Australian Broker Call

Macquarie rates 29M as Outperform (1) -

Macquarie saw 29Metals releasing a quarterly report dominated by softer production volumes, but, the broker counters, costs went down as well.

The broker highlights Capricorn successfully restarted production during 3Q with 1.1kt of copper production. Output is projected to triple in 4Q to 3.4kt as the ramp up continues, on the broker's forecast.

29Metals has maintained its 2023 capital, cost, and production guidance of 24-29kt of copper and 54-61kt of zinc and Macquarie sees this as a clear positive.

Target 80c. Outperform. Short-term forecasts have been lowered.

Target price is $0.80 Current Price is $0.60 Difference: $0.2
If 29M meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 37.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates 29M as Overweight (1) -

29Metals's 3Q copper production beat forecasts by Morgan Stanley and consensus by 8% and 10%, respectively, due to higher milling rates and grades at Golden Grove, partially offset by a production miss at Capricorn Copper.

Zinc production missed the broker's/consensus forecast by -44% due to significantly lower grades, which the analysts suggest was likely because copper stopes were being prioritised.

The target rises to 90c from 85c on an increase in the broker's bull case valuation. Overweight. Industry view: Attractive.

Target price is $0.90 Current Price is $0.60 Difference: $0.3
If 29M meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 37.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates 29M as Hold (3) -

29Metals delivered softer production in the September quarter, with strong copper production only partially able to offset lower than expected zinc production. Capital spend was also lower than expected, largely on delayed and deferred spend. 

Ord Minnett continues to see a value proposition in 29Metals, as the stock still trades below its target price, but remains wary of the risk profile which hampers a more constructive outlook.

The Hold rating is retained and the target price increases to 85 cents from 84 cents. 

Target price is $0.85 Current Price is $0.60 Difference: $0.25
If 29M meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 37.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates ALD as Outperform (1) -

Macquarie spotted a strong Q3 released by Ampol and the broker believes shareholders should expect a special dividend coming their way.

While war in the Middle East, were it to widen in scope, represents a key risk, the broker suggests the shares should remain supported by the prospect of a special dividend.

Small, positive amendments have been made to forecasts. Price target gains 2% to $38. Outperform.

Target price is $38.00 Current Price is $32.94 Difference: $5.06
If ALD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $35.11, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

During 3Q results, Ampol's unveiled a Lytton Refiner Margin (LRM) 41% ahead of what both Morgan Stanley and consensus were expecting. 

The analysts' explain the Fluidised Catalytic Cracking Unit restarted in May and there was strength in gasoline and diesel product cracks.

Stronger refining margins and trading gains resulted in replacement cost operating profit (RCOP) group earnings (EBIT) rising by 61% on the previous corresponding period. This outcome exceeded forecasts by the broker and consensus by 46% and 36%, respectively.

Target $34.82. Equal-weight. Industry view is Attractive.

Target price is $34.82 Current Price is $32.94 Difference: $1.88
If ALD meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $35.11, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates ALD as Hold (3) -

A strong third quarter from Ampol included earnings of $438m, largely in line with Ord Minnett's expectations. While fuel margins softened in July as customer prices lagged rising wholesale prices, these improved later in the quarter. 

While the share price responded positively to the news, it continues to trade at a slight discount to fair value according to Ord Minnett. For the broker, Ampol's dividends remain a key appeal, with $2.1bn in capital returned to shareholders in the last five years. 

The Hold rating is retained with a target price of $35.00.

Target price is $35.00 Current Price is $32.94 Difference: $2.06
If ALD meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $35.11, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates ALK as No Rating (-1) -

Alkane Resources delivered a slightly soft first quarter compared to Ord Minnett's expectations, but the broker points out the company is still broadly on track to meet full year guidance, excluding a non-cash item impacting on the quarter. 

Ord Minnett feels Alkane Resources offers solid leveraged exposure to gold, noting the company's track record of meeting and exceeding guidance. 

The Buy rating is retained and the target price decreases to 75 cents from 80 cents. 

Target price is $0.75 Current Price is $0.60 Difference: $0.15
If ALK meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

Morgan Stanley resumes coverage of APA Group with the same Equal-weight rating. The broker would become more constructive on the company with an acceleration in free cash flow (FCF) growth via either revenue or expenditure levers, and/or capital efficiency.

Key challenges for management include project execution, particularly around social license, where the analysts see heightened risk
across all the developers within Morgan Stanley's coverage. Pipeline recontracting is another hurdle, notes the broker.

A $9.28 target is set. The broker points out the recent Pilbara power acquisition adds 543MW of contracted power, 82MW under construction, and a clear growth pipeline of at least 968MW.

Target price is $9.28 Current Price is $8.07 Difference: $1.21
If APA meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.42, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates ASX as Underweight (5) -

Intra-month tracking by Morgan Stanley of October 2023 interest rate futures on the ASX indicates volumes are up by 33% year-on-year, helped along by recent RBA commentary.

On the assumption these futures reflect activity for total futures volumes, the broker suggests total rate futures are up by 13% for the 1H of FY24 so far, ahead of Morgan Stanley's 12.5% forecast for the 1H.

The $53.50 target and Underweight rating are unchanged. Industry view: In-Line.

Target price is $53.50 Current Price is $55.60 Difference: minus $2.1 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $61.62, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Shaw and Partners rates BCB as Buy (1) -

Following a difficult twelve months for Bowen Coking Coal, Shaw and Partners believes the company is now positioned to benefit from rising coal prices and lower costs.

Despite a -$4m loss at Bluff in the September quarter, the company reported operating cash flow of $11.5m and record high coal shipments of 555,000 tonnes. Shaw and Partners anticipates a better period again in the December quarter amid improving coal prices. 

The Buy rating and target price of 27 cents are retained.

Target price is $0.27 Current Price is $0.11 Difference: $0.165
If BCB meets the Shaw and Partners target it will return approximately 157% (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

Morgans rates BKW as Downgrade to Hold from Add (3) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The sole ratings change by the broker is for Brickworks, downgraded to Hold from Add, given the current share price is trading broadly in line with net tangible assets (NTA). The target falls to $25.90 from $26.70.

Target price is $25.90 Current Price is $25.07 Difference: $0.83
If BKW meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $27.08, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates BOE as Neutral (3) -

Macquarie notes Boss Energy has stated the restart of the Honeymoon Uranium project is 90% complete, and the operation remains on track and on budget for first production in 2023.

The broker highlights the Honeymoon uranium project is fully licensed, in a tier-one jurisdiction and has a near-term path to market buoyed by rallying uranium prices.

Small amendments have been made to forecasts. Price target $4.50. Neutral.

Target price is $4.50 Current Price is $4.69 Difference: minus $0.19 (current price is over target).
If BOE meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.54, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Bell Potter rates BPT as Buy (1) -

Beach Energy's September-quarter group production missed Bell Potter's forecast due mainly to lower customer nominations at Victoria's Otway Basin. Revenue also miss due to lower sales turnover and a lower realised gas price. No further guidance was offered.

The company closed the quarter with net debt of $305m (up from $166m at June 30) and operating cash flows were about $155m after paying the dividend. The company increased its syndicated loan facility to $920m from $600m, boosting liquidity.

But Bell Potter expects Otway's take-or-pay quantities will rise sharply over 2024 and that a Gas Sales Agreement review process with Origin Energy ((ORG)) will be favourable.

EPS forecasts rise 4% in FY24 and are steady for FY25 and FY26.

Buy rating and $2 target price retained.

Target price is $2.00 Current Price is $1.48 Difference: $0.52
If BPT meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates BPT as Upgrade to Neutral from Sell (3) -

Citi upgrades Beach Energy to Neutral from Sell following a fall in the share price, retaining a $1.55 target. Fundamentally, the broker thinks there is little downside remaining.

Indeed, there may be positive news flow in the coming months from continued Perth Basin exploration success, Lattice repricing when arbitration finalises, and Waitsia productivity improvements could see an early start-up versus mid-2024 guidance.

But Citi also advises waiting for the new CEO to outline his strategy before piling in.

Target price is $1.55 Current Price is $1.48 Difference: $0.07
If BPT meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates BPT as Underweight (5) -

Will there has been recent negative revisions to consensus forecasts for Beach Energy, Morgan Stanley suspects there may also be a modest negative reaction to the company's 1Q operating update.

The broker attributes weaker Victorian demand for -10% softer production quarter-on-quarter. Management noted Origin Energy ((ORG)) declined to take 10Pj of Otway gas offered.

First gas is still being targeted from Waitsia Stage 2 by mid-2024, noted the company.

Underweight rating. Target $1.56. Industry view: Attractive.

Target price is $1.56 Current Price is $1.48 Difference: $0.08
If BPT meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans rates BPT as Hold (3) -

While Beach Energy’s 1Q production fell by -10% from the prior quarter, due to a -50% decline in gas sales from Otway on lower customer demand, production still met the consensus forecast, explains Morgans.

The broker’s FY24 production forecast falls, partly offset by the impact of a lower Australian dollar on medium and longer-term estimates.

The Hold rating is unchanged and the target slips to $1.55 from $1.60.

Target price is $1.55 Current Price is $1.48 Difference: $0.07
If BPT meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates BXB as Neutral (3) -

Brambles, earlier today, released a strong Q1 trading update, Citi comments in an initial response. Volumes continuing were "muted" the broker suggests but price and rollover benefits stole the show.

Citi analysts doubt whether pricing power is structural, plus Brambles will be cycling tougher comparables. The combination of the two makes the broker more cautious from here onwards.

Further adding to the broker's caution, it is noted management mentioning increasing competitor activity/changing whitewood dynamics, plus there's a year-on-year decline in average pallet prices paid, and Brambles' price realisation will align with a lower cost-to-serve environment.

Neutral. Target $16.

Target price is $16.00 Current Price is $14.30 Difference: $1.7
If BXB meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.58, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Macquarie rates CDA as Outperform (1) -

At its AGM, Codan has flagged Detection is tracking ahead of expectations thus far in FY24. The integration of Eagle, acquired in August, is on track.

Macquarie has made minor upgrades to forecasts. Price target now $9.10 versus $8.20 in August. Outperform.

Target price is $9.10 Current Price is $8.13 Difference: $0.97
If CDA meets the Macquarie target it will return approximately 12% (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

Bell Potter rates CLU as Buy (1) -

Cluey's September-quarter group revenue appears to have missed Bell Potter's forecasts on most key metrics, due to: longer student session pauses in school holidays; customer-acquisition spend to preserve cash; and a weak economic backdrop.

The one highlight was lower cash burn and the company closed the quarter with net cash of $11.4m, operating cash flow rising 21% onf the previous corresponding period.

This flowed through to a 42% increase in earnings (EBITDA) and management predicts further operating gains and improved retention over FY24 as tech developments kick in.

EPS forecasts fall across FY24 to FY26.

Buy rating retained. Target price falls -11% to 22c.

Target price is $0.22 Current Price is $0.09 Difference: $0.13
If CLU meets the Bell Potter target it will return approximately 144% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates CSR as Underperform (5) -

CSR is scheduled to report H1 financials on November 8. Macquarie is anticipating a "decent" result but also an opaque outlook amidst a complex macro outlook.

Within this framework, the broker cannot get excited and, instead, believes the risk-reward remains unfavourable for investors.

Hence why the rating remains on Underperform. Price target $4.90 (was $4.50 in late June). Forecasts have been upgraded, with weak conditions for aluminium reducing the impact from stronger Building Products earnings.

Target price is $4.90 Current Price is $5.49 Difference: minus $0.59 (current price is over target).
If CSR meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.66, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates CSR as Hold (3) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The broker anticipates earnings will be resilient for CSR and retains its Hold rating.The target rises to $6.35 from $6.30.

Target price is $6.35 Current Price is $5.49 Difference: $0.86
If CSR meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.66, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates CTD as Buy (1) -

Corporate Travel Management has announced a $100m buyback. Meanwhile, Citi believes Engencia was the only listed corporate travel management company to have reported pre-pandemic earnings quarterly.

Assuming Corporate Travel’s seasonal trends match, the company’s FY24 earnings appear to be tracking ahead of guidance, and seasonality implies revenue should accelerate in the September quarter.

But then post-pendemic is not "normal", so Citi sees potential to hit the top end of the guidance range. Buy and $22.55 target retained.

Target price is $22.55 Current Price is $17.00 Difference: $5.55
If CTD meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $23.16, suggesting upside of 39.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley notes Corporate Travel Management's AGM update was largely in line with last week's trading update apart from the announced buyback of $100m, and confirmation the midpoint of the FY24 earnings guidance range is on track.

The analyst expects ongoing strength in the 2Q will reduce earnings downside risk.

Despite materially better execution during covid, Morgan Stanley notes Corporate Travel Management trades at a discount to travel agency peers. Overweight. Target $29. Industry View: In-Line.

Target price is $29.00 Current Price is $17.00 Difference: $12
If CTD meets the Morgan Stanley target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $23.16, suggesting upside of 39.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates CWP as Hold (3) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The medium-term thematic remains positive for Cedar Woods Properties, in the broker's view, with management set to deliver new lot housing into what remains an under-supplied market.

The target eases to $5.40 from $5.45 and the Hold rating is maintained.

Target price is $5.40 Current Price is $4.36 Difference: $1.04
If CWP meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Shaw and Partners rates CY5 as Buy (1) -

Cygnus Metals has made a major discovery in its first drilling program at Auclair, one of its three James Bay sites, during the September quarter, reporting the identification of three large spodumene bearing pegmatites.

As per Shaw and Partners, this expands known mineralisation at Auclair to over 6km long and 1.6km wide, but the corridor remains open in all directions. With $13.8m in cash at the end of quarter, the company appears well funded to complete summer and winter drill programs.

The Buy rating and target price of 50 cents are retained.

Target price is $0.50 Current Price is $0.16 Difference: $0.34
If CY5 meets the Shaw and Partners target it will return approximately 212% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates DGL as Add (1) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The broker believes management at DGL Group can grow the business organically at around 10% per annum. Incremental growth from acquisitions and strong cash flow conversion are also expected.

The Add rating is retained and the target slips to $1.05 from $1.10.

Target price is $1.05 Current Price is $0.79 Difference: $0.26
If DGL meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.99, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

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

Damstra Holdings has announced the receipt of an indicative proposal from Mitratech Holdings (private company) to acquire the business for $0.30c per share.

The board has granted four weeks due diligence, suggesting to Morgan Stanley shares will trade more in line with the probability of deal completion and any counter proposals.

The target rises to 30c from 10c, the latter was based on the analysts' assessment of business fundamentals.

The broker's rating also rises to Equal-weight from Underweight. Industry view: In-Line.

Target price is $0.30 Current Price is $0.24 Difference: $0.06
If DTC meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates DTL as Buy (1) -

UBS compares Data#3 with Dicker Data ((DDR)) and the former comes out on top.

The broker expects Data#3 will trade at a premium to Dicker Data given its defensive revenue supported by a term-based software services contract; stronger balance sheet; and superior cash conversion.

UBS says this reflects its working capital light model, as evidenced in its market-leading return on equity. 

Buy rating and $8.20 target price retained.

Target price is $8.20 Current Price is $7.08 Difference: $1.12
If DTL meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates DXS as Neutral (3) -

Dexus produced a resilient Sep Q operational update, Citi suggests, with industrial occupancy remaining relatively stable at 99.5% despite office occupancy reducing by -1.2% in the quarter to 94.7%. Gearing improved as a result of continued divestment.

The funds management business continues to grow and despite a challenging Australian office outlook, generally Dexus reaffirmed distribution guidance highlighting the “flight to quality” and “flight to core”.

Neutral and $8.20 target retained.

Target price is $8.20 Current Price is $6.70 Difference: $1.5
If DXS meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 32.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates DXS as Outperform (1) -

Dexus has used the release of Q1 update to reaffirm FY24 DPS guidance, which remains in line with the 48c penciled in by Macquarie.

As the broker points out, Dexus has settled -$1.3bn in divestments since June 30th. More divestments will be well received and drive a re-rating for the securities, the broker believes.

The Office sector continues to be faced with challenges but Macquarie believes Dexus-specific catalysts can propel the share price higher. Outperform. Target $7.78 on incremental cap rate expansion, down from $8.95 prior.

Target price is $7.78 Current Price is $6.70 Difference: $1.08
If DXS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 32.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgan Stanley rates DXS as Underweight (5) -

As part of a 1Q update, Dexus maintained DPS guidance for FY24 of 48cpu.

While the CEO has resigned, management indicated a replacement will be found relatively quickly.

More due to the mix of tenants, rather than an improvement in the office market, office incentives fell to 27.7% for the quarter compared to 30% in FY23.

The office market remains tough, in the broker view, and the Underweight rating and $8.10 target are left unchanged. Industry View: In-Line.

Target price is $8.10 Current Price is $6.70 Difference: $1.4
If DXS meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 32.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates GL1 as Outperform (1) -

Outperform rating and $2.40 price target retained as Global Lithium Resources is progressing with its 50,000m drilling program at Manna targeting resource base updates and classification upgrades.

Macquarie highlights the company is evaluating the option to produce SOC for circa 24 months for early cash flow, which presents upside to the broker's base case forecasts.

The broker sees potential share price catalysts through further drilling results at Manna and Marble Bar and an update on the Manna
Definitive Feasibility Study.

Small upgrades to forecasts have resulted from the company's September quarter update.

Target price is $2.40 Current Price is $1.26 Difference: $1.135
If GL1 meets the Macquarie target it will return approximately 90% (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

Shaw and Partners rates GL1 as Buy (1) -

Global Lithium Resources has reported substantial progress at its Manna project during the September quarter, meeting multiple milestones key to delivering a definitive feasibility study by mid-2024. 

As Shaw and Partners points out, the company increased the resource by 24.1%, and lifted the resource grade to 1.13% from 1.0%. The broker anticipates a further resource upgrade in the first quarter of 2024. 

The Buy rating and target price of $3.20 are retained.

Target price is $3.20 Current Price is $1.26 Difference: $1.935
If GL1 meets the Shaw and Partners target it will return approximately 153% (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

Morgans rates GMG as Add (1) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The broker sees Goodman Group as a high-quality business with a robust balance sheet and real pricing power, capable of overcoming interest rate uncertainty. The target falls to $23.50 from $24.50. Add.

Target price is $23.50 Current Price is $20.73 Difference: $2.77
If GMG meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $23.57, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Bell Potter rates IGL as Buy (1) -

IVE Group has purchased 100% of JacPak, a Melbourne-based folding cartons packaging company for $35m, comprising: $28m on completion; $4m in deferred consideration; and $3m in equipment finance leases.

JacPak's FY23m revenue was $45m, and earnings (EBITDA) $6m, so the price equates to an EBITDA multiple of 5.8x, estimates the broker. Management forecasts synergies of $2.4m by July 1, cutting that multiple to 4.2x observes Bell Potter.

The broker estimates the deal will be 7% accretive in FY24. The deal will be funded from the company's acquisition facility.

EPS forecasts rise 3% in FY24; 5% in FY24; and 7% in FY26.

Buy rating retained. Target price falls to $2.65 from $2.75.

Target price is $2.65 Current Price is $1.83 Difference: $0.82
If IGL meets the Bell Potter target it will return approximately 45% (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

UBS rates IGL as Buy (1) -

UBS determines IVE Group's acquisition of JacPak is strategically positive, the broker considering it to be a sound entry point for consolidation of the higher-margin, short/medium run folding carton sector and an affirmation of the company's diversification from web offset printing.

The broker estimates the purchase will be 5% accretive in FY24, and 7% accretive after full synergy benefits have been accrued.

UBS says the acquisition will continue to pressure the company's gearing, but expects a partial unwinding in the June half as cash conversion kicks in and paper delivers.

Buy rating retained. Target price steady at $2.65.

Target price is $2.65 Current Price is $1.83 Difference: $0.82
If IGL meets the UBS target it will return approximately 45% (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

Bell Potter rates IKE as Speculative Buy (1) -

ikeGPS Group September-half result proved a sharp miss on Bell Potter's forecasts due to a slump in transaction volumes (flagged at the recent AGM).

Year on year, transaction revenue and gross profit was down; and subscription revenue, gross margins and cash all improved.

Management continued to guide to "very high" usage of its suite but Bell Potter doubts volumes will materially recover until the March quarter, and could be pushed out as far as June 30 or early 2025.

EPS forecasts fall across the forecast period. 

Speculative Buy rating retained, the broker appreciating the medium and long-term opportunity given the forecasts US$410bn investment into North American 5G fibre and rural broadband rollout. Target price falls to 88c from $1.18.

Target price is $0.88 Current Price is $0.62 Difference: $0.26
If IKE meets the Bell Potter target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

UBS rates KGN as Neutral (3) -

Kogan's September-quarter trading update met UBS forecasts, the broker observing that platform and capital-light, high-margin services-based gross profit now constitutes 75% of the company's gross profit, compared with less than 30% prior to FY22.

UBS sheets this back to the Kogan First membership contribution, which the broker observes is driving the company's earnings recovery, highlight the importance of the program to medium term earnings and customer value proposition.

So the broker appreciates the return to growth in subscriber numbers (up 10% in the quarter) but is waiting on a return to growth in product sales.

EPS forecasts fall -12% in FY24; and -9% in FY25.

Neutral rating and $4.90 target price retained.

Target price is $4.90 Current Price is $4.86 Difference: $0.04
If KGN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates LM8 as Outperform (1) -

It is Macquarie's assessment, Lunnon Metals Q1 quarterly report showcased strong progress with drilling activities during the quarter.

The broker highlights Lunnon finished the quarter with cash of $31.9m and sees the company as well placed to continue exploration activities and studies in the upcoming quarter.

Macquarie sees upcoming catalysts through drilling results from Long South Gap Prospect and completion of combined studies for Baker and Foster.

Outperform. Target $1.15 (was $1.30 in August) on increased shareholder dilution.

Target price is $1.15 Current Price is $0.70 Difference: $0.455
If LM8 meets the Macquarie target it will return approximately 65% (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

UBS rates LYC as Buy (1) -

Lynas Rare Earths has advised it has been granted a variation to its Malaysian operating license allowing it to keep cracking and leaching at its facility - valid until March 2026.

This was not included in UBS' base case so the broker raises its conservative assumption, expecting the company will hit guidance on its downstream ramp-up.

EPS forecasts rise 18% for FY23; 12% for FY25; and 2% for FY26. The company remains the broker's sector pick.

Buy rating retained. Target price rises to $9.60 from $7.90.

Target price is $9.60 Current Price is $7.12 Difference: $2.48
If LYC meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $8.18, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Ord Minnett rates MFG as Accumulate (2) -

Off the back of the sudden departure of Magellan Financial's CEO, Ord Minnett has lifted its expected full year outflows from the company to $20bn from a previous $17bn.

Included in this, notes the broker, is $2.7bn related to the closed-end Magellan Global Fund, which Ord Minnett expects will be transitioned into an open-class vehicle. 

Ord Minnett does not expect the departure of the CEO to be as disruptive to Magellan Financial as previous leadership departures. The Accumulate rating is retained and the target price decreases to $9.60 from $10.20.

Target price is $9.60 Current Price is $6.34 Difference: $3.26
If MFG meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $8.87, suggesting upside of 42.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates MFG as Buy (1) -

Magellan Financial has announced its new chairman Andrew Formica will step into the position of executive chairman, and that CEO David George will step down immediately.

While UBS acknowledges this represents further instability for the company, it considers the move to be positive given problems with execution as outflows continued in the September quarter and ambitions to return to $100bn FUM appeared far fetched. The broker also cites poorly structured incentives and limited capital management.

The company is introducing retention incentives so cost guidance rises but UBS considers it to be necessary short-term and that it opens the door to cost reductions down the line.

UBS retains the faith, doubling down on its Buy rating and $10.50 target price, believing the company to be sharply undervalued, and observes Infrastructure will soon surpass Global Equities (the source of the company's strife) as its largest capability in term of funds under management, offering downside containment.

Target price is $10.50 Current Price is $6.34 Difference: $4.16
If MFG meets the UBS target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $8.87, suggesting upside of 42.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates MGH as Add (1) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The broker admires Maas Group's vertically integrated business model which allows margin capture through the whole supply chain and control costs. The target rises to $4.05 from $3.95.

Target price is $4.05 Current Price is $3.50 Difference: $0.55
If MGH meets the Morgans target it will return approximately 16% (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

Citi rates MGR as Buy (1) -

Mirvac Group's Sep Q update highlighted a weaker sales result with 262 lots sold in the quarter versus 508 in the June quarter. Part of the weakness, Citi suggests, is weaker markets with the remainder being driven by the timing of the project launches being towards later in quarter.

FY24 guidance maintained. While Citi sees longer term headwinds from a reducing but still high office exposure, the stock is providing
attractive value currently given a -30% discount to net tangible asset valuation versus a 10% premium historically.

And NTA is not ascribing any value to $17.1bn in third party funds under management as well as the $11.6bn commercial/mixed use development pipeline. Buy and $2.50 target retained.

Target price is $2.50 Current Price is $1.95 Difference: $0.555
If MGR meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MGR as Outperform (1) -

Mirvac Group has reaffirmed FY24 operational EPS guidance for 14-14.3c and both Macquarie and market consensus are positioned inside that small range.

The broker highlights residential volumes remain subdued, but pre-sales support management's conidence FY24 guidance will be achieved.

The fact that 55 Pitt Street is now pre-leased for circa 20% of the space is considered an incremental positive for commercial development.

Outperform rating retained while the price target declines to $2.20 (from $2.64).

Target price is $2.20 Current Price is $1.95 Difference: $0.255
If MGR meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates MGR as Overweight (1) -

While 1Q residential pre-sales of 261 lots for Mirvac Group were below Morgan Stanley's forecast, the broker remains positive given tight residential supply/demand.

Management noted a pick-up for activity in October, and pointed out new apartment launches fell at end of the quarter, suggesting Q2 may see an improvement.

The Overweight rating and $2.55 target are retained. Industry view: In-Line. 

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

Current consensus price target is $2.58, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MIN as Outperform (1) -

Macquarie found Q1 results from Mineral Resources "soft", with sales volumes for iron ore and lithium both disappointing.

Lithium shipments have been negatively affected by port outages, explains the broker. Achieved prices proved in line with expectations.

Near term forecasts have been reduced. Price target falls to $83 from $84 in response. Outperform rating retained.

Target price is $83.00 Current Price is $60.09 Difference: $22.91
If MIN meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $76.57, suggesting upside of 29.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

Compared to consensus forecasts for the 1Q, prices and sales at the Mt Marion operations for Mineral Resources were misses of -12% and -9%, respectively. Production was in line with Morgan Stanley's forecast and -5% adrift of consensus.

More positively, iron ore production exceeded forecasts by the analysts and consensus by 7% and 8%, respectively, while Mining Services revenue came in slightly weaker than the broker anticipated.

Morgan Stanley sees risks in the lithium space in the current environment, and notes overall company gearing is elevated.

Equal-weight rating. Target price $74. Industry view: Attractive.

Target price is $74.00 Current Price is $60.09 Difference: $13.91
If MIN meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $76.57, suggesting upside of 29.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates MIN as Sell (5) -

Mineral Resources's September-quarter update was mixed, iron ore staging a production beat, and lithium a miss. Management reiterated guidance.

The broker observes that while iron ore production was strong, shipments were weak. 

UBS updates its forecasts to incorporate weaker spodumene and lithium prices, as well as rising costs, and a plodding Mt Marion's ramp-up.

EPS forecasts fall -13% in FY24; -10% in FY25; and -4% in FY26.

Sell rating retained. Target price falls to $57 from $60.

Target price is $57.00 Current Price is $60.09 Difference: minus $3.09 (current price is over target).
If MIN meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $76.57, suggesting upside of 29.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates MVF as Outperform (1) -

Macquarie has used the release of Medicare statistics for September to repeat its view that the IVF sector is enjoying structural tailwinds.

Monash IVF is considered well-positioned to increase market share.

Outperform rating retained. Target $1.40.

Target price is $1.40 Current Price is $1.28 Difference: $0.12
If MVF meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.35, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates PBH as Buy (1) -

A broadly in line September quarter from PointsBet Holdings, as per Ord Minnett, with strong net win margins in both the Australian and Canadian businesses. Full year guidance was reaffirmed, and the company expects cash flow to remain positive over the rest of FY23. 

While active customers in Canada increased 8% over the three months, in Australia active customers contracted -1.5%, although Ord Minnett points out the region is cycling tough comparables. 

The sale of the balance of the US business remains on track, and the company anticipates a second cash distribution in the March quarter. The Buy rating is retained and the target price decreases to $0.95 from $1.95.

Target price is $0.95 Current Price is $0.77 Difference: $0.185
If PBH meets the Ord Minnett target it will return approximately 24% (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

Citi rates PLS as Buy (1) -

Pilbara Minerals released its September quarter trading update earlier today and Citi analysts, following an initial assessment, are prepared to call the performance "in line", with the added observation today's report missed market consensus estimates.

Management is preparing for ongoing volatile prices and has thus decided not to proceed with a one-off capital management initiative.

In terms of production volumes, management has guided towards a weaker H1, but only -5% below market expectation.

Citi believes market consensus has yet to adjust for the heavy fall in market lithium prices with, for example, spodumene prices down -37% over the three months past.

Buy. Target $4.50.

Target price is $4.50 Current Price is $3.88 Difference: $0.62
If PLS meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgans rates PPE as Add (1) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The target for PeopleIN is slashed to $2.40 from $3.70 on incrementally worsening earnings through FY24 before a return to more normalised levels.

The share price has already fallen by around -50% in the past six months, and Morgans retains an Add rating on valuation, and in the expectation of a cyclical rebound over time.

Target price is $2.40 Current Price is $1.56 Difference: $0.84
If PPE meets the Morgans target it will return approximately 54% (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

Morgans rates QAL as Add (1) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

Despite the market's elevated valuation multiple for Qualitas, the broker believes this is supported by recurring income growth and the potential within the build-to-rent portfolio.The target rises to $3.25 from $3.20.

Target price is $3.25 Current Price is $2.34 Difference: $0.91
If QAL meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates SUL as Neutral (3) -

Super Retail reported Group like-for-like sales growth of 2% for the first 16 weeks of the first half. This was well ahead of Citi's expectations and indicated improving momentum since the last update.

Gross margins also surprised to the upside. The broker expect significantly lower freight is driving margins, with the full benefits to come through in the second half.

But RBA rate hikes in November and December (as Citi now forecasts) will likely impact on critical Christmas spending. Neutral retained, target falls to $13.20 from $13.50.

Target price is $13.20 Current Price is $12.20 Difference: $1
If SUL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.38, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates SUL as Neutral (3) -

Super Retail delivered a positive update for shareholders at its AGM, Macquarie observes, against the background of ongoing challenges and tough conditions.

Super Cheap Auto and BCF are the key drivers for the first 16 weeks into FY24. With consumers under pressure and tough comparables on the horizon, the broker does anticipate slower growth numbers ahead.

Macquarie is predicting soft numbers ahead for both Rebel and MacPac. Small reductions to forecasts have pulled the broker in line with market consensus.

Price target decreases to $12.60 from $12.76. Neutral.

Target price is $12.60 Current Price is $12.20 Difference: $0.4
If SUL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.38, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

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

Super Retail's trading update for the first 16 weeks of FY24, showing like-for-like sales growth of 2%, was only slightly in advance of Morgan Stanley's forecast.

Compared to the first six weeks of trading, the 16-week period shows an acceleration in sales growth across all divisions, observe the analysts. Strength in the Auto maintenance category boosted Super Cheap Auto's sales by 4%.

No specific FY24 guidance was provided.

The Equal-weight rating and $11.50 target are unchanged. Industry view is In-Line.

Target price is $11.50 Current Price is $12.20 Difference: minus $0.7 (current price is over target).
If SUL meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.38, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates SUL as Lighten (4) -

Discretionary leisure goods retailing performed better than Ord Minnett expected in the new financial year, with Super Retail reporting a 4% sales increase year-on-year in its first sixteen weeks. Ord Minnett's full year sales forecast increases to a -1% year-on-year contraction. 

In the wake of Amazon entering the Australian market, Ord Minnett expects Super Retail will face formidable competition from both new and existing players, likely driving price cuts and declining profitability. 

The Lighten rating is retained and the target price increases to $10.50 from $10.00.

Target price is $10.50 Current Price is $12.20 Difference: minus $1.7 (current price is over target).
If SUL meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.38, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

UBS rates SUL as Sell (5) -

Super Retail's AGM and 16-week trading update sharply outpaced UBS's forecasts, the company posting solid sales growth with momentum accelerating as the trading period progressed. Group gross margins edged higher despite a foreign exchange drag.

Management reiterated guidance of $150m in capital expenditure (24 group store openings) and higher cost of doing business.

EPS forecasts rise 15% for FY24; and 16% for FY25 to reflect the higher than expected sales growth and earnings.

While UBS suggests the strong result reveals consumers are adjusting to a higher cost of living and appreciates the company's strong execution, it remains cautious given pressure on fuel prices has traditionally proved an issue for Super Retail. Higher interest rates are also an issue, the broker forecasting a 25 basis point rise.

Sell rating retained. Target price rises to $11.50 from $10.95.

Target price is $11.50 Current Price is $12.20 Difference: minus $0.7 (current price is over target).
If SUL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.38, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Bell Potter rates SVR as Hold (3) -

Solvar's September-quarter update met Bell Potter's forecasts, the company tracking to guidance.

The broker also expects the company will achieve its $1bn loan book target by June 30.

The company closed the quarter with cash of $144m and net assets of $367.5m. The company is offering a 10.8% yield observes the broker.

Hold rating and $1.09 target price retained.

Target price is $1.09 Current Price is $1.14 Difference: minus $0.045 (current price is over target).
If SVR meets the Bell Potter 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 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

Shaw and Partners rates TBN as Buy (1) -

Shaw and Partners feel Tamboran Resources brings extensive shale gas drilling and development experience to the Beetaloo Basin. Efficiency improvements saw the company drill and cement its Shenandoah South 1H and Amungee NW 3H wells in the September quarter. 

The broker believes the company continues to progress in proving the gas deliverability and commerciality of the Beetaloo Basin resource. While Tamboran Resources has announced its intentions to re-domicile to the US by scheme of arrangement, it will remain listed in Australia. 

The Buy rating and target price of 42 cents are retained.

Target price is $0.42 Current Price is $0.14 Difference: $0.28
If TBN meets the Shaw and Partners target it will return approximately 200% (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

Ord Minnett rates TLS as Upgrade to Accumulate from Hold (2) -

Ord Minnett finds Telstra Group to be trading at an attractive -16% discount to its fair value estimate, expecting investors remain cautious on the company's slow progress towards T25 targets. 

However, Ord Minnett is forecasting a compound annual growth rate of 8% through to FY26, despite challenges in fixed line units and inflation induced obstacles. 

The broker is cautious on the pending Versent acquisition, describing it as an "opaque technology services firm" with volatile revenue. The rating is upgraded to Accumulate from Hold and the target price of $4.50 is retained.

Target price is $4.50 Current Price is $3.87 Difference: $0.63
If TLS meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.45, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates TWE as Upgrade to Neutral from Sell (3) -

Citi upgrades Treasury Wine Estates to Neutral from Sell, being less concerned about short term downside risk to earnings given the company recently provided quantitative 1H/2H skew guidance which reduces the risk of an earnings miss.

The broker expects incrementally positive newsflow around China following the announcement that wine tariffs are under review
although acknowledges limited related upside to FY24 earnings, while proprietary data suggest a more constructive outlook for the high margin cellar door channel in the US.

Target rises to $12.20 from $10.20.

Target price is $12.20 Current Price is $11.95 Difference: $0.25
If TWE meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.08, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates VNT as Add (1) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The broker likes the attractive dividend yield offered by Ventia Services and an undemanding valuation. The target falls to $3.35 from $3.50.

Target price is $3.35 Current Price is $2.80 Difference: $0.55
If VNT meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates WGN as Speculative Buy (1) -

For stocks within Morgans coverage of general industrials on the ASX, the broker expects weaker operating conditions experienced in the 2H of FY23 will likely persist through FY24.

In an AGM season preview, the analyst states preferred stocks, increases its risk-free rate assumption to 4.2% from 3.6% and makes relatively muted earnings/target changes.

Morgans key picks are the Add-rated Qualitas, Ventia Services and Maas Group.

The broker believes recent price increases in the south east Queensland market are set to stay and retains its Speculative Buy rating for Wagners Holding Co. The target falls to $1.05 from $1.10.

Target price is $1.05 Current Price is $0.93 Difference: $0.12
If WGN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates WGX as Outperform (1) -

Westgold Resources' Q1 report showed production volume in line but with costs (AISC) 6% higher than forecast. Macquarie points out the production number had been pre-released.

Management remains confident the performance will improve over the year, the broker highlights.

The broker has implemented small changes to forecasts (reductions). Target price has gained 10c to $2.40. Outperform.

Target price is $2.40 Current Price is $1.94 Difference: $0.46
If WGX meets the Macquarie target it will return approximately 24% (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

Citi rates WOW as Buy (1) -

Woolworths' Australian Food sales were slightly below Citi but around market expectations. Encouragingly, the broker suggests, volume growth has picked up, driven by fresh produce.

Citi expects volume growth of around 2% in FY24 factoring in 2% population growth, the long-awaited switch from eating out to eating in, and a more resilient consumer than most expect.

On the negative, New Zealand profitability continues to deteriorate in the midst of both cyclical and structural headwinds.

Buy retained, target falls to $40.20 from $42.20.

Target price is $40.20 Current Price is $35.63 Difference: $4.57
If WOW meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $36.77, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates WOW as Neutral (3) -

Woolworths Group's quarterly update showed ongoing challenges for the New Zealand business and Big W in Australia, comments Macquarie.

Total Food sales in Australia of 6.4% during the quarter, and 5.5% in comparable sales, proved in line with the broker's forecast.

Macquarie also suspects Big W is losing market share to Kmart. The broker believes falling volumes are evidence of ongoing pressure on households.

Also: Macquarie considers supermarkets as a natural hedge against inflation and the broker states it has been surprised by the softness in staples recently in light of increased global risk.

Minor negative amendments have been made to forecasts. Target price falls by -5% to $38 as Macquarie adjusts for declining peer valuations. Neutral.

Target price is $38.00 Current Price is $35.63 Difference: $2.37
If WOW meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $36.77, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgan Stanley rates WOW as Underweight (5) -

Morgan Stanley gleans from Woolworths Group's 1Q sales results that customer trends are broadly unchanged from the prior quarter, though there is now a greater focus on value. The trading environment remains uncertain, noted management.

There was same store sales growth of 5.5% for Australian Food. Revenue was in line with the consensus forecast, and even though inflation moderated, the group reported positive comparable item growth, point out the analysts.

Management noted sales trends so far in October are in line with Q1 trends. For NZ Food, 1H earnings (EBIT) are expected to be below
the 2H of FY23 and the previous corresponding period.

Underweight rating. Target $33. Industry View: In-line.

Target price is $33.00 Current Price is $35.63 Difference: minus $2.63 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.77, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgans rates WOW as Add (1) -

Morgans assesses a mixed 1Q sales trading update by Woolworths Group with sales misses for Big W and NZ Food, while core Australian Food sales were a beat.

Due to a challenging economic backdrop and increasing competition, NZ Food experienced volume declines and lower inflation, explains the analyst.

Management expects 1H earnings (EBIT) from this division will come in below that achieved in the 2H of FY23.

Largely due to this performance by NZ Food, the broker’s group earnings forecasts across FY24-26 are reduced by -3%, and the target falls to $39.90 from $41.30.

Morgans suggests Woolworths is an attractive long-term investment and retains an Add rating.

Target price is $39.90 Current Price is $35.63 Difference: $4.27
If WOW meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $36.77, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Ord Minnett rates WOW as Sell (5) -

With food price inflation revenue tailwinds slowing, Ord Minnett points out Woolworths Group is faced with the task of driving top line sales growth through food sales volumes. The broker anticipates some drag on operating profit margins in FY24. 

The broker highlighted that the lower margin online sales channel significantly outperformed in the first quarter, with sales up 18% compared to 4.6% for brick and mortar stores. 

The Sell rating and target price of $27.50 are retained.

Target price is $27.50 Current Price is $35.63 Difference: minus $8.13 (current price is over target).
If WOW meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.77, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

UBS rates WOW as Buy (1) -

On second take, Woolworths Group's September-quarter sale missed consensus but met UBS's forecasts. Australian sales outpaced but New Zealand disappointed. Big W sales outpaced.

Management remains cautious while trading to date in October remained largely in line. Customers are seeking out value propositions.

The broker observes and rapid deterioration in New Zealand sales and believes market share is being lost to Foodstuffs, amidst ongoing tough conditions. The company is now forecasting a December-half fall in NZ earnings (EBIT) from the previous two halves.

For Big W, the Christmas sales period remains all-important.

EPS forecasts rise 1% for FY24; and 0.7% for FY25.

Buy. Target $42.

Target price is $42.00 Current Price is $35.63 Difference: $6.37
If WOW meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $36.77, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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