Australian Broker Call

Macquarie rates 29M as Outperform (1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year, with OZ Minerals ((OZL)), Sandfire Resources ((SFR)), 29Metals and Aurelia Metals ((AMI)) down -3%, -17%, -19% and -65% respectively year-to-date. 

The Outperform rating and target price of $2.70 are retained for 29Metals.

Target price is $2.70 Current Price is $2.43 Difference: $0.27
If 29M meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Citi rates ALL as Buy (1) -

On analysing the latest data, Citi determines digital industry bookings appear to be re-basing and Aristocrat Leisure continues to outperform. The company's Raid bookings are stabilising though Mech Arena bookings still look soft.

More broadly, the analyst believes the land-based business is well positioned and is optimistic on Real Money Gaming (RMG).

The broker leaves its Buy rating and $41.20 target unchanged.

Target price is $41.20 Current Price is $34.01 Difference: $7.19
If ALL meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $41.26, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Macquarie rates AMI as Outperform (1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year, with OZ Minerals ((OZL)), Sandfire Resources ((SFR)), 29Metals ((29M)) and Aurelia Metals down -3%, -17%, -19% and -65% respectively year-to-date. 

The Outperform rating and target price of $0.23 are retained for Aurelia Metals.

Target price is $0.23 Current Price is $0.14 Difference: $0.085
If AMI meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates AWC as Underperform (5) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal. It notes Alumina Ltd has underperformed other bulk miners since 2020. 

The Underperform rating and target price of $1.00 are retained.

Target price is $1.00 Current Price is $1.61 Difference: minus $0.61 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.52, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates BHP as Outperform (1) -

Macquarie's commodities team has lifted its near-term outlook on iron ore pricing, noting spot pricing suggests further upside to to base case forecasts. 

For iron ore exposure, the broker retains a preference for BHP Group over Rio Tinto ((RIO)), South32 ((S32)) and Fortescue Metals ((FMG)), given its commodity mix. 

The Outperform rating is retained and the target price increases to $50.00 from $45.00 for BHP Group.

Target price is $50.00 Current Price is $47.48 Difference: $2.52
If BHP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $42.31, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Macquarie rates BOE as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal. Macquarie sees upside potential for Boss Energy, which has recently reached a final investment decision on its its asset restart. 

The Outperform rating is retained and the target price decreases to $3.20 from $3.30.

Target price is $3.20 Current Price is $2.20 Difference: $1
If BOE meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates CCX as Neutral (3) -

Challenges for City Chic Collective in North America were confirmed after Citi reviewed 3Q results for competitor Torrid. That company indicated ongoing elevated discounting to clear inventory and the negative impact of inflation across all customers.

In line with Torrid's outlook, the broker doesn't expect the consumer outlook will improve in the short term and retains its Neutral rating and $1.04 target price.

Target price is $1.04 Current Price is $0.67 Difference: $0.375
If CCX meets the Citi target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.09, suggesting upside of 63.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates CHN as Outperform (1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year. Chalice Mining, Panoramic Resources ((PAN)) and Mincor Resources ((MCR) reported the largest stock price declines at -42%, -26% and -12% respectively. 

The Outperform rating and target price of $7.50 are retaine for Chalice Mining.

Target price is $7.50 Current Price is $6.54 Difference: $0.96
If CHN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates CIA as Neutral (3) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal, preferring Whitehaven Coal ((WHC)), Coronado Global ((CRN)) and New Hope Corporation ((NHC)) over Champion Iron, Mount Gibson Iron ((MGX)) and Deterra Royalties ((DRR)).

The Neutral rating is retained and the target price increases to $7.00 from $5.50 for Champion Iron.

Target price is $7.00 Current Price is $7.35 Difference: minus $0.35 (current price is over target).
If CIA meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Macquarie rates CRN as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal, preferring Whitehaven Coal ((WHC)), Coronado Global and New Hope Corporation ((NHC)) over Champion Iron ((CIA)), Mount Gibson Iron ((MGX)) and Deterra Royalties ((DRR)).

The Outperform rating is retained and the target price decreases to $2.80 from $3.10 for Coronado Global Resources.

Target price is $2.80 Current Price is $2.03 Difference: $0.77
If CRN meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates CTM as Outperform (1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year. Centaurus Metals is Macquarie's key developed pick given the high-quality of its Jaguar nickle sulphide deposit. 

The Outperform rating and target price of $1.60 are retained.

Target price is $1.60 Current Price is $1.21 Difference: $0.395
If CTM meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates DMP as Neutral (3) -

Largely driven by higher market multiples, Citi raises its target for Domino's Pizza Enterprises to $70.36 from $66.60, despite lower EPS forecasts from the $165m equity raise. Funds will be used to fund the call option for the company's German joint venture.

The broker retains its Neutral rating given ongoing input cost inflation and its impact on franchisee profitability, which may slow the store rollout.

Target price is $70.36 Current Price is $65.30 Difference: $5.06
If DMP meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $75.57, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates DRR as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal, preferring Whitehaven Coal ((WHC)), Coronado Global ((CRN)) and New Hope Corporation ((NHC)) over Champion Iron ((CIA)), Mount Gibson Iron ((MGX)) and Deterra Royalties.

The Outperform rating is retained and the target price increases to $4.90 from $4.60 for Deterra Royalties.

Target price is $4.90 Current Price is $4.79 Difference: $0.11
If DRR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates FMG as Underperform (5) -

Macquarie's commodities team has lifted its near-term outlook on iron ore pricing, noting spot pricing suggests further upside to to base case forecasts. 

For iron ore exposure, the broker retains a preference for BHP Group ((BHP)) over Rio Tinto ((RIO)), South32 ((S32)) and Fortescue Metals, given its commodity mix. Macquarie's outlook on Fortescue Metals is predicated on its upcoming capital expenditure cycle being a possible headwind. 

The Underperform rating is retained and the target price increases to $17.00 from $14.50 for Fortescue Metals.

Target price is $17.00 Current Price is $21.39 Difference: minus $4.39 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.59, suggesting downside of -26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Citi rates HLS as Neutral (3) -

Pathology industry business-as-usual (BAU) volumes remain below trend and profitability is likely to remain below pre-covid levels until BAU volumes recover, according to Citi.

This likely outcome is because of the high fixed-cost nature of the business and high labour costs, explains the broker.

The recovery for Healius seems to be lagging its competitors, points out the analyst.

The broker's price earnings multiple is cut and its target for Healius falls to $3.05 from $3.40. Neutral.

Target price is $3.05 Current Price is $2.88 Difference: $0.17
If HLS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Ord Minnett rates HLS as Lighten (4) -

Ord Minnett maintains its $2.70 target for Healius after incorporating into its forecasts the sale of the the day hospital business for $138m.

The analyst feels consensus estimates for the company are too high, with headwinds from rising costs and the GP shortage to continue for the rest of FY23. The Lighten rating is maintained.

CEO Malcom Parmenter has indicated he will step down and be replaced by the current CFO and COO, Maxine Jaquet, effective 1 March 2023.

Target price is $2.70 Current Price is $2.88 Difference: minus $0.18 (current price is over target).
If HLS meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.42, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates HMC as Add (1) -

HMC Capital has launched its unlisted Last Mile Logistics fund with initial seed equity of $50m, along with $42m from Woolworths Group ((WOW)).

The fund aims to generate returns from repositioning strategic assets into daily-needs-focused infrastructure, explains Morgans.

Management has maintained DPS guidance of 12cpu and noted asset under management (AUM)  guidance of over $10bn by the end of 2024 is on track.

The broker likes the capital-light business model and management’s track record for executing on complex deals and retains its Add rating. The target falls to $5.85 from $6.12.

Target price is $5.85 Current Price is $4.50 Difference: $1.35
If HMC meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $5.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates ILU as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal. Macquarie continues to see upside risk for Iluka Resources given strong zircon prices and rare earth market momentum. 

The Outperform rating is retained and the target price decreases to $12.50 from $12.60.

Target price is $12.50 Current Price is $10.48 Difference: $2.02
If ILU meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates JMS as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal. It notes Jupiter Mines has underperformed other bulk miners since 2020.

The Outperform rating is retained and target price increases to $0.26 from $0.25.

Target price is $0.26 Current Price is $0.21 Difference: $0.055
If JMS meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates JRV as Outperform (1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year. Jervois Global has been the largest underperformer within Macquarie's coverage year-to-date. 

The Outperform rating is retained and the target price decreases to $0.48 from $0.55.

Target price is $0.48 Current Price is $0.33 Difference: $0.15
If JRV meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates LM8 as Outperform (1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year. Despite volatility Sunrise Energy Metals ((SRL)) and Lunnon Metals have managed to lift their share prices 16% and 107% year-to-date. 

The Outperform rating and target price of $1.30 are retained.

Target price is $1.30 Current Price is $0.98 Difference: $0.32
If LM8 meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates MCR as Outperform (1) -

Mincor Resources is undergoing a $60 equity raise in a bid to fund accelerated development of its Golden Mile asset and drilling at Cassini. Macquarie estimates post-raise the company will hold cash of $90.1m, strengthening its balance sheet and leaving headroom for the rest of the year. 

Macquarie was surprised by Mincor Resources' equity raise announcement, but it has not materially changed the broker's outlook. Earnings per share forecasts are reduced -7-9% through to FY27 on assumed dilation.

The Outperform rating is retained and the target price decreases to $1.80 from $1.90.

Target price is $1.80 Current Price is $1.59 Difference: $0.215
If MCR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates MGX as Neutral (3) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal, preferring Whitehaven Coal ((WHC)), Coronado Global ((CRN)) and New Hope Corporation ((NHC)) over Champion Iron ((CIA)), Mount Gibson Iron and Deterra Royalties ((DRR)).

The Neutral rating is retained and the target price increases to $0.50 from $0.40 for Mount Gibson Iron.

Target price is $0.50 Current Price is $0.54 Difference: minus $0.04 (current price is over target).
If MGX meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Citi rates MMS as Initiation of coverage with Buy (1) -

Citi initiates coverage with a Buy rating on two of Australia’s leading salary packaging providers with a preference for McMillan Shakespeare over Smartgroup Corp. It's felt defensive customer bases for both will afford protection from macroeconomic headwinds.

The broker likes McMillan Shakespeare's diversified business model (with 22% of revenue deriving from novated leased compared to 58% for Smartgroup) and the growth potential of Plan and Support services (PSS).

Currently PPS is the number two plan management provider in a highly fragmented market, which could enter a period of consolidation over the next 10 years, according to Citi.

Overall, the analyst expects FY23 to be a relatively stagnant year for lease volumes before rebounding in FY24. A target price of $16.40 is set.

The Federal government's Electric Car Discount Bill may lead to an expanded customer base given potential savings to corporate employees of $6,300-$13,100 per year, explains Citi.

Target price is $16.40 Current Price is $13.38 Difference: $3.02
If MMS meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates NHC as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal, preferring Whitehaven Coal ((WHC)), Coronado Global ((CRN)) and New Hope Corporation over Champion Iron ((CIA)), Mount Gibson Iron ((MGX)) and Deterra Royalties ((DRR)).

The Outperform rating is retained and the target price increases to $6.50 from $6.40 for New Hope.

Target price is $6.50 Current Price is $5.79 Difference: $0.71
If NHC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates NIC as Neutral (3) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year. Short-term nickel pricing drives 18%, 100% and 5% increases to Macquarie's earnings forecasts for Nickel Industries through to 2024. 

The Neutral rating is retained and the target price increases to $0.94 from $0.90.

Target price is $0.94 Current Price is $1.02 Difference: minus $0.08 (current price is over target).
If NIC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Macquarie rates ORG as Outperform (1) -

While the government has indicated it proceed with caps on gas and coal, Macquarie does not anticipate material impacts on Origin Energy's earnings margins. While the broker feels caps will limit potential upside, it assumes they will not impact on the recovery outlook.

The government has suggested it will cap uncontracted volumes of gas at $12 per gigjoule and coal at $125 per tonne, for the coming twelve months. 

Macquarie suggests the key issue for Origin Energy will be existing inventories, which have been rebuilt at pricing near $200-250 per tonne. The broker calculates this could equate to losses of $75-125m. 

The Outperform rating and target price of $9.00 are retained.

Target price is $9.00 Current Price is $7.80 Difference: $1.2
If ORG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates OZL as No Rating (-1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year, with OZ Minerals, Sandfire Resources ((SFR)), 29Metals ((29M)) and Aurelia Metals ((AMI)) down -3%, -17%, -19% and -65% respectively year-to-date. 

The broker remains restricted on OZ Minerals. 

Current Price is $27.54. Target price not assessed.

Current consensus price target is $27.57, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates PAN as Outperform (1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year. Chalice Mining ((CHN)), Panoramic Resources and Mincor Resources ((MCR) reported the largest stock price declines at -42%, -26% and -12% respectively. 

The Outperform rating is retained and the target price increases to $0.23 from $0.22 Panoramic Resources.

Target price is $0.23 Current Price is $0.19 Difference: $0.045
If PAN meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PDN as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

Macquarie sees upside potential for Paladin Energy, which has recently reached a final investment decision on its its asset restart. 

The Outperform rating is retained and the target price decreases to $1.00 from $1.10.

Target price is $1.00 Current Price is $0.71 Difference: $0.29
If PDN meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Ord Minnett rates QUB as Buy (1) -

Management re-affirmed EPS guidance at the Qube Holdings AGM and noted positive year-to-date trading conditions.

Ord Minnett points out profit growth is underpinned by over $800m of growth capex invested between FY20-FY23 into operating assets and warehouse facilities to support customer projects. It's believed this will support earnings growth into FY23 and FY24.

The Buy rating is maintained and the target eases to $3.34 from $3.39.

Target price is $3.34 Current Price is $2.81 Difference: $0.53
If QUB meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates RIO as Neutral (3) -

Macquarie's commodities team has lifted its near-term outlook on iron ore pricing, noting spot pricing suggests further upside to to base case forecasts. 

For iron ore exposure, the broker retains a preference for BHP Group ((BHP)) over Rio Tinto, South32 ((S32)) and Fortescue Metals ((FMG)), given its commodity mix. Rio Tinto's forecasted free cash flow yields through to FY25 improve to 7-11% on spot pricing, from 7-9%. 

The Neutral rating is retained and the target price increases to $115.00 from $94.00 for Rio Tinto.

Target price is $115.00 Current Price is $117.16 Difference: minus $2.16 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $107.86, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Macquarie rates S32 as Neutral (3) -

Macquarie's commodities team has lifted its near-term outlook on iron ore pricing, noting spot pricing suggests further upside to to base case forecasts. 

For iron ore exposure, the broker retains a preference for BHP Group ((BHP)) over Rio Tinto ((RIO)), South32 and Fortescue Metals ((FMG)), given its commodity mix. South32's forecasted free cash flow yields are not improved by spot pricing. 

The Neutral rating is retained and the target price increases to $4.50 from $4.40 for South32.

Target price is $4.50 Current Price is $4.19 Difference: $0.31
If S32 meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.72, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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 SFR as No Rating (-1) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year, with OZ Minerals ((OZL)), Sandfire Resources, 29Metals ((29M)) and Aurelia Metals ((AMI)) down -3%, -17%, -19% and -65% respectively year-to-date. 

The broker remains restricted on Sandfire Resources. 

Current Price is $5.67. Target price not assessed.

Current consensus price target is $4.74, suggesting downside of -16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Citi rates SIQ as Initiation of coverage with Buy (1) -

Citi initiates coverage with a Buy rating on two of Australia’s leading salary packaging providers with a preference for McMillan Shakespeare over Smartgroup Corp. It's felt defensive customer bases for both will afford protection from macroeconomic headwinds.

The broker considers the current valuation for Smartgroup is undemanding and notes an attractive dividend yield.

The analyst's preference for McMillan Shakespeare stems from its diversified business model (with 22% of revenue deriving from novated leased compared to 58% for Smartgroup) 

Overall, the analyst expects FY23 to be a relatively stagnant year for lease volumes before rebounding in FY24. A target price of $6.60 is set for Smartgroup.

The Federal government's Electric Car Discount Bill may lead to an expanded customer base given potential savings to corporate employees of $6,300-$13,100 per year, explains Citi.

Target price is $6.60 Current Price is $4.71 Difference: $1.89
If SIQ meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates SRL as Neutral (3) -

Macquarie updates its base metals coverage, seeing potential for medium-term earnings upside under a spot price scenario. 

The broker highlights those companies with exposure to copper have underperformed copper pricing throughout the year. Despite volatility Sunrise Energy Metals and Lunnon Metals ((LM8)) have managed to lift their share prices 16% and 107% year-to-date. 

The Neutral rating is retained and the target price decreases to $2.10 from $2.30 for Sunrise Energy Metals.

Target price is $2.10 Current Price is $2.00 Difference: $0.1
If SRL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates WHC as Outperform (1) -

Macquarie updates its bulk miners coverage, noting while commodity pricing remains buoyant cost pressures continue to impact across the industry.

The broker prefers pure play bulk miners, and met coal exposure over thermal, preferring Whitehaven Coal, Coronado Global ((CRN)) and New Hope Corporation ((NHC)) over Champion Iron ((CIA)), Mount Gibson Iron ((MGX)) and Deterra Royalties ((DRR)).

The Outperform rating is retained and the target price decreases to $12.50 from $13.20 for Whitehaven Coal.

Target price is $12.50 Current Price is $9.69 Difference: $2.81
If WHC meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $11.06, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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