Australian Broker Call

Morgans rates ADT as Initiation of coverage with Add (1) -

Adriatic Metals is a base and precious metals producer via its Vares (silver/lead/zinc) project in Bosnia, which provides long-life cash flows at strong margins, notes Morgans. Coverage is initiated with an Add rating and $5.80 target price.

The company is currently ramping-up production at Vares, which is protected from potential teething issues, according to the broker, by supportive off-takers, debt and equity investors.

This support derives from compelling returns (once Vares is optimised), suggests the analyst, including greater than 60% earnings (EBITDA) margins, rapid payback and compelling cash generation.

Target price is $5.80 Current Price is $4.11 Difference: $1.69
If ADT meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates AFG as Neutral (3) -

Australian Finance Group's March Q total lodgement activity was up 4.7%, Macquarie notes, including AFG Home Loan activity up 38.3%, cycling -54.1% year on year.

AFG Home Loan activity growth was driven by increased share, the broker finds. AFG products represented 7.0% of all flow in the quarter versus 5.3% a year ago.

AFG Home Loan product share and margin stabilisation support the outlook for earnings, Macquarie suggests. Neutral and $1.47 target retained.

Target price is $1.47 Current Price is $1.61 Difference: minus $0.14 (current price is over target).
If AFG meets the Macquarie target it will return approximately minus 9% (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

Citi rates APE as Neutral (3) -

New car deliveries not only continue to set records, but industry feedback suggests order write remains relatively solid. As per Citi, 304,000 new cars were sold over the first quarter, up 13% year-on-year. 

The broker does, however, remain cautious on the industry, as some manufacturers show early signs of pushing volumes including discounting, although this appears brand dependent. 

Autosports Group remains the broker's top industry pick. For Eagers Automotive, the Neutral rating is retained and the target price decreases to $13.85 from $13.90.

Target price is $13.85 Current Price is $13.46 Difference: $0.39
If APE meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.08, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Citi rates ASG as Buy (1) -

New car deliveries not only continue to set records, but industry feedback suggests order write remains relatively solid. As per Citi, 304,000 new cars were sold over the first quarter, up 13% year-on-year. 

The broker does, however, remain cautious on the industry, as some manufacturers show early signs of pushing volumes including discounting, although this appears brand dependent. 

Autosports Group remains the broker's top industry pick. The Buy rating is retained and the target price decreases to $3.05 from $3.15

Target price is $3.05 Current Price is $2.57 Difference: $0.48
If ASG meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 17.2% (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 AVH as Upgrade to Accumulate from Hold (2) -

While management at Avita Medical has downgraded 1Q commercial revenue guidance by -27% to US$11m, Ord Minnett maintains its $5.40 target as the time value of money and a strong US dollar provide offsets.

The downgrade was due to the value analysis committee taking longer-than-anticipated and slowing the uptake of Recell for the recent label expansion for full-thickness skin defects, explains the broker.

New guidance implies 1Q commercial revenue will decline by -21% compared to Q4 2023.  The analyst lowers the 2024 revenue forecast by -4% to US$79m on the expectation of revenue growth later in 2024.

The broker upgrades its rating to Accumulate from Hold due to the recent share price decline.

Target price is $5.40 Current Price is $3.98 Difference: $1.42
If AVH meets the Ord Minnett target it will return approximately 36% (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: 0.8

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

Morgans rates BOQ as Reduce (5) -

Bank of Queensland's 1H results are due on April 17 and Morgans believes both cash earnings and the interim dividend will fall materially.

The broker forecasts a -19% sequential decline in cash earnings to $158m, which is -3% below the consensus expectation. The dividend is expected to decline by -29% to 15cps (62% payout ratio), which is -14% shy of consensus.

The analyst's target rises to $5.05 from $5.02 on minimal changes to forecasts. Reduce.

Target price is $5.05 Current Price is $5.92 Difference: minus $0.87 (current price is over target).
If BOQ meets the Morgans target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.58, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in August.

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

UBS rates CSL as Buy (1) -

UBS analysts have returned from site tours organised by CSL, including facilities in Broadmeadows, Victoria. No changes made to either the Buy rating, the $330 price target, or existing forecasts.

Among the observations shared is the broker anticipates approval and launch of new pipeline drug garadacimab in 2024, estimating it can add an incremental US$700m to the top line over a decade.

Also, CSL is optimistic of Seqirus capturing market share from GSK plc, as the latter is not longer innovating in flu. Early R&D initiatives in respiratory pathogens outside flu and covid remain underway with a confirmed interest in RSV if a combination mRNA vaccine can be created, the analysts report.

Target price is $330.00 Current Price is $280.40 Difference: $49.6
If CSL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $316.73, suggesting upside of 12.4% (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: 0.8

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

Ord Minnett rates EQT as Buy (1) -

Ord Minnett believes shares in EQT Holdings remain significantly undervalued, following a better-than-expected 3Q update driving 3-5% forecast upgrades by the analysts over the next three years.

Funds under management, administration and supervision (FUMAS) rose by 6.1% with the largest gains experienced in Superannuation.

In Superannuation, management is targeting $150bn of funds under supervision (FUS) over an unspecified time period, more than double the $64.3bn reported at March 2024, notes the broker.

The target rises to $37 from $36. Buy.

Target price is $37.00 Current Price is $28.76 Difference: $8.24
If EQT meets the Ord Minnett target it will return approximately 29% (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 FPR as Buy (1) -

Citi expects the March quarter will prove a strong one for novated and fleet leasing companies amid increasing penetration of electric vehicles, with the broker anticipating record settlement levels.  

With more electric vehicle models reaching the market, penetration reached 11.3% in the first quarter. Citi sees upside to novated leasing electric vehicle volumes heading into FY25, and as the New Vehicle Efficiency Standard (NVES) is implemented.

Smartgroup Corp is the broker's industry pick, with Citi seeing stronger growth in novated leasing. For FleetPartners Group, the Buy rating is retained and the target price increases to $4.20 from $3.60.

Target price is $4.20 Current Price is $3.59 Difference: $0.61
If FPR meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting downside of -6.9% (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

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

Macquarie had seen US interest rate reduction as a key catalyst for James Hardie Industries' R&R market's second half recovery. Macquarie's Macro Strategy team now expects the first -25bp Fed cut in December (with a hawkish tilt), versus July, and -50bps of cuts in 2025.

While recent market feedback suggests higher-end remodel projects were perhaps firmer than feared, the broker thinks a shift in the interest rate narrative will hold back a broader recovery.

Given the risk of multiple compression during current macro uncertainty, Macquarie cuts its target to $62.40 from $68.20. Downgrade to Neutral from Outperform.

Target price is $62.40 Current Price is $58.17 Difference: $4.23
If JHX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $61.58, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in March.

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: 0.6

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

Bell Potter rates MAD as Buy (1) -

Bell Potter's investment thesis for Mader Group remains intact after a review by the broker of key industry and company data. The company provides specialised contract labour for maintenance of heavy mobile equipment in the resources and civil industries.

Acceleration in iron ore production growth (as forecast by the Australian Government) should generate further expansion in Heavy Mobile Equipment fleets, note the analysts. This is expected to enhance repair and maintenance demand and component consumption.

The broker highlights metal ore capital expenditures are at record levels, and notes Mader has the ability to grow revenue in a declining and low iron ore price environment.

The Buy rating and $7.60 target are retained.

Target price is $7.60 Current Price is $6.21 Difference: $1.39
If MAD meets the Bell Potter target it will return approximately 22% (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 MMS as Buy (1) -

Citi expects the March quarter will prove a strong one for novated and fleet leasing companies amid increasing penetration of electric vehicles, with the broker anticipating record settlement levels.  

With more electric vehicle models reaching the market, penetration reached 11.3% in the first quarter. Citi sees upside to novated leasing electric vehicle volumes heading into FY25, and as the New Vehicle Efficiency Standard (NVES) is implemented.

Smartgroup Corp is the broker's industry pick, with Citi seeing stronger growth in novated leasing. For McMillan Shakespeare, the Buy rating is retained and the target price increases to $22.50 from $21.80.

Target price is $22.50 Current Price is $19.38 Difference: $3.12
If MMS meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $22.05, suggesting upside of 11.6% (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

Citi rates NST as Neutral (3) -

Northern Star Resources has pre-released March quarter results, revealing production of 401,000 ounces for the period. 

Citi, which has anticipated a result of 404,000 ounces, adjusts its forecasts accordingly.

The company has also lifted full year cost guidance to $1,810-1,860 per ounce, and the broker shifts its own cost forecast to $1,820 per ounce pending the full quarterly release.

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

Target price is $14.50 Current Price is $15.36 Difference: minus $0.86 (current price is over target).
If NST meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.41, suggesting downside of -5.7% (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

Macquarie rates NST as Outperform (1) -

Northern Star Resource's preliminary March Q metrics show gold sales -3% below Macquarie's estimate while cost guidance was lifted 2%. Implied free cash flow was also softer than expected despite a dividend payment.

FY24 sales guidance is unchanged and the June Q has begun with strong momentum, according to management, thanks to access to the higher-grades of Golden Pike North at KCGM, access to first ore at Yandal, and better grades at Pogo.

Rain impacts are to blame for increased costs. Outperform and $17 target retained.

Target price is $17.00 Current Price is $15.36 Difference: $1.64
If NST meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.41, suggesting downside of -5.7% (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

Macquarie rates NWL as Underperform (5) -

Netwealth Group's net inflows of $2.6bn or 14%pa of opening funds under management were slightly below Macquarie's recently increased expectations. Market movements (+5.1%) were again a tailwind.

The number of member accounts was up 3.9% quarter on quarter, at the top end of the historical 2-4% range.

Recent momentum and seasonality have given Netwealth the confidence to guide to "very strong" flows in the June Q. No institutional flows were called out, so these are likely to be at reasonable revenue margins, Macquarie suggests.

Target rises to $16.75 from $15.30, Underperform retained.

Target price is $16.75 Current Price is $19.26 Difference: minus $2.51 (current price is over target).
If NWL meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.46, suggesting downside of -8.3% (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 NWL as Overweight (1) -

Morgan Stanley sees upside risk to 4Q net inflows for Netwealth Group based on positive commentary by management when releasing consensus-beating 3Q net inflows and market movements.

Funds under management (FUA) of $84.8bn for the 3Q beat the broker's forecast by 6% and the consensus estimate of $80.1bn. The analysts highlight $2.7bn of 4Q net inflows are needed (same as achieved in Q3) to meet FY24 guidance for $10.1bn.

Management is expecting "June quarter FUA inflows to be very strong with several new large transitions commencing, in addition to higher seasonal flows and increased market activity."

The broker retains an Overweight rating with a $17.50 target. Industry view is In-Line.

Target price is $17.50 Current Price is $19.26 Difference: minus $1.76 (current price is over target).
If NWL 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 $18.46, suggesting downside of -8.3% (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 NWL as Buy (1) -

A strong third quarter from Netwealth Group, says UBS, with the company reporting better than forecast funds and flows for the period. Outlook commentary from management also suggests the company expects strong flows to year's end.

The broker attributed a stronger flow performance to both improving industry conditions and management action taken to enhance product range. 

The Buy rating is retained and the target price increases to $22.50 from $21.30.

Target price is $22.50 Current Price is $19.26 Difference: $3.24
If NWL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $18.46, suggesting downside of -8.3% (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 NXT as Buy (1) -

NextDC has announced it will undertake a $1,321m capital raising, with proceeds, alongside existing liquidity of $2.1bn, slated to fund the accelerated development and fitout in the company's core Sydney and Melbourne markets. 

As per UBS, the update reaffirms that demand not only remains strong, but is accelerating. The company currently holds a forward order book equating to 68.8 megawatts, expected to convert to billings between FY25 and FY29.

The funding is expected to fund Sydney centres 3, 4 and 5, as well as Melbourne 2.

The Buy rating and target price of $20.10 are retained.

Target price is $20.10 Current Price is $16.71 Difference: $3.39
If NXT meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $18.77, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Macquarie rates ORG as Outperform (1) -

Origin Energy's Octopus business has disrupted the UK market and is now the leading retailer, Macquarie notes, with profitability quickly following.

Kraken dominates in the UK, has good positions in Japan and Australia and has had a start in Europe. To achieve 100m accounts, it needs more wins in Europe and a win in US, the broker suggests.

Origin is income-producing through Energy Markets and APLNG, returning to its utility roots. The company can afford a materially higher payout ratio, Macquarie believes, and still support the energy transition.

Target rises to $9.97 from $9.29, Outerform retained.

Target price is $9.97 Current Price is $9.54 Difference: $0.43
If ORG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.46, suggesting downside of -3.0% (ex-dividends)

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

Macquarie rates ORI as Outperform (1) -

Orica’s mid-February trading update noted momentum from the first two months of FY24 (Sep year-end) continued into early 2024, Macquarie notes, and the first half outlook had improved slightly since the FY23 results.

Orica is seeing strength across all geographies, underpinned by focus on commercial discipline (pricing power) and tech adoption.

Burrup is the main near-term re-contracting opportunity in ammonium nitrate, the broker suggests, with good price/mix uplift potential beyond this.

The broker states the key focus is on integrating and delivering on recent acquisitions, supported by a solid underlying market backdrop.

Target rises to $19.05 from $18.82, Outperform retained.

Target price is $19.05 Current Price is $17.82 Difference: $1.23
If ORI meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting upside of 1.4% (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

Shaw and Partners rates PEN as Buy (1) -

Peninsula Energy's capex estimate has increased by 40%, or US$20m, for the Lance Uranium Project in Wyoming, US.

While Shaw and Partners is surprised by such a large increase in a relatively short period of time, the overall funding requirement to reach free cash flow positive has only increased by US$5m due to the stronger uranium price.

The analyst explains some of the increase is related to expediting delivery of material and equipment to maintain the first production schedule of December this year, which remains unchanged.

The broker's Buy rating is maintained and the target falls to 31c from 34c due to the higher capex estimate.

Target price is $0.31 Current Price is $0.11 Difference: $0.2
If PEN meets the Shaw and Partners target it will return approximately 182% (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 PWR as Neutral (3) -

New car deliveries not only continue to set records, but industry feedback suggest order write remains relatively solid. As per Citi, 304,000 new cars were sold over the first quarter, up 13% year-on-year. 

The broker does, however, remain cautious on the industry, as some manufacturers show early signs of pushing volumes including discounting, although this appears brand dependent. 

Autosports Group remains the broker's top industry pick. For Peter Warren Automotive, the Neutral rating is retained and the target price decreases to $2.40 from $2.45.

Target price is $2.40 Current Price is $2.24 Difference: $0.16
If PWR meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 28.9% (ex-dividends)

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

Citi rates SIQ as Buy (1) -

Citi expects the March quarter will prove a strong one for novated and fleet leasing companies amid increasing penetration of electric vehicles, with the broker anticipating record settlement levels.  

With more electric vehicle models reaching the market, penetration reached 11.3% in the first quarter. Citi sees upside to novated leasing electric vehicle volumes heading into FY25, and as the New Vehicle Efficiency Standard (NVES) is implemented.

Smartgroup Corp is the broker's industry pick, with Citi seeing stronger growth in novated leasing. The Buy rating is retained and the target price increases to $11.55 from $11.00.

Target price is $11.55 Current Price is $10.05 Difference: $1.5
If SIQ meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.11, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates STO as Neutral (3) -

Citi has mailed out a quick update to its clientele this morning re-affirming the company's Pikka and exploration acreage is unaffected by US president Biden's proposed Alaskan drilling restrictions.

Neutral. Target is $7.75.

Target price is $7.75 Current Price is $7.84 Difference: minus $0.09 (current price is over target).
If STO meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.00, suggesting upside of 15.5% (ex-dividends)

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: 0.4

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

Morgans rates STP as Add (1) -

Morgans increases its target for Step One Clothing to $2.15 from $1.65 after updating peer company multiples. No changes are made to the analyst's forecasts.

The broker highlights sales momentum and operating margins have improved materially in recent periods and retains an Add rating.

Target price is $2.15 Current Price is $1.72 Difference: $0.43
If STP meets the Morgans 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 SXL as Underweight (5) -

While Morgan Stanley believes further media industry consolidation makes sense, the bid for Southern Cross Media by ARN Media ((A1N)) is complex (and hard to assess) so as not to breach current media ownership laws.

Because the offer is predominantly in shares (25% cash, 75% shares), the broker points out Southern Cross Media shareholders will still end up owning a FM radio company, in a time of structural challenges.

It would make strategic and financial sense, however, if ARN closes its iHeart app and shifts all the talent (and all content/cross promotion of both radio groups) into LiSTNR (owned by Southern Cross Media). This would create a single audio streaming platform.

The Underweight rating is maintained at the target increased to 75c from 68c. Industry view: Attractive.

Target price is $0.75 Current Price is $0.94 Difference: minus $0.19 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.96, suggesting upside of 2.4% (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

Bell Potter rates TLX as Buy (1) -

Bell Potter highlights a number of upcoming catalysts for shares in Telix Pharmaceuticals including the recent filing of the investigational new drug (IND) application for TLX591.

Also, management is pursuing a Nasdaq listing in the US to enable better access to the deep pool of specialist investors focused on biotechnology and radiopharmaceuticals. The company believes the listing will unlock value within the therapeutic pipeline.

Telix has also recently held a general meeting of shareholders to refresh its 15% placement capacity. The broker points to further potential acquisitions, particularly around AI assets for diagnostics.

The Buy rating and $14.50 target are retained.

Target price is $14.50 Current Price is $12.62 Difference: $1.88
If TLX meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates UNI as Add (1) -

Morgans increases its target for Universal Store to $6.50 from $5.65 after updating peer company multiples. No changes are made to the analyst's forecasts.

The broker highlights the women’s banner Perfect Stranger is performing well, justifying an acceleration in the retailer's network expansion.

While the core youth customers of Universal Store remain subdued, they continue to spend, explains the broker. Add.

Target price is $6.50 Current Price is $5.75 Difference: $0.75
If UNI meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

UBS rates UNI as Downgrade to Neutral from Buy (3) -

UBS has lowered its rating on the retailer seeing a less attractive risk-reward balance. The broker feels near-term positives are, at this point, largely priced in.

As per UBS, the retailer has had a stronger start to the second half than expected, with Universal Store delivering resilient like for like sales growth despite facing challenging comps.

The broker does see the revenue growth outlook supported beyond FY24 by a resilient youth consumer and the merchant range and product execution.

The rating is downgraded to Neutral from Buy and the target price increases to $6.25 from $5.25.

Target price is $6.25 Current Price is $5.75 Difference: $0.5
If UNI meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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