Australian Broker Call

Shaw and Partners rates 3DA as Buy (1) -

Amaero International's 1Q25 revenue came in at over $1m with powder sales of $0.6m and $0.45m from PM HIP.

Shaw and Partners  highlights the company won a $1.1m award for the US Submarine Industrial Base with enough castings to meet the production requirements.

The analyst is looking for a re-rating of the stock in FY25 with the qualification of C-103 powder viewed as the first event post the completion of a $25m institutional placement. 

Shaw and Partners retains a Buy, High Risk rating on Amaero International and $0.60 target.

Target price is $0.60 Current Price is $0.35 Difference: $0.25
If 3DA meets the Shaw and Partners target it will return approximately 71% (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

Ord Minnett rates A1M as Speculative Buy (1) -

Ord Minnett describes a "solid" 1Q result by AIC Mines with production in line with expectations while costs were slightly higher-than-forecast.

Treatment Charges (TCs) and Refining Charges (RCs) were behind the higher costs, but the broker anticipates they will be significantly lower in 2025, thereby creating some upside risk to management's cost (AISC) guidance target.

FY25 production guidance is unchanged.

The Speculative Buy rating and 60c target are unchanged.

Target price is $0.60 Current Price is $0.34 Difference: $0.258
If A1M meets the Ord Minnett target it will return approximately 75% (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

Shaw and Partners rates A1M as Buy (1) -

AIC Mines reported 1Q25 results with Shaw and Partners Shaw highlighting production met expectations and is in line with FY25 guidance of 12.5kt of copper and 5koz of gold. All-in-sustaining costs forecasts have been maintained although they came in lower than expected this quarter.

Cash at quarter end came in at $62.3m with 354t of copper concentrate worth $5m awaiting shipment.

There are no changes to the analyst's earnings forecasts.

The Buy, High Risk rating and $1.10 target price are maintained. The broker highlights AIC Mines is a key stock pick in 2024.

Target price is $1.10 Current Price is $0.34 Difference: $0.758
If A1M meets the Shaw and Partners target it will return approximately 222% (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

Citi rates AMP as Downgrade to Neutral from Buy (3) -

After the 3Q provided more evidence of a business turnaround, Citi raises its target for AMP to $1.70 from $1.45 and downgrades to Neutral from Buy after the recent share price appreciation.

Positives for the broker include significantly improved platform flows, an almost halving of Superannuation & Investments (S&I) outflows, and the return of some slight volume growth to the bank.

Target price is $1.70 Current Price is $1.60 Difference: $0.105
If AMP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.42, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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 AMP as Overweight (1) -

AMP's third quarter wealth flows and assets under management (AUM) beat Morgan Stanley's expectations while the Bank experienced an improving deposit mix.

Net inflows of $750m for Platforms came in ahead of the broker's $560m forecast. AUM rose by 4.5% quarter-on-quarter to $78.1bn and bank loans grew by 0.5%.

Morgan Stanley is now more confident in AMP's trajectory to consistent Wealth inflows and a share price re-rating.

Overweight. Target $1.48. Industry view: In-Line.

Target price is $1.48 Current Price is $1.60 Difference: minus $0.115 (current price is over target).
If AMP meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.42, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates AMP as Downgrade to Hold from Accumulate (3) -

Following AMP's "positive" 3Q report, Ord Minnett raises its target to $1.55 from $1.45 and downgrades to Hold from Accumulate after a share price rally post-result. The broker cautions earnings are beholden to market movements in 2025.

Market movements rather than fund inflows propelled quarter-on-quarter rises for assets under management (AUM) and the superannuation and investment businesses, notes the analyst.

The net interest margin (NIM) for AMP Bank was in line with guidance of 1.24-1.29% in 2024.

Target price is $1.55 Current Price is $1.60 Difference: minus $0.045 (current price is over target).
If AMP meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.42, suggesting downside of -5.3% (ex-dividends)

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

Macquarie rates ANZ as Underperform (5) -

Macquarie updates earnings forecasts for estimated system credit growth of around 5.7% in 2024, compared to 4.7% in 2023, with a slowdown to circa 4.6% in 2025 and 4.4% in 2026.

The outlook for credit growth in the near term is boosted by "solid" lending and the expected easing cycle from the RBA.

The $26.50 target and Underperform rating are maintained. The broker tweaks EPS forecasts for ANZ Bank.

Target price is $26.50 Current Price is $31.82 Difference: minus $5.32 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.41, suggesting downside of -13.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Morgan Stanley rates APE as Overweight (1) -

Yesterday's 3Q update by Eagers Automotive suggests to Morgan Stanley the business is tracking (at least) in line with the consensus expectation for 2024.

Improving Financing & Insurance (F&I) penetration further supports profit expectations, believe the analysts.

Management reiterated its 2H outlook.

Overweight. Target $12.70. Industry view: In-Line.

Target price is $12.70 Current Price is $11.60 Difference: $1.1
If APE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.87, suggesting upside of 2.7% (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 ARB as Buy (1) -

Citi ignores the short-term noise of slower-than-expected revenue growth in Q1 and a surprise decline in profits for ARB Corp to focus on the US opportunity.

For the US, the broker highlights potential to improve distribution through the 4WP acquisition and a deeper relationship with Toyota USA. Investment is rising in distribution centres, manufacturing capacity, and R&D, highlight the analysts.

Target increases to $50 from $48. Buy.

Target price is $50.00 Current Price is $43.15 Difference: $6.85
If ARB meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $43.30, suggesting upside of 1.4% (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 ARB as Overweight (1) -

Overall, Morgan Stanley assesses a "strong" 1Q update by ARB Corp despite a modest fall in profit and highlights positive strategic commentary.

Management noted a -9% decline in deliveries of key vehicles though the broker expects offsets via new stores, new products, greater fitting capacity, and a strong order book.

Target $46. Overweight. Industry view: In-Line. 

Target price is $46.00 Current Price is $43.15 Difference: $2.85
If ARB meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $43.30, suggesting upside of 1.4% (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

Ord Minnett rates ARB as Buy (1) -

Following a modest decline in 1Q profit, Ord Minnett believes underlying positive fundamentals still apply including a strong order book and accelerating Export sales.

The broker also highlights bolt-on acquisitions have the potential to drive medium-term earnings growth.

Sales climbed by 6.5% on the previous corresponding period compared to Ord Minnett's forecast for 8.5% growth in H1.

Buy. Target rises to $47 from $46.

Target price is $47.00 Current Price is $43.15 Difference: $3.85
If ARB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $43.30, suggesting upside of 1.4% (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

Macquarie rates BEN as Underperform (5) -

Macquarie updates earnings forecasts for estimated system credit growth of around 5.7% in 2024, compared to 4.7% in 2023, with a slowdown to circa 4.6% in 2025 and 4.4% in 2026.

The outlook for credit growth in the near term is boosted by "solid" lending and the expected easing cycle from the RBA.

Bendigo & Adelaide Bank is rated Underperform with a $9.50 target price.

Target price is $9.50 Current Price is $12.19 Difference: minus $2.69 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.45, suggesting downside of -15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.8

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

Macquarie rates BHP as Outperform (1) -

Observing BHP Group's 1Q25 results, Macquarie highlights met coal and copper came in better than consensus expectations with iron ore in line. The analyst explains M&A speculation and Samarco detracted from what is believed to a be a "good result".

Realised iron pre prices of US$80.1/wmt were -3% below the broker's estimate. Realised met coal and thermal coal prices were -4% and -10%, respectively, lower than estimates.

Speculation of a increased Samarco settlement weighed on sentiment. Macquarie highlights BHP Group may be able to facilitate a higher settlement of R$167bn in Brazil with no change in the cash profile due to favourable FX rates from lower bond yields.

Macquarie continues to prefer BHP Group over Rio Tinto ((RIO)) and maintains an Overweight rating.

Target price unchanged at $44.

Target price is $44.00 Current Price is $42.99 Difference: $1.01
If BHP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $45.40, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.8

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

Morgan Stanley rates BHP as Overweight (1) -

First quarter production and sales for BHP Group were in line with Morgan Stanley's forecasts. The consensus estimate for production was exceeded by around 2.5%, notes the broker.

Sales for copper and thermal coal were higher-than-expected by the analysts, though sales for metallurgical coal were a miss.

Management made no changes to guidance for production, costs and medium-term cost guidance.

Overweight. Target $47.10. Industry View: Attractive.

Target price is $47.10 Current Price is $42.99 Difference: $4.11
If BHP meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $45.40, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.8

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

Ord Minnett rates BHP as Accumulate (2) -

BHP Group's 1Q production across all commodities exceeded forecasts by Ord Minnett and consensus, and management reiterated production and cost guidance for FY25.

The broker raises its FY25 EPS forecast by 2%, while keeping FY26 and FY27 estimates unchanged.

Among the two major miners on the ASX, Rio Tinto ((RIO)) remains Ord Minnett's favoured exposure.

Accumulate rating and $45 target unchanged.

Target price is $45.00 Current Price is $42.99 Difference: $2.01
If BHP meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $45.40, suggesting upside of 7.8% (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: 0.8

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

Ord Minnett rates BOQ as Downgrade to Sell from Lighten (5) -

Following share price strength in the wake of FY24 results for Bank of Queensland, Ord Minnett downgrades its rating to Sell from Lighten and retains a $5.00 target.

FY24 earnings beat the consensus forecast after the 2H net interest margin (NIM) improved more-than-anticipated to 1.57%, explains the broker.

Due to execution risks, the analyst is not convinced changes to the business model, (e.g. attempts to transform into a digital bank), will remedy current problems which include heightened competition.

Target price is $5.00 Current Price is $7.00 Difference: minus $2 (current price is over target).
If BOQ meets the Ord Minnett target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.53, suggesting downside of -21.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.8

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

Citi rates BPT as Sell (5) -

Beach Energy reported 1Q25 results which were in line with Citi's expectations on first inspection although slightly better than consensus.

A highlight was the flat quarter-on-quarter production at Western Flank which was offset by NZ.

Management reiterated Waitsia guidance with "quality" issues an ongoing risk for execution. Thylacine West is due to come online in 2Q25.

Citi retains a Sell rating with a $1.10 target price.

Target price is $1.10 Current Price is $1.22 Difference: minus $0.12 (current price is over target).
If BPT meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.44, suggesting upside of 15.2% (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

Macquarie rates CBA as Underperform (5) -

Macquarie updates earnings forecasts for estimated system credit growth of around 5.7% in 2024, compared to 4.7% in 2023, with a slowdown to circa 4.6% in 2025 and 4.4% in 2026.

The outlook for credit growth in the near term is boosted by "solid" lending and the expected easing cycle from the RBA.

Underperform and $95 target retained, Macquarie tweaks EPS forecasts for CommBank.

Target price is $95.00 Current Price is $142.00 Difference: minus $47 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.02, suggesting downside of -29.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Bell Potter rates CGF as Re-initiation with Buy (1) -

Bell Potter re-initiates coverage of Challenger with a Buy rating and $8.25 target.

The positive stance is based on the increasing trend in sales of lifetime annuities and the corresponding growth in Challenger's life book.

The broker believes the most important product for the company is lifetime annuities and explains how lifetime sales have increased again, generating over $200m per quarter and rising to $275m in 1Q25 as the interest rate backdrop has normalised post covid.

Bell Potter forecasts the life book will revert to high-single or low-double digit growth as lifetime annuities pick up.

Target price is $8.25 Current Price is $6.25 Difference: $2
If CGF meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $7.83, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Bell Potter rates CU6 as Speculative Buy (1) -

Bell Potter observes the share price volatility for Clarity Pharmaceuticals, including positive clinical trial results, inclusion in ASX300 and then profit taking. From the $2.55 placement price in March 2024, investors have booked a handsome 250% at the September peak price of $8.97.

The analyst reiterates the company remains well funded with around $146m in cash and liquid assets, while the latest SECuRE trial shows recruitment is going well with safety and efficacy data in line with previous data. 

The Speculative Buy rating is maintained with $10 target price.

Target price is $10.00 Current Price is $6.51 Difference: $3.49
If CU6 meets the Bell Potter target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates DEG as Outperform (1) -

Macquarie focuses on the debt position of De Grey Mining post the 1Q25 update. Cash and deposits came in slightly lower than forecast with the company expected to finalise the debt funding package including a $130m debt overrun facility in 2Q25.

The broker explains post the debt package, the miner will be fully funded for Hemi Development of A. Documents were resubmitted to the Federal Department of Climate Change, Energy and Environment and Water in 1Q25. Approval is anticipated in 3Q25, the analyst notes.

Macquarie lowers EPS forecasts for FY25 by -7% for the lower cash balance resulting from higher-than-estimated exploration costs.

De Grey Mining has an Outperform rating with a $2.10 target price.

Target price is $2.10 Current Price is $1.37 Difference: $0.73
If DEG meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates DUG as Buy (1) -

Ord Minnett's target for Dug Technology falls by -21% to $2.67 following the recent capital raise to accelerate growth which was accompanied by a trading update materially below the broker's forecasts. The Buy rating is maintained.

A $30m institutional placement has now been successfully completed at $1.90/share and there is an upcoming Share Purchase Plan for $5m.

Management felt the disappointing 1Q update was an aberration, highlighted likely growth of circa 20% in FY25, and was constructive on the longer-term, notes the analyst.

Target price is $2.67 Current Price is $2.03 Difference: $0.64
If DUG meets the Ord Minnett target it will return approximately 32% (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

Shaw and Partners rates DUR as Buy (1) -

Shaw and Partners notes Duratec's joint venture with Ertech has been chosen by the Department of Defence to undertake early contracting work at HMAS Stirling.

Revenue is expected at $10m for early contractor involvement with the total tender value at $400m-$500m to flow through to the joint venture from 1H26 for two years, the broker highlights.

Buy rated. High risk. Target price $1.90. The stock is believed to have valuation "appeal" with the Garden Island contracts not priced in.

Target price is $1.90 Current Price is $1.60 Difference: $0.3
If DUR meets the Shaw and Partners target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates EQT as Buy (1) -

EQT Holdings' 1Q trading update revealed good progress across most areas of the business, according to Ord Minnett, though revenue growth upside is considered modest.

The update was a slight beat against the broker's forecast at the funds under administration and supervision (FUMAS) level, but there were misses for revenue and operating margin.

Buy. The target falls to $37.00 from $37.50.

Target price is $37.00 Current Price is $33.13 Difference: $3.87
If EQT meets the Ord Minnett target it will return approximately 12% (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

Citi rates EVT as Neutral (3) -

Citi's first take on EVT Ltd's 1Q25 earnings report revealed a fall in EBITDA of -30% compared to the same period last year and below the broker's forecasts of a decline of -9%. Compared to consensus EBITDA growth of 2% the result was even more disappointing.

Some improvement is expected in 2Q25 with better films in the pipeline including Wicked, Gladiator 11, Mufasa: The Lion King and Moana.

The analyst states the 1Q25 update was below expectations. Entertainment earnings declined -74% on a year earlier and Thredbo fell -11% with hotels showing a flat performance.

EVT Ltd also revealed its short-term hotel outlook was "challenged" with softer trading in major markets, Sydney, Melbourne, Adelaide, Auckland and Wellington.

Neutral rated. Target $11.32.

Target price is $11.32 Current Price is $11.09 Difference: $0.23
If EVT meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates FLT as Buy (1) -

Citi's first take on Flight Centre Travel's 1Q25 update is that performance looks below consensus although the market update lacks details.

With limited insights, the analyst assesses there has been a fall in revenue margin which has possibly resulted in a profit margin only slightly higher above the previous year.

Citi finds the update contrasts to reported strength in airline/hotel volumes and prices.

Target price is $24.35 Current Price is $21.62 Difference: $2.73
If FLT meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 48.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates FLT as Buy (1) -

Flight Centre Travel served up a "relatively negative" 1Q25 trading update, UBS explains on first inspection.

Considering 1Q24 represented 17% of profit before tax, a seasonally small quarter, the 1Q25 report suggests the company will struggle to meet FY25 consensus estimates.

The analyst notes 1Q25 financial metrics were slightly above 1Q24 although there were some "inconsistencies" in the month-to-month trading.

Management is expected to offer FY25 guidance at the Nov 14 AGM with profits expected to be significantly weighted to 2H25.

Buy rated with a $26.80 target.

Target price is $26.80 Current Price is $21.62 Difference: $5.18
If FLT meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 48.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates GMD as Outperform (1) -

Genesis Minerals reported better than expected 1Q25 production, 4% above Macquarie's estimate and 3% higher than consensus.

All-in-sustaining-costs were in line. Management retained FY25 guidance of 190-210koz, compared to the broker's forecast of 201.4koz.

Higher production at Leonora was achieved via increased throughput rates against lower grades and recoveries.

Cash on hand stood at $160m at quarter end, better than consensus but lower than Macquarie expected.

Genesis Minerals has an Outperform rating. Target price $2.70. The broker raises EPS forecasts for FY25 by 4%.

Target price is $2.70 Current Price is $2.32 Difference: $0.38
If GMD meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates GMD as Accumulate (2) -

First quarter results for Genesis Minerals were broadly in line with Ord Minnett's expectations. Sales beat the broker's forecast by 3% though costs were a miss of -4%, while production metrics were pre-released.

The analysts believe management is on track to deliver upon its 50% growth target by FY28 (the broker forecasts 312koz at $1900/oz in FY28) with upside potential should approvals for Tower Hill be fast tracked.

Accumulate. The target rises to $2.50 from $2.35.

Target price is $2.50 Current Price is $2.32 Difference: $0.18
If GMD meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Shaw and Partners rates GMD as Buy (1) -

Genesis Minerals' 1Q25 results showed production of 36,020oz of gold and all-in-sustaining costs of $2,628/oz, Shaw and Partners notes.

Management guided to production of 190-210koz in FY25 with costs of $2,200 to $2,400/oz.

The broker highlights Genesis Minerals is concentrating on restarting Laverton mill and pouring initial gold in November.

Buy rating, High risk with $2.80 target price maintained.

Target price is $2.80 Current Price is $2.32 Difference: $0.48
If GMD meets the Shaw and Partners target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgan Stanley rates GYG as Overweight (1) -

Morgan Stanley updates its positive investment thesis for Guzman y Gomez. It's thought network sales will be supported
by network expansion as well as above industry mid-to-high single digit same store sales (SSS) growth across FY25-27.

Beyond the traditional drivers of growth for quick service restaurants (QSRs), the broker points to upside from a number of sources including digital and loyalty investment and a positive mix shift to drive through format.

Guzman y Gomez continues to outperform domestic QSR operators such as Domino's Pizza Enterprises ((DMP)) and Collins Foods ((CKF)), highlight the analysts. 

Target price remains at $38.50. Overweight reiterated. Industry view: In Line.

Target price is $38.50 Current Price is $38.00 Difference: $0.5
If GYG meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $39.48, suggesting upside of 5.9% (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

Bell Potter rates JLG as Hold (3) -

Bell Potter tweaks earnings forecasts slightly for Johns Lyng on the back of recent acquisitions including Keystone in Qld.

Regarding the Australian outlook, the company's work rate from both CAT and 'flow-through' appears to be moderating as La Nina related back works are cleared. Further year-on-year declines in business-as-usual are also highlighted as a risk.

The analyst highlights domestic business-as-usual margins are projected to bottom in FY26, down -200bps below FY24 to 11.8% according to consensus estimates.

In the US, Johns Lyng completed CAT work of $31.5m over FY23-24 for Hurricane Ian in Oct 22, with insured losses for Florida's hurricanes between US$50-US$70bn.

A lower risk-free rate lifts the target price to $4.40 from $4.20. No change to Hold rating.

Target price is $4.40 Current Price is $4.07 Difference: $0.33
If JLG meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Shaw and Partners rates LM8 as Buy (1) -

Shaw and Partners hosted Lunnon Metals Managing Director at its Oct 17 virtual gold conference.

The company is testing its 100% gold rights at Kambalda Gold and Nickel Project for higher grades resources in Lunnon sediment, the broker states.

It is noted Lady Heria is growing quickly near the surface with a reported high-grade gold opportunity near Foster nickel mine.

The Buy, High Risk rating and 60c target are unchanged.

Target price is $0.60 Current Price is $0.32 Difference: $0.285
If LM8 meets the Shaw and Partners target it will return approximately 90% (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 LYC as Downgrade to Hold from Buy (3) -

Lynas Rare Earths is downgraded to Hold from Buy with a lower target price of $8 versus $8.30.

Bell Potter reviews the upcoming 1Q25 report with expectations NdPr production will come in lower than expectations by -13%, and down -5% on the previous quarter.

The broker expects investors to focus on the progress of Mt Weld expansion, an update on Kalgoorlie's status including possible solutions on alternative sulphuric acid supplies as well as the US separation facilities and downstream demand.

Bell Potter has lowered the NdPr forecast price to US$70kg from US$75kg. Earnings forecasts decline by -29% in FY25 and  by -15% in FY26.

Target price is $8.00 Current Price is $7.77 Difference: $0.23
If LYC meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Macquarie rates NAB as Underperform (5) -

Macquarie updates earnings forecasts for estimated system credit growth of around 5.7% in 2024, compared to 4.7% in 2023, with a slowdown to circa 4.6% in 2025 and 4.4% in 2026.

The outlook for credit growth in the near term is boosted by "solid" lending and the expected easing cycle from the RBA.

National Australia Bank is rated Underperform with a $32.50 target price. Macquarie tweaks EPS forecasts.

Target price is $32.50 Current Price is $39.12 Difference: minus $6.62 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.77, suggesting downside of -16.4% (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

Citi rates PPT as Upgrade to Buy from Neutral (1) -

Citi raises its target for Perpetual to $22.50 from $21.40 and upgrades to Buy from Neutral following a return to positive net flows in Q1.

Highlights for the broker in the quarter included $3.9bn of net inflows for the Pendal boutique, while Thompson, Segel &Walmsley (TSW) stemmed recent outflows and Trillium also experienced much reduced outflows.

In May, management revealed plans to separate the Wealth Management and Corporate Trust businesses from the rest of the group and is currently engaging with the ATO on the matter. Citi notes this is creating uncertainty, which should be resolved soon.

Target price is $22.50 Current Price is $19.65 Difference: $2.85
If PPT meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $23.27, suggesting upside of 13.2% (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 PPT as Neutral (3) -

Macquarie notes an improvement in net inflows of $0.4bn over 1Q25 for Perpetual, post a net loss of flows in FY24 of -$18.3bn.

The group reported a mixed performance across divisions. Pendal and Perpetual recorded net inflows while Barrow Hanley and Trillium reported net outflows. TSW was flat, the broker explains.

Management did not update on sale proceeds from Corporate Trust and Wealth Management, although between $8.38 to $9.82/share were highlighted at FY24 results as the possible returns to shareholders.

Macquarie lifts EPS forecasts by 1.2% in FY25 and -1% in FY26. Target price declines to $21.05 from $21.20. Neutral rating unchanged.

Target price is $21.05 Current Price is $19.65 Difference: $1.4
If PPT meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.27, suggesting upside of 13.2% (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 RMD as Outperform (1) -

In the run up to ResMed's 1Q25 earnings report, Macquarie highlights the company along with CSL ((CSL)) remain its preferred stocks in the healthcare sector.

The broker forecasts 1Q25 gross margin of 59.2% versus consensus at 59.1%, an increase of 10bps on 4Q24 and up 320bps on a year earlier.

Comments on new mask launches, and details on high-single-digit revenue growth over the next five years are of particular interest to the analyst, who is currently estimating around 6% growth per annum.

Macquarie retains an Outperform rating and lifts the target price to $37.80 from $36.25.

Target price is $37.80 Current Price is $35.44 Difference: $2.36
If RMD meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $36.14, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates STO as Neutral (3) -

After a further review of 3Q results by Santos, Citi lowers its target to $7.60 from $8.00 (even though earnings forecasts are largely unchanged) after changing some assumed risk weightings. The Neutral rating is maintained.

A summary of yesterday's research note by Citi follows.

In a first glance at today's 3Q operational result by Santos, Citi notes production was in line with the broker's forecast, but sales volumes were a miss (only due to timing of PNG LNG cargoes).

Revenue of US$1,269m was in line with the broker but a -4% miss against the consensus forecast on lower sales.

For FY24, management expects production in the top half of the range of 84-90mmboe, which compares to the prior consensus estimate for 86.8mmboe, highlight the analysts.

Target price is $7.60 Current Price is $6.96 Difference: $0.64
If STO meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 18.0% (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: 0.7

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

Macquarie rates STO as Outperform (1) -

Macquarie believes Santos continues to hold corporate M&A appeal with an inflection in free cash flows viewed as impetus for Woodside Energy Group ((WDS)) and Santos to re-engage in talks.

The company's 3Q24 result revealed around US$400m in free cash flow, which was broadly in line with the broker's expectations, although Alaska capex rose 20%.

The latter is disappointing, the broker ststaes, but it can be "absorbed" in the 2024 budget.

Macquarie emphasises the upcoming November 19 Investor Day is likely to be a positive event, including good FY25 guidance, cost-out initiatives and more meat on the bones for shareholders in terms of returns.

Outperform rating remains with a decline in target by -2% to $8.50. Earnings forecasts are tweaked.

Target price is $8.50 Current Price is $6.96 Difference: $1.54
If STO meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 18.0% (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: 0.7

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

Morgan Stanley rates STO as Overweight (1) -

September quarter production for Santos was in line with Morgan Stanley's forecast and beat the consensus estimate by 2%.

Revenue missed the consensus forecast by -4% due to slightly lower sales volumes and average realised oil prices, explain the analysts.

Management narrowed 2024 production guidance to 87-90MMboe, and left capex and cost guidance unchanged.

Target $8.08. Overweight. Industry view In-Line.

Target price is $8.08 Current Price is $6.96 Difference: $1.12
If STO meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 18.0% (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: 0.7

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

Morgan Stanley rates TWE as Overweight (1) -

Treasury Wine Estates experienced double-digit year-on-year organic net sales revenue (NSR) growth and management reiterated the FY25 earnings (EBITS) range of between $780-810m, highlights Morgan Stanley.

Trading in China was in line with management's forecast, while the performance of the Treasury Americas (TA) Luxury division is expected to accelerate in Q2, observes the broker.

Overweight. Target $14.60. Industry view: In-line.

Target price is $14.60 Current Price is $11.73 Difference: $2.87
If TWE meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $13.71, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates WBC as Underperform (5) -

Macquarie updates earnings forecasts for estimated system credit growth of around 5.7% in 2024, compared to 4.7% in 2023, with a slowdown to circa 4.6% in 2025 and 4.4% in 2026.

The outlook for credit growth in the near term is boosted by "solid" lending and the expected easing cycle from the RBA.

Westpac is rated Underperform with a $26 target price. Macquarie tweaks EPS estimates.

Target price is $26.00 Current Price is $32.55 Difference: minus $6.55 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.92, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

UBS rates WEB as Buy (1) -

UBS acknowledges the soft trading conditions in Europe, but the analyst feels the market is discounting "overly negative outcomes" at current share price levels.

The broker highlights current consensus estimates are forecasting a weak recovery for all the company's earnings drivers, total travel volume growth, revenue per total travel volume margins and EBITDA margin expansion.

UBS lowers EPS forecasts by -56% in FY25 and -48% in FY26.

Target price falls to $5.60 from $10. Buy rating is maintained as UBS views the valuation, post profit warning, as attractive.

Target price is $5.60 Current Price is $4.38 Difference: $1.22
If WEB meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $5.73, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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