Australian Broker Call

Ord Minnett rates BET as Speculative Buy (1) -

BetMakers delivered a strong March quarter result, according to Ord Minnett, beating expectations across all key lines with quarterly revenue growth of 4% and its highest operating cash flow to date at $3m.

This result was underpinned by ongoing gross margin expansion, which rose by 230bps quarter-on-quarter, and a further $2.6m in annualised cost savings, explains the broker.

Compared to the fourth quarter of 2024, gross margins have now improved by 900bps while fixed costs have dropped to $54m from $70m, setting the company up for high incremental margins on future growth, in the analyst's view.

Ord Minnett anticipates a positive cash earnings (EBITDA) result of around $0.5m in the fourth quarter.

Ord Minnett raises the target price to 18c from 17c and retains a Speculative Buy rating.

Target price is $0.18 Current Price is $0.12 Difference: $0.065
If BET meets the Ord Minnett target it will return approximately 57% (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

Macquarie rates BGL as Outperform (1) -

Bellevue Gold downgraded FY25 guidance to 129-134koz production and cost of $2,425-2,525/oz, which Macquarie notes is -17% and -24% lower vs previous guidance, respectively. The broker's forecast is 130koz at $2,475/oz cost.

This followed a miss to 3Q production, which was down -29% on the broker's forecast.

The company is also raising $157m equity, with $40m for working capital and $111m to restructure hedge book.

EPS forecasts for FY25-26 cut by -58% and -54%, respectively. Outperform. Target price $1.20.

Target price is $1.20 Current Price is $1.15 Difference: $0.055
If BGL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.44, suggesting upside of 59.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates BHP as Neutral (3) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

The iron ore price forecast is lowered to US$93/dmt from US$98/dmt for 2025 and down to US$85/dmt from US$95/dmt for 2026. The new forecasts sit below consensus by -5% and -8%, respectively.

UBS lowers EPS estimates for BHP Group by -3% and -29% for FY25/FY26, respectively.

Neutral rating retained. Target price moves to $40 from $42.

Target price is $40.00 Current Price is $36.37 Difference: $3.63
If BHP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $42.77, suggesting upside of 17.2% (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

Shaw and Partners rates BMN as Buy (1) -

Shaw and Partners was pleasantly surprised by the progress made at Bannerman Energy's Etango Uranium Project in Namibia. The broker describes it as a project in development for the current cycle rather than an advanced exploration project for the next cycle.

The broker notes the Etango-8 project is based on 53Mlb resource, leaving expansion options from the balance of the total 207Mlb resource.

The analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

Buy, High risk. Target lowered to $4.70 from $7.40.

Target price is $4.70 Current Price is $2.22 Difference: $2.48
If BMN meets the Shaw and Partners target it will return approximately 112% (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 BOE as Buy (1) -

Shaw and Partners analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

Regarding Boss Energy, the broker notes the Honeymoon Uranium Project is on track to meet the FY25 production guidance of 850klb.

Buy, High risk. Target cut to $3.26 from $3.70.

Target price is $3.26 Current Price is $2.67 Difference: $0.59
If BOE meets the Shaw and Partners target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.69, suggesting upside of 42.1% (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

UBS rates BOE as Buy (1) -

UBS downgrades Boss Energy to Neutral from Buy with a lower target price of $3.10, down -3%, as the broker views the stock as fully valued at current levels given the decline in the uranium price of -12% year-to-date.

Longer term, the analyst likes the company's outlook, and management recently reiterated FY25 production guidance of 850klbs, with 2Q25 production pre-reported at around 295klbs and year-to-date production of 520klbs.

UBS states Boss will need to generate a lift of 12% in production in 4Q25 on the third quarter, which is viewed as achievable.

The broker lowers EPS estimates by -4% and -8% for FY25/FY26, respectively.

Target price is $3.10 Current Price is $2.67 Difference: $0.43
If BOE meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.69, suggesting upside of 42.1% (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 BPT as Downgrade to Hold from Buy (3) -

Bell Potter lowers its oil price forecasts across 2025-2027 by -13%, -16% and -16%, respectively, to US$68/bbl, US$65/bbl, and US$68/bbl. The long-term (real) estimate is also reduced by -13% to US$70/bbl.

Sweeping changes to tariffs in the US, along with retaliatory measures from major economies, have significantly altered the global economic growth outlook, explains the broker, reducing expectations for future energy demand.

The broker's target for Beach Energy is slashed to $1.35 from $1.70 and the rating downgraded to Hold from Buy, reflecting short term uncertainty in international energy markets.

From among Bell Potter's Energy coverage, Beach Energy is the most negatively impacted given around 45-50% of the company's production is sold into oil price-linked offtake.

Target price is $1.35 Current Price is $1.15 Difference: $0.2
If BPT meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 24.6% (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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett believes Brazilian Rare Earths' Amargosa project shows strong prospects following a review of historical Rio Tinto ((RIO)) drilling data. Significant drilling, metallurgy and feasibility work is required before an economic project is declared.

The broker notes Amargosa’s bauxite is of reasonable grade with low impurities and high gibbsite content, making it suitable for low-temperature refining.

The company is expected to release a maiden mineral resource for Monte Alto and a mixed rare earth carbonate sample in the June quarter, followed by a scoping study in the September quarter.

In parallel, a resource estimate for Amargosa and corporate options such as joint venture or IPO are under consideration, highlights the broker.

Ord Minnett retains a Speculative Buy rating with a $7.00 target price.

Target price is $7.00 Current Price is $1.93 Difference: $5.07
If BRE meets the Ord Minnett target it will return approximately 263% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 CHN as Neutral (3) -

UBS marks to market the latest commodity price forecasts for commodities.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

No changes to the UBS EPS estimates for Chalice Mining.

Neutral rating retained. Target price unchanged at $1.

Target price is $1.00 Current Price is $1.02 Difference: minus $0.02 (current price is over target).
If CHN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.79, suggesting upside of 165.5% (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

Bell Potter rates CRD as Speculative Buy (1) -

Bell Potter lowers its oil price forecasts across 2025-2027 by -13%, -16% and -16%, respectively, to US$68/bbl, US$65/bbl, and US$68/bbl. The long-term (real) estimate is also reduced by -13% to US$70/bbl.

Sweeping changes to tariffs in the US, along with retaliatory measures from major economies, have significantly altered the global economic growth outlook, explains the broker, reducing expectations for future energy demand.

The target for Conrad Asia Energy is $1.35. Speculative Buy.

Target price is $1.35 Current Price is $0.74 Difference: $0.61
If CRD meets the Bell Potter target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

UBS rates CRN as Buy (1) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

UBS lowers EPS estimates for Coronado Global Resources by over -100% for FY25/FY26.

Buy rating retained. Target price moves to falls to 31c from $1.20.

Target price is $0.31 Current Price is $0.26 Difference: $0.055
If CRN meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 130.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley’s analysis of tariff impacts across its Australian Healthcare coverage shows CSL and ResMed are best positioned, reinforcing the broker’s preference for these names as top sector exposures.

For most stock's under Morgan Stanley's coverage of the sector price increases would offset the earnings impacts from US tariffs.

No change to the analyst's $313 target price and Overweight rating for CSL. Industry View: In-Line. 

Target price is $313.00 Current Price is $238.00 Difference: $75
If CSL meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $327.51, suggesting upside of 34.4% (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: 1.0

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

Ord Minnett rates CSL as Buy (1) -

Ord Minnett reviews the potential impact of prospective US tariffs on CSL’s pharmaceutical exports, noting these could affect earnings in 2026 if applied to plasma-derived products manufactured in Australia.

The market appears to be currently pricing in a -10% consensus downgrade, according to the analyst, implying a mid-range tariff of around 15%.

CSL’s Broadmeadows facility handles a significant share of the company’s fractionation for immunoglobulins, a key earnings driver, while operations in the US and Europe may partially offset exposure, explains the broker.

The analysis excludes CSL’s Seqirus and Vifor divisions given the dominance of the Behring plasma operations, and assumes no capacity expansion at the company’s US plant in Kankakee, explains Ord Minnett.

The Buy rating and $310 target are maintained.

Target price is $310.00 Current Price is $238.00 Difference: $72
If CSL meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $327.51, suggesting upside of 34.4% (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: 1.0

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

Bell Potter rates DEG as Speculative Hold (3) -

Gold Road Resources ((GOR)), De Grey Mining's largest shareholder with a 17.3% stake, has now confirmed support for the Northern Star Resources ((NST)) takeover proposal, observes Bell Potter.

This outcome significantly increases the likelihood of shareholder approval at the Scheme Meeting on 16 April, suggests the broker.

The analysts raise the target for De Grey to $2.58 from $1.97 to align with the implied offer from Northern Star and maintain a Speculative Hold rating.

Target price is $2.58 Current Price is $2.54 Difference: $0.04
If DEG meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 1.8% (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

UBS rates DEG as Buy (1) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

For De Grey Mining, the Buy rating and $3.10 target are unchanged.

Target price is $3.10 Current Price is $2.54 Difference: $0.56
If DEG meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 1.8% (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

Bell Potter rates DRO as Buy (1) -

DroneShield has announced a $32.2m multi-contract deal with an Asia Pacific military customer, lifting its 2025 revenue base to at least $84m versus $57m recorded in 2024, notes Bell Potter.

The broker highlights the growing adoption of counter-drone technology amid rising geopolitical tensions and rearmament programs across the US, Europe, and Australia.

Bell Potter upgrades 2025-27 revenue forecasts by 21%, 13%, and 13%, respectively, driving substantial EPS estimate upgrades of 68%, 27%, and 18%. 

Target price is raised to $1.30 from $1.10. Buy maintained.

Target price is $1.30 Current Price is $1.03 Difference: $0.265
If DRO meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 DRO as Buy (1) -

Shaw and Partners notes DroneShield won five repeat defence contracts worth $32.2m from an Asia-Pacific client, reflecting a transition to rollouts from trials.

The broker reckons the orders underline the company's potential to gain repeat orders across regions, and the company is well-placed to benefit from increased defence expenditure under NATO and AUKUS.

The analyst expects the 10% US tariffs to be fully passed on to clients as their decision is not price-sensitive but more a function of technology leadership, operational performance etc.

Revenue forecasts for FY25-26 raised by 35% and 10%, respectively.

Buy, High risk. Target lifted to $1.20 from $0.90.

Target price is $1.20 Current Price is $1.03 Difference: $0.165
If DRO meets the Shaw and Partners target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 DRR as Downgrade to Neutral from Buy (3) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

The iron ore price forecast is lowered to US$93/dmt from US$98/dmt for 2025 and down to US$85/dmt from US$95/dmt for 2026. The new forecasts sit below consensus by -5% and -8%, respectively.

UBS lowers EPS estimates for Deterra Royalties by -1% and -3% for FY25/FY26, respectively.

The stock is downgraded to Neutral from Buy. Target price falls to $3.70 from $4.20.

Target price is $3.70 Current Price is $3.52 Difference: $0.18
If DRR meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 19.5% (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

Bell Potter rates EBR as Speculative Buy (1) -

In a transformational outcome which significantly de-risks EBR Systems commercial outlook, suggests Bell Potter, the company's Wise-CRT device becomes the first system approved for leadless pacing.

Management can now commence marketing in the US following FDA approval. A US$3.6bn market will be targeted, including upgrades to existing right ventricle pacemakers and patients with lead failures.

Revenue contribution will be modest before reimbursement pathways are in place, explain the analysts, which are anticipated to commence from October 2025.

The Speculative Buy rating and $2.69 target are maintained.

Target price is $2.69 Current Price is $1.40 Difference: $1.29
If EBR meets the Bell Potter target it will return approximately 92% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

UBS rates EVN as Neutral (3) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

For Evolution Mining, the target rises to $8.00 from $7.30. Neutral rating retained.

Target price is $8.00 Current Price is $7.90 Difference: $0.1
If EVN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.45, suggesting downside of -21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates FMG as Neutral (3) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

The iron ore price forecast is lowered to US$93/dmt from US$98/dmt for 2025 and down to US$85/dmt from US$95/dmt for 2026. The new forecasts sit below consensus by -5% and -8%, respectively.

UBS lifts EPS estimates for Fortescue by 11%  in FY25 and lowers FY26 by -21%.

Neutral rating retained. Target price moves to $15.30 from $16.70.

Target price is $15.30 Current Price is $15.20 Difference: $0.1
If FMG meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.29, suggesting upside of 13.0% (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: 0.3

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

UBS rates GMD as Buy (1) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

For Genesis Minerals, the Buy rating and $4.50 target are unchanged.

Target price is $4.50 Current Price is $4.06 Difference: $0.44
If GMD meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates GOR as Buy (1) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

For Gold Road Resources, the Buy rating and $3.55 target are unchanged.

Target price is $3.55 Current Price is $3.09 Difference: $0.46
If GOR meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates IGO as Neutral (3) -

UBS cuts its near-term spodumene price forecast by around -10%, lowering the 2026 estimate to US$763/t versus the current spot of US$770/t. The long-term forecast is also reduced by -7% to US$1,300/t (CFR China).

While equity prices have pulled back, the analysts remain cautious on the Lithium sector.

For IGO Ltd, the broker lowers its target to $4.30 from $5.20 and stays Neutral-rated.

Target price is $4.30 Current Price is $3.60 Difference: $0.7
If IGO meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 26.8% (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

Morgans rates IMR as Speculative Buy (1) -

Morgans highlights the application of Imricor Medical Systems' technology, including its NorthStar mapping system, in the first-in-human ventricular ablation guided by real-time interventional cardiac magnetic resonance at Amsterdam University Medical Centre.

The broker stresses this is a "ground-breaking" achievement for the company's founder Steve Wedan, and the balance sheet is robust post a recent $70m capital raising.

Post the raising, Morgans became more upbeat on the outlook for Imricor and the adoption rate post FY27 once all the approvals are achieved.

Speculative Buy rating and $2.28 target price retained. No change to earnings estimates.

Target price is $2.28 Current Price is $1.41 Difference: $0.87
If IMR meets the Morgans target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

Shaw and Partners rates LOT as Downgrade to Hold from Buy (3) -

Shaw and Partners analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

The broker notes Lotus Resources expects to reach production at the Kayelekara Uranium Project in 3Q25, 12 months earlier than expected, with a low capex of US$50m allowing an early restart.

The broker believes there are risks, including higher-than-expected costs and operations not going as planned.

Rating downgraded to Hold from Buy to reflect the project risks. Target cut to 22c from 77c. 

Target price is $0.22 Current Price is $0.16 Difference: $0.06
If LOT meets the Shaw and Partners target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 103.1% (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

UBS rates LTR as Neutral (3) -

UBS cuts its near-term spodumene price forecast by around -10%, lowering the 2026 estimate to US$763/t versus the current spot of US$770/t. The long-term forecast is also reduced by -7% to US$1,300/t (CFR China).

While equity prices have pulled back, the analysts remain cautious on the Lithium sector.

For Liontown Resources, the broker lowers its target to 65c from 75c and stays Neutral-rated.

Target price is $0.65 Current Price is $0.53 Difference: $0.125
If LTR meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.67, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Morgans rates MAF as Add (1) -

Morgans notes MA Financial's March quarter update showed mixed momentum across its operations.

Gross inflows in Asset Management were up by 52% year-on-year to a record $776m, though net inflows of $444m came in below expectations due to high cash balances and slower deployment, explains the analyst.

Funds under management rose by 7% year-on-year to $10.3bn, notes the broker, flat versus the second half of 2024 due to asset sales.

MA Money’s loan book grew by 136% year-on-year to $2.6bn, ahead of the broker’s expectations, while Finsure’s managed loan volumes climbed 26% to $141bn, supported by the addition of 194 new brokers.

While management cautioned prolonged market volatility could affect Corporate Advisory deal flow, Morgans sees no surprises in this comment given current conditions.

The target price falls to to $8.11 from $8.92. Add rating retained.

Target price is $8.11 Current Price is $6.47 Difference: $1.64
If MAF meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.51, suggesting upside of 39.0% (ex-dividends)

The company's fiscal year ends in December.

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 MAF as Buy (1) -

UBS highlights a slight miss on 1Q25 net inflows versus the analyst's forecasts, with assets under management flat on the previous quarter for MA Financial, but overall the update was as expected.

Net inflows slowed in the second five weeks of the quarter compared to the first eleven weeks, with the broker stating month-to-month flows can be seasonal and lumpy.

No change to Buy rating. Target price lowered to $8.90 from $9.20. No change to the broker's earnings estimates, with lower assets under management offset by higher lending rates.

Target price is $8.90 Current Price is $6.47 Difference: $2.43
If MAF meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $8.51, suggesting upside of 39.0% (ex-dividends)

The company's fiscal year ends in December.

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 MIN as Buy (1) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

The iron ore price forecast is lowered to US$93/dmt from US$98/dmt for 2025 and down to US$85/dmt from US$95/dmt for 2026. The new forecasts sit below consensus by -5% and -8%, respectively.

UBS lifts EPS estimates for Mineral Resources  by 23% for FY25 and lowers by -31% for FY26.

Buy rating retained. Target price moves to $25.70 from $28.60.

Target price is $25.70 Current Price is $18.04 Difference: $7.66
If MIN meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $27.81, suggesting upside of 52.8% (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 MQG as Accumulate (2) -

Ord Minnett updates its Macquarie Group forecasts to reflect ongoing market volatility in 2025 driven by uncertainty around US tariff policy, which continues to dampen sentiment and deal activity.

The broker lowers expectations for gains on asset sales and performance fees in the Macquarie Asset Management and Macquarie Capital divisions, though these are partly offset by lower staff costs as bonus pools adjust.

The analyst's forecasts for the Commodities and Global Markets and Banking and Financial Services segments are left unchanged given their lower sensitivity to geopolitical tensions.

Ord Minnett's FY25 earnings forecasts are maintained ahead of the company’s result on May 9, but FY26 and FY27 earnings per share estimates are reduced by -10% and -2%, respectively.

The target price falls to $210.00 from $245.00. Accumulate rating unchanged.

Target price is $210.00 Current Price is $178.65 Difference: $31.35
If MQG meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $206.31, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in March.

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

UBS rates NEM as Neutral (3) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

For Newmont Corp, the Buy rating and $90 target are unchanged.

Target price is $90.00 Current Price is $87.04 Difference: $2.96
If NEM meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $89.80, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates NIC as Buy (1) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

UBS lowers EPS estimates for Nickel Industries by -47% and -17% for FY25/FY26, respectively.

Buyl rating retained. Target price moves to 90c from $1.

Target price is $0.90 Current Price is $0.50 Difference: $0.405
If NIC meets the UBS target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $1.06, suggesting upside of 104.2% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates NST as Buy (1) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

The Buy rating and $25.80 target for Northern Star Resources are unchanged.

Target price is $25.80 Current Price is $21.65 Difference: $4.15
If NST meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $21.11, suggesting downside of -3.0% (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 NXG as Buy (1) -

Shaw and Partners analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

The broker notes the recent exploration results from NexGen Energy's Rook I Uranium Project were exceptional, and the project will likely attract the interest of major mining houses once permitting is completed.

The broker has pushed back the timeline for first production to 2031, given the delays in Commission hearings, but reckons this may be a positive development as it will cause the uranium market to become tighter.

Buy, High risk. Target cut to $12.30 from $14.40. 

Target price is $12.30 Current Price is $7.41 Difference: $4.89
If NXG meets the Shaw and Partners target it will return approximately 66% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. 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

Shaw and Partners rates PDN as Buy (1) -

Shaw and Partners analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

The broker believes the market has overreacted to Paladin Energy's recent withdrawal of FY25 guidance and push back in timing for reaching the targeted 6Mlbpa production rate.

The broker reckons the bigger concerns are whether the company has over-committed on contract volumes and whether the balance sheet has sufficient capacity to absorb the clean-up costs and the ramp-up.

Buy, High risk. Target cut to $10.10 from $15.50.

Target price is $10.10 Current Price is $4.63 Difference: $5.47
If PDN meets the Shaw and Partners target it will return approximately 118% (excluding dividends, fees and charges).

Current consensus price target is $8.28, suggesting upside of 80.4% (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: 1.0

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

UBS rates PDN as Buy (1) -

UBS highlights the share price of Paladin Energy is down -40% so far this year versus a -12% fall in the uranium price.

Despite ongoing operational headaches in Namibia, the broker sees these issues as temporary.

The target falls to $9.10 from 9.20. Buy retained.

Target price is $9.10 Current Price is $4.63 Difference: $4.47
If PDN meets the UBS target it will return approximately 97% (excluding dividends, fees and charges).

Current consensus price target is $8.28, suggesting upside of 80.4% (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: 1.0

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

Shaw and Partners rates PEN as Downgrade to Hold from Buy (3) -

Shaw and Partners analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

The broker believes Peninsula Energy will need debt funding or equity injection as it does not have enough capital to reach cashflow breakeven. 

Rating downgraded to Hold from Buy until there is enough clarity on the financing and production plans.

Target cut to $1.00 from $4.60, and is set at a discount to the broker's $1.71 DCF valuation.

Target price is $1.00 Current Price is $0.67 Difference: $0.335
If PEN meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

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

UBS rates PLS as Upgrade to Neutral from Sell (3) -

UBS cuts its near-term spodumene price forecast by around -10%, lowering the 2026 estimate to US$763/t versus the current spot of US$770/t. The long-term forecast is also reduced by -7% to US$1,300/t (CFR China).

While equity prices have pulled back, the analysts remain cautious on the Lithium sector.

For Pilbara Minerals, the broker lowers its target to $1.50 from $2.00 and upgrades to Neutral from Sell given a weaker share price.

Target price is $1.50 Current Price is $1.42 Difference: $0.085
If PLS meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 48.0% (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

UBS rates PMT as Buy (1) -

UBS cuts its near-term spodumene price forecast by around -10%, lowering the 2026 estimate to US$763/t versus the current spot of US$770/t. The long-term forecast is also reduced by -7% to US$1,300/t (CFR China).

While equity prices have pulled back, the analysts remain cautious on the Lithium sector.

For Patriot Battery Metals, the broker lowers its target to 40c from 60c and stays Buy-rated.

Target price is $0.40 Current Price is $0.24 Difference: $0.165
If PMT meets the UBS target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 192.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. 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

UBS rates PRU as Buy (1) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

For Perseus Mining, the Buy rating and $4.60 target are unchanged.

Target price is $4.60 Current Price is $3.44 Difference: $1.16
If PRU meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 13.4% (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

Bell Potter rates QPM as Buy (1) -

Bell Potter lowers its oil price forecasts across 2025-2027 by -13%, -16% and -16%, respectively, to US$68/bbl, US$65/bbl, and US$68/bbl. The long-term (real) estimate is also reduced by -13% to US$70/bbl.

Sweeping changes to tariffs in the US, along with retaliatory measures from major economies, have significantly altered the global economic growth outlook, explains the broker, reducing expectations for future energy demand.

The target for QPM Energy is 10 cents. Buy.

Target price is $0.10 Current Price is $0.04 Difference: $0.063
If QPM meets the Bell Potter target it will return approximately 170% (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

UBS rates RIO as Neutral (3) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminum in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

The iron ore price forecast is lowered to US$93/dmt from US$98/dmt for 2025 and down to US$85/dmt from US$95/dmt for 2026. The new forecasts sit below consensus by -5% and -8%, respectively.

UBS lowers EPS estimates for Rio Tinto by -3% and -29% for FY25/FY26, respectively.

Neutral rating retained. Target price moves to $120 from $124.

Target price is $120.00 Current Price is $110.85 Difference: $9.15
If RIO meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $122.42, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.3

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

Morgan Stanley rates RMD as Overweight (1) -

Morgan Stanley’s analysis of tariff impacts across its Australian Healthcare coverage shows ResMed and CSL are best positioned, reinforcing the broker’s preference for these names as top sector exposures.

For most stock's under Morgan Stanley's coverage of the sector price increases would offset the earnings impacts from US tariffs.

No change to the analyst's US$280 target price and Overweight rating for ResMed. Industry View: In-Line. 

Current Price is $33.61. Target price not assessed.

Current consensus price target is $44.38, suggesting upside of 31.3% (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: 1.0

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

UBS rates RRL as Neutral (3) -

UBS favours gold exposure given the current backdrop of growth concerns, inflation pressures, geopolitical instability, and rising economic risks. The analysts' top ASX-listed picks are Northern Star Resources, Persius Mining, and Genesis Minerals.

The broker believes US tariff policy has heightened uncertainty, eroded confidence, and is likely to dampen demand while adding to inflationary pressures.

Raising its gold price forecast by around US$600/oz, UBS now predicts US$3,500/oz by year-end.

For Regis Resources, the Neutral  rating and $4.20 target are unchanged.

Target price is $4.20 Current Price is $4.59 Difference: minus $0.39 (current price is over target).
If RRL meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.05, suggesting downside of -9.8% (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

Morgans rates RWC as Downgrade to Hold from Add (3) -

Morgans downgrades Reliance Worldwide to Hold from Add while slashing the target price to $4.15 from $5.80 due to US tariff concerns.

The analyst explains the share price has declined by -12% since the start of April and over -23% in the last three months on tariff uncertainty.

The company manufactures key products in each region the products are sold in, except the cost of goods sold for its American division includes around US$120m in China procurement that is subject to tariffs. Management continues to shrink the exposure, which has declined from the peak.

Lower copper prices should assist Reliance with a lag, the broker notes.

Target price is $4.15 Current Price is $3.98 Difference: $0.17
If RWC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 34.1% (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: 0.4

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

UBS rates S32 as Neutral (3) -

UBS marks to market the latest commodity price forecasts for miners.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

UBS lowers EPS estimates for South32 by -5% and -29% for FY25/FY26, respectively.

Neutral rating retained. Target price moves to $3.10 from $3.70.

Target price is $3.10 Current Price is $2.80 Difference: $0.3
If S32 meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 38.3% (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

UBS rates SFR as Upgrade to Buy from Neutral (1) -

UBS marks to market the latest commodity price forecasts for the mining companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

The iron ore price forecast is lowered to US$93/dmt from US$98/dmt for 2025 and down to US$85/dmt from US$95/dmt for 2026. The new forecasts sit below consensus by -5% and -8%, respectively.

UBS lowers the EPS estimates for Sandfire Resources by -20% and -69% for FY25/FY26.

The stock is upgraded to Buy from Neutral. Target price lifts to $13.15 from $10.45.

Target price is $13.15 Current Price is $9.31 Difference: $3.84
If SFR meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $10.75, suggesting upside of 12.4% (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: 0.3

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

Shaw and Partners rates SLX as Buy (1) -

Shaw and Partners analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

The broker believes success at the current uranium enrichment trial will be a positive catalyst for Silex Systems. It would also allow JV partner Cameco to acquire an additional 26% stake in the GLE JV and to secure government funding.

Buy, High risk. Target cut to $6.50 from $6.90.

Target price is $6.50 Current Price is $2.86 Difference: $3.64
If SLX meets the Shaw and Partners target it will return approximately 127% (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 STX as Speculative Hold (3) -

Bell Potter lowers its oil price forecasts across 2025-2027 by -13%, -16% and -16%, respectively, to US$68/bbl, US$65/bbl, and US$68/bbl. The long-term (real) estimate is also reduced by -13% to US$70/bbl.

Sweeping changes to tariffs in the US, along with retaliatory measures from major economies, have significantly altered the global economic growth outlook, explains the broker, reducing expectations for future energy demand.

The target for Strike Energy is 25 cents. Speculative Hold.

Target price is $0.25 Current Price is $0.17 Difference: $0.085
If STX meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

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

Ord Minnett rates SYL as Buy (1) -

Ord Minnett views Symal’s early performance as a listed entity positively, with a strong first-half result and the recent acquisition of Ascot Bin Hire expected to enhance earnings from FY26.

Management reiterated FY25 guidance for $961.1m revenue and $102.3m earnings (EBITDA), which the broker considers conservative, given 61% of the full-year revenue was already in backlog as of June 2024.

The broker’s forecasts exceed guidance by 1.5% for revenue and 3.5% for earnings (EBITDA), driven by favourable opportunities for the east coast pipeline and an expanding presence in Queensland.

The target slips to $2.50 from $2.57. Buy maintained.

Target price is $2.50 Current Price is $1.67 Difference: $0.835
If SYL meets the Ord Minnett target it will return approximately 50% (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

Macquarie rates VEA as Neutral (3) -

Macquarie notes Viva Energy's 1Q25 results were mixed, with the Convenience and Mobility (C&M) business performing well, but Convenience and Industrial (C&I) soft, and refining margin disappointing.

The broker reckons the refining business started this year on a weak note due to a power outage in January and higher energy costs. 

The company reiterated 1H25 EBITDA for C&I and C&M businesses at $270-330m, and the broker is forecasting $272m. Synergies and cost cuts of $80m are expected to benefit the 2H result.

EPS forecasts for FY25 lifted by 2% but FY26 cut by -6%.

Neutral. Target unchanged at $1.70.

Target price is $1.70 Current Price is $1.52 Difference: $0.18
If VEA meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 64.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

Given Viva Energy's declining March quarter sales and margins were only partly offset by progress towards 2026 synergies, Morgan Stanley anticipates a slightly negative share price reaction.

The Geelong refining margin of US$7.90/bbl compared to the broker and consensus forecasts for US$8.00/bbl and US $8.84/bbl, due to an unplanned power outage and higher energy costs.

Management reiterated -$80m in efficiencies/synergies in 2025, mainly in H2, and guided to $140m in 2026 ($50m from group-wide efficiencies and $90m from the Convenience & Mobility business segment).

Target $1.99. Equal-weight rating.

Target price is $1.99 Current Price is $1.52 Difference: $0.47
If VEA meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 64.1% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates VEA as Buy (1) -

According to UBS, Viva Energy reported a slightly softer 1Q25 update compared to market expectations, with convenience stores remaining under pressure from illegal tobacco sales. The change in the On-The-Run convenience infrastructure over the last six weeks, with cost-outs, should improve the 2Q outlook.

The company's balance sheet remains in good shape, and UBS remains satisfied with Viva Energy's capex programme of $1.88m, along with the Federal Government's Fuel Security Services Payment, which generates $100m p.a. in financial support for the refinery.

UBS lowers the FY25 EPS estimate by -6% due to weaker refining margins, and FY26 by -1%.

The price target is lowered to $2.95 from $3.10. Buy rating retained.

Target price is $2.95 Current Price is $1.52 Difference: $1.43
If VEA meets the UBS target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 64.1% (ex-dividends)

The company's fiscal year ends in December.

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

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

UBS downgrades Whitehaven Coal to Neutral from Buy, having previously been under research restriction, with a $5.15 target price, down from $9.40.

Taking into account the completion of the Blackwater sell-down as a positive for the company, and downgrades to the outlook for met coal, with price forecasts lowered to US$176/US$180t, the broker sees supply exceeding demand, resulting in a market surplus.

Target price is $5.15 Current Price is $5.02 Difference: $0.13
If WHC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.41, suggesting upside of 46.4% (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