Australian Broker Call

Shaw and Partners rates 3DA as Buy (1) -

Shaw and Partners observes rising geo-politics are expected to result in higher prices for titanium with Russia and China representing around 70% of global supplies.

The broker homes in the potential for Russia to curb titanium supply and stresses the importance of reshoring and manufacturing of critical materials to the US.

Shaw and Partners retains a Buy, High Risk rating on Amaero International and $0.60 target.

Target price is $0.60 Current Price is $0.37 Difference: $0.23
If 3DA meets the Shaw and Partners target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates BGL as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Bellevue Gold has an Outperform rating with a $1.90 target price.

Target price is $1.90 Current Price is $1.18 Difference: $0.72
If BGL meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

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

Macquarie has an Overweight stance on metallurgical coal and alumina, is Even-weight on gold and aluminium, and Underweight thermal coal, along with a marginally Underweight view on iron ore.

The broker raises its target by 2% to $44 for BHP Group and upgrades to Outperform from Neutral on valuation grounds.

Recent iron ore price falls have brought spot pricing back in line with the analysts' short-term outlook. 2024 and 2025 copper price forecasts are reduced by -5% and -4%, respectively, and the long-term estimate remain at US$9000/t.

For the majors, Macquarie prefers South32 over BHP followed by Rio Tinto and the Underperform-rated Fortescue.

Target price is $44.00 Current Price is $38.81 Difference: $5.19
If BHP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $45.27, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Citi rates BKW as Buy (1) -

Citi observes Brickworks' announcement of a non-cash impairment charge to the Austral Masonry and Brickworks North American business of -$123.5m.

This reflects impacts from falling activity in multi-residential and high-rise apartment construction in Australia and a softer outlook in the non-residential building in the US.

The company is also looking at higher operating costs and pressure on pricing. Citi remains upbeat, highlighting this is a non-cash item and awaits FY24 earnings on Sept 26.

Buy rated with a $37.50 target price.

Target price is $37.50 Current Price is $25.57 Difference: $11.93
If BKW meets the Citi target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates BKW as Hold (3) -

Ahead of FY24 results for Brickworks due on September 26, Ord Minnett lowers its target to $27 from $29. A decline in activity levels has led to announced non-cash impairments totaling -$123.5m in the Building Products assets in Australia and North America.

In North America, strong competition in the single-family housing segment has given rise to pricing and volume pressure, explain the analysts. Subdued activity in non-residential building is also noted particularly in the key Northeast and Midwest regions.

In Australia, the broker highlights Austral Masonry has been impacted by the deterioration in multi-residential building activity in the 2H of FY24.

The Hold rating is unchanged.

Target price is $27.00 Current Price is $25.57 Difference: $1.43
If BKW meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates BKW as Neutral (3) -

A -$123.5m (post) tax impairment charge will be recognised by Brickworks when FY24 results are reported on September 26. The impairments relate to the Building Products segments in Australia (Austral Masonry) and the US (Brickworks North America).

The broker considers a recovery is unlikely before the 1H of FY26 for Australian housing, with management noting there has been a 2H FY24 deterioration in multi activity. In the US, weakness is being driven by US non-residential and competition, explain the analysts.

The target falls to $28 from $30. Neutral.

Target price is $28.00 Current Price is $25.57 Difference: $2.43
If BKW meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates BOE as Initiation of coverage with Buy (1) -

UBS has initiated coverage of Boss Energy with a Buy rating and $3.50 price target. The broker proclaims to be positive on the long-term
nuclear demand thematic, but prefers a conservative approach on the price outlook as it will be a challenge for global energy policy targets to be met.

Confidence around the restart of the Honeymoon project has lifted following recent production guidance by management.

Target price is $3.50 Current Price is $2.89 Difference: $0.61
If BOE meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.59, suggesting upside of 62.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates BRG as Outperform (1) -

Taking a deeper dive into Breville Group's second quarter 2024 results, Macquarie highlights the company substantially outperformed the Macquarie Kitchen Benchmark.

Breville revenues rose 5.7% in 2H24 compared to the benchmark decline of -1.1% year-on-year. From 2018 to 2023 the company has outperformed the benchmark by around 12% per annum.

The broker points to the flat 'De'Longhi Revenue Index' in first half of 2024. Breville's outperformance is attributed to new product development, product mix, specifically coffee, and direct distribution into new areas.

Breville reported double digit growth in North America and EMEA geographies with the coffee segment generating around 20% of growth compared to food prep and cooking with flat revenues.

Macquarie makes no changes to earnings forecasts, the $35.10 target or Outperform rating.

Target price is $35.10 Current Price is $34.80 Difference: $0.3
If BRG meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $33.17, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates CMM as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals and Genesis Minerals ((GMD)).

Capricorn Metals is rated Outperform with a $7.20 target price.

Target price is $7.20 Current Price is $5.69 Difference: $1.51
If CMM meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.60, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates DEG as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

De Grey Mining has an Outperform rating with a $2.10 target price.

Target price is $2.10 Current Price is $1.15 Difference: $0.95
If DEG meets the Macquarie target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 48.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates DRE as Downgrade to Hold from Speculative Buy (3) -

Bell Potter lowers its target for Dreadnought Resources to 2c from 15c and downgrades to Hold from Speculative Buy. Management is increasing exploration for niobium across its Mangaroon project and focusing less on rare earths, explains the broker.

This is a similar move to near neighbour Hastings Rare Earths ((HAS)), observes Bell Potter, which has pivoted to a niobium by-product stream at its Yangibana project.

In the event rare earth pricing recovers, the analysts see some chance for consolidation of the Yangibana and Mangaroon
tenements, but at this point talk of consolidation is highly speculative.

Target price is $0.02 Current Price is $0.02 Difference: $0
If DRE meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates DTL as Overweight (1) -

Morgan Stanley has conviction on earnings and outlook post reporting season for several key small/mid cap stocks including Data#3.

The broker likes the company's optionality around AI in particular, the visibility management has on the company's growth profile, and the valuation is now more attractive after recent share price de-rate.

Also, expanding customer wins over recent years provides an increased opportunity for management to cross/up-sell, suggests the broker.

Target price $10. Overweight rating. Industry View: In Line.

Target price is $10.00 Current Price is $7.77 Difference: $2.23
If DTL meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $9.12, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates EVN as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer.

Evolution Mining is Outperform rated, target price $4.50.

Target price is $4.50 Current Price is $4.04 Difference: $0.46
If EVN meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates FMG as Underperform (5) -

Macquarie has an Overweight stance on metallurgical coal and alumina, is Even-weight on gold and aluminium, and Underweight thermal coal, along with a marginally Underweight view on iron ore.

Recent iron ore price falls have brought spot pricing back in line with the analysts' short-term outlook. The broker's FY24 EPS forecast for Fortescue falls by -14% on these lower short-term iron ore prices.

The $14.25 target is maintained.

For the majors, Macquarie prefers South32 over BHP followed by Rio Tinto and the Underperform-rated Fortescue.

Target price is $14.25 Current Price is $16.66 Difference: minus $2.41 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.17, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.2

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

Macquarie rates GMD as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals.

Genesis Minerals has an Outperform rating. Target price $2.70.

Target price is $2.70 Current Price is $2.15 Difference: $0.55
If GMD meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates GNP as Buy (1) -

Bell Potter revisits some of its project forecasts for GenusPlus Group but remains Buy-rated with a $2.70 target. It's felt current valuation multiples are undemanding and the stock represents a key small cap investment opportunity.

Investors will benefit from several key thematics, suggest the analysts, including exposure to renewable energy, battery energy storage and transmission infrastructure across Australia.

Target price is $2.70 Current Price is $2.35 Difference: $0.35
If GNP meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates GOR as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Gold Road Resources has an Outperform rating with a $2 target price.

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

Current consensus price target is $2.01, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

The good times will continue to roll for both Insurance Australia Group and Suncorp Group, suggests Morgan Stanley. Double-digit FY25 underlying insurance profit growth is expected, even as gross written premium (GWP) growth slows.

Suncorp Group (Overweight) is preferred by the analysts, given greater forecast insurance profit growth in FY25, more capital options and a valuation discount relative to Equal-weight-rated Insurance Australia Group.

The target for Insurance Australia Group rises to $7.10 from $6.85. Industry view: In-line.

Target price is $7.10 Current Price is $7.77 Difference: minus $0.67 (current price is over target).
If IAG meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates IEL as Overweight (1) -

Morgan Stanley's Overweight rating for IDP Education is supported by a forecast rebound in FY26/27 earnings as the impact of regulatory settings unwinds plus a strategic shift relating to the Chinese market. 

Management announced a "meaningful" change to its China IELTS go-to-market strategy, observes the broker, which is underappreciated by the wider market.

IDP's new direct market entry to China IELTS provides access to an additional $380m total addressable market (TAM), explain the analysts, diversifying avenues for growth in FY26/27.

The target rises to $21.50 from $19.50. Overweight. Industry view: In Line.

Target price is $21.50 Current Price is $16.03 Difference: $5.47
If IEL meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $18.04, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates IGO as Neutral (3) -

Citi considers the latest strategy update from IGO as more "drip feeding" from management over recent months with not much new information.

The analyst gleans from the presentation M&A activity is pushed out; there are more improvements available to optimise Greenbushes and the Train 2 at Kwinana is appearing less-and-less likely.

Management focussed on explaining the selection of its three-commodity focus; nickel, lithium and copper, stressing the company can manage and operate the assets well.

Neutral rating and a $5.90 target price maintained.

Target price is $5.90 Current Price is $5.48 Difference: $0.42
If IGO meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Citi rates IMD as Sell (5) -

Citi casts a downbeat tone over the latest drilling and exploration results for Imdex, noting the company reported average results for the first two months of FY25 that are lower than the average of 4Q24 in terms of drill holes and exploration.

The analyst wants to see a "surge" in exploration in September (the AGM is expected in Oct) before a more positive stance can be adopted on the company.

Sell rating with $2 target unchanged with the possibility of soft demand impacting on earnings expectations for FY25.

Target price is $2.00 Current Price is $2.20 Difference: minus $0.2 (current price is over target).
If IMD meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.17, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates IPH as Outperform (1) -

Macquarie observes the August filing volumes for IPH fell -23.8% against a decline in the market of -16.6%.

The company's market share eased to 28.8% in August compared to the year-to-date of 31.2%. Macquarie highlights around 70% of the company's income is recurring.

IPH is expected to experience a stabilisation of market share in Australia, a return to growth in Asia and increased synergies from Canada, the analyst highlights with the Bereskin & Parr acquistion anticipated for completion in late-September.

An Outperform rating with a $7.31 target price are instated post a period of restriction.

Target price is $7.31 Current Price is $6.05 Difference: $1.26
If IPH meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.97, suggesting upside of 33.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates MIN as Buy (1) -

Mineral Resources will recieve $1.1bn within three weeks after receiving FIRB approval for the sale of -49% of the Onslow Iron Haul Road.

According to Bell Potter, management signalled it had no plans to raise new equity capital, and foreshadowed further asset sales to release capital.

The Buy rating and $66 target are retained.

Target price is $66.00 Current Price is $38.02 Difference: $27.98
If MIN meets the Bell Potter target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $52.93, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Shaw and Partners rates MMI as Buy (1) -

In response to ongoing concerns around the state of Metro Mining's balance sheet, the analyst at Shaw and Partners states the company had net debt of $57m at June end or $70m if the Nebari royalty is considered as debt.

The broker believes management intends to repay junior debt by the end of September subject to timing of shipments and cash received.

Metro Mining is then expected to refinance the $30m Nebari facility and royalty with a new $50m facility. Shaw and Partners has modelled a net cash position of $139m by the end of 2025.

Unchanged Buy, High Risk rating and target of 14c. Metro Mining is one of the broker's top 2024 stock picks.

Target price is $0.14 Current Price is $0.04 Difference: $0.1
If MMI meets the Shaw and Partners target it will return approximately 250% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates MTS as Neutral (3) -

At today's AGM, Metcash has provided a trading update for the first 18 weeks of 1H25 to 8 September 2024. Total sales are up 6.1%, versus Citi's 1H25 sales growth forecast of 8.3% and consensus sitting at 5.5% growth.

In a quick response, the broker comments the trading update showed momentum relative to the prior trading update at the FY24 result has remained steady in Food, improved slightly in Hardware and moderated slightly in Liquor.

One extra observation made is that independent supermarkets are trending backwards. Citi makes no earnings changes and suggests the shares are reasonably valued. Neutral with a $4.00 target price. 

Target price is $4.00 Current Price is $3.58 Difference: $0.42
If MTS meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.07, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates NEM as Accumulate (2) -

Newmont Corp will sell the Telfer gold mine and its 70% stake in the Havieron copper project to UK-listed Greatland Gold (which has plans to list on the ASX) for US$475m.

Newmont Corp will retain some exposure as US$168m of the payment is in Greatland scrip. The balance comprises cash and a deferred contingent consideration of US$201m and US$100m respectively.

Accumulate and $80 target retained.

Target price is $80.00 Current Price is $75.77 Difference: $4.23
If NEM meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Citi rates NSR as Buy (1) -

Citi estimates National Storage REIT will save around $4.5m in funding costs by issuing $300m in exchangeable notes at a 3.625% coupon compared to the existing average cost of debt at 5.14%.

In turn, the broker expects a boost to earnings growth of 2.7% from FY24 and lifts EPS forecasts by 1.8% in FY25 and 2.5% in FY26.

Buy rated with a $2.70 target price.

Target price is $2.70 Current Price is $2.42 Difference: $0.28
If NSR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates NST as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Northern Star Resources is the preferred major gold producer because of the company's organic growth.

Outperform rating and $19.00 target price.

Target price is $19.00 Current Price is $15.04 Difference: $3.96
If NST meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $16.22, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

UBS rates PDN as Re-initiate coverage with Buy (1) -

UBS has returned with a Buy rating and $10.90 price target for Paladin Energy. The broker is enthusiastic about uranium's future, but equally sees reasons to temper general optimism, and stick with a relatively cautious approach.

We are mindful how ambitious some government policy targets are, states the broker, and are wary these ambitions may not be met.

Another reason for conservatism is uranium's flattish cost curve. The broker's long-term price projection is US$70/lb from 2035.

UBS has placed itself well below consensus forecasts, but still sees value emerging in the Paladin Energy share price following a very volatile 2024 thus far.

Target price is $10.90 Current Price is $9.79 Difference: $1.11
If PDN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 51.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates PRU as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining, Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Perseus Mining's Outperform rating has been retained. Target price $3.40.

Target price is $3.40 Current Price is $2.35 Difference: $1.05
If PRU meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Citi rates REA as Buy (1) -

Citi prefers REA Group pays no more than a 40% premium for Rightmove which should result in an around 11% EPS accretion (14% at a 30% premium). The broker believes any increased offer will likely be funded via an equity raise.

Alternatively, management could wait and see how the UK portal landscape evolves next year and assess the potential impact on Rightmove from increased marketing spend by CoStar.

CoStar has recently acquired Rightmove rival OnTheMarket. Target $230. Buy.

Target price is $230.00 Current Price is $199.36 Difference: $30.64
If REA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $218.46, suggesting upside of 9.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates RED as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Red 5 has an Outperform rating and a 50c target price.

Target price is $0.50 Current Price is $0.31 Difference: $0.19
If RED meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Macquarie has an Overweight stance on metallurgical coal and alumina, is Even-weight on gold and aluminium, and Underweight thermal coal, along with a marginally Underweight view on iron ore.

The broker raises its target by 2% to $120 for Rio Tinto and upgrades to Outperform from Neutral on valuation grounds.

Recent iron ore price falls have brought spot pricing back in line with the analysts' short-term outlook. 2024 and 2025 copper price forecasts are reduced by -5% and -4%, respectively, and the long-term estimate remain at US$9000/t.

For the majors, Macquarie prefers South32 over BHP followed by Rio Tinto and the Underperform-rated Fortescue.

Target price is $120.00 Current Price is $110.41 Difference: $9.59
If RIO meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $127.75, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.7

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

Macquarie rates RMS as Neutral (3) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Ramelius Resources has a Neutral rating and $2.30 target price.

Target price is $2.30 Current Price is $2.14 Difference: $0.16
If RMS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates RRL as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Regis Resources has an Outperform rating and a $2.90 target price.

Target price is $2.90 Current Price is $1.80 Difference: $1.1
If RRL meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates RSG as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Resolute Mining has an Outperform rating with a 82c target price.

Target price is $0.82 Current Price is $0.70 Difference: $0.12
If RSG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Macquarie rates S32 as Outperform (1) -

Macquarie has an Overweight stance on metallurgical coal and alumina, is Even-weight on gold and aluminium, and Underweight thermal coal, along with a marginally Underweight view on iron ore.

Recent iron ore price falls have brought spot pricing back in line with the analysts' short-term outlook. 2024 and 2025 copper price forecasts are reduced by -5% and -4%, respectively, and the long-term estimate remain at US$9000/t.

For South32 (Outperform), the broker's EPS forecasts fall on lower manganese prices in FY25 and FY26. The target falls to $4.15 from $4.25.

For the majors, Macquarie prefers South32 over BHP followed by Rio Tinto and the Underperform-rated Fortescue.

Target price is $4.25 Current Price is $3.08 Difference: $1.17
If S32 meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.69, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Macquarie rates SBM as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

St. Barbara has an Outperform rating with a 33c target price.

Target price is $0.33 Current Price is $0.25 Difference: $0.08
If SBM meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates SDF as Outperform (1) -

Macquarie assesses the latest Four Corners report on the strata management industry.

The analyst believes the industry practices do not pass "the pub test" but there are no legal implications for insurance brokers or underwriting agencies.

Steadfast Group and AUB Group ((AUB)) are understood to not own any strata managers where the broker believes the risks lay.

An Outperform rating is retained with a target price of $6.80.

Target price is $6.80 Current Price is $5.63 Difference: $1.17
If SDF meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates SEK as Buy (1) -

Ord Minnett retains its Buy rating and $27 target for Seek after reviewing the employment market and updating for the company's price rises in the Australasian division earlier this month.

Recent volumes in the Australasian employment market suggest to the analyst slightly stronger momentum than management's FY25 guidance.

Target price is $27.00 Current Price is $22.94 Difference: $4.06
If SEK meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $26.08, suggesting upside of 17.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates SUN as Overweight (1) -

The good times will continue to roll for both Suncorp Group and Insurance Australia Group, suggests Morgan Stanley. Double-digit FY25 underlying insurance profit growth is expected, even as gross written premium (GWP) growth slows.

Suncorp Group (Overweight) is preferred by the analysts, given greater forecast insurance profit growth in FY25, more capital options and a valuation discount relative to Equal-weight-rated Insurance Australia Group.

The target for Suncorp Group rises to $20.50 from $19.95. Industry View: In-Line.

Target price is $20.50 Current Price is $18.00 Difference: $2.5
If SUN meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $18.72, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates TAH as Neutral (3) -

Macquarie takes a peek at what the gaming services business might be worth for Tabcorp Holdings if it were divested, believing the sale as possible given the division has no synergies with its wagering and media operations.

The broker estimates gaming services value at circa $610m, inclusive of the renewal in the NSW monitoring license in 2032; ex the license renewal the value declines to an estimated $360m.

Wagering and media is worth an estimated $1.18bn, a relatively low value based on the current share price on a historical basis, the broker suggests.

Macquarie remains "cautious" on the stock with an enhancement in competitiveness and profitability required under new management.

Neutral rating with a 50c target.

Target price is $0.50 Current Price is $0.45 Difference: $0.05
If TAH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates TNE as Buy (1) -

UBS analysts have used a general appraisal of the August reporting season for emerging companies in Australia to upgrade the broker's price target for TechnologyOne (which did not report during the month) by 19% to $26.20. Buy.

Target price is $26.20 Current Price is $23.00 Difference: $3.2
If TNE meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.84, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Macquarie rates WAF as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

West African Resources has an Outperform rating with a $2 target price.

Target price is $2.00 Current Price is $1.39 Difference: $0.61
If WAF meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates WGX as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Westgold Resources has an Outperform rating with a $3.70 target price.

Target price is $3.70 Current Price is $2.80 Difference: $0.9
If WGX meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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