current Price is $0.19 Difference: $0.17
If PLL meets the Macquarie target it will return approximately 89% (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 PLS as Downgrade to Neutral from Outperform (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

While management at Pilbara Minerals has executed well, in Macquarie's view, the current premium valuation restricts further upside giving the broker's pricing outlook.

The rating is downgraded to Neutral from Outperform and the target lowered to $4.20 from $4.40.

Target price is $4.20 Current Price is $3.91 Difference: $0.29
If PLS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Macquarie rates PMT as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The target for Patriot Battery Metals slips to $2.00 from $2.10. Outperform.

Target price is $2.00 Current Price is $1.01 Difference: $0.99
If PMT meets the Macquarie target it will return approximately 98% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Bell Potter rates PPT as Buy (1) -

Bell Potter believes it is Perpetual's aim to improve the value of the business in the eyes of shareholders, starting with the impending strategic review. 

The broker finds the company to be trading at a wide discount to a sum-of-the-parts valuation, and expects shareholders are not realising the full value of the group.

It expects better value for shareholders could be achieved through the demerger of the corporate trust and wealth management segments.

The broker does feel Perpetual is delivering on the Pendal integration, and should be well placed to grow as conditions improve. The Buy rating is retained and the target price decreases to $27.15 from $27.33.

Target price is $27.15 Current Price is $24.28 Difference: $2.87
If PPT meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $26.69, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates PRU as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The target for Perseus Mining rises to $2.70 from $2.60. Outperform.

Target price is $2.70 Current Price is $2.01 Difference: $0.69
If PRU meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

Macquarie rates RIO as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

South 32 and Rio Tinto preferred among the large cap exposures. The broker prefers Neutral-rated Rio Tinto (target rises to $125 from $120) over BHP Group, which is now downgraded to Neutral.

Target price is $125.00 Current Price is $116.95 Difference: $8.05
If RIO meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $129.83, suggesting upside of 10.8% (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: 0.2

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

Macquarie rates RMS as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The Neutral rating is maintained and target price rises to $1.70 from $1.60 for Ramelius Resources.

Target price is $1.70 Current Price is $1.59 Difference: $0.11
If RMS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates RRL as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

Foe Regis Resources, the Outperform rating is maintained and the target rises to $2.70 from $2.50.

Target price is $2.70 Current Price is $1.90 Difference: $0.805
If RRL meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates RSG as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

Resolute Mining's target rises to 60c from 56c. Outperform.

Target price is $0.60 Current Price is $0.37 Difference: $0.23
If RSG meets the Macquarie target it will return approximately 62% (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: 1.0

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

Macquarie rates RXM as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The target for Rex Minerals falls to 26c from 28c. Outperform.

Target price is $0.26 Current Price is $0.18 Difference: $0.08
If RXM meets the Macquarie target it will return approximately 44% (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

Macquarie rates S32 as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

South 32 and Rio Tinto are preferred by the broker among the large cap exposures. Earnings for South32 are upgraded across FY24 and FY25 by 7% and 6%, respectively, highlighting Macquarie's preference for base metals over ferrous. 

The Outperform rating is maintained and the target rises to $3.90 from $3.40.

Target price is $3.90 Current Price is $3.00 Difference: $0.9
If S32 meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Macquarie rates SBM as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The Neutral rating and 17c target for St. Barbara are maintained.

Target price is $0.17 Current Price is $0.17 Difference: $0.005
If SBM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates SFR as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

Sandfire Resources is Macquarie's preferred key copper exposure, with the Motheo operations ramping-up on time and on budget. The target rises to $9.00 from $8.10. Outperform.

Target price is $9.00 Current Price is $8.39 Difference: $0.61
If SFR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.60, suggesting downside of -11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Macquarie rates SLR as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

For Silver Lake Resources, the target rises to $1.20 from $1.10. Neutral.

Target price is $1.20 Current Price is $1.17 Difference: $0.03
If SLR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates STO as Outperform (1) -

After Macquarie raises oil price forecasts by -4-5%, and incorporates lower spot LNG futures pricing for 2024/25, the broker suggests equities remain cheap, particularly relative to the rising market valuation multiple.

The broker's oil price estimates for 2024 and 2025 are US$80.34/bbl and US$68.75/bbl, respectively, on moderate surpluses in the 1H of 2024, followed by larger oversupply in the 2H.

The Outperform rating and $9.05 target are kept for Santos. Macquarie notes superior free cash flow is approaching and the growth portfolio appears to be on track.

Target price is $9.05 Current Price is $7.34 Difference: $1.71
If STO meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $8.96, suggesting upside of 21.9% (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: 0.4

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

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

Ord Minnett considers Strike Energy's plans ambitious, particularly for a company of its size and with no earnings history.

Having raised nearly $200m in equity over the last decade, Strike Energy has amassed a net 1,022 petajoules of gas reserves and resources within the Perth basin. For Ord Minnett, the key question now is how well the company will be able to monetise this position.

The rating is downgraded to Hold from Accumulate and the target price increases to 26 cents from 22 cents.

Target price is $0.26 Current Price is $0.26 Difference: $0
If STX meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates SYA as Neutral (3) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

For lithium, the broker prefers Arcadium Lithium and Mineral Resources over Pilbara Minerals and IGO.

The Neutral rating and 4c target are maintained for Sayona Mining.

Target price is $0.04 Current Price is $0.04 Difference: $0
If SYA meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates TAH as Downgrade to Accumulate from Buy (2) -

The resignation of Tabcorp Holdings' CEO, despite its immediate nature and the fact it has emerged during an investigation into allegations of inappropriate and offensive language being used in the workplace, has had no impact on Ord Minnett's outlook for the company.

The broker feels the market has become overly concerned by this departure, noting it is related to personal behaviour rather than any mismanagement or business performance.

The rating is downgraded to Accumulate from Buy and the target price of $1.05 is retained.

Target price is $1.05 Current Price is $0.73 Difference: $0.32
If TAH meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $0.97, suggesting upside of 29.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates TNC as Speculative Buy (1) -

A phased mining re-start for the Clonclurry Copper Project will now begin as True North Copper progresses to a ramp-up to full capacity through 2025, notes Morgans.

The broker describes the execution of the re-start study (unveiled on February 15) as company-defining as it will potentially lead to True North Copper becoming self funding and allay market concerns around liquidity risk.

The analysts believes the current share price is not incorporating value to the 4.6 years of reserves at the Cloncurry project or projected cash flows and mine life upside.

The Speculative Buy rating is unchanged though the target falls to 20c from 45c based on inputs in line with the Cloncurry mining study.

Target price is $0.20 Current Price is $0.08 Difference: $0.12
If TNC meets the Morgans target it will return approximately 150% (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

Bell Potter rates TNE as Upgrade to Buy from Hold (1) -

Bell Potter is eagerly awaiting TechnologyOne's first half result in May, noting this will be the first result in a few years where the company's net revenue retention will not receive a boost from significant software as a service "flips".

With the company reporting a net revenue retention rate above 115% for each of the last two years, it will be interesting to see if it can maintain a similar result says Bell Potter, which would likely be well received by the market. 

(Spoiler alert: the broker thinks the right answer is affirmative).

The rating is upgraded to Buy from Hold and the target price increases to $18.50 from $17.25.

Target price is $18.50 Current Price is $16.50 Difference: $2
If TNE meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.07, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates WAF as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

For West African Resources, the target rises to $1.50 from $1.40. Outperform.

Target price is $1.50 Current Price is $1.02 Difference: $0.48
If WAF meets the Macquarie target it will return approximately 47% (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 WDS as Neutral (3) -

After Macquarie raises oil price forecasts by -4-5%, and incorporates lower spot LNG futures pricing for 2024/25, the broker suggests equities remain cheap, particularly relative to the rising market valuation multiple.

The broker's oil price estimates for 2024 and 2025 are US$80.34/bbl and US$68.75/bbl, respectively, on moderate surpluses in the 1H of 2024, followed by larger oversupply in the 2H.

The Neutral rating and $31 target are kept for Woodside Energy. Macquarie notes the falling spot LNG curve was already incorporated into forecasts for the company when research was updated for FY23 results.

Target price is $31.00 Current Price is $29.86 Difference: $1.14
If WDS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $33.53, suggesting upside of 13.4% (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: 0.3

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

Macquarie rates WGX as Outperform (1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

The broker's long-term gold price assumption is unchanged at US$1,650/oz but near-term forecasts are raised up until 2028 when the forecast falls by -5%. A peak price is forecast for the 4Q of 2024 at US$2,200/oz.

The target for Westgold Resources rises to $2.90 from $2.50. Outperform. From among small caps under coverage, Macquarie prefers both Westgold Resources and De Grey Mining.

Target price is $2.90 Current Price is $2.32 Difference: $0.58
If WGX meets the Macquarie target it will return approximately 25% (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

Macquarie rates WHC as No Rating (-1) -

Macquarie updates resource company earnings estimates after raising 2024/25 forecasts for copper, gold, zinc and nickel by 11%/4%, 4%/6% and 7%/5%, respectively. 

The broker's iron ore and spodumene forecasts across 2026/27 were cut by -14/-27% and -10%/-29%, respectively. For the longer-term, alumina, zinc and copper forecasts were raised by 18%, 4% and 1%, respectively.

Macquarie holds an Underweight view for iron ore and thermal coal and an Overweight outlook for aluminium, nickel, lithium, copper and metallurgical coal.

Macquarie remains under research restriction for Whitehaven Coal so no target or rating are set.

Current Price is $6.39. Target price not assessed.

Current consensus price target is $8.30, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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