Australian Broker Call

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

Morgan Stanley updates energy price forecasts for its research coverage of Australian Energy and reviews upcoming quarterly results.

For Ampol, the broker forecasts a 1Q Lytton refining margin of around US$15/bbl (consensus US$10.81/bbl).

The Equal-weight rating and $40 target are maintained. Industry view: Attractive. 

Target price is $40.00 Current Price is $38.34 Difference: $1.66
If ALD meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $37.98, suggesting downside of -2.1% (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

UBS rates ANZ as Neutral (3) -

Despite in-line results in the December quarter, UBS observes Australian Banks have rallied so far in 2024 driven by optimism on softer inflation, interest rate stability and a benign credit cycle, and believes valuations have run ahead of fundamentals.

Going into the release of results beginning this week, the broker has Sell ratings for all banks under coverage apart from ANZ Bank and Macquarie Group which have Neutral recommendations.

ANZ Bank's 1H result is due on May 7. UBS highlights the importance of management commentary around the integration of Suncorp Group's ((SUN)) Bank division. The Neutral rating and $30 target are retained.

Target price is $30.00 Current Price is $28.36 Difference: $1.64
If ANZ meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in September.

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) -

Morgan Stanley revisits investment thesis on the ASX and concludes a combination of an exceptionally strong recovery in market activity and greater cost discipline by management would be needed to change from the current Underweight recommendation.

The broker believes the market is too confident on both revenue and costs, and sees downside risks for the latter. Morgan Stanley sees elevated cost growth of 20% in FY24 (above 12-15% guidance) before moderating to around 8% over FY25-26.

Only a gradual market activity recovery through to FY26 is incorporated into the analysts' forecasts.

The $53.50 target is maintained for the ASX. Industry view: In-Line.

Target price is $53.50 Current Price is $62.78 Difference: minus $9.28 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $62.68, suggesting downside of -0.9% (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 BOQ as Sell (5) -

In an initial response to today's interim financial release, Citi analysts coment the results highlight challenges in retail banking profitability, which has fallen by approximately -60% year-on-year, amid a broader backdrop of declining revenues in retail and business banking segments.

Although the net interest margin (NIM) remained relatively stable, the broker states challenges persist with volume reductions across multiple lending categories and a contraction in deposits, signaling potential issues for the franchise moving forward.

Management reiterated its FY26 targets but acknowledged achieving these would require new strategies less dependent on home lending margin recovery, the broker adds.

Citi anticipates future discussions will focus on management's ability to implement strategies that can improve the bank's financial performance beyond the challenging retail banking sector.

Sell. Target $5.05.

Target price is $5.05 Current Price is $5.80 Difference: minus $0.75 (current price is over target).
If BOQ meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.58, suggesting downside of -8.6% (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 BOQ as Sell (5) -

In an initial response to Bank of Queensland's interim release this morning, UBS states the performance was slightly better than anticipated, but also of low quality due to underperforming retail banking profitability, which has notably decreased by about -60% year-on-year.

Key financial indicators such as net interest income and non-interest income have shown declines, contributing to a total revenue drop of -6% to $796m, which the broker assesses as slightly below consensus.

Sell rating retained with UBS concerned over the bank's structural challenges, especially in a high-interest rate environment. This outlook implies a cautious stance on the bank's near-term financial performance prospects, the broker qualifies.

Price target $5.

Target price is $5.00 Current Price is $5.80 Difference: minus $0.8 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.58, suggesting downside of -8.6% (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 BPT as Equal-weight (3) -

Morgan Stanley updates energy price forecasts for its research coverage of Australian Energy and reviews upcoming quarterly results.

For Beach Energy, the broker is looking for an update on progress at Waitsia Stage 2 after recent delays and project cost increases.

The Equal-weight rating is maintained and the target falls to $1.71 from $1.79. Industry view: Attractive. 

Target price is $1.71 Current Price is $1.62 Difference: $0.095
If BPT meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 19.6% (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 COE as Buy (1) -

Cooper Energy is on track to meet FY24 guidance believes Bell Potter after reviewing March quarter gas production, sales and revenue which were all in line with the broker's forecasts.

Gippsland Basin production lifted marginally with unplanned maintenance offsetting improved processing performance, while the Orbost plant set a record with 60-days of production averaging 55.8TJ/day, highlights Bell Potter.

The target rises to 21c from 18c mostly driven by a small revision in development upside in the Otways, explain the analysts.

Target price is $0.21 Current Price is $0.22 Difference: minus $0.005 (current price is over target).
If COE meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.26, suggesting upside of 23.8% (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

Morgans rates COE as Add (1) -

Cooper Energy's 3Q underlying performance was "solid", in Morgans view, and matched forecasts by the broker and consensus. The 30c target and Add rating are maintained.

The "necessary eveil" of decommisioning at BMG will be completed by late-May, note the analysts, while debottlenecking and upgrading work continues at Orbost.

The broker anticipates market confidence in Cooper Energy will increase as the focus shifts to an improving performance at Sole/Orbost.

Target price is $0.30 Current Price is $0.22 Difference: $0.085
If COE meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 23.8% (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 FMG as Sell (5) -

Through a generally supportive general sector update, in which the analysts argue the outlook for the bulk of commodity prices is not looking too badly, which opens up opportunities for investors, it nevertheless shows the rating for Fortescue has shifted to Sell from Lighten.

Fair value calculation has remained $16.20. No changes have been made to estimates.

Target price is $16.20 Current Price is $25.03 Difference: minus $8.83 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.63, suggesting downside of -17.5% (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: -0.7

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

Bell Potter rates GNP as Buy (1) -

Following GenusPlus Group's second upgrade to FY24 earnings (EBITDA) growth guidance, Bell Potter raises its target by 50c to $2.20 and maintains a Buy recommendation.

Management now expects earnings growth in the range of 20-25% compared to 10-15% previously. The broker explains current projects are performing ahead of expectations and projects have commenced earlier-than-anticipated during the 2H of FY24.

Financials for the March quarter were also better than the analysts had expected.

Target price is $2.20 Current Price is $1.93 Difference: $0.275
If GNP meets the Bell Potter target it will return approximately 14% (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 HUB as Neutral (3) -

Net flows of $3.5bn in the third quarter for Hub24 left the company ahead of Macquarie's expectations by $0.2bn. Funds under administration increase 5.3% quarter-on-quarter amid market movements totalling $3.8bn. 

This strong quarter, says Macquarie, lays the platform for a good end to the year, noting the company is tracking towards the top end of its full year funds under administration guidance.

The broker finds the stock's remains elevated, but less stretched following a recent pull back.

The Neutral rating is retained and the target price increases to $39.40 from $37.20.

Target price is $39.40 Current Price is $39.80 Difference: minus $0.4 (current price is over target).
If HUB 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 $41.74, suggesting upside of 5.6% (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

Morgan Stanley rates HUB as Overweight (1) -

Hub24's 3Q update revealed a 3% beat for platform funds under administration (FUA) compared to Morgan Stanley's forecast. The broker also sees upside risk to Q4 net inflows based on buoyant markets and higher seasonal flows.

Guidance was reiterated for Platform FUA by FY25 in the range of $92-100bn and management noted the EQT Holdings migration remains on track.

The Overweight rating is retained with a target price of $44.00. Industry view: In-Line.

Target price is $44.00 Current Price is $39.80 Difference: $4.2
If HUB meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $41.74, suggesting upside of 5.6% (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

Ord Minnett rates HUB as Buy (1) -

Ord Minnett found Hub24's quarterly trading update in line with expectations while the underlying product mix proved slightly better.

The broker opines it appears net flow momentum is improving, which should bode well for the future. Hub24 remains the broker's top pick among financial platform operators on the ASX.

The analysts have slightly upgraded their forecasts. Target price lifts to $44 from $42. Buy rating reiterated.

Target price is $44.00 Current Price is $39.80 Difference: $4.2
If HUB meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $41.74, suggesting upside of 5.6% (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

UBS rates HUB as Neutral (3) -

It is UBS's observation Hub24's quarterly update showed underlying Platform flows continue to improve and were ahead of
forecasts in a seasonally softer quarter.

Adviser numbers continue to rise strongly, rising by 85 heads during the quarter with the analysts considering this a strong lead for future flows.

The broker did also spot a number of earnings headwinds in 2H24, including a decline in cash allocation and a skew to institutional in the EQT migration. Neutral rating and price target of $41 maintained.

Earnings estimates have been reduced.

Target price is $41.00 Current Price is $39.80 Difference: $1.2
If HUB meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $41.74, suggesting upside of 5.6% (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

Morgan Stanley rates KAR as Overweight (1) -

Morgan Stanley updates energy price forecasts for its research coverage of Australian Energy and reviews upcoming quarterly results.

For Karoon Energy, the broker is anticipating a full quarter of Who Dat production and drilling updates, as well as production rates at Bauna after the March compressor outage.

The Overweight rating is maintained and the target rises to $2.60 from $2.49. Industry view: Attractive. 

Target price is $2.60 Current Price is $2.25 Difference: $0.35
If KAR meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

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

Morgans upgrades its rating for green energy producer LGI to Add from Hold following another encouraging update at the company's investor day. 

The broker's target also rises to $3.12 from $1.99 on a combination of EPS forecasts increasing over FY24-26 by 5%, 12% and 7%, respectively, and a new valuation methodology.

Management confirmed FY24 earnings (EBITDA) guidance and clearly articulated the short-to-medium term development pipeline, suggests the broker, and set out the overall growth strategy. The battery energy storage system capabilities were also demonstrated.

Target price is $3.12 Current Price is $2.50 Difference: $0.62
If LGI 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

Macquarie rates MAH as Outperform (1) -

Macmahon has announced it will acquire Decmil for an enterprise value of $127m, with ordinary shareholders set to receive 30 cents per stock.

The company intends to continue to operate Decmil as a wholly owned subsidiary and maintain branding, with the acquisition to boost the civil and engineering components of the business.

As per Macquarie, the acquisition will boost revenue by 20% and earnings by 10% from FY25, and adds $455m to the company's order book.

The Outperform rating is retained and the target price increases to 27 cents from 25 cents.

Target price is $0.27 Current Price is $0.24 Difference: $0.035
If MAH meets the Macquarie target it will return approximately 15% (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 MQG as Neutral (3) -

Despite in-line results in the December quarter, UBS observes Australian Banks have rallied so far in 2024 driven by optimism on softer inflation, interest rate stability and a benign credit cycle, and believes valuations have run ahead of fundamentals.

Going into the release of results beginning this week, the broker has Sell ratings for all banks under coverage apart from ANZ Bank and Macquarie Group which have Neutral recommendations.

Macquarie Group's 2H result is due on May 3 and the broker notes consensus is expecting NPAT will be down around -32% year-on-year.

The Neutral rating and $185 target are maintained.

Target price is $185.00 Current Price is $185.97 Difference: minus $0.97 (current price is over target).
If MQG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $187.08, suggesting upside of 1.4% (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

Shaw and Partners rates MZZ as Buy, High Risk (1) -

Matador Mining, which is exploring for gold in the Cape Ray Shear in Newfoundland (Canada)has  completed the maiden reverse circulation drill program at the Malachite project.

Shaw and Partners notes drilling defined a zone displaying evidence of hydrothermal alteration similar to those seen other gold-bearing systems along the Cape Ray Shear zone.

The analysts anticipate strong news flow including the assay results from the completed RC drilling along with future diamond drilling activities.

The Buy, High Risk rating and 19c target price are retained.

Target price is $0.19 Current Price is $0.07 Difference: $0.122
If MZZ meets the Shaw and Partners target it will return approximately 179% (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 NAB as Sell (5) -

Despite in-line results in the December quarter, UBS observes Australian Banks have rallied so far in 2024 driven by optimism on softer inflation, interest rate stability and a benign credit cycle, and believes valuations have run ahead of fundamentals.

Going into the release of results beginning this week, the broker has Sell ratings for all banks under coverage apart from ANZ Bank and Macquarie Group which have Neutral recommendations.

The National Australia Bank 1H result is due on May 2 and the broker notes consensus is expecting a 1H cash NPAT of around $3.5bn and diluted cash EPS of $0.93cps. Sell. Target $28.

Target price is $28.00 Current Price is $33.36 Difference: minus $5.36 (current price is over target).
If NAB meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.02, suggesting downside of -9.6% (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

Ord Minnett rates NHC as Accumulate (2) -

Through a generally supportive general sector update, in which the analysts argue the outlook for the bulk of commodity prices is not looking too badly, which opens up opportunities for investors, it shows the rating for New Hope has shifted to Accumulate from Hold.

Fair value calculation has stuck at $5.90. No changes have been made to forecasts.

Target price is $5.90 Current Price is $4.59 Difference: $1.31
If NHC meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in July.

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

Ord Minnett rates PNR as Speculative Buy (1) -

Pantoro's March quarter update is labelled as "solid" by Ord Minnett, with the broker talking about an inflection point on fre cash flow for the company, following a weaker performance in January.

The June quarter should see $20m in free cash flow and the broker sees Pantoro shares as fundamentally cheap.

The Speculative Buy rating is retained and the target price increases to 10c from 6c.

Target price is $0.10 Current Price is $0.08 Difference: $0.023
If PNR meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

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 RIO as Buy (1) -

Citi has found Rio Tinto's March quarter production moderately weaker than it had anticipated, despite the company describing stable operating results from the quarter. 

In an initial response to the quarterly update, the broker noted iron ore shipments declined -5% year-on-year and -10% quarter-on-quarter, largely attributed to weather disruptions at the ports.

Elsewhere, aluminium production increased 5% year-on-year and copper production increased 7%.

The Buy rating and target price of $137.00 are retained.

Target price is $137.00 Current Price is $128.70 Difference: $8.3
If RIO meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $127.50, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Ord Minnett rates RIO as Lighten (4) -

Through a generally supportive general sector update, in which the analysts argue the outlook for the bulk of commodity prices is not looking too badly, which opens up opportunities for investors, it nevertheless shows the rating for Rio Tinto has shifted to Lighten from Hold.

Fair value estimate has remained unchanged at $112. No changes were made to forecasts.

Target price is $112.00 Current Price is $128.70 Difference: minus $16.7 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.50, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Citi rates RWC as Buy (1) -

After a recent interaction with management at Reliance Worldwide, the analyst at Citi now sees medium-term potential for volume-driven operating leverage. Higher resin/copper prices may be result in a partial offset, notes the analyst.

The broker points to increased levels of automation and efficiency gains at the same time as margins in the EMEA region are -500bps off their peak.

Management stated 2H EMEA margins could be up by 30% following cost out initiatives, though this outcome requires volumes to be flat sequentially, notes Citi.

The Buy rating and $5.45 target are maintained.

Target price is $5.45 Current Price is $5.23 Difference: $0.22
If RWC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.43, suggesting upside of 4.3% (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 S32 as Hold (3) -

A generally supportive general sector update, in which the analysts argue the outlook for the bulk of commodity prices is not looking too badly, which opens up opportunities for investors, suggests forecasts for South32 have been increased.

Hold rating remains unchanged, as does the fair value estimation of $3.50.

Target price is $3.50 Current Price is $3.28 Difference: $0.22
If S32 meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.71, suggesting upside of 13.8% (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

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

Bell Potter downgrades its rating for Select Harvests to Hold from Buy on valuation after recent share price strength, but also because of the potential development of a La Nina weather pattern during 2024.

While the BOM remains in an El Nino and El nino-Southern Oscillation (ENSO) neutral outlook, the broker has seen a number of other weather agencies transition to a La Nina outlook by the 2H of 2024.

Almond pricing has also weakened from recent peaks as the focus shifts to the 2024 subjective estimate on broadly normal seasonal conditions, explain the analysts.

Target price is $4.70 Current Price is $4.00 Difference: $0.7
If SHV meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in September.

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 STO as Equal-weight (3) -

Morgan Stanley updates energy price forecasts for its research coverage of Australian Energy and reviews upcoming quarterly results.

For Santos, the broker is looking for management commentary on progress at Barossa, Papua LNF timeline updates and the date for the start up of Moomba CCS.

The Equal-weight rating is maintained and the target rises to $8.00 from $7.77. Industry view: Attractive. 

Target price is $8.00 Current Price is $7.76 Difference: $0.24
If STO meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

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

Morgan Stanley updates energy price forecasts for its research coverage of Australian Energy and reviews upcoming quarterly results.

For Viva Energy, the broker is anticipating a 1Q Geelong refining margin of around US$13/bbl and an update on management's around $$1.25bn earnings (EBITDA) target over five years.

The Equal-weight rating is maintained and the target rises to $3.75 from $3.65. Industry view: Attractive. 

Target price is $3.75 Current Price is $3.48 Difference: $0.27
If VEA meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates WBC as Sell (5) -

Despite in-line results in the December quarter, UBS observes Australian Banks have rallied so far in 2024 driven by optimism on softer inflation, interest rate stability and a benign credit cycle, and believes valuations have run ahead of fundamentals.

Going into the release of results beginning this week, the broker has Sell ratings for all banks under coverage apart from ANZ Bank and Macquarie Group which have Neutral recommendations.

Westpac's 1H result is due on May 6. The broker expects 1H PBT of around $4.8bn, around -2% below the consensus forecast. Target $23, Sell.

Target price is $23.00 Current Price is $25.55 Difference: minus $2.55 (current price is over target).
If WBC meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.20, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Morgan Stanley rates WDS as Overweight (1) -

Morgan Stanley updates energy price forecasts for its research coverage of Australian Energy and reviews upcoming quarterly results.

For Woodside Energy, the broker is looking for progress on Scarborough and updates on Senegal's policy outlook.

The Overweight rating is maintained and the target rises to $35 from $34. Industry view: Attractive. 

Target price is $35.00 Current Price is $29.93 Difference: $5.07
If WDS meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Ord Minnett rates ZIP as Buy (1) -

Ord Minnett saw Zip Co releasing yet another "strong" market update with the business continuing to generate "increasingly healthy margins".

The US division crowned itself to 'star performer' during the period, the analyst highlights. Ord Minnett continues to see potential for positive surprises in the quarters ahead and retains a Buy rating.

Price target jumps to $1.55 from $1.08. Earnings estimates have received a boost.

Target price is $1.55 Current Price is $1.19 Difference: $0.365
If ZIP meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 26.1% (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

UBS rates ZIP as Buy (1) -

UBS saw Zip Co releasing a stronger-than-expected trading update, driven by outperformance in US TTV growth and Australian revenue yields.

The broker reiterate its Buy rating with an increased price target of $1.55 (up from $1.43).

Cash EBTDA forecasts have been lifted by an average 19% in reflection of operating leverage from lower net bad debts and improving funding cost.

A&NZ proved the underperformer during the March quarter, but UBS assumes stabilisation is near (FY25) after which growth can resume for the region.

Target price is $1.55 Current Price is $1.19 Difference: $0.365
If ZIP meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 26.1% (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