Australian Broker Call

Macquarie rates AMP as Neutral (3) -

Macquarie adjusts earnings for AMP for mark-to-market changes to investment income.

The analyst estimates net interest margin (NIM) at around 1.13% in FY24 versus guidance at 1.10%-1.15% and consensus at around 1.13%.

In term of earnings sensitivity, 1bps of NIM equals around 1.5% to EPS. The Neutral rating is unchanged and target price lifts 3% to $1.30.

Target price is $1.30 Current Price is $1.32 Difference: minus $0.015 (current price is over target).
If AMP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.34, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Arena REIT's target price lifts to $4.65 from $4.10. Equal-weight. Industry View: In-Line.

Target price is $4.65 Current Price is $4.13 Difference: $0.52
If ARF meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates BOQ as Underweight (5) -

In a 2H result preview for Bank of Queensland, Morgan Stanley's key focus will be the 2H margin drivers and outlook commentary.

The broker forecasts the 2H earnings margin will fall by -2bps half-on-half to 1.53%, and predicts 1.54% for FY25.

The analysts expect the final dividend will be cut to 15c from 21c in the previous corresponding period.

Morgan Stanley maintains the Underweight rating and $5.70 target. Sector view is In-Line.

Target price is $5.70 Current Price is $6.17 Difference: minus $0.47 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.41, suggesting downside of -12.1% (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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

The target rises to $4.25 from $4.00. Equal-weight. Industry View: In-Line.

Target price is $4.25 Current Price is $3.69 Difference: $0.56
If BWP meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Bell Potter rates CDA as Initiation of coverage with Hold (3) -

Codan develops and manufactures innovative, mission critical communications and detection technology.

Management has a proven track record of successfully acquiring and integrating new businesses, and sufficient balance sheet firepower for further acquisitions, notes Bell Potter.

The company's primary customers include defence, government departments, major corporates, small scale miners and individual consumers, explain the analysts.

The broker initiates coverage on Codan with a Hold rating following a significant share price rally over the last 18 months. A $16.90 target is set.

Target price is $16.90 Current Price is $15.86 Difference: $1.04
If CDA meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $15.90, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Morgan Stanley highlights Charter Hall as the stock to hold as interest rates "stabilise" and possibly fall.

Overweight rating. Target price $18.50. Industry view: In-Line. 

Target price is $18.50 Current Price is $15.59 Difference: $2.91
If CHC meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.16, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Target price for Centuria Industrial REIT lifts to $3.85 from $3.81. Equal-weight. Industry view: In-Line. 

Target price is $3.85 Current Price is $3.19 Difference: $0.66
If CIP meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Charter Hall Long WALE REIT's target price lifts to $4.55 from $3.85.Equal-weight. Industry view: In-Line. 

Target price is $4.55 Current Price is $3.95 Difference: $0.6
If CLW meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.71, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates CNI as Overweight (1) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Centuria Capital's target price lifts to $2.45 from $1.95. Overweight rating. Industry view: In-Line. 

Target price is $2.45 Current Price is $2.02 Difference: $0.43
If CNI meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates COF as Underweight (5) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Underweight rating for Centuria Office REIT. Target is $1.35, up from $1.30. Industry view: In-Line. 

Target price is $1.35 Current Price is $1.30 Difference: $0.05
If COF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Equal-weight. Target for Charter Hall Retail REIT rises to $4.15 from $3.95. Industry view: In Line.

Target price is $4.15 Current Price is $3.54 Difference: $0.61
If CQR meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates DXS as Underweight (5) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Underweight rating. Target $8.25 from $7.40. Industry View: In-Line.

Target price is $8.25 Current Price is $7.58 Difference: $0.67
If DXS meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.56, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates GMG as Overweight (1) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Goodman Group is one of preferred exposures in manager/developer sector. Target price lifts to $42 from $38.05.

The Overweight rating is maintained. Industry view: In-Line.

Target price is $42.00 Current Price is $37.22 Difference: $4.78
If GMG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $36.85, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates GPT as Overweight (1) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

GPT Group is rated Overweight with a rise in the target price to $6.15 from $5.60. The group is the preferred office sector exposure on a 12-18 month view for Morgan Stanley.

Target price is $6.15 Current Price is $4.93 Difference: $1.22
If GPT meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgan Stanley rates HCW as Underweight (5) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Underweight rating. Target falls to $1.20 from $1.30. Industry view: In-Line.

Target price is $1.20 Current Price is $1.17 Difference: $0.03
If HCW meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

Noting declining rates and favourable macroeconomic conditions should help all property stocks, Morgan Stanley prefers Charter Hall Retail REIT and HomeCo Daily Needs REIT from among ex-ASX100 Retail REITs under coverage.

While both have similar growth profiles, explain the analysts, Charter Hall Retail REIT has the cheapest multiple/yield.

Equal-weight. Target for HomeCo Daily Needs REIT rises to $1.40 from $1.39. Industry view: In Line.

Target price is $1.40 Current Price is $1.24 Difference: $0.16
If HDN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Equal Weight rating. Target price lifts to $8.80 from $7.88. Industry View: In-Line. 

Target price is $8.80 Current Price is $8.16 Difference: $0.64
If HMC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.04, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Equal-weight rating. Target price for Lendlease Group lifts to $7.35 from $6.35. Industry view: In-Line. 

Target price is $7.35 Current Price is $7.15 Difference: $0.2
If LLC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates LTM as Initiate coverage with an Add (1) -

Morgans initiates coverage of Arcadium Lithium with an Add rating and $5.40 target price.

The analyst believes the sell down in the stock price post the merger between Allkem and Livent reflects the weakness in the lithium price and insufficient disclosure since listing on the New York Stock Exchange. 

Arcadium Lithium, the broker highlights, is a vertically integrated business with lithium products "across the entire supply chain" with a geographically diverse asset exposure, including Argentina, Australia, Canada, US, China, UK and Japan.

Morgans views the sell down as a good opportunity for investors who can see through the near-term volatility in the lithium price and are seeking exposure to the medium-term "turnaround" in lithium markets.

Target price is $5.40 Current Price is $4.05 Difference: $1.35
If LTM meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 37.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

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

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

The target price for Mirvac Group rises to $2.45 from $2.15. Equal-weight. Industry view: In-Line.

Target price is $2.45 Current Price is $2.15 Difference: $0.3
If MGR meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.17, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates NSR as Underweight (5) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Underweight. Target price for National Storage REIT rises to $2.55 from $2.45. Industry view: In-Line. 

Target price is $2.55 Current Price is $2.53 Difference: $0.02
If NSR meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates RGN as Underweight (5) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

 Underweight rating. The target rises to $2.55 from $2.44. Industry view: In-Line.

Target price is $2.55 Current Price is $2.29 Difference: $0.26
If RGN meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates RMD as Accumulate (2) -

Ord Minnett came away from the ResMed investor day with reinforced confidence in the business.

Management confirmed an addressable market of around 50-70m patients. Only 14m have received sleep apnoea treatment which infers there is tremendous scope to further grow the business.

The company reconfirmed a "likely increase" in the gross margin to 59%-60% in FY25 as well as a lift in the current US$50m share buyback.

Target price remains at $39. Accumulate rating reiterated.

Target price is $39.00 Current Price is $34.92 Difference: $4.08
If RMD meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.78, suggesting upside of 3.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgan Stanley rates SGP as Overweight (1) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

The Stockland target price rises to $6.35 from $5.30. This is the broker's preferred exposure in the residential sector as well as for investors looking for exposure to Australian interest rates cuts.

Overweight rating. In-Line Industry view.

Target price is $6.35 Current Price is $5.24 Difference: $1.11
If SGP meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates TBN as Outperform (1) -

Macquarie observes non-cash costs for Tamboran Resources came in above expectations for FY24 results due to the removal of debt while the company booked reduced exploration expenses and corporate costs.

The SS-1H reported the most robust flows from Beetaloo to date, the broker notes, with four more wells in 2025 expected prior to the start of production in 1H2026.

Macquarie lowers EPS forecasts by -2.6% in FY25 and -0.4% in FY26 due to changes in forex assumptions and oil price estimates.

The broker views further funding as likely in 2025. The Outperform rating and 30c target remain unchanged.

Target price is $0.30 Current Price is $0.16 Difference: $0.14
If TBN meets the Macquarie target it will return approximately 87% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates TNE as Hold (3) -

Bell Potter's target for TechnologyOne rises by 8% to $24.00 and the Hold rating is kept on valuation and in the expectation FY24 results in November will be supportive, but not a major upside catalyst.

The broker's earnings forecasts are unchanged, but the target rises due to a lower assumed risk free rate (to 4.0% from 4.5%) and higher peer multiples. 

Target price is $24.00 Current Price is $24.12 Difference: minus $0.12 (current price is over target).
If TNE meets the Bell Potter target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.09, suggesting downside of -17.7% (ex-dividends)

The company's fiscal year ends in September.

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 VCX as Underweight (5) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

Underweight. Vicinity Centres' target price moves to $2.35 from $2.25. Industry View: In-Line.

Target price is $2.35 Current Price is $2.22 Difference: $0.13
If VCX meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Morgan Stanley lowers the target price for Web Travel to $7 post de-merger which is in line with the previous valuation target.

The broker is looking for growth in total transaction values of $5bn in FY25 including a lift in the 2H25 "take-rate" with more details in the 1H25 November earnings announcement sought, post AGM comments of a slowdown.

The Equal-weight rating is maintained. Industry View: In-line. Target price $7.

Target price is $7.00 Current Price is $7.04 Difference: minus $0.04 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.82, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgan Stanley rates WPR as Underweight (5) -

Morgan Stanley highlights over the past two years cap rates for listed REITs have increased, but with the stabilisation of global interest rates and the potential for rates to move lower, the broker views the upside risks to REIT valuations over the next 12-18 months.

The analyst forecasts a -20-24bps fall in cap rates and the potential for REIT stock prices to trade nearer to net tangible asset (NTA) valuations, if not above. Historically the asset class tends to trade at either a discount or premium not in line with NTA valuations.

The broker's target for Waypoint REIT rises to $2.75 from $2.60. Underweight. Industry view: In-Line. 

Target price is $2.75 Current Price is $2.62 Difference: $0.13
If WPR meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates WTC as Neutral (3) -

Citi is upbeat on the growth outlook for WiseTech Global post FY24 results, although the analyst suggests the increase in revenue from new products may take longer than expected which could disappoint the market.

At this stage, the company's guidance points to a 2H25 revenue tilt of 40% growth in revenue. The broker is confident in the core Cargowise platform but is more circumspect on growth in core Freight forwarding solutions.

Citi increases EPS forecasts by 15% in FY25 and 19% in FY26 because of higher anticipated revenue growth and contributions from three new products. The analyst also expects better margins with lower expansion in costs.

Neutral rating unchanged. Target price lifts to $138 from $90.

Target price is $138.00 Current Price is $135.08 Difference: $2.92
If WTC meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $121.96, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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