Australian Broker Call

Citi rates A2M as Sell (5) -

Citi points out a third quarter update by health and nutrition company Nuchev ((NUC)) highlights the risk to a2 Milk Co from lockdowns in China causing infant formula delivery delays for consumers.

The broker recalls 2020, when consumers switched to other channels from daigou or switched to domestic infant milk formula brands. This potential and other headwinds are why Citi recently downgraded its rating for a2 Milk Co to Sell.

The Sell rating and $4.80 price target remain.

Target price is $4.80 Current Price is $4.46 Difference: $0.34
If A2M meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.2

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

UBS rates AMA as Neutral (3) -

Following a weak 3Q update by AMA Group due to high levels of employee absenteeism and repair volume weakness, UBS lowers its target to $0.29 from $0.36.

The analyst explains the lower target also incorporates a delayed recovery forecast, based on lower underlying volumes for the 3Q, and a higher valuation discount. The latter is partly due to a cash burn rate that will likely remain a focus for investors. Neutral.

Target price is $0.29 Current Price is $0.28 Difference: $0.01
If AMA meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals' March-quarter result disappointed Macquarie's forecasts as labour issues, lower grades, extreme rainfall and covid absenteeism hit production, triggering a downgrade to production guidance.

Macquarie downgrades FY22 EPS forecasts -45% in what it describes as a very sensitive earnings year.

Outperform rating retained, the broker optimistic on the medium term view. Target price falls -5% to 57c.

Target price is $0.57 Current Price is $0.45 Difference: $0.12
If AMI meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates APX as Buy (1) -

Citi sees a positive in Facebook's increasing investment in AI and machine learning, given the company is Appen's largest customer.

Nonetheless, the work Appen performs for Facebook's is for products currently in production and there may be a short-term risk to contemplate from Facebook's intention to switch to a new format and discovery engine, explains the analyst.

Nonetheless, the broker maintains its Buy rating and $9.15 target price.

Target price is $9.15 Current Price is $6.66 Difference: $2.49
If APX meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $7.28, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings' March-quarter trading update outpaced Ord Minnett's forecasts, as active customer numbers in Australia climbed above 49,500 and margins landed at a healthy 10.9%.

The broker notes the company recently announced plans to launch B2C (business-to-customer) operation in Louisiana in late 2022, along with their latest US brand - ClutchBet. All up, BlueBet intends to launch in at least three US states by the end of this year. 

Buy rating retained. Target price eases to $1.40 from $1.50.

Target price is $1.40 Current Price is $0.71 Difference: $0.69
If BBT meets the Ord Minnett target it will return approximately 97% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates CLW as Overweight (1) -

Having examined debt positions across its property sector coverage universe, Morgan Stanley has decided Charter Hall Long WALE REIT and Scentre Group are most exposed to FY23 earnings downgrades if the cost of debt increases by 100 basis points.

These two have the highest gearing/lowest hedge positions compared to peers.

Stocks least affected are GPT Group ((GPT)), Stockland ((SGP)), Arena REIT ((ARF)) and BWP Group ((BWP)).

That said, the two most impacted stocks also offer the highest income growth via around 50% CPI-linked leases. Hence no change to Overweight and $5.85 target for Charter Hall LWR.

Target price is $5.85 Current Price is $5.36 Difference: $0.49
If CLW meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Morgans rates COL as Add (1) -

Coles Group's 3Q sales were slightly better than Morgans forecast, despite major disruptions during the period. Online outperformed partly due to omicron-related demand.

Like-for-like sales at Supermarkets outperformed the analyst's forecast, while Liquor sales also exceeded expectation. In Express, convenience store sales underperformed due to floods and reduced consumer mobility from omicron.

Management noted sales in the 4Q to date have been solid. The broker maintains its Add rating and increases its target to $20.65 from $19.70.

Target price is $20.65 Current Price is $18.70 Difference: $1.95
If COL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.11, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates DCN as Underperform (5) -

Dacian Gold's March-quarter result largely met Macquarie's forecast, thanks to an earlier downgrade to production guidance and an increase to cost guidance.

The company reported a $4m improvement in its net cash position to $4.8m.

Underperform rating retained. Target price steady at 23c. The broker notes the company is highly leveraged to gold prices and foreign exchange rates.

Target price is $0.23 Current Price is $0.23 Difference: $0
If DCN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -1.0

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

Macquarie rates DEG as Outperform (1) -

De Grey Mining has finished a major infill drilling program (aimed at improving the resource) and the company reports a broadly in-line March-quarter result.

The company is scheduled to release an updated resource in the June quarter and pre-feasibility study in the September quarter.

Macquarie tinkers with EPS forecasts. Outperform rating and $1.90c target price retained.

Target price is $1.90 Current Price is $1.21 Difference: $0.69
If DEG meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates DMP as Buy (1) -

UBS notes first quarter results for brand owner Dominos Pizza Inc in the US showed headwinds from omicron, staff shortages and inflation, with management expecting headwinds to continue further into 2022.

In relation to Domino's Pizza Enterprises, commentary suggested Taiwan was seeing strong growth in the quarter. While staffing shortages are a long-term headwind, the broker believes the company is less exposed versus peers.

UBS maintains its Buy rating and $110 target price and is confident inflation can be managed via a focus on value.

Target price is $110.00 Current Price is $75.31 Difference: $34.69
If DMP meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $99.11, suggesting upside of 39.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

In a brief assessment of Damstra Holdings's March Q, Morgan Stanley notes revenue showed sequential improvement on the prior two quarters, albeit FY revenue guidance was tightened down to $30-32m from $30-34m.

The quarter's performance was driven broadly by mining and construction reopening, the broker notes, and Damstra has also finalised contract discussions with a new global mining client in North America, and is now finalising implementation plans.

No other details were disclosed, but completion is a catalyst, Morgan Stanley suggests. Equal-weight and 25c target retained. Industry View: In-Line.

Target price is $0.25 Current Price is $0.14 Difference: $0.11
If DTC meets the Morgan Stanley target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates FMG as Neutral (3) -

UBS assesses a strong March quarter operationally for Fortescue Metals with shipments ahead of expectation and FY22 guidance lifted to 185-188Mt from 180-185Mt. Nonetheless, cost headwinds picked up in the quarter.

The broker remains cautious on iron ore and retains its Neutral rating though concedes shareholder returns should be supported by currently high spot prices and the potential for Chinese stimulus.

The target price rises to $18.70 from $17.10.

Target price is $18.70 Current Price is $21.63 Difference: minus $2.93 (current price is over target).
If FMG meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.51, suggesting downside of -18.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.4

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

Macquarie rates HAS as Outperform (1) -

Hastings Technology Metals' March-quarter report broadly met Macquarie's forecasts and the broker notes the company is still exploring debt funding options for its rare earths project, the development of which would elevate the company to producer status by the end of 2024.

Macquarie estimates and extra $160m in debt and $200m in equity will be needed to finish construction.

Outperform rating and 40c target price retained.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If HAS meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates IGO as No Rating (-1) -

IGO's March-quarter production report generally pleased Macquarie, revenue falling -2% shy of the broker's forecast, and group earnings (EBITDA) outpacing by 8%.

Nova reported a cash beat and Greenbushes' result was in line, while company was struggling to start producing battery grade hydroxide.

Macquarie is on rating restriction.

Current Price is $13.17. Target price not assessed.

Current consensus price target is $14.08, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates IME as Speculative Buy (1) -

The key takeaway for Morgans from the 1Q cashflow report for ImExHS was the provision of guidance which reconfirmed profitability expectations and the achievement of cashflow breakeven in the second half.

Overall sales growth across the company's two segments are tracking ahead of the analyst's previous FY22 forecast. The Speculative Buy rating is maintained. while the target price eases to $2.53 from $2.54

Target price is $2.53 Current Price is $0.82 Difference: $1.71
If IME meets the Morgans target it will return approximately 209% (excluding dividends, fees and charges).

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

Credit Suisse rates KGN as Downgrade to Underperform from Neutral (5) -

Credit Suisse downgrades Kogan.com to Underperform from Neutral and sharply cuts the target price to $3.75 from $5.53 after the company published a March-quarter loss.

Sales fell well short of forecasts and market averages, gross sales falling -7.2% year-on-year and Third-Party and Exclusive Brands falling -21.8% and -18.8% respectively.

Credit Suisse believes gross profit will struggle in the short term due to high direct sourcing costs and cautions the company's cost/profit problem could become a cash problem. Costs eased on the previous quarter but remained 16% above 2021, says the broker. Margins (EBITDA) have also tumbled.

Target price is $3.75 Current Price is $3.91 Difference: minus $0.16 (current price is over target).
If KGN meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.5

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

UBS rates KGN as Neutral (3) -

Exhibiting a significant downturn from January, third quarter gross sales for Kogan.com were -13% shy of the UBS forecast due to general weakness in e-commerce and a more cautious consumer over February and March. 

The broker expects gross margins to be impacted by elevated inventory levels (again), and more material operating leverage is now not expected until at least 2H23.

As the company's forward earnings multiple remains elevated, the analyst retains a Neutral rating. Medium-term earnings forecasts are downgraded and the target price falls to $4.30 from $5.70.

Target price is $4.30 Current Price is $3.91 Difference: $0.39
If KGN meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.5

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

Macquarie rates MCR as Neutral (3) -

News Mincor Resourceshas reached an agreement with Nickel West that guarantees cash flow from concentrate sales in June pleases Macquarie, the broker noting stockpiled ore will now be turned into implied nickel concentrate production based on historical recovery rates. 

Meanwhile, strong nickel prices further point to strong earnings-upgrade moment and possible extensions to current reserves, believes the broker.

Neutral rating and $2.40 target price retained

Target price is $2.40 Current Price is $2.50 Difference: minus $0.1 (current price is over target).
If MCR meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates NAM as Add (1) -

Morgans estimates Namoi Cotton's FY22 result was slightly better than forecast, despite a below average season. Strong earnings growth is expected over the next few years due to larger crops and a plentiful water supply.

The analyst expects the -40% discount at which shares trade to valuation will be narrowed due to a reduction in debt, the larger crops and execution on efficiency and growth projects.

The Add rating is maintained and the target rises to $0.57 from $0.56.

Target price is $0.57 Current Price is $0.45 Difference: $0.12
If NAM meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates NHF as Neutral (3) -

Macquarie surveys the Overseas Health Insurance market in Australia for Students and Workers, and finds International Workers insurance is delivering the highest margins of all overseas health insurance products.

The broker says this reverses a long-term market trend, in which Students enjoyed the highest margins, and that nib Holdings' Workers product is one of the cheapest amongst the majors, while the company's Students product was one of the most expensive.

Meanwhile, the number of work visa holders fell -9% in March quarter.

EPS forecasts rise 0.1% in FY22' 1.6% in FY23 and 6% to 10% thereafter. 

Target price rises to $7.65 from $7.10. Neutral rating retained.

Target price is $7.65 Current Price is $7.08 Difference: $0.57
If NHF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.85, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Morgan Stanley rates NTO as Overweight (1) -

In a brief assessment of Nitro Software's March quarter update, Morgan Stanley notes revenue exceeding internal expectations, the integration of Connective is on track, there are 100-plus Connective cross-sell opportunities and recurring revenue guidance remains unchanged.

FY earnings loss guidance reduced to -US$15m from -US$18-21m. Nitro has reiterated its goal to be run-rate breakeven by end-FY23.

Overweight and $2.30 target retained. Industry View: In-Line.

Target price is $2.30 Current Price is $1.37 Difference: $0.93
If NTO meets the Morgan Stanley target it will return approximately 68% (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

UBS rates NTO as Buy (1) -

In the wake of 1Q results for Nitro Software, UBS assesses FY22 annual recurring revenue (ARR) guidance is on track, as is the integration of Connective, where US$2.5m of synergies remain weighted to the 2H.

The broker maintains its Buy rating highlighting estimated 30% organic growth over FY22-25 in the PDF and eSign markets (which are considered to be lowly penetrated). The target price is reduced to $2.50 from $3.35 largely due to the tech sector re-rate.

Target price is $2.50 Current Price is $1.37 Difference: $1.13
If NTO meets the UBS target it will return approximately 82% (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 NWS as Outperform (1) -

A strong second quarter result from News Corporation was buffered by News Media's 68% year-on-year earnings growth. Credit Suisse notes News Media's growth reflects benefit in the Facebook and Google licensing deals. 

Confidence in the licensing deals see Credit Suisse issue a 29% upgrade to its full year earning forecast. Digital Real Estate expectations in the second quarter also decline to 13% year-on-year growth from 18%, given a slowing US housing market and tough comps. 

The Outperform rating and target price of $42.00 are retained. 

Target price is $42.00 Current Price is $28.76 Difference: $13.24
If NWS meets the Credit Suisse target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $41.88, suggesting upside of 47.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

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

At Orora's investor day, management highlighted M&A opportunities would be most likely to be explored in North America, and noted attractiveness in the healthcare and technology sectors. However, valuations are currently stretched.

Orora has had an inconsistent record of acquisitions in the US, and Morgan Stanley had previously been cautious about potential M&A. But the company's new methodology focuses on integration of acquired businesses and is demonstrating recent success.

The broker sees Orora as a solid defensive exposure with a robust balance sheet, support from capital management and a 4% dividend yield, but prefers Amcor ((AMC)) in the space.

Equal-weight and $3.80 target retained. Industry view: In-Line.

Target price is $3.80 Current Price is $4.00 Difference: minus $0.2 (current price is over target).
If ORA meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.94, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates ORA as Hold (3) -

Ord Minnett reports from Orora's investment day that the company's management is switching its focus to growth from capital returns and plans to reinvest organically and inorganically back into the business.

The broker believes the company's earnings should prove defensive going forward and expects limited price upside (excluding M&A) given the strong rally in the share price this year.

Hold rating retained. Target price rises to $4.20 from $3.90.

Target price is $4.20 Current Price is $4.00 Difference: $0.2
If ORA meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ORG as Neutral (3) -

Origin Energy's March-quarter share of revenue outpaced Credit Suisse's forecasts by $100m thanks to higher LNG prices; but retail volumes weakened -10% in Energy Markets.

The broker raises FY22 earnings (EBITDA forecasts 9% and FY23 forecasts 14% to reflect LNG spot prices and volumes but expects Energy Markets will likely miss guidance given fixed-price contracts amid rising coal and electricity priced.

Target price rises to $6.30 from $6.20. Neutral rating retained.

Target price is $6.30 Current Price is $6.84 Difference: minus $0.54 (current price is over target).
If ORG meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.59, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates ORG as Outperform (1) -

Origin Energy's March-quarter report outpaced Macquarie's forecasts thanks to a stronger return from spot cargoes in the Asia Pacific LNG market.

Emerging markets volumes disappointed but the broker believes the markets prospects remain firm.

Meanwhile, domestic spot prices are well below international parity and the broker suspects they may correct, depending on continued support for the global oil price.

Production proved a miss but sales rose 14.7% thanks to strong spot sales. Retail electricity missed forecasts at -4% as did gas sales (down -8%).

EPS forecasts rise 0.6% in FY22; fall -21.4% in FY23; and fall -11.7% in FY22 as higher coal costs and weaker emerging market sales bite. Outperform rating retained. Target price rises 5.6% to $7.19.

Target price is $7.19 Current Price is $6.84 Difference: $0.35
If ORG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates ORG as Hold (3) -

Morgans retains its Hold rating for Origin Energy estimating a strong performance from Australia Pacific LNG (APLNG) in the 3Q was in-line with expectations and seeing downside risk via Eraring's coal exposure. The target price rises to $6.71 from $6.42.

APLNG’s commodity revenue was up 15% quarter-on-quarter despite a -5% fall in sales due to wet weather impacting field production, explains the broker. 

Meanwhile, electricity sales increased by 7% on the previous corresponding period, while natural gas sales to external customers declined -6% on the previous corresponding period.

Target price is $6.71 Current Price is $6.84 Difference: minus $0.13 (current price is over target).
If ORG meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.59, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates ORG as Hold (3) -

Australia Pacific LNG (APLNG) performed strongly for Origin Energy in the 3Q due to higher realised LNG prices, according to Ord Minnett. Meanwhile, a lack of coal availability reduced output from the Eraring power station, weighing on Energy Markets.

The broker maintains its Hold rating. While APLNG could continue to outperform expectations, it's thought earnings from Energy Markets could remain low for the foreseeable future. The target price rises to $6.30 from $6.10.

Target price is $6.30 Current Price is $6.84 Difference: minus $0.54 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.59, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates PBH as Neutral (3) -

PointsBet's March-quarter revenue and loss (EBITDA) met Credit Suisse's forecasts.

But the broker lowers the target price to $3 from $4 to reflect higher US/Aus risk-free rates, rates rising roughly 40% since the broker's previous valuation.

Otherwise, the broker notes the company logged sharply lower North America market and share and net win margin but admires the company's product and expects a recovery in these metrics.

Credit Suisse expects the company will need to raise $475m given cash burn (forecast to hit -$740m in FY2025) could translate to a further -$105m impost if the share price fails to meet NBC's option strike price by August 2025. The broker estimates the company should turn cash-flow positive in FY28.

Neutral rating retained. 

Target price is $3.00 Current Price is $3.00 Difference: $0
If PBH meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates PBH as Hold (3) -

PointsBet Holdings' March-quarter trading update outpaced Ord Minnett forecasts by a net 3%, after posting mixed performances across the group.

The company reports strong growth in US active customers and a solid start to its New York venture and improved market share in Colorado, Illinois and others (but reports market share losses in states such as New Jersey).

Back home in Oz, the number of active customers sidled, but the business managed to log strong margins. 

Target price is cut to $3.20 from $4.40 given adverse movements in US/Australia risk-free rates as US rates rise. Hold recommendation retained.

Target price is $3.20 Current Price is $3.00 Difference: $0.2
If PBH meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates REA as Neutral (3) -

Heading into the March quarter, Credit Suisse expects REA Group's strength in residential listings will translate to strong revenue growth.

Neutral rating and $157.10 target price retained.

Target price is $157.10 Current Price is $129.42 Difference: $27.68
If REA meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $162.19, suggesting upside of 29.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Citi rates RHC as Neutral (3) -

Following Ramsay Health Care's 3Q results, which were severely impacted by pandemic costs and procedure cancellations, Citi adjusts its FY22-24 EPS forecasts by -22%, -4%, and 0%, respectively.

Nonetheless, the broker expects the market to look through this result, and all of FY22, and focus upon the pace of recovery with FY24 expected to be a normal year. It's thought some normality is already returning with admissions up 3.5% for the financial year to date.

The $88 target price and Neutral rating are retained. 

Target price is $88.00 Current Price is $81.11 Difference: $6.89
If RHC meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $78.60, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Credit Suisse rates RHC as No Rating (-1) -

Ramsay Health Care's March-quarter result reveals covid disruptions hit a new high, net profit after tax falling -59% year on year, says Credit Suisse, pent-up demand continuing to be suppressed.

The company's earnings EBIT hit from covid landed at -89m, surprising the broker, forcing it to raise its hit to earnings to -$150m for the second half from -$100m.

Earnings forecasts fall -25% in FY22 and -18% in FY23.

Credit Suisse is on rating restriction.

Current Price is $81.11. Target price not assessed.

Current consensus price target is $78.60, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates RHC as Outperform (1) -

Ramsay Health Care's March-quarter earnings disappointed Macquarie as covid disruptions continued to bite, high staff absenteeisms and cancellation dragging on performance.

The broker is positive medium to long term but considers the near-term outlook uncertain.

EPS forecasts fall -19% in FY22 and -3% in FY23 and 0% in FY24.

Outperform rating retained to reflect the KKR offer. Target price is $88.

Target price is $88.00 Current Price is $81.11 Difference: $6.89
If RHC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $78.60, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgan Stanley rates RHC as Underweight (5) -

Ramsay Health Care's March Q update revealed challenges much greater than already low expectations, Morgan Stanley suggests. Profit fell -59% in the quarter.

While the broker puts this profit underperformance down to a slow recovery, it still questions the durability of post-pandemic margins due to staff constraints, structural elevation in PPE costs and evolving models of care.

Underweight and $62 target retained. Industry View: In-Line.

Target price is $62.00 Current Price is $81.11 Difference: minus $19.11 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.60, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgans rates RHC as Hold (3) -

While Ramsay Health Care's 3Q update highlighted to Morgans a continuation of challenging conditions across all geographies, the indicative $88 offer from KKR is front of mind. The current offer is offer thought to be opportunistic and likely to be revised or pulled.

The company still faces numerous headwinds including staff shortages, surgical restrictions, cancellations, inflationary pressures and covid-related costs, notes the analyst.

The broker maintains its $80 target price at a -10% discount to the takeover bid though materially lowers FY22-24 earnings forecasts. The Hold rating is unchanged.

Target price is $80.00 Current Price is $81.11 Difference: minus $1.11 (current price is over target).
If RHC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.60, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Citi rates RMD as Buy (1) -

As part of ResMed's 3Q results, management lowered its additional device guidance in FY22 by -$100m due to the difficulty in sourcing semiconductors. This comes as the company attempts to gain from the Philips recall.

Nonetheless, the analyst still expects a permanent 10% market share gain in devices as a result of the recall.

The broker lowers its target price to $35.50 from $38 due to a range of factors including higher interest rate expectations and lower earnings forecasts. The Buy rating is unchanged.

Target price is $35.50 Current Price is $29.14 Difference: $6.36
If RMD meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $35.44, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Credit Suisse rates RMD as Outperform (1) -

ResMed's March-quarter result missed consensus by -10%, and fell a touch shy of Credit Suisse's forecasts, the chip shortage continuing to stunt revenue growth. Management lowers incremental sales guidance from the Philips recall.

On the upside, US Device growth exceeded expectations.

While the short-term outlook is tough, the broker remains positive over the medium term, doubting Philips will return before June 2023.

EPS forecasts are downgraded. Target price eases to $38.50 from $41. Outperform rating retained.

Target price is $38.50 Current Price is $29.14 Difference: $9.36
If RMD meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $35.44, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

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

ResMed competitor Philips has increased the number of its devices requiring recall, leading Morgan Stanley to now assume completion of remediation will occur three months later than previously thought (now March Q 2023).

This would be good news for ResMed but for the supply chain issues/costs impairing its ability to take advantage. The company has lowered its expected revenue benefit target by -US$100m to US$200-250m in FY22 with gross margins under pressure.

A focus on higher acuity devices, S11 price premium, surcharges and lesser rebates/discounts may somewhat alleviate the higher costs, the broker suggests, but then rising rates are also a headwind.

Target falls to $26.90 from $33.10, Equal-weight retained.

Target price is $26.90 Current Price is $29.14 Difference: minus $2.24 (current price is over target).
If RMD meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.44, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Morgans rates RMD as Add (1) -

Higher freight costs and ongoing supply chain pressures, along with modest Philip' recall gains, meant ResMed's 3Q was softer than Morgans had expected. 

The Philips' device recall incremental revenue guidance was reduced by -US$100m on supplier decommits and force majeure enacted, as the ongoing semiconductor supply shortage continues, explains the analyst.

The broker retains its Add rating and lowers its target price to $39.23 from $40.46.

Target price is $39.23 Current Price is $29.14 Difference: $10.09
If RMD meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $35.44, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Ord Minnett rates RMD as Accumulate (2) -

March quarter revenue for ResMed was a -3.5% miss versus Ord Minnett’s forecast and the consensus estimate. The miss was due to an incremental boost from competitor Philips’ recall of US$35-45m compared to the analyst's US$60m estimate, due to lack of chip supply.

Nonetheless, the broker still expects the company to make permanent though lower market share gains. After adjusting for these lower gains and increasing inflationary pressures, earnings forecasts are reduced and the target falls to $35 from $37. Accumulate retained.

Target price is $35.00 Current Price is $29.14 Difference: $5.86
If RMD meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $35.44, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

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

Regis Resources's March-quarter production and costs disappointed Macquarie, thanks largely to lower-than-expected grades, and the company reported higher net debt.

Production fell -11% shy of the broker's forecast and management reiterated guidance, but the broker says Duketon will have to deliver a strong performance for that to happen.

EPS forecasts fall -2% and -1% in FY23 and FY24.

Macquarie upgrades to Outperform from Neutral, to reflect maintained guidance and management's view that the plant upgrade and underground mines will deliver a much stronger June quarter.  Target price falls -4% to $2.30.

Target price is $2.30 Current Price is $2.09 Difference: $0.21
If RRL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates RSG as Outperform (1) -

Resolute Mining's March-quarter outpaced Macquarie's forecasts (production by 9% and All-In-Sustaining Costs improving 5%), thanks partly to a strong performance from Syama sulphides, which outpaced by 24%.

Macquarie says the result augurs well for 2022 and management reiterates guidance.

2022 EPS forecasts rise 6%; 2023 forecasts rise 2%; and thereafter forecasts rise 3%.

Outperform rating retained. Target price rises 8% to 40c.

Target price is $0.40 Current Price is $0.35 Difference: $0.05
If RSG meets the Macquarie target it will return approximately 14% (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: 0.5

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

Credit Suisse rates RWC as Outperform (1) -

Reliance Worldwide's March-quarter trading update outpaced consensus and Credit Suisse's forecasts, the company registering strong volume growth in the Americas.

Fears cost inflation would erode margins failed to materialise, demand continuing to trump inflation.

Management guided to a very small margin decline by year-end - above consensus.

Target price rises to $5.50 from $5.40. Outperform rating retained.

Target price is $5.50 Current Price is $3.96 Difference: $1.54
If RWC meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

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

Reliance Worldwide's March-quarter trading generally pleased Macquarie, as strong organic revenue in the Americas accelerated.

On the downside, earnings (EBITDA) margins eased and EZ_FLO margins fell well below the broker's forecasts.

Management expects costs will continue to slightly erode margins.

EPS forecasts fall -3.9% in FY22; -6.3% in FY23; and -9.5% in FY24.

Target price falls to $4.95 from $5.40. Rating upgraded to Outperform from Neutral given the strong share price retreat.

Target price is $4.95 Current Price is $3.96 Difference: $0.99
If RWC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Ord Minnett rates RWC as Buy (1) -

In a 3Q trading update Reliance Worldwide reported that sales for the nine months increased 14.1% (or 4.7% excluding the EZ-FLO
acquisition). Ord Minnett expects margins will improve in the 4Q with further 4Q price rises and average prices up close to 10%.

The broker notes the share price has been dragged down this year in sympathy with US construction peers due to the risk of higher interest rates. It's felt this is unfair as the company's primary exposure is to the more resilient Repair and Remodel (R&R) markets.

The Buy rating is retained and the target price falls to $6.20 from $6.90.

Target price is $6.20 Current Price is $3.96 Difference: $2.24
If RWC meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

UBS rates RWC as Buy (1) -

Following a 3Q earnings update from Reliance Worldwide, UBS upgrades its FY22 assumptions for US revenue.

Countering this upgrade is a slower-than-expected earnings (EBTIDA) margin recovery in the 2H from ongoing input cost/supply chain pressures, explains the analyst. As a result, second half earnings margins across all three divisions are lowered.

The analyst sees the margin issue more a timing/lag factor as opposed to an inability to recover price, and management also noted no reduction in pricing power. The target price falls to $5.70 from $6.00. Buy.

Target price is $5.70 Current Price is $3.96 Difference: $1.74
If RWC meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Macquarie rates SBM as Outperform (1) -

St. Barbara's March-quarter result disappointed Macquarie but the broker expects a better fourth quarter.

Bad weather at Atlantic and disappointing grades at Gwalia's and Simberi contributed to the miss.

Management reiterates guidance but the broker expects a production and all-in-sustaining costs miss for FY22.

Outperform rating retained on management's guidance conviction and the broker spies good prospects in the medium to long term.

Target price is $1.70.

Target price is $1.70 Current Price is $1.34 Difference: $0.36
If SBM meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

Having examined debt positions across its property sector coverage universe, Morgan Stanley has decided Charter Hall Long WALE REIT and Scentre Group are most exposed to FY23 earnings downgrades if the cost of debt increases by 100 basis points.

These two have the highest gearing/lowest hedge positions compared to peers.

Stocks least affected are GPT Group ((GPT)), Stockland ((SGP)), Arena REIT ((ARF)) and BWP Group ((BWP)).

That said, the two most impacted stocks also offer the highest income growth via around 50% CPI-linked leases. Hence no change to Equal-weight and $3.18 target for Scentre Group.

Target price is $3.18 Current Price is $2.99 Difference: $0.19
If SCG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates SDR as Buy (1) -

Ord Minnett's EPS estimates for SiteMinder remain largely unchanged following 3Q results and the broker suggests a material recent share price decline presents a buying opportunity.

Data also point to a material recent increase in leisure related hotel bookings, particularly in the Northern Hemisphere, notes the analyst. Net cash at the end of March is thought sufficient to fund the business until free cashflow positivity in FY24/25.

The Buy rating is unchanged while the target falls to $5.61 from $6.69.

Target price is $5.61 Current Price is $4.69 Difference: $0.92
If SDR meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates SDR as Buy (1) -

UBS makes no changes to its earnings forecasts for SiteMinder following a 3Q update largely in-line with expectations.

The broker notes strong revenue growth and accelerating momentum, and the continued reopening of the global tourism market augers well for the 4Q.

The Buy rating and $7.20 target price are maintained.

Target price is $7.20 Current Price is $4.69 Difference: $2.51
If SDR meets the UBS target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates SLC as Overweight (1) -

In its March Q update, Superloop reaffirmed FY earnings guidance and noted its Hong Kong/Singapore divestment is now complete after a 12-month delay, Morgan Stanley reports.

Trading in the quarter was strong, with the Consumer segment delivering its strongest net add and  Exetel synergies now being exceeded. Superloop is well positioned to accelerate either organic or inorganic growth, the broker suggests.

Overweight and $1.25 target retained. Industry view: In-Line.

Target price is $1.25 Current Price is $0.95 Difference: $0.3
If SLC meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 41.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

Silver Lake Resources's March-quarter production fell -7% short of Macquarie's forecasts, a poor performance at Mount Monger more than offsetting a strong performance at Deflector.

Management has withdrawn guidance, citing covid and supply-chain disruption.

The broker cuts FY22 sales forecasts and raises its all-in-sustaining cost estimate.

EPS forecasts fall -25% in FY22, then -17% in FY23, and -1% in FY24 to reflect a downward revision to Mount Monger's prospects. 

Target price falls -9% to $2. Rating downgrades to Neutral from Outperform.

Target price is $2.00 Current Price is $1.86 Difference: $0.14
If SLR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates SRL as Neutral (3) -

Sunrise Energy Metals has gained conditional finance support from Export Finance Australia for up to $400m in debt during the March quarter to fund the company's battery mineral complex in NSW.

Macquarie says the company is now development ready and must land a development partner and funding for the Sunrise Project.

Meanwhile, the broker increases its capital-raising price assumption, which, combined the company's March-quarter cash-flow update, triggers increases to EPS forecasts of 9% to 13% post FY26.

Neutral rating retained, the broker waiting for further confirmation around project funding. Target price rises 13% to $3.40.

Target price is $3.40 Current Price is $3.32 Difference: $0.08
If SRL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates SWP as Speculative Buy (1) -

Third quarter results for Swoop Holdings were broadly in-line with Morgans forecasts and the $1.44 target price is maintained.

The broker expects more accretive M&A to occur which is not believed to be fully priced into the current share price. As a result, the Speculative Buy rating is retained.

Target price is $1.44 Current Price is $1.02 Difference: $0.42
If SWP meets the Morgans target it will return approximately 41% (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

Ord Minnett rates URW as Lighten (4) -

Unibail-Rodamco-Westfield's March-quarter trading update broadly met Ord Minnett's forecasts but the broker says challenges remain.

Rising vacancy and footfall sales disappointed and the broker expects Unibail's deleveraging plans will shape the company's progress over the next two years.

 FY22 EPS forecasts are steady as is the target price at $4.70. Lighten recommendation retained.

Target price is $4.70 Current Price is $5.05 Difference: minus $0.35 (current price is over target).
If URW meets the Ord Minnett target it will return approximately minus 7% (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 EUR. 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 WGX as Outperform (1) -

Westgold Resources' March-quarter result broadly met Macquarie's forecasts, strength at Bryah balancing out softness at Murchison. Group production was 1% ahead of the broker but all-in-sustaining costs fell -4% short.

Management reiterates FY22 guidance but Macquarie expects a miss on production and that costs will just scrape into the lower end of guidance.

EPS forecasts fall -4% in FY22 but rise 9% in FY23 and 1% in FY24.

Target price rises 4% to $2.30. Outperform rating retained, Macquarie appreciating Bryah's performance and management's guidance conviction.

Target price is $2.30 Current Price is $1.64 Difference: $0.66
If WGX meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates WSA as No Rating (-1) -

Western Areas' March-quarter result was a bit hit and miss, nickel production falling -6% short of Macquarie's estimate, and average realised nickel prices outpacing by 4%. Costs were in line. 

The broker notes development is proceeding well at Cosmos, and expects first production late this year.

EPS forecasts fall -8% to reflect lower expected grades, before rising 4% in FY23 to reflect an increase in mine life at Flying Fox. EPS forecasts fall again in FY24 (-6%) to reflect lower grades at Spotted Quoll.

Macquarie is on research restriction.

Current Price is $3.84. Target price not assessed.

Current consensus price target is $3.80, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Morgans rates WSA as Hold (3) -

Morgans explains strong nickel prices resulted in a record month for Western Areas revenue in March, helping to overwhelm a 3Q fall in nickel production, the lowest since the 2Q of FY21.

While the broker considers the takeover scheme of arrangement with IGO ((IGO)) will complete at the $3.87 price, the process is still in the early stages and the broker sets its target price at $4.09, down from $4.45.

Target price is $4.09 Current Price is $3.84 Difference: $0.25
If WSA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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