Australian Broker Call

Citi rates ALL as Buy (1) -

In conjunction with Citi's Research Innovation Lab, the broker reviews the bookings data for August noting Aristocrat Leisure's Social Casino portfolio "surprisingly" underperformed the overall Social Casino genre.

The analyst highlights the weakness in digital excluding Social Casinos infers some potential weakness in the sale proceeds.

Citi points to FY25 EBIT forecast as around 3% higher than consensus but circa -4% below on digital. The broker suggests the sale of the digital assets ex-Social Casino will be a positive for Aristocrat Leisure.

No change to Buy rating and $59 target price.

Target price is $59.00 Current Price is $56.69 Difference: $2.31
If ALL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $56.22, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Citi rates AMP as Buy (1) -

Reviewing diversified financials, Citi highlights AMP as the most "non-consensus" Buy rated stock because margins are stabilising and an improving earnings outlook.

The cost savings program is believed to be on track with potential for the company's award-winning retirement products to see fund inflows. AMP's new Engine solution is expected to launch in FY25.

Citi is Buy rated on Computershare ((CPU)) and Challenger ((CGF)) with target prices of $30 and $8.30, respectively.

Perpetual ((PPT)), Insignia Financial ((IFL)) and ASX ((ASX)) are all Neutral rated. Target prices are $21.40, $10.70 and $62.30, respectively.

AMP is Buy rated with a $1.45 target price.

Target price is $1.45 Current Price is $1.33 Difference: $0.125
If AMP meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates ANZ as Underweight (5) -

Morgan Stanley raises target prices for the majority of Australian banks under coverage. Investors have been willing to pay more for banks' lower risk profile and stronger balance sheets, and their 'safe haven' status within the Australian market, explain the analysts.

While acknowledging incorrect caution on the banks previously, the broker still retains a negative stance given share prices imply nothing goes wrong in 2025.

The higher targets reflect more emphasis by Morgan Stanley on balance sheet strength and risk profile.

For ANZ Bank, the $27.50 target and Underweight rating are retained. Industry View In-Line.

Target price is $27.50 Current Price is $31.21 Difference: minus $3.71 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.37, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in September.

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

Bell Potter rates ASB as Buy (1) -

After winning a $670m contract from General Dynamics Electric Boat (GDEB), Austal will expand its shipyard in Mobile, Alabama. A new module fabrication and outfitting facility will be designed and constructed to support the U.S. Navy Submarine Industrial Base.

Construction will begin this year and be completed in 2026.

The contract win is a major development for Austal, suggests Bell Potter, partly because fabrication provides a long-term pipeline of sustainable work and funding from GDEB alleviates any potential balance sheet concern.

Buy rating retained. Target is increased to $3.15 from $2.75.

Target price is $3.15 Current Price is $2.71 Difference: $0.44
If ASB meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates ASB as Buy (1) -

Citi assesses the new US$450m contract to expand Austal's submarine module production at its US shipyard will lift the company's NTA by 69% or $1.85 and enhance the value proposition.

The broker points to a long tail of submarine works in the future because of this investment.

The scaling of the workforce is also an issue the company will need to address, Citi states, with 1000 jobs expected in 2026 as a result of the investment and another circa 1000 jobs for the new contract.

No changed to the Buy rating with $4.14 target price. The analyst believes the market is not pricing in the record work backlog for Austal.

Target price is $4.14 Current Price is $2.71 Difference: $1.43
If ASB meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 15.3% (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

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

Morgan Stanley's intra-month tracking of September 2024 interest rate futures implies total futures volumes have risen by 36% year-on-year so far in the new financial year compared to the broker's 30% forecast.

All else being equal, every five percentage point increase in total volumes lifts the broker's 1H FY25 underlying profit estimate by circa 1.5%.

Futures trading and OTC clearing represented 23% of ASX revenues in FY24, highlight the analysts.

Unchanged $58 target. Equal-weight retained. Industry view: In Line.

Target price is $58.00 Current Price is $63.91 Difference: minus $5.91 (current price is over target).
If ASX 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 $60.12, suggesting downside of -5.1% (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

Shaw and Partners rates AZY as Buy (1) -

Shaw and Partners notes the updated mineral resource estimate for Antipa Minerals. The Minyari Dome is now 47.6mt at 1.51g/t of gold and 0.18% copper, 0.43g/t of silver and 2.9moz of gold equivalent.

In other news, Rio Tinto is paying $17m in cash for the company's 32% interest in Citadel which will leave Antipa Minerals with $23m in cash on completion of the transaction.

The broker believes a new owner of Telfer with Newmont Corp ((NEM)) agreeing to divest its 70% stake in the Havieron project as a positive for Antipa Minerals with the ownership issue having constrained the region.

Buy, High Risk rating and 4c target price unchanged.

Target price is $0.04 Current Price is $0.02 Difference: $0.021
If AZY meets the Shaw and Partners target it will return approximately 111% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

Morgan Stanley raises target prices for the majority of Australian banks under coverage. Investors have been willing to pay more for banks' lower risk profile and stronger balance sheets, and their 'safe haven' status within the Australian market, explain the analysts.

While acknowledging incorrect caution on the banks previously, the broker still retains a negative stance given share prices imply nothing goes wrong in 2025.

The higher targets reflect more emphasis by Morgan Stanley on balance sheet strength and risk profile.

For Bendigo & Adelaide Bank, the target rises to $12 from $11.90. Equal-weight retained. Industry View In-Line.

Target price is $12.00 Current Price is $12.14 Difference: minus $0.14 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.45, suggesting downside of -13.6% (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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley raises target prices for the majority of Australian banks under coverage. Investors have been willing to pay more for banks' lower risk profile and stronger balance sheets, and their 'safe haven' status within the Australian market, explain the analysts.

While acknowledging incorrect caution on the banks previously, the broker still retains a negative stance given share prices imply nothing goes wrong in 2025.

The higher targets reflect more emphasis by Morgan Stanley on balance sheet strength and risk profile.

For CommBank, the target rises to $113.50 from $103. Underweight retained. Industry View In-Line.

Target price is $113.50 Current Price is $143.04 Difference: minus $29.54 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.23, suggesting downside of -29.3% (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

Ord Minnett rates CSL as Accumulate (2) -

Ord Minnett observes Moderna's announcement at its research and development day to lodge a regulatory dossier for its mRNA-1083 product this year, a combined flu and covid vaccine. Management highlighted the relatively low covid vaccination rates for US age groups (50-64 and 65+).

The broker notes the US CDC recommended CSL's Seqirus Fluad for adults 65+ and the product performed well, up 14% on the previous year. CSL's Seqirus' cell-based adjuvanted trivalent vaccine is in Phase 3 trials and expected to launch in 2026/27 northern hemisphere winter.

Ord Minnett predicts the new CSL vaccine will become the preferred recommendation for older adults. Accumulate rating and $319 target price unchanged.

Target price is $319.00 Current Price is $296.00 Difference: $23
If CSL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $330.95, suggesting upside of 12.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Citi rates IAG as Buy (1) -

Citi reviews the insurance sector stating a preference for general insurance with private health insurance a more challenging place to invest.

While the earnings outlook seems positive for both Insurance Australia Group and Suncorp Group ((SUN)), Citi prefers Insurance Australia Group at this stage.

The broker believes the impact of recent price rises has yet to be acknowledged and claims inflation is slowing.

QBE Insurance ((QBE)) is Buy rated with the highest expected shareholder return compared to the target price of $19.30 which reflects the market's frustration with the company's North American business. The broker believes this is on track for improvement.

IAG is Buy rated with a $8.20 target price. Suncorp is also Buy rated with a $17.70 target price.

Medibank Private ((MPL)) is believed to be a solid defensive company but has "lacklustre" growth. nib Holdings ((NHF)) is assessed as too early to be a value play. Target prices are $3.90 and $6.55, respectively.

Target price is $8.20 Current Price is $7.75 Difference: $0.45
If IAG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting downside of -0.3% (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 IMD as Sell (5) -

Citi dissects the outlook for Imdex and exploration into two possibilities. The first suggests the market is looking through the recent near-term downgrades with the expectation of the industry going through the trough.

The second, there are risks around longer delays in an improvement in exploration which will continue to impact on the company. The Citi analyst is in this camp pointing to low levels of exploration activity from juniors for another 12-months.

With an earnings recovery in 2H25 increasingly unlikely, the broker remains cautious on Imdex, retaining a Sell rating and $2 target price.

Target price is $2.00 Current Price is $2.24 Difference: minus $0.24 (current price is over target).
If IMD meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.17, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

While new growth targets set by management at Incitec Pivot imply around 20% upside to consensus FY27 forecasts, Morgan Stanley regards them as aspirational in the absence of greater composition detail and the cost of delivery.

For Dyno Nobel, management expects to increase EBIT to $600m and deliver a return on invested capital (ROIC) above 8.5% weighted average cost of capital (WACC) over the next three-to-four years.

Equal-weight rating. Target $3.00. Industry view: In-Line.

Target price is $3.00 Current Price is $3.10 Difference: minus $0.1 (current price is over target).
If IPL meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.07, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in September.

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 IPL as Buy (1) -

Focusing on the growing Dyno Nobel business, notes UBS, Incitec Pivot has presented at a US investor event highlighting a transformation program designed to double Dyno's earnings (EBIT) over three-to-four years.

This outcome would be a 20% beat to consensus estimates for Dyno Nobel in FY27, explains the broker. Management intends to optimise the cost base, implement commercial discipline, and target growth in high-value markets.

FY24 guidance is unchanged for underlying EBIT growth and a favourable 2H skew.

The Buy rating and $3.40 target are unchanged.

Target price is $3.40 Current Price is $3.10 Difference: $0.3
If IPL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.07, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates MP1 as Outperform (1) -

Macquarie slashes its target for Megaport by -21% to $10.70 following recent channel checks where customers reported Megaport was more expensive, especially when using Amazon Web Services (AWS).

Based on FY24 results, the analyst believes charges relating to port hour fees and a data levy are being removed for new customers.

Despite pricing concerns, the broker retains an Outperform rating as there is already a repricing of the back book implied in the current share price.

Target price is $10.70 Current Price is $7.51 Difference: $3.19
If MP1 meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $11.98, suggesting upside of 60.4% (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

Morgan Stanley rates NAB as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley raises target prices for the majority of Australian banks under coverage. Investors have been willing to pay more for banks' lower risk profile and stronger balance sheets, and their 'safe haven' status within the Australian market, explain the analysts.

While acknowledging incorrect caution on the banks previously, the broker still retains a negative stance given share prices imply nothing goes wrong in 2025.

The higher targets reflect more emphasis by Morgan Stanley on balance sheet strength and risk profile.

For the preferred major bank -National Australia Bank- the broker raises the target to $38 from $34.20 and upgrades to Overweight from Equal-weight. Industry View In-Line. 

Target price is $38.00 Current Price is $38.86 Difference: minus $0.86 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.44, suggesting downside of -17.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Citi rates NCK as Buy (1) -

Citi extends the earnings forecasts for Nick Scali out to FY27 but no changes are made to near-term earnings estimates.

The stock remains Buy rated with a $16.53 target price.

Target price is $16.53 Current Price is $15.43 Difference: $1.1
If NCK meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.26, suggesting upside of 1.1% (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

UBS rates NEM as Buy (1) -

UBS raises its target for Buy-rated and preferred large cap gold miner Newmont Corp to $100 from $75. Divestments of between $2-4bn over the next year are set to accelerate deleveraging and cash returns, in the broker's view.

Assuming management can rebuild investor confidence, the analyst believes Newmont can recapture a valuation premium. It's felt the company is well positioned to deliver upon medium-term targets.

The broker's target price rises after incorporating the Telfer sale and aligning the valuation with North American mining peers.

Target price is $100.00 Current Price is $78.21 Difference: $21.79
If NEM meets the UBS target it will return approximately 28% (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: 0.9

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

Bell Potter rates NHC as Hold (3) -

New Hope's FY24 underlying earnings (EBITDA) of $860m were in line with Bell Potter's forecast and an above expectation final fully franked dividend of 22c cents was declared, bringing total FY24 dividends to 39 cents.

While FY25 guidance was not released, management typically releases full year guidance within its Q1 production report due in November, explain the analysts.

The Hold rating is maintained, and the target falls to $4.60 from $4.70.

Target price is $4.60 Current Price is $4.32 Difference: $0.28
If NHC meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in July.

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 NHC as Neutral (3) -

While New Hope's FY24 result revealed a -6% miss against the consensus profit estimate due to a higher-than-expected D&A expense, a 22% beat for the total dividend of 39 cents was a key positive for Macquarie.

Subsequent to the analyst's earnings call with management, news came that New Hope had submitted a bid for either a subset of or all of Anglo American's Queensland coal assets.

Neutral rated. Target slips by -2% to $4.20.

Target price is $4.20 Current Price is $4.32 Difference: minus $0.12 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.95, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in July.

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

Morgans rates NHC as Upgrade to Add from Hold (1) -

New Hope reported a "solid" FY24 result with no surprises according to Morgans.

The company ended FY24 with net cash of $566m or over 15% of its market capitalisation, which was better than the broker's forecasts. The final 22c dividend was 1c above the analyst's estimate.

Management's FY24 guidance infers higher volumes at Acland with higher costs. Bengalla production/costs outlook appears to meet the broker's expectations.

Morgans assesses New Hope has outperformed its met coal peers because of its low-cost structure. The stock is believed to be "genuinely" cheap and is upgraded to Buy from Hold. 

Target price falls to $5.20 from $5.45.

Target price is $5.20 Current Price is $4.32 Difference: $0.88
If NHC meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in July.

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 ORG as Upgrade to Outperform from Neutral (1) -

Macquarie raises its target for Origin Energy to $10.43 from $10.12 and upgrades to Outperform from Neutral. It's believed forward electricity prices will be higher in FY26 while the cost of coal is likely to fall back to FY24 levels.

In further positives, the broker cites an attractive dividend yield and the formal announcement of a new customer win by Kraken involving 8m accounts.

Origin Energy has a 20% stake in Octopus Energy, which includes a license to use the Kraken platform in Australia.

Target price is $10.43 Current Price is $9.55 Difference: $0.88
If ORG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.71, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Bell Potter rates PTM as Buy (1) -

Regal Partners ((RPL)) is offering 0.274 Regal shares for each Platinum Asset Management share, which Bell Potter assesses is a premium of 15.7% to Platinum's previous closing price. This calculation excludes the payment by Platinum of a 24c special dividend.

Platinum Asset Management has not yet responded to the offer.

The broker suggests management may be reluctant to quit a turnaround plan hatched by new CEO Jeff Peters, especially as the share price is currently near all-time lows. 

The broker's Buy rating and $1.10 target are unchanged.

Target price is $1.10 Current Price is $1.12 Difference: minus $0.015 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.00, suggesting downside of -9.7% (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

Ord Minnett rates RHC as Hold (3) -

Ramsay Health Care announced management is considering the sale of its Sante business which could generate around $1.4bn for the company and boost EPS estimates by 8% in FY26 according to Ord Minnett.

The sale would also reduce net debt and improve metrics such as return on invested capital.

Ord Minnett lowers its target to $42.40 from $43.40 on downgraded earnings forecasts. Hold rating unchanged.

Target price is $42.40 Current Price is $40.15 Difference: $2.25
If RHC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $48.32, suggesting upside of 20.1% (ex-dividends)

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 SDF as Outperform (1) -

Macquarie addresses questions around strata managers' "partnerships", and surrounding disclosures following recent negative press coverage.

After analysing online disclosures of all strata management groups, the broker found around 85% of strata managers don't disclose their partnerships, but when disclosed, Steadfast Group is the partner on circa 76% of occasions.

The Outperform rating and $6.80 target are maintained.

Target price is $6.80 Current Price is $5.65 Difference: $1.15
If SDF meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 20.5% (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

Citi rates SDR as Buy (1) -

Citi notes SiteMinder has launched DR-Plus as the broker anticipated with a forecast "material" revenue contribution from FY27.

DR-Plus is the first revenue management solution which will not require property management system data. This allows the product to scale quickly. Citi believes this is one of the major positives and strengths of DR-Plus.

Management provided no pricing information at the launch event with the analyst forecasting 1.5% of gross merchandise value for small hotels, 0.75% for medium hotels and 0.25% for large hotels.

Buy rated with a $6.60 target price.

Target price is $6.60 Current Price is $5.10 Difference: $1.5
If SDR meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 31.4% (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 SHV as Upgrade to Buy from Hold (1) -

Bell Potter raises its target for Select Harvests to $4.95 from $4.40 and upgrades to Buy from Hold after noting current consensus forecasts are underestimating the rise in almond prices.

Following the July USDA crop forecast, almond prices have rallied to between $8.00-8.50/kg, placing the broker's FY25 earnings (EBITDA) forecast around 17% ahead of the consensus estimate.

Target price is $4.95 Current Price is $4.19 Difference: $0.76
If SHV meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in September.

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 TWE as Neutral (3) -

Citi observes the latest Nielsen data for the four-weeks to September 7 with Treasury Wine Estates American sales falling -3% due to a decline in the price and stable volumes.

While noting the limitations in the data as on-premise sales are excluded, the broker points to an improvement compared to the previous four-week period, supporting the proposition the company's global brand portfolio has stabilised.

This underpins managements FY25 earnings guidance at the EBIT level of $780m-$810m, the analyst believes.

No change to Neutral rating or $12.97 target price.

Target price is $12.97 Current Price is $11.23 Difference: $1.74
If TWE meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.71, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgan Stanley rates WBC as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley raises target prices for the majority of Australian banks under coverage. Investors have been willing to pay more for banks' lower risk profile and stronger balance sheets, and their 'safe haven' status within the Australian market, explain the analysts.

While acknowledging incorrect caution on the banks previously, the broker still retains a negative stance given share prices imply nothing goes wrong in 2025.

The higher targets reflect more emphasis by Morgan Stanley on balance sheet strength and risk profile.

For Westpac, the broker increases the target to $29.70 from $26.50 and upgrades to Equal-weight from Underweight. Industry View In-Line.

Target price is $29.70 Current Price is $33.03 Difference: minus $3.33 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.26, suggesting downside of -17.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Macquarie rates WGX as Outperform (1) -

Macquarie's target for Westgold Resources falls by -5% to $3.50 after allowing for in-line FY25 production guidance, better costs (AISC) but higher capex.

Management notes FY25 will be a "peak investment year" with investments in Beta Hunt and Bluebird, and development at Great Fingall and Big Bell deeps.

The Outperform rating is maintained.

Target price is $3.50 Current Price is $2.67 Difference: $0.83
If WGX meets the Macquarie target it will return approximately 31% (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