Australian Broker Call

UBS rates ABY as Buy (1) -

UBS comments Q1 sales reported by Adore Beauty proved marginally below forecast. The broker highlights compared to pre-covid levels, growth remains solid at 22% 3-year CAGR.

The broker has only made minor changes to forecasts. Buy rating retained on valuation. Target $2 (lost -10c).

Target price is $2.00 Current Price is $1.56 Difference: $0.44
If ABY meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates ACL as Neutral (3) -

Medlab, a business acquired in December 2021, has been yet another victim of a cyber hack in Australia, Australian Clinical Labs has announced.

Personal information of approximately 223,000 individuals has been affected, while the group's broader system has not been impacted.

Citi suggests while uncertainty lingers about the ultimate negative impact, it believes the reputation risk is likely to be contained as patients tend to use the pathology providers closest to their point-of-care.

Target $4.15. Neutral.

Target price is $4.15 Current Price is $3.35 Difference: $0.8
If ACL meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals' first quarter gold production beat Macquarie's estimates by 9%, but copper missed by -7% while lead and zinc were in line. Higher production costs at Hera, Peak and Dargues drove an all-in sustaining cost of $2,683 an ounce, 42% above the broker's estimate.

Full year guidance was maintained, including all-in sustaining costs of $1,900 an ounce, reflecting an expected decrease in costs through the year. The company continues to work on funding options for Federation, which Macquarie considers the company's main upcoming catalyst.

The Outperform rating and target price of $0.25 are retained.

Target price is $0.25 Current Price is $0.12 Difference: $0.13
If AMI meets the Macquarie target it will return approximately 108% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Aurelia Metals' Sep Q was a bad as forewarned and Ord Minnett sees a long road back to redemption. Whilst there is a glimmer of hope at Peak, the fact is that the key value lies in Federation, the broker notes, which is now stalled due to a lack of funding.

The key question for the broker is have the operational cash losses stopped? If not, Ord Minnett does not believe a focus on Federation is possible.

After increasing the risk factor on the project, the broker cuts its target to 30c from 50c and downgrades to Hold from Buy.

Target price is $0.30 Current Price is $0.12 Difference: $0.18
If AMI meets the Ord Minnett target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates ANZ as Buy (1) -

ANZ Bank's FY22 beat market consensus on better asset quality, suggests Citi. The broker thinks it was management's guidance for higher costs that spooked the market on the day.

Citi is also of the view the banking sector in Australia generally is of the intent to use the rise in Net Interest Margin (NIM) to accelerate investment spending.

The broker retains its Buy rating and lifts the target price by 25c to $29.25. Market consensus is expected to lift forecasts, as has happened at Citi too.

Target price is $29.25 Current Price is $24.99 Difference: $4.26
If ANZ meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates ANZ as Outperform (1) -

In response to ANZ Bank's result, Credit Suisse has upgraded its FY23 earnings forecast by 2% on the back of stronger margins, with an offset from higher investment spend. FY24 nevertheless falls -6% on expected higher costs and slightly lower margins.

The result exhibited leverage to higher rates, a strong capital position and lower bad debts. But the bank is guiding to higher expenses, the broker notes, and is losing market share in housing.

All up the broker cuts its target to $29.00 from $29.25, Outperform retained.

Target price is $29.00 Current Price is $24.99 Difference: $4.01
If ANZ meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates ANZ as Neutral (3) -

With favourable margin trends supporting ANZ Bank in delivering one of its best results in recent years, Macquarie is predicting the bank can deliver 15% revenue growth in FY23. The broker expects this will allow the bank to absorb higher expenses and invest in its franchise.

The broker expects ANZ Bank is well placed to capitalise on an improving revenue outlook, and expects the bank will lift restructuring charges to $500 from $100 to better position the bank while the revenue backdrop is supportive.

The Neutral rating is retained and the target price increases to $26.00 from $25.50.

Target price is $26.00 Current Price is $24.99 Difference: $1.01
If ANZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates ANZ as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley expects modest upgrades to consensus forecasts for ANZ Bank following FY22 results, which revealed a good exit margin and a supportive 1H FY23 margin outlook. Higher cost growth guidance provided a partial offset.

However, the analyst downgrades the rating to Equal-weight from Overweight on less scope for further EPS upgrades and given a 15% share price rally since mid-July. Margins are expected to rise materially in FY23, but a reinvestment burden is expected to weigh.

Cash profit was a beat of around 3% and 6%, respectively, by comparison with forecasts by the broker and consensus. The impairment charge of -$52m was significantly lower than the -$205m forecast by the analyst.

The target price falls to $25.50 from $26.90. Industry view: In-line.

Target price is $25.50 Current Price is $24.99 Difference: $0.51
If ANZ meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates ANZ as Hold (3) -

FY22 results for ANZ Bank were broadly in line with Morgans expectations. Cash profits were greater than had been forecast due to larger loan loss provision releases. A 74cps 2H dividend was declared, 2cps ahead of the analyst's estimate.

At current prices, the broker expects an around 8% yield (including franking) across the next 12 months.

In the analyst's view, positives from the result included further de-risking of the loan book and a positively trending net interest margin (NIM). More negatively, management increased cost growth guidance.

The Hold rating is maintained, while the target slips to $25.91 from $26.45.

Target price is $25.91 Current Price is $24.99 Difference: $0.92
If ANZ meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates ANZ as Accumulate (2) -

ANZ Bank's FY22 profit came in 2.5% ahead of Ord Minnett's forecast. Second half profit was 4% above estimate despite lower than expected Markets income and costs 1% higher than expected.

The broker puts the -3.3% share price fall down to 5% FY23 cost growth guidance.

Ord Minnett has increased earnings forecasts by 8% in FY23 and 3% in FY24. The broker assumes $2bn of buybacks across FY24-25 but has not included Suncorp ((SUN)) bank earnings as yet.

Target rises to $27.10 from $26.20, Accumulate retained.

Target price is $27.10 Current Price is $24.99 Difference: $2.11
If ANZ meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates BTH as Overweight (1) -

Morgan Stanley reviews a 1Q update by Bigtincan Holdings prior to asking further questions at an upcoming conference call.

Progress towards being free cashflow positive appears to be strong, aided by a fall in capex to -$3.5m from -$4.7m in the previous corresponding period. Management reiterated FY23 guidance.

The $1.15 target and Overweight rating are retained. Industry view: In-Line.

Target price is $1.15 Current Price is $0.66 Difference: $0.49
If BTH meets the Morgan Stanley target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates CBL as Speculative Buy (1) -

Morgans leaves its Speculative Buy rating and $0.85 target unchanged for Control Bionics following a 1Q cashflow report.

The broker likes both the 70% growth revealed for the US market and the inaugural sale in Japan, and feels sales channels are opening back up after covid. 

Product development remains on-track, observes the analyst, and announcements relating to miniaturisation of technology and product launches will be potential share price catalysts.

Target price is $0.85 Current Price is $0.18 Difference: $0.67
If CBL meets the Morgans target it will return approximately 372% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates CIA as Buy (1) -

Citi spotted a "modest beat" when Champion Iron released its September quarter update. Production surprised on the upside while costs were lower.

The overall suggestion is the share price trades at a (too) large discount, even with questions about China and the price of iron ore lingering.

Target price lowered to $7.50 from $7.70. Buy rating retained.

Target price is $7.50 Current Price is $5.24 Difference: $2.26
If CIA meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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 CIA as Neutral (3) -

The second quarter was solid for Champion Iron, with production, shipments and costs all beating Macquarie's predictions following the Bloom Lake Phase 2 ramp up. 

While cash costs decreased quarter-on-quarter, they are expected to further decline as the ramp up progresses. An interim dividend of 10 cents per share was announced, materially better than the 4 cents per share Macquarie had assumed.  

The Neutral rating is retained and the target price increases to $5.50 from $5.30.

Target price is $5.50 Current Price is $5.24 Difference: $0.26
If CIA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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) -

Capricorn Metals reports strong first quarter production of 31,000 ounces, a 2%  beat to Macquarie's assumptions, on all-in sustaining costs of $1,166 per ounce, a 13% beat to the broker. Gold sold missed by -14%, but cash generation was strong and full year guidance is retained.

A reserve and resources update lifted KPG Ore Reserves 12% and Mineral Resources 7%, but Macquarie had already accounted for some increase given positive drilling results.

The Neutral rating and target price of $3.50 are retained.

Target price is $3.50 Current Price is $3.44 Difference: $0.06
If CMM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates CSL as Overweight (1) -

After reviewing 3Q results for Argenx in the US, and in particular its Vyvgart revenues, Morgan Stanley concludes risks are manageable for CSL. 

The analyst points out for every three myasthenia gravis patients lost to Vyvgart, CSL would only need to diagnose one primary immunodeficiency disease.

The Overweight rating and $327 target are retained. Industry view: In-Line.

Target price is $327.00 Current Price is $275.95 Difference: $51.05
If CSL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $323.95, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Credit Suisse rates CTD as Neutral (3) -

Corporate Travel Management's trading update showed revenue recovered to 75% of FY19 levels in the September quarter. September is historically the slowest quarter, Credit Suisse notes, coming after the northern summer holiday period.

Management noted North American activity is being constrained by airline disruption and poor airport experience, impacting demand for short duration travel.

Credit Suisse foresees weakening corporate travel demand from the company’s client base, predominantly made up by SMEs, as the global economy slows. Most concerning is Europe, where a recession is likely in 2023.

Target falls to $18.50 from $19.80, Neutral retained.

Target price is $18.50 Current Price is $17.47 Difference: $1.03
If CTD meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates CTD as Outperform (1) -

While Corporate Travel Management did not outline full year guidance at its recent annual general, the company targets revenue recovery of 80%. 75% revenue recovery was achieved in September, and Macquarie notes October is tracking higher. 

Macquarie lowered its revenue recovery assumptions to 79% from 82%. The broker highlights full recovery in FY24 remains reliant on supply chains easing and China borders opening by June 2023, but full recovery could produce revenues of $810m and earnings of $265m. 

The Outperform rating is retained and the target price decreases to $21.50 from $23.30.

Target price is $21.50 Current Price is $17.47 Difference: $4.03
If CTD meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley highlights from Corporate Travel Management's AGM update that Europe still leads the way on new wins and reopening, and the A&NZ rebound continues.

Management noted client wins are at all-time record levels in FY23 so far, and is targeting an 80% revenue recovery for the financial year.

The Overweight rating is retained with the company remaining free cashflow positive and taking market share organically, explains the analyst. The $27.50 target is unchanged. Industry View: In-Line.

Target price is $27.50 Current Price is $17.47 Difference: $10.03
If CTD meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

UBS rates CTD as Buy (1) -

Corporate Travel Management Q1 update suggests to UBS the recovery is ongoing, but slowing down. Both airline capacity constraints and seasonality are seen as responsible.

Market share is still increasing, highlights the broker, while the workforce build-out is also largely complete.

UBS finds the stock remains appealing from a valuation perspective, while further market share grab remains on the agenda as Corporate Travel Management utilises its tech advantage.

Forecasts have been pared back by -4% in FY23 and -2% in FY24-25. Target unchanged at $26.80. Buy.

Target price is $26.80 Current Price is $17.47 Difference: $9.33
If CTD meets the UBS target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates DCN as Neutral (3) -

Dacian Gold produced 21,500 ounces during the first quarter, at an all-in sustaining cost of $1,594 per ounce, and closed out the quarter with a net cash position of $39.2m. 

Underground mining was completed in the quarter, and the mill transitioned from mining to stockpile processing. The broker considers Genesis Minerals' ((GMD)) unconditional takeover offer an upcoming catalyst for the company. 

The Neutral rating is retained and the target price increases to $0.14 from $0.10.

Target price is $0.14 Current Price is $0.14 Difference: $0.005
If DCN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates DMP as Add (1) -

Morgans reduces its earnings (EBIT) forecasts for Domino's Pizza Enterprises by -4% in FY23 and FY24 and lowers its target price to $88 from $90. However, factors weighing on performance are considered temporary.

These factors include adverse currency movements, cost inflation and the reversal of covid tailwinds , which have impacted the appetite for store rollouts, explains the analyst.

Morgans awaits an October trading update at next week’s AGM, which could well show a turnaround for operations. The Add rating is unchanged.

Target price is $88.00 Current Price is $60.43 Difference: $27.57
If DMP meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $82.38, suggesting upside of 40.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgan Stanley rates DTL as Overweight (1) -

Following Data#3's AGM, Morgan Stanley believes any share price weakness will likely be bought into by the market, given the company's earnings visibility in an upgrade cycle. Management increased 1H profit (PBT) guidance slightly ahead of the broker's estimates.

The company pointed to the resilience of IT spending as "organisations increasingly see IT as a way to save money on other activities, rather than as a cost centre".

Morgan Stanley retains its Overweight rating and $6.90 target. Industry view is In-Line.

Target price is $6.90 Current Price is $6.57 Difference: $0.33
If DTL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.94, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Credit Suisse rates ECX as Outperform (1) -

Ahead of Eclipx Group's upcoming FY22 result, Credit Suisse has cut profit estimates, predominately driven by changes to end-of-lease (EOL) income assumptions, in turn driven by lower forecasts on used car prices.

The main problem for the broker is that headline earnings will decline from a FY22 peak into FY23-24, as EOL income naturally mean-reverts to normalised levels, notwithstanding growth in the book as the new business order pipeline converts.

Yet, while Credit Suisse can see no immediate catalysts, the broker retains Outperform on a compelling valuation. Target falls to $2.50 from $3.10.

Target price is $2.50 Current Price is $1.88 Difference: $0.625
If ECX meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.79, suggesting upside of 53.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates FMG as Neutral (3) -

Citi found the September quarter performance "solid", but the prior quarter had been "stellar" (note the difference). Costs were marginally higher and Fortescue Metals enjoyed a weak AUD tailwind, points out the broker.

Citi tinkers with iron ore price forecasts which leads to small upgrades to EPS forecasts, but also warns of potential iron ore price weakness as China's steel production probably slows with the arrival of winter.

Target $17. Neutral.

Target price is $17.00 Current Price is $16.07 Difference: $0.93
If FMG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.6

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

Credit Suisse rates FMG as Neutral (3) -

Fortescue Metals' Sep Q shipments were in line with expectation, which Credit Suisse sees as positive given a challenging backdrop evidenced by recent soft peer performance.

Management's previously announced plan is to reach net-zero emissions in its iron ore operations by 2030. This will mean -US$6.2bn in capex, but returns will be positive thereafter.

If delivered as planned, Credit Suisse sees slight valuation appreciation, but the risks are extensive. If Fortescue can become a leader in decarbonisation intellectual property, there is upside.

Neutral and $15.70 target for now.

Target price is $15.70 Current Price is $16.07 Difference: minus $0.37 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.6

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

Macquarie rates FMG as Underperform (5) -

Macquarie has described Fortescue Metals' first quarter as solid, with shipments, cash costs and realised prices all better than the broker had expected. Full year guidance is retained at this point.

An average realised price of US$87.43 per dry metric tonne equates to 84% of the benchmark price, an improvement from the 79% achieved in the previous quarter. The fist quarter result underpinned a 5% increase to the broker's FY23 earnings per share forecast.

The Underperform rating and target price of $14.50 are retained.

Target price is $14.50 Current Price is $16.07 Difference: minus $1.57 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.6

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

Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley remains Underweight-rated on Fortescue Metals following in-line 1Q production, but materially lower revenue realisation.

The broker is cautious around upcoming spending for Fortescue Future Industries, and potential for widening iron ore discounts and lower price realisation.

Revenue realisation was -8% lower than the analyst expected in the 1Q, with a per tonne number of US$87.40 versus the US$94.60 expected.

The $15.15 target is maintained. Industry View: Attractive.

Target price is $15.15 Current Price is $16.07 Difference: minus $0.92 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.6

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

Morgans rates FMG as Reduce (5) -

The 1Q for Fortescue Metals revealed shipments, price and C1 costs were all slightly better than Morgans expected. 

Management left guidance for FY23 shipments, cash cost and capex guidance unchanged and stated Iron Bridge is on-track for a March quarter 2023 startup.

The analyst retains its Reduce rating,  expecting further volatility from the hard pivot into renewables, and sees risk to free cashflow performance. The target falls to $14.30 from $15.00.

Target price is $14.30 Current Price is $16.07 Difference: minus $1.77 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.6

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

Ord Minnett rates FMG as Hold (3) -

Fortescue Metals reported a solid first-quarter shipment rate, Ord Minnett suggests, with costs below the FY23 guidance range. Achieved price was a touch lower than expected but still respectable.

Management was upbeat on the Iron Bridge project, stating commissioning begins next week. There was no material new info on Fortescue Future Industries.

Slightly higher capex leads to a target cut to $16.00 from $16.80, Hold retained.

Target price is $16.00 Current Price is $16.07 Difference: minus $0.07 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.6

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

UBS rates FMG as Sell (5) -

Despite a strong start to FY23, as indicated by 1Q results, UBS sees weakening iron ore fundamentals for Fortescue Metals.

Uncertainty from spending on Fortescue Future Industries also continues to weigh and the broker retains its Sell rating.

The target price rises to $14.80 from $14.30 on the expectation for better price realisation.

Target price is $14.80 Current Price is $16.07 Difference: minus $1.27 (current price is over target).
If FMG meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.6

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

Macquarie rates GOR as Outperform (1) -

Gold Road Resources' third quarter gold production of 83,600 ounces was a -3% miss to Macquarie's initial forecast on lower mill throughput, while all-in sustaining costs of $1,426 per ounce were 8% higher than expected 

The broker considers Gold Road Resources on track to meet full year guidance, with production year to date equal to 75% of guidance at the midpoint with Macquarie anticipating a stronger final quarter. 

The Outperform rating and target price of $1.50 are retained.

Target price is $1.50 Current Price is $1.43 Difference: $0.07
If GOR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates GUD as Neutral (3) -

G.U.D. Holdings' AGM trading update suggests Citi's forecasts might be a little too conservative, points out the broker, with the legacy aftermarket operations performing better and partially offsetting slowing momentum for the Davey business.

The analysts note GUD management expects supply constraints to normalise over the next 12 to 18 months, whereas industry feedback suggests further delays in new vehicle supply seem likely due to the semiconductor shortage.

Neutral rating with a target price of $8.75.

Target price is $8.75 Current Price is $7.69 Difference: $1.06
If GUD meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 51.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Ord Minnett rates GUD as Buy (1) -

GUD Holdings reported a solid September quarter trading update, Ord Minnett suggests, with sales in the automotive (ex-AutoPacific Group) division delivering high single-digit growth on the same period last year.

The APG business – the major swing factor to near-term earnings – delivered an improved result, albeit new vehicle deliveries in the segment were down -3% in the period.

Ord Minnett sees the A$ as cause of potential concern for earnings into FY24 with corrective price action required, although the progressive delivery of earnings through FY23-24, leading to a reduction in the company’s current elevated gearing, should see the stock re-rate.

Buy and $12.00 target retained.

Target price is $12.00 Current Price is $7.69 Difference: $4.31
If GUD meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 51.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates IEL as Outperform (1) -

In a positive for IDP Education, Australia appears to remain an attractive destination for international students according to Macquarie, which noted the 118,000 Australian student visas lodged in September were up 108% year-on-year and just -1% below 2019 levels. 

The broker expects an easing of lockdowns in China would see Australia's student volumes exceed 2019 levels. Macquarie lifts its earnings per share forecasts 3%, 4% and 4% through to FY25.

The Outperform rating and target price of $32.00 are retained.

Target price is $32.00 Current Price is $28.63 Difference: $3.37
If IEL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.06, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates IFL as Buy (1) -

Judging from Citi's post-Q1 release response, there are pros and cons for Insignia Financial, but the broker is clearly of the intent to zoom in on the positives, calling Q1 flow data "respectable".

Regardless, the retreat in assets under management (AuM) during the quarter weighs down the broker's forecasts. EPS forecasts lowered by -6%, -9%; and -10% for FY23-25.

Price target falls to $3.50 from $3.90 but as the shares are still considered too cheap, the rating remains Buy. DPS estimates have been culled too.

Target price is $3.50 Current Price is $3.10 Difference: $0.4
If IFL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates IFL as Outperform (1) -

Insignia Financial's Sep Q update showed an ongoing recovery in Platform flows which continued to improve year on year, Credit Suisse notes. There is scope for flows to further improve with Workplace mandate wins to fund in the next two quarters.

However, the update also highlighted the key risks of declining/stagnating investment markets combined with Insignia’s high operating leverage.

In the broker's view, Insignia carries valuation support considering its flows are now only modestly negative and with upside risk from potential Quality of Advice Review reforms.

Outperform retained, target falls to $4.15 from $4.30.

Target price is $4.15 Current Price is $3.10 Difference: $1.05
If IFL meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates IFL as Overweight (1) -

First quarter results showed total funds under administration and management (FUMA) for Insignia Financial were a -3% miss versus Morgan Stanley's forecast, largely on weaker markets.

Flows in the 1Q were a little softer than the analyst had anticipated though Workplace Super wins and moderating fund under administration reductions lends confidence.

The Overweight rating and $4.10 target are unchanged. Industry view: Attractive.

Target price is $4.10 Current Price is $3.10 Difference: $1
If IFL meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates IPL as Overweight (1) -

The Tampa reference price (November contract price) for the majority of the ammonia sold at Incitec Pivot's Waggaman plant in Louisiana decreased by -2%.

Morgan Stanley estimates the price decrease amounts to a -$20.4m fall in earnings (EBIT), or 1.6% of its FY23 forecast. The current Tampa price is US$1,150/t compared to the broker's US900/t forecast for the 1H of FY23.

The Overweight rating and $4.75 target are unchanged. Industry view: In-Line.

Target price is $4.75 Current Price is $3.65 Difference: $1.1
If IPL meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates JBH as Outperform (1) -

Credit Suisse has upgraded first half estimates for JB Hi-Fi following a trading update that was well ahead of expectations. While the broker retain a sales and margin profile that assumes below-trend trading in 2H23/1H24, further elongation of the spending cycle is possible.

As is a sharper-than-anticipated contraction in spending. In other words, the macro outlook is completely unclear, but the broker expresses a relative preference for JB Hi-Fi among large cap household goods.

Target rises to $55.11 from $53.56, Outperform retained.

Target price is $55.11 Current Price is $42.98 Difference: $12.13
If JBH meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates JBH as Underperform (5) -

While JB Hi-Fi reported strong sales growth of 14.6% for JBH Australia, 27.7% for JBH New Zealand and 1.3% for The Good Guys, Macquarie highlights the company is cycling off a softer comparable quarter. The broker expects a cleaner comparison in the second quarter.

Inflation data suggests electronics and household appliances are up 10.0% and 9.3% year-on-year respectively, and while Macquarie expects inflation to be a driver of topline growth it remains cautious on the ability of customers to absorb price increases.

 The Underperform rating and target price of $41.30 are retained.

Target price is $41.30 Current Price is $42.98 Difference: minus $1.68 (current price is over target).
If JBH meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates JBH as Hold (3) -

JB Hi-Fi's September-quarter sales figures proved highly resilient, Ord Minnett suggests.

Year-on-year comparisons are of less value due to cycling lockdowns, but JB Hi-Fi and The Good Guys saw improvement in sales momentum from the fourth quarter FY22 to the first quarter FY23.

This was counter to Ord Minnett’s expectation of a gradual fade over FY23, and is likely due to supply chains easing, promotional normalisation, price inflation and favourable category exposure to higher-income households.

The broker has increased earnings forecasts by 13% in FY23, pushing out the expected fade in sales and earnings further into the future. Target rises to $46 from $45, Hold retained.

Target price is $46.00 Current Price is $42.98 Difference: $3.02
If JBH meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates JBH as Neutral (3) -

A 1Q trading update by JB Hi-Fi revealed like-for-like sales growth was strong, according to UBS, on a one-to-three year basis across all brands, especially for JB Hi-Fi Australia.

The broker expects market share gains from a helpful mix of a younger customer base (for JB Hi-Fi Australia) and a turnaround at The Good Guys.

However, the analyst sees limited growth drivers beyond ongoing category growth and retains a Neutral rating. A low multiple and attractive dividend yield are considered positives. The $44 target price is unchanged.

Target price is $44.00 Current Price is $42.98 Difference: $1.02
If JBH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates JHG as Sell (5) -

Citi had already been preaching "patience" and it seems Janus Henderson's Q3 market update and management's comments have done nothing to change that view.

According to the broker, management is trying to turnaround the business through evolution rather than revolution and this implies, still, investors need to remain patient.

Q3 nevertheless beat, and equity markets are currently on the move (upwards) again, thus estimates have been lifted.

Target price lifts to US$19.90 (was US$18.50) or to $30.60 in Australia from $29.25 previously. Sell rating retained.

Target price is $30.60 Current Price is $34.40 Difference: minus $3.8 (current price is over target).
If JHG meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.97, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.7

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

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

Janus Henderson's 3Q adjusted EPS beat the forecasts of Morgan Stanley and consensus by 29% and 31%, respectively, due to improving average assets under management (AUM) and fee rates. Outflows were also better than consensus estimated.

The broker feels the group's strategy is taking shape including US$40-45m in new cost savings by the end of FY23. Management intends to serve more clients and move outside traditional markets.

Morgan Stanley maintains its Equal-Weight rating and $30.30 target price. Industry view: Attractive.

Target price is $30.30 Current Price is $34.40 Difference: minus $4.1 (current price is over target).
If JHG meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.97, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.7

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

Macquarie rates JMS as Outperform (1) -

Macquarie found Jupiter Mines' Tshipi ore sales of 1.7m tonnes in the first half to be a strong result, but a 1 cent per share interim dividend was -46% below the broker's assumption. 

While associated income increased 200% year-on-year to $46.8m, a higher than expected income tax expense saw net profit disappoint expectations by -31%. Macquarie lowers its full year earnings per share outlook -31%. 

The Outperform rating and target price of $0.25 are retained.

Target price is $0.25 Current Price is $0.20 Difference: $0.055
If JMS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates KAR as Outperform (1) -

Drilling disruptions saw Karoon Energy miss Macquarie's first quarter production guidance, but stronger than expected performance at Bauna post-intervention saw the company lift the bottom-end of its guidance range. 

Macquarie feels the company could beat full year guidance if Patola comes online, but timing and initial rates will be a determining factor. Following Patola, Karoon Energy will proceed with up to two wells at Neon which the broker expects could be a material catalyst for a re-rate.

The Outperform rating is retained and the target price increases to $3.05 from $3.00.

Target price is $3.05 Current Price is $2.13 Difference: $0.92
If KAR meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Morgans rates KAR as Add (1) -

Morgans assesses a solid 1Q for Karoon Energy. Production and realised pricing exceeded expectations and cash flow was solid. Management upgraded FY23 guidance to 7.5-9.0mmbbl from 7.0-9.0mmbbl.

Sales revenue of US$140m was a beat over the analyst's US$125m forecast due to greater than expected revenue from Bauna.

Morgans keeps its Add rating though the target falls to $3.75 from $3.95 as the broker now increases decline rate assumptions due to the stronger production levels.

Target price is $3.75 Current Price is $2.13 Difference: $1.62
If KAR meets the Morgans target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

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

It is UBS's view that Kogan's Q1 update still does not reflect a turning point in top line sales. The remainder of FY23 is seen as roughly EBITDA break-even while excess stock should be cleared by December.

UBS thinks margins remain at risk depending on what the competition does. Ultimately, however, the broker does see margins recovering, providing a more positive outlook from FY24 onwards.

As the share price is not far off from the $3.60 price target (up from $3.15), UBS has upgraded to Neutral from Sell.

Target price is $3.60 Current Price is $3.31 Difference: $0.29
If KGN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Citi rates LOV as Buy (1) -

Citi has reiterated its Buy rating for Lovisa Holdings with a target price of $24.

The broker explains the positive view is based upon two pillars: the rate of store openings continues without slowing (instead: acceleration is anticipated) plus the retailer's young customer base is considered less sensitive to rising interest rates.

In addition, suggests the broker, Lovisa's low priced products may be more conducive to price rises to offset FX and cost pressures.

No changes to forecasts have been made.

Target price is $24.00 Current Price is $24.02 Difference: minus $0.02 (current price is over target).
If LOV meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.69, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates LVH as Add (1) -

In the wake of a 1Q trading update, Morgans lowers its FY23 and FY24 revenue estimates for LiveHire by -2% and -6%, respectively, on a slower-than-forecast increase in net new clients. The target falls to $0.33 from $0.36.

The broker still managed to see promising underlying momentum for the business  in the 1Q, with the SaaS unit growing revenue by 29% on the previous corresponding period. The Add rating is unchanged.

Target price is $0.33 Current Price is $0.22 Difference: $0.11
If LVH meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates LYC as Outperform (1) -

Higher production and sales from Lynas Rare Earths in its first quarter were partially offset by softer price realisation given the product mix. Macquarie expects the sales mix to normalise in the second quarter and drive a rebound in realised prices. 

With capital management restrictions removed from the company's JARE loan facility, Lynas Rare Earths is no longer restricted from issuing dividends, share buy backs or capital expenditure.

The Outperform rating is retained and the target price increases to $9.50 from $9.30.

Target price is $9.50 Current Price is $8.34 Difference: $1.16
If LYC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

Morgan Stanley reduces its target price for Medibank Private to $3.05 from $3.70 following the October 13 cyber incident.

Management estimates -$25-35m in costs associated with the incident and withdraws FY23 policyholder growth guidance, despite achieving annualised growth of 3.2% in the 1Q.

The broker retains its Equal-weight rating and would become more positive on the share price after the cyber breach is fully resolved. Industry View: In-line.

Target price is $3.05 Current Price is $2.87 Difference: $0.18
If MPL meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates MPL as Hold (3) -

While Medibank Private's initially expects cybercrime costs to be in the range of -$25-35m, Morgans feels significant uncertainty remains for both costs and outcomes. Management has withdrawn FY23 policyholder growth guidance.

Separately, the analyst assesses a solid 1Q update with policyholder growth equating to a 12 month rolling growth rate of 3.2% versus FY23 guidance for 2.7%.

The broker lowers its FY23 and FY24 EPS forecasts by -18% and -6%, respectively. The target price falls to $3.12 from $3.67 after also allowing for -$80m (one off) of pre-tax costs for the cybersecurity issue. Hold.

Target price is $3.12 Current Price is $2.87 Difference: $0.25
If MPL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates MQG as Neutral (3) -

Macquarie Group released H1 financials this morning and Citi analysts, upon initial assessment, point out cash earnings fell some -5% short of their own forecast but market consensus has been beaten by 6%.

Strength in commodities risk management and hedging and structured products proved the saviours of the half, while performance fees and advisory revenues disappointed.

Today's updated guidance sees a downgrade for three of the four operating businesses, highlight the analysts, adding investors will be reluctant to capitalise commodities strength. 

Neutral rating with a target price of $172.00. 

Target price is $172.00 Current Price is $166.54 Difference: $5.46
If MQG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $192.50, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates NCM as Upgrade to Buy from Neutral (1) -

Citi sees an opportunity for investors as the Newcrest Mining share price has been hit hard throughout the general gold sector de-rating.

The broker expects the USD to peak over the next six months while the in-house view is for gold to bounce back to US$1900/oz in the second half of next year.

Arguably, says the broker, Newcrest Mining has the highest quality assets in Australia while its share price is at a 5-year low.

Against all of the above, the company released a rather "mixed" quarterly, with operations at Lumberjack suspended and grades disappointing at Lihir, but with material movement at the latter setting a new record.

The rating has been upgraded to Buy from Neutral. Target price remains $21.

Target price is $21.00 Current Price is $17.93 Difference: $3.07
If NCM meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Credit Suisse rates NCM as Outperform (1) -

Newcrest Mining's Sep Q gold and copper production was -6% and -10% below consensus respectively. Despite lower production, costs were in line due to forex tailwinds, Credit Suisse notes.

The quarter was impacted by maintenance, the broker points out, and Newcrest does not seem to have been impacted by shortages in skilled labour at its Australian assets and continues to fare better than most miners in the current environment.

The broker believes production will be weighted to the second half.

Target falls to $23 from $24, Outperform retained.

Target price is $23.00 Current Price is $17.93 Difference: $5.07
If NCM meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Macquarie rates NCM as Outperform (1) -

Newcrest Mining's production declined -17% quarter-on-quarter and disappointed Macquarie's forecast -5%, but weakening Australian and Canadian dollars underpinned an 11% beat to all-in sustaining costs, although 23% higher than the previous quarter.

The company retained full year guidance, and Macquarie lifts earnings per share forecast 8%. The Outperform rating and target price of 23.00 are retained. 

Target price is $23.00 Current Price is $17.93 Difference: $5.07
If NCM meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Morgan Stanley rates NCM as Overweight (1) -

After in-line 1Q production and all-in sustaining costs (AISC), Morgan Stanley maintains its Overweight rating and $21.70 target for Newcrest Mining. Industry View: Attractive.

While management left FY23 targets unchanged, the analyst believes water shortages at Lihir and the investigation into an injury at Brucejack will be critical to meeting guidance.

Target price is $21.70 Current Price is $17.93 Difference: $3.77
If NCM meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Ord Minnett rates NCM as Hold (3) -

Newcrest Mining 's Sep Q production and costs were in line with Ord Minnett’s forecasts, and there were no changes to guidance. The broker has increased growth capex estimates for key development projects ahead of studies expected in the December quarter.

Earnings forecasts increased by 2% in FY23 and 6% in FY24 due to moderately lower cost estimates. However, the broker sees potential for upcoming study updates to disappoint from a capex and cost perspective.

Hold and $19 target retained.

Target price is $19.00 Current Price is $17.93 Difference: $1.07
If NCM meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

UBS rates NCM as Neutral (3) -

UBS retains its Neutral rating and $18.40 target price for Newcrest Mining following a slight miss for September quarter production and in line costs.

The broker now expects "decent" quarter-on-quarter improvements for production following a 1Q impacted by maintenance costs (as expected).

Weaker copper prices are a short-term headwind, according to the analyst, placing the company at a disadvantage compared to pure-gold mining peers.

Target price is $18.40 Current Price is $17.93 Difference: $0.47
If NCM meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

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

Morgan Stanley believes the market had modest expectations for Nitro Software's 3Q, hence news of cost-out being on target and reiteration of free cashflow timing should be well received. It's felt sales momentum improved from the 2Q.

Year-to-date FY22 revenues are tracking to the lower end of US$65-69m guidance, observes the analyst. Management stated the integration of the European-based Connective is now complete.

The Equal-weight rating and $1.30 target are unchanged. Industry View: In-Line.

Target price is $1.30 Current Price is $1.73 Difference: minus $0.43 (current price is over target).
If NTO meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Macquarie rates NUF as Outperform (1) -

Macquarie finds Nufarm on track to deliver 23% earnings growth in FY22, and finds the broader agricultural market favourable and likely supportive of Nufarm moving forward.

The company has an aspirational FY26 revenue target of $4.6bn, driven by rapid growth in its new revenue lines. Macquarie retains a lower revenue forecast of $4.09bn, but does expects seeds to increase to 42% of earnings by FY26 from a current 14%.

The Outperform rating and target price of $7.20 are retained.

Target price is $7.20 Current Price is $5.58 Difference: $1.62
If NUF meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

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

Given results were pre-released, Panoramic Resources' first quarter production was in line Macquarie's expectations. All-in sustaining costs were 4% higher than the broker had assumed, while C1 costs were -4% lower. 

The first of three shipments slated for the second quarter has already departed, with the others scheduled for mid-November and mid-December.

The rating is upgraded to Outperform from Neutral and the target price increases to $0.20 from $0.17.

Target price is $0.20 Current Price is $0.16 Difference: $0.045
If PAN meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment Management's quarterly update has triggered downgrades for flow estimates at Macquarie, with EPS estimates impacted by -12.5%, -18.2% and -17.1% for FY23-25. Target price drops to $10.20 from $11.78 in response.

As the broker continues to retain a positive view about Pinnacle's organic-growth outlook, with further M&A potential, the Outperform rating has been retained.

The broker notes positive markets in October have more than offset the weakness during Q1.

Target price is $10.20 Current Price is $8.09 Difference: $2.11
If PNI meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates PNI as Neutral (3) -

UBS slashes its price target for Pinnacle Investment Management to $8.00 from $12.20 following a -5% miss for September funds under management (FUM) and greater-than-expected net outflows over the 1Q.

The broker sees better value among other asset managers in the sector and retains its Neutral rating.

The analyst highlights structural factors within net outflows for Institutional, including Australian equity legacy mandate outflows and regulatory-driven portfolio construction changes.

Flows will remain under pressure in the 2Q from both structural and cyclical factors, notes UBS. 

Target price is $8.00 Current Price is $8.09 Difference: minus $0.09 (current price is over target).
If PNI meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.53, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates REH as Sell (5) -

Reece's Q1 trading update was a positive event, but it's not deterring Citi from keeping a Sell rating for the stock.

While sales and costs continue performing well, Citi notes management at Reece is reporting the first signs of slowdown, while also expecting inflation is peaking.

The main gripe Citi has is with the premium valuation while US peers have more defensive end market exposures, and are much cheaper priced.

Target price is $14.63.

Target price is $14.63 Current Price is $15.21 Difference: minus $0.58 (current price is over target).
If REH meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.4

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

Macquarie rates REH as Neutral (3) -

Macquarie saw a "strong" performance from Reece in Q1. Neutral rating retained while mild increases to forecasts have lifted the target price to $15.40 from $15.20.

Macquarie predicts slowing momentum will show up first in the US, later on in Australia & NZ. While market conditions are weakening, the broker maintains the overall trajectory remains unclear, and a negative outcome is not guaranteed.

The broker does agree with opinions elsewhere, the shares look fully valued.

Target price is $15.40 Current Price is $15.21 Difference: $0.19
If REH meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.4

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

Morgan Stanley rates REH as Underweight (5) -

Courtesy of inflation pass-through on pricing, 1Q sales for Reece were a 7.8% beat compared to Morgan Stanley's forecast. However, management noted demand had declined since the end of September and restated that the cycle had peaked.

Group sales for the 1Q rose by 28.8% on the previous corresponding period.

The broker finds it hard to justify Reece's significant premium relative to peers and retains its Underweight rating and $12.20 target. Industry view In-Line. 

Target price is $12.20 Current Price is $15.21 Difference: minus $3.01 (current price is over target).
If REH meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.4

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

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

Reece reported a strong Sep Q sales update, Ord Minnett notes, driven by significant price increases across its key regions and solid volumes. The US business performed exceptionally well and is a late-cycle beneficiary of housing completions.

While the US operations continue to be a significant platform for growth, given the current macroeconomic environment and rise in US mortgage rates the broker expects demand to moderate.

Target falls to $16.00 from $18.50, downgrade to Hold from Buy due to an elevated PE multiple.

Target price is $16.00 Current Price is $15.21 Difference: $0.79
If REH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.4

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

Credit Suisse rates RRL as Neutral (3) -

Regis Resources' Sep Q production beat Credit Suisse but met consensus. There is no change to FY23 production guidance. However the broker sees risks around costs, with the price of diesel in particular being uncontrollable.

It was a good start to the year production-wise, Credit Suisse suggests, but margin pressure will persist while energy costs remain elevated.

Neutral and $1.75 target retained.

Target price is $1.75 Current Price is $1.56 Difference: $0.19
If RRL meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates RRL as Underweight (5) -

While Regis Resources left FY23 guidance unchanged following 1Q results, Morgan Stanley observes significantly higher costs due to lower production. Production at Tropicana was a bright spot and strongly beat expectation.

Cash costs and all-in sustaining costs (AISC) were 15% and 16% above the analyst's forecasts, partially due to lower production at Duketon South.

The Underweight rating and $1.50 target are maintained. Industry View: Attractive.

Target price is $1.50 Current Price is $1.56 Difference: minus $0.06 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.80, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates RRL as Neutral (3) -

Following Regis Resources' September quarter production report, UBS notes production and costs at Tropicana were beats on higher grades, while costs remained elevated across Duketon.

Group production was a slight beat versus the forecasts of the broker and consensus, though costs were elevated.

Management stated FY23 production and cost guidance remain on-track, though the broker is more cautious on costs. The target falls to $1.70 from $1.80 and the Neutral rating is unchanged.

Target price is $1.70 Current Price is $1.56 Difference: $0.14
If RRL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates RSG as Outperform (1) -

It is Macquarie's view Resolute Mining released a "mixed" Q3 production update, predominantly as costs proved higher-than-expected.

With management maintaining 2022 production guidance, the broker believes production will exceed guidance, but costs will disappoint.

Ongoing progress at Syama Sulphides is welcomed, also because it is considered as necessary to de-lever the balance sheet.

Q1 revealed cash generation stronger than expected, thus net debt proved -US$16.1m lower than the broker's estimate.

Outperform. Target has moved to 29c. Forecasts have moved south.

Target price is $0.29 Current Price is $0.22 Difference: $0.075
If RSG meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Credit Suisse rates SUL as Outperform (1) -

Credit Suisse has upgraded first half estimates for Super Retail following a trading update that was well ahead of expectations.

The retailer has a high exposure to domestic leisure related expenditure, which is an area of expenditure where further elongation of the spending cycle is probable, the broker believes.

BCF was the exception in the update to the broker's thesis, but exceptionally wet weather on the east coast during the school holiday period is likely to have had a material influence on performance.

Target rises to $14.05 from $13.97, Outperform retained.

Target price is $14.05 Current Price is $9.99 Difference: $4.06
If SUL meets the Credit Suisse target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates SUL as Neutral (3) -

Super Retail's trading update showed ongoing strong momentum, but the outlook looks more challenging, suggests Macquarie.

Not only will the company start cycling some tough comparables, management itself is expecting households to start feeling the pressure.

Management does consider Super Retail well-positioned for the tougher conditions ahead.

A cautious Macquarie remains below market consensus, but has lifted forecasts nevertheless, Price target lifts to $10.17 from $9.74. Neutral.

Target price is $10.17 Current Price is $9.99 Difference: $0.18
If SUL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates SUL as Hold (3) -

Super Retail Group is continuing to see exceptional sales growth across all four brands, Ord Minnett notes. Sales momentum accelerated in the first six weeks of FY23 for Rebel and Supercheap, despite a step-up in cost of living headwinds for consumers.

The broker has increased earnings forecasts by 9.5% in FY23, pushing out the timing of the expected fade in sales and earnings once again.

Target rises to $11.20 from $11.00, but a lowering of peer and market PE multiples mean Hold retained.

Target price is $11.20 Current Price is $9.99 Difference: $1.21
If SUL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates SUL as Buy (1) -

Management is confident the Super Retail business is well positioned for more challenging retail trading conditions.

A 1Q trading update prompts UBS to increase FY23 and FY24 EPS forecasts by 19% and 8%, respectively, on higher sales and margins for Rebel and Super Cheap Auto.

The broker raises its target to $12.00 from $11.75 and points out sales accelerated for Super Cheap Auto, Rebel and Macpac in weeks 7-16 of the new financial year on a like-for-like basis and for a two-year comparison.

Sales moderated for BCF, arguably due to wet weather, observes the analyst. The Buy rating is unchanged.

Target price is $12.00 Current Price is $9.99 Difference: $2.01
If SUL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgans rates VHT as Add (1) -

Morgans feels the pathway to profitability is now clearer for Volpara Health Technologies as operating costs fell (excluding one-offs) in the 2Q. A further -$1.5m reduction is expected in the 3Q.

Cash receipts were a record in the 2Q and the analyst remains confident the company has sufficient cash to tide things over until breakeven, by the 4Q of FY24.

The Add rating and $1.20 target are unchanged.

Target price is $1.20 Current Price is $0.62 Difference: $0.585
If VHT meets the Morgans target it will return approximately 95% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

UBS rates WES as Buy (1) -

UBS leaves EPS estimates unchanged following management commentary at Wesfarmers' AGM. The broker sees upside risk to Kmart and downside risk for Catch. The Buy rating and $55 target price are unchanged.

No quantitative trading update was provided though management noted Bunnings sales growth remains resilient, while Kmart and Target trading remains pleasing.

The broker highlights the Chemicals, Energy and Fertilisers division is benefiting from strong customer demand and elevated commodity prices.

Target price is $55.00 Current Price is $44.59 Difference: $10.41
If WES meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $47.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Morgans rates WGN as Hold (3) -

Wagners Holding Co released 1H and FY23 guidance at its AGM that missed the forecasts of both Morgans and consensus due to the impact of currency movements upon margins.

Management stated “an expectation that the business delivers much stronger results going forward".

The broker attributes a multiple de-rate since IPO (December 2017) to lower earnings, currency, litigation impacts, covid and slow progress on the Earth Friendly Technology. Earnings growth is awaited before the rating is lifted from Hold.

Morgans forecasts reduce in line with guidance and the target falls to $0.90 from $1.10.

Target price is $0.90 Current Price is $0.78 Difference: $0.12
If WGN meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.11, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

Westgold Resources Q1 production report was 9% better than forecast, while keeping costs in line, comments Macquarie, though cash generation was the disappointment as higher capex/lease payments and working capital took their toll.

As market focus will now shift to cash generation, the broker believes, the rating has been pulled back to Neutral. Target price $0.90.

Target price is $0.90 Current Price is $0.75 Difference: $0.15
If WGX meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

UBS upgrades its rating for Whitehaven Coal to Buy from Neutral following AGM approval for a buyback of around 25% of issued capital.

Should the buyback be fully implemented, the analyst estimates the total return yield (dividend and buyback) will rise to 
45% and 27% for FY23 and FY24, from 22% and 12%.

The $10.00 price target is unchanged.

Target price is $10.00 Current Price is $10.36 Difference: minus $0.36 (current price is over target).
If WHC meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.44, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates ZIP as Sell (5) -

UBS retains its Sell rating and $0.45 target price for Zip Co following a 1Q trading update last week, with total transaction value (TTV) tracking in line with expectations.

Active customers in the US (under a new definition) declined by -5% quarter-on-quarter, which conforms with the broker's view of a long tail of inactive customers in the prior definition.

Target price is $0.45 Current Price is $0.62 Difference: minus $0.17 (current price is over target).
If ZIP meets the UBS target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.67, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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