Australian Broker Call

Citi rates 29M as Sell (5) -

Citi explains 29Metals' 3Q25 copper production at 4.1kt came in below the broker's estimate by around -20%, while zinc was better than anticipated at 17kt.

The analyst notes Golden Grove experienced seismic and ventilation problems and lost around -$7m in cash, with group cash falling by -$86m on the previous quarter to $166m. The water drawdown at Capricorn Copper is continuing, but Citi doesn't see a restart under 29Metals.

With the company's high leverage to base metal prices and pricing, the broker continues to believe additional liquidity will need to be raised in the medium term.

Sell/High Risk rating remains. Target price falls to 12c from 16c.

Target price is $0.12 Current Price is $0.12 Difference: $0
If 29M meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.21, suggesting upside of 63.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates 29M as Equal-weight (3) -

An update in Morgan Stanley's model for 29Metals after including the insurance payment at Capricorn Copper, lower depreciation and interest rate expense resulted in a lift to the FY25 EPS forecast.

EPS forecasts for FY26-27 cut due to higher cost estimate at Golden Grove.

Equal-weight. Target unchanged at 13c.

Target price is $0.13 Current Price is $0.12 Difference: $0.01
If 29M meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.21, suggesting upside of 63.5% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates A11 as Outperform (1) -

Macquarie adjusts the earnings outlook for Atlantic Lithium to account for a delay in the final investment decision on Ewoyaa, as the mining lease requires ratification by the Ghanaian parliament.

The analyst delays the project by 18 months and now expects first production in FY28. There is a notable impact on the broker's EPS forecasts from FY25–FY27, ranging from -216% to up 45%.

Target price falls by circa -38% to 25c.

Target price is $0.25 Current Price is $0.14 Difference: $0.11
If A11 meets the Macquarie target it will return approximately 79% (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 AIA as Outperform (1) -

Despite continued progress in passenger recovery and infrastructure investment for Auckland International Airport, Macquarie notes a new regulatory review creates uncertainty.

A review has been initiated of New Zealand airport regulation by New Zealand's Ministry of Business, Innovation and Employment (MBIE).

The broker believes the review lacks a clear purpose and focuses on whether current oversight of major capital expenditure is sufficient, and if a more flexible approach is needed.

The current information disclosure regime remains fit for purpose, according to Macquarie, with supportive commentary from both the Commerce Commission and OECD.

The perception of an unstable regulatory environment has weakened investor confidence, particularly for large international infrastructure funds, suggests Macquarie.

The outperform rating and NZ$8.63 targer are unchanged.

Current Price is $7.13. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in NZD. 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

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

Amcor's 3Q25 result slightly missed Morgans' forecast, with constant forex EBIT up 3% vs the broker's 4% forecast. Volumes rose in flexibles but fell for rigid packaging, with lower volume and higher labour costs pushing rigid packaging EBIT margins down -110bps.

The company included two months of Berry Global contribution in the guidance, but it still resulted in a lowering of the top end, with the revised guidance of US72-74c underlying EPS vs US72-76c before.

The broker updated forecasts to include Berry Global's earnings and sees risks to the upside on optimism about management's capability to integrate deals.

Target cut to $16.00 from $16.45. Rating upgraded to Add from Hold.

Target price is $16.00 Current Price is $14.23 Difference: $1.77
If AMC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.40, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

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

Bell Potter downgrades Burgundy Diamond Mines to Speculative Hold from Buy after halving its target price to 5c from 10c following a weak March quarter and ongoing operational risks.

Production of 0.77 million carats (mct) missed the broker’s 1.16mct estimate due to ore availability issues during the transition from the Sable pit to Point Lake, explains the broker.

Sales of 1.2mct were met through a large inventory drawdown, but lower-quality diamonds caused realised prices and revenue to fall -33% and -28%, respectively, point out the analysts.

Adjusted earnings (EBITDA) were just US$7m versus Bell Potter's US$30m forecast.

Guidance and an updated mine plan are expected by mid-2025, with the bulk sample from Point Lake seen as a key catalyst by the analysts for establishing the 2025 outlook.

Bell Potter warns the balance sheet remains under pressure and points at the exposure to volatile diamond markets and unresolved operational execution risk. 

Target price is $0.05 Current Price is $0.04 Difference: $0.015
If BDM meets the Bell Potter target it will return approximately 43% (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: 0.0

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

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

Morgan Stanley has updated its forecasts for Boss Energy following 3Q25 result, resulting in a -30.5% downgrade to FY25 revenue forecast due to no sales at Alta Mesa and lower sales at Honeymoon.

EPS forecasts were lowered for FY25-27 as the broker also factored in higher operating cost.

The broker's bull case valuation rose 60c reflecting expansion potential at Honeymoon. This pushed up target price to $2.70 from $2.45 as the broker also revised weights in favour of the bull case to 20/60/20 bull/base/bear from 15/60/25, respectively.

Equal-weight. Target rises to $2.70 from $2.45.

Target price is $2.70 Current Price is $3.58 Difference: minus $0.88 (current price is over target).
If BOE meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.76, suggesting upside of 4.1% (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

Ord Minnett rates BOE as Buy (1) -

Ord Minnett continues to stress the short covering rally for uranium stocks has further to run, with a robust rally across the stocks in the broker’s universe, including Boss Energy, up between 29% and 56% since the share price trough on April 22.

The analyst has measured the trade volumes for Boss Energy and Paladin Energy ((PDN)), the two most shorted stocks on the ASX since April 28, and believes the covering rallies will persist.

Buy rating remains, with a $4.50 target price.

Target price is $4.50 Current Price is $3.58 Difference: $0.92
If BOE meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 4.1% (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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett retains a Speculative Buy rating and a $7.00 target price on Brazilian Rare Earths, following a March quarter that reiterated the breadth of its mineral opportunities at Rocha da Rocha.

The company holds $75.4m in cash, having spent -$8.2m during the quarter, including -$7m on exploration.

Management is weighing development of a bauxite-gallium project previously explored by Rio Tinto ((RIO)).

Key upcoming catalysts include a mineral resource estimate and metallurgical studies for Monte Alto this quarter, followed by a scoping study in the December half, which may provide a clearer path to first cash flow, explain the analysts.

The broker sees substantial upside if project economics and mineral recoverability are confirmed, given the scale and grade of rare earth mineralisation and associated by-products.

Target price is $7.00 Current Price is $2.26 Difference: $4.74
If BRE meets the Ord Minnett target it will return approximately 210% (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

Citi rates CSC as Buy (1) -

Citi assesses Capstone Copper's 1Q25 result as "as expected," noting the upsized US$600m notes issues helped to simplify debt.

The broker believes the company has an opportunity to push for faster Mantoverde expansion after receiving the MV-O permit, but is leaving estimates unchanged for now.

Forecast changes mainly reflect higher D&A expense, reducing net profit estimates. Citi's commodities analysts are cautious on copper but see benefits if the US eases tariff policies.

Buy. Target cut to $10.50 from $11.80.

Target price is $10.50 Current Price is $7.84 Difference: $2.66
If CSC meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $11.37, suggesting upside of 52.6% (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

Macquarie rates CSC as Outperform (1) -

Capstone Copper reported better-than-expected 1Q 2025 copper production at 53.8kt, above consensus by 1%, while cash costs were broadly in line with expectations, Macquarie highlights.

The analyst details that adjusted earnings (EBITDA) were 3% above consensus, and the company has produced 23% of the midpoint of its production guidance.

Macquarie tweaks earnings estimates, down under -1% for EBITDA, and the FY25 EPS forecast slips by -8% due to higher-than-anticipated depreciation, amortisation, and financial expenses.

Target moves down to $11.60. No change to Outperform rating. Capstone Copper is Macquarie's preferred senior copper producer.

Target price is $11.60 Current Price is $7.84 Difference: $3.76
If CSC meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $11.37, suggesting upside of 52.6% (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

Ord Minnett rates CSC as Buy (1) -

Ord Minnett retains a Buy rating on Capstone Copper and maintains a $12.00 target price, highlighting strong production growth potential and leverage to higher copper prices.

March quarter production and unit costs met the broker's expectations, positioning Capstone to achieve the upper end of 2025 guidance, suggests the analyst.

Management is progressing toward a mid-2026 final investment decision (FID) for the Santo Domingo project in Chile, despite some delays due to global trade and economic uncertainty, explains the broker.

The broker sees Capstone’s high-growth profile and copper price sensitivity as key investment positives, with the limited number of new copper projects globally supporting its long-term outlook.

Target price is $12.00 Current Price is $7.84 Difference: $4.16
If CSC meets the Ord Minnett target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $11.37, suggesting upside of 52.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates CTD as Buy (1) -

Following Corporate Travel Management's FY25 EBITDA guidance downgrade on tariff-related uncertainty, Citi has revised its forecasts, lowering FY25-27 EBITDA forecasts by -10-14%. 

The broker believes the uncertainty will continue into FY26, impacting both FY26 and FY27 forecasts.

Buy. Target cut to $15.65 from $17.55.

Target price is $15.65 Current Price is $11.70 Difference: $3.95
If CTD meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $14.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates CTD as Neutral (3) -

Corporate Travel Management downgraded guidance for FY25 earnings (EBITDA) by -15% as tariff and economic uncertainty impacted North America, and to a lesser degree, Asia, Macquarie explains.

The rest-of-the-world guidance for revenue/earnings (EBITDA) was lowered by around -10% and -35%, respectively, with Europe trading in line with expectations.

The analyst downgrades EPS forecasts for FY25–FY27 by -20%, -10%, and -6%, respectively. Target price declines by -25% to $13.07 from $17.48. No change in Neutral rating.

Target price is $13.07 Current Price is $11.70 Difference: $1.37
If CTD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates CTD as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley downgrades Corporate Travel Management to Equal-weight from Overweight, and the target price falls to $11.80 from $15.30.

The company downgraded earnings guidance, which the analyst does not view as a surprise given the increase in economic uncertainty.

The extent of the decline by -30%, versus Flight Centre Travel Group down -18%, reflects uncertainty around the annualised impacts, new business wins, cost-out potential, and other less visible factors.

The broker lowers EPS forecasts by -28% to -36% for FY25–FY27 but believes the travel peers have not been immune to downgrades and Corporate Travel Management is no less competitive.

Industry view: In-Line.

Target price is $11.80 Current Price is $11.70 Difference: $0.1
If CTD meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates CTD as Add (1) -

Morgans maintains an Add rating on Corporate Travel Management and cuts its target price to $16.05 from $18.72 following a weaker-than-expected trading update driven by tariffs and macroeconomic uncertainty.

FY25 EBITDA guidance has been reduced by -$30m (-15.3%) to $167m, reflecting softer US and Asian trading, and the impact of delayed client activity, explain the analysts.

Despite this, management reported record new client wins of over $1.6bn, well above its $1bn target, which are expected to support FY26 earnings growth.

While Europe remains resilient, the broker notes North America and A&NZ are expected to post second-half earnings (EBITDA) declines of -12.5% and -8.3% respectively.

Management now targets FY26 EBITDA of $205m, below the original $239m guidance, but Morgans expects this to be achieved by FY27.

Despite near-term headwinds, management is confident in long-term growth, aiming to double statutory EPS by FY29 through client acquisition, margin improvement, and automation, observes the broker.

Target price is $16.05 Current Price is $11.70 Difference: $4.35
If CTD meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $14.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates CTD as Hold (3) -

Ord Minnett retains a Hold rating on Corporate Travel Management but lowers its target price to $12.88 from $14.48 following a second consecutive year of earnings disappointment.

FY25 guidance was cut by -$30m due to North American tariff uncertainty, with the broker reducing EPS forecasts by -19% for FY25, -23% for FY26, and -18% for FY27.

Although the company announced $1.6bn in new client wins, the broker notes post-covid travel volumes and supplier overrides mean less revenue uplift than previously.

A share buyback is ongoing, supported by a strong net cash position of circa $116m, which may help underpin the share price in the short term, suggests the broker.

Ord Minnett remains cautious on the company's positioning within the sector given competitive pressures and structural challenges, and believes it may take more than a cycle for the business to recover.

Target price is $12.88 Current Price is $11.70 Difference: $1.18
If CTD meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Shaw and Partners rates CTD as Buy (1) -

Corporate Travel Management downgraded FY25 guidance following slower-than-expected growth in North America and Asia due to economic and tariff uncertainty. The forecast for Europe was left unchanged.

Shaw and Partners lowered its forecasts in line with the guidance, leading to a -4.1% cut to the revenue estimate and -20% cut to the EBIT forecast.

The forecasts assume tariff negotiations are completed by June 30, ending uncertainty, with earlier completion seen as an upside risk.

The broker notes client wins so far this FY have been strong with Europe outperforming. Client retention remains on track at 97%. Both bode well for the FY26 outlook, the broker suggests, which the company will update in August.

Buy. Target cut to $15.20 from $18.00.

Target price is $15.20 Current Price is $11.70 Difference: $3.5
If CTD meets the Shaw and Partners target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $14.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates CTD as Neutral (3) -

UBS is not surprised by Corporate Travel Management's guidance downgrade, given the earlier downgrade from Flight Centre Travel ((FLT)) and negative commentary around international travel.

The broker notes the revenue decline has flown straight to EBITDA (the downgrade was FY25 EBITDA guidance) and wants to do a further analysis to understand where the lower revenue is and the impact on FY26, if any.

No changes to forecasts but more analysis is expected to follow.

Neutral. Target unchanged at $17.60.

Target price is $17.60 Current Price is $11.70 Difference: $5.9
If CTD meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $14.61, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates DRR as Outperform (1) -

Macquarie observes revenue from Mining Area C at $55.6m was assisted by a gold offtake margin of $5.6m. The broker also points to record volume deliveries from the Central Pilbara hub.

Macquarie tweaks EPS estimates by -2% for FY25, with no change to FY26.

No change to the $4.40 target price and Outperform rating.

Target price is $4.40 Current Price is $3.74 Difference: $0.66
If DRR meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates EVN as Underweight (5) -

Morgan Stanley sees growth upside from Mungari process plant expansion as fairly priced, and sees downside risk to the base case due to elevated valuations at the current level.

Underweight. Target price $5.60.

Target price is $5.60 Current Price is $7.95 Difference: minus $2.35 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.11, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.4

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

Morgan Stanley rates FMG as Overweight (1) -

Morgan Stanley highlights Fortescue continues to generate strong cash flow, and the ramp-up at Iron Bridge will improve the group's iron ore grade.

No change to forecasts. Overweight. Target price $16.50.

Target price is $16.50 Current Price is $16.35 Difference: $0.15
If FMG meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.13, suggesting upside of 7.2% (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: 0.4

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

Macquarie rates GL1 as Underperform (5) -

Macquarie notes Global Lithium Resources has recommenced the definitive study works on the Manna Lithium Project, with a focus on improving the project's economics, the broker explains.

The analyst lowers exploration and other cost assumptions, which reduces the forecast earnings losses by -8% to -53% from FY25–FY29.

Target price rises 8% to 14c per share. Underperform rating retained.

Target price is $0.14 Current Price is $0.17 Difference: minus $0.03 (current price is over target).
If GL1 meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.85, suggesting upside of 398.0% (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

Macquarie rates HLI as Downgrade to Underperform from Neutral (5) -

Helia Group's 1Q 2025 trading update revealed better-than-expected net profit after tax due to negative claims, Macquarie observes.

The company also pointed to the potential increase of the government's First Home Guarantee Scheme, which is expected to be adverse for gross written premiums.

The broker highlights net profit after tax at $68.2m was above the 1H25 forecast of $40.2m, and positive conditions continue to bode well for reserve releases.

Macquarie lifts FY25/FY26 EPS estimates by 15% and 3%, respectively, due to lower claims. Earnings estimates further down the track are lowered because of reduced yields impacting investment returns, the broker explains.

Target price slips by -9% to $3.25 from $3.55 and the stock is downgraded to Underperform from Neutral.

Target price is $3.25 Current Price is $5.03 Difference: minus $1.78 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

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

Morgan Stanley notes Iluka Resources has opportunities to develop Atacama and Wimmera but there are technical risks around ore processing.

Equal-weight. Target price $3.50.

Target price is $3.50 Current Price is $4.13 Difference: minus $0.63 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.12, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates IMA as Outperform (1) -

Macquarie observes the first delivery of heavy mineral concentrate for Image Resources from the Atlas Project of 10kwmt on April 10, two months post-commissioning.

The broker includes the company's 1Q 2025 result with a cut in EPS of -20% due to the project ramp-up in 2025.

Target price remains at 14c per share with an Outperform rating.

Target price is $0.14 Current Price is $0.09 Difference: $0.053
If IMA meets the Macquarie target it will return approximately 61% (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 JDO as Buy (1) -

UBS decreases its EPS forecasts for Judo Capital across FY25-27 by -15%, -6% , and -4%, respectively, after management lowered FY25 guidance due to slower-than-expected gross loans and advances (GLA) growth.

The broker's reduced forecasts reflect lower volume growth but net interest margin (NIM) stability of circa 3.0% in H2.

FY25 GLA guidance was cut to $12.4-12.6bn from $12.7-13.0bn. Management also noted a higher credit loss ratio than FY24 but pulled back cost growth expectations.

Judo's targets for 15% growth in profit (PBT) in FY25 and 50% growth for FY26 are unchanged.

UBS explains the business banking sector is becoming increasingly competitive, which may impact Judo's ability to keep existing clients and remain competitive on both pricing and attracting new business opportunities.

The target falls to $2.20 from $2.55. Buy maintained.

Target price is $2.20 Current Price is $1.46 Difference: $0.74
If JDO meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 32.8% (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

Ord Minnett rates LOT as Buy (1) -

Ord Minnett continues to stress the short covering rally for uranium stocks has further to run, with a robust rally across the stocks in the broker’s universe, including Lotus Resources, up between 29% and 56% since the share price trough on April 22.

The analyst has measured the trade volumes for the stock and believes the shorts could be gone, relative to an estimated 16% remaining for Boss Energy ((BOE)) and 10% for Paladin ((PDN)) energy.

Buy rating remains, with a $0.35 target price.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If LOT meets the Ord Minnett target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 80.6% (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 LYC as Buy (1) -

UBS is becoming more upbeat on ex-China rare earths, with Lynas Rare Earths in a strong position, with existing capacity and capex already accounted for.

The addition of DyTb adds an estimated $45m–$75m in annual revenue, or circa 7% of the FY26 estimate. The analyst upgrades EPS forecasts by 29%, 45%, and 5% for FY25–FY27 due to the DyTb addition and lower costs at Kalgoorlie.

UBS also lifts its longer-term NdPr volume assumptions to 14kt from 12kt, which may already be in train from a cracking and leaching perspective.

The target price is raised by 31% to $10.40 from $7.95. Buy rating retained.

Target price is $10.40 Current Price is $8.21 Difference: $2.19
If LYC meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $7.66, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates MEI as Outperform (1) -

Macquarie notes the recent maiden mineral resource estimate for the Barra do Pacu licence for Meteoric Resources, including the licence in the Caldeira Project pre-feasibility study, which will focus on cost estimates, development timelines, and recovery performance, the broker explains.

Outperform rating and 36c target price remain. No change to the broker's EPS estimates.

Target price is $0.36 Current Price is $0.09 Difference: $0.267
If MEI meets the Macquarie target it will return approximately 287% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 143.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates MEI as Speculative Buy (1) -

Ord Minnett retains a Speculative Buy rating on Meteoric Resources with a 12-month price target of 20c, highlighting the scale of the Caldeira project resource but cautioning on marketability and offtake risk.

The company reported a significantly increased mineral resource estimate of 1.5bt in Q3, note the analysts. Quarterly spend was -$5.2m, leaving a cash balance of $23.8m, enough to fund activities for 4.5 more quarters.

Despite a 55% share price rebound on China’s rare earth export restrictions, the broker does not expect the project to significantly address Western heavy rare earth oxide (HREO) shortages due to low Dysprosium (Dy) and Terbium (Tb) content.

The pre-feasibility study is due this quarter, but enthusiasm may be limited unless Meteoric can secure binding offtake agreements, suggests Ord Minnett.

Target price is $0.20 Current Price is $0.09 Difference: $0.107
If MEI meets the Ord Minnett target it will return approximately 115% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 143.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates MIN as Buy (1) -

Ord Minnett notes realised prices for Onslow were 86% of the industry 62% iron ore benchmark, which was much better than expected compared to only 75% realisation in the March quarter, the analyst explains.

The road continues to be upgraded and is expected to be completed in the September quarter, with Mineral Resources to use both public and its own roads in the interim.

Management lowered FY25 production guidance for Onslow to 8.5mt–8.7mt from 8.8mt–9.3mt, with costs retained at the upper end of guidance.

Ord Minnett lifts EPS forecasts by -11.3% in FY25 and 0.3% in FY26. No change to Buy rating and $32 target price.

Target price is $32.00 Current Price is $20.90 Difference: $11.1
If MIN meets the Ord Minnett target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $28.66, suggesting upside of 38.2% (ex-dividends)

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

Citi rates NCK as Buy (1) -

The surprise retirement of CFO Shiela Lines hasn't changed Citi's investment case for Nick Scali as the broker believes the company's success is mainly due to its CEO Anthony Scali.

Scali has an 8% stake in the company.

The broker would, however, like to see the incoming CFO last longer than the average tenure of 33 months of the past six CFO's since 2008.

Buy. Target unchanged at $20.64.

Target price is $20.64 Current Price is $18.11 Difference: $2.53
If NCK meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $18.35, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates NIC as Buy (1) -

Bell Potter retains a Buy rating on Nickel Industries and raises the target price to $1.51 from $1.47, following a solid March quarter result and improving cost base.

Nickel production was slightly below the broker's forecast though cash costs were 14% better-than-expected, reflecting lower ore costs.

Earnings (EBITDA) reached US$97.3m, beating the analyst's forecast, with strong contributions from RKEF operations,Hengjaya Mine, and the ENC HPAL plant, which delivered record margins.

Bell Potter increases its valuation due to better margin assumptions, despite trimming 2025 nickel price forecasts. 

Target price is $1.51 Current Price is $0.59 Difference: $0.925
If NIC meets the Bell Potter target it will return approximately 158% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 78.6% (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

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

Morgan Stanley's updated model for Nickel Industries following the 1Q25 production report, included a delay in payments for investment in the Excelsior Nickel Cobalt project. 

EPS forecast for FY25 lifted by 13.7% and FY26-27 forecasts also increased by 13.7% and 11.6% respectively as the broker revised cost of production estimates.

Equal-weight. Target price rises to 65c from 55c, driven by EPS revisions and upgrade in bull/base/bear valuation weighting to 10/55/35 from 5/55/40, respectively.

Target price is $0.65 Current Price is $0.59 Difference: $0.065
If NIC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 78.6% (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

Morgan Stanley rates PDN as Overweight (1) -

Morgan Stanley notes Paladin Energy's focus on reserve and resources expansion would offer potential to optimise the Langer Heinrich mine plan and boost tonnes for processing. 

The broker highlights the company's key growth project is Patterson Lake.

Overweight. Target price $5.70.

Target price is $5.70 Current Price is $6.22 Difference: minus $0.52 (current price is over target).
If PDN meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.51, suggesting upside of 37.4% (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 PDN as Buy (1) -

Ord Minnett continues to stress the short covering rally for uranium stocks has further to run, with a robust rally across the stocks in the broker’s universe, including Paladin Energy, up between 29% and 56% since the share price trough on April 22.

The analyst has measured the trade volumes for Boss Energy ((BOE)) and Paladin, the two most shorted stocks on the ASX since April 28, and believes the covering rallies will persist.

Buy. Target unchanged at $9.50.

Target price is $9.50 Current Price is $6.22 Difference: $3.28
If PDN meets the Ord Minnett target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $8.51, suggesting upside of 37.4% (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

Morgan Stanley rates PLS as Overweight (1) -

Morgan Stanley notes Pilbara Minerals' Pilgangoora ramp-up is timely due to the tight market forecast for lithium.

Overweight. Target price $1.70.

Target price is $1.70 Current Price is $1.48 Difference: $0.22
If PLS meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 27.9% (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 PTM as Sell (5) -

Platinum Asset Management is in merger discussions with L1 Capital, which would result in a combined funds under management operation of $18bn, UBS observes.

According to media reports, Platinum will acquire L1 via the issuance of new shares and hold around 75% of the combined business, the broker details. L1 has circa $8bn in FUM across five strategies, with fee margins around 65–70bps, which underpin some 34% of revenues.

UBS views the potential benefits as the chance to provide liquidity and diversification, assist in achieving some of Platinum's turnaround plans, and allow existing L1 shareholders to benefit from maintaining performance fees from the flagship Long/Short fund.

No change to Sell rating and 50c target price.

Target price is $0.50 Current Price is $0.67 Difference: minus $0.165 (current price is over target).
If PTM meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Morgan Stanley rates QBE as Overweight (1) -

QBE Insurance is the insurer for the truck company responsible for the fallen debris on the M1 motorway, which resulted in damage to 400 cars and required large clean-up operations.

Morgan Stanley notes the insurer's distributor, Elders Insurance ((ELD)), advised all reasonable costs are covered. The broker estimates liability exposures could add up to -$10m, but this will likely be manageable.

Overweight. Target unchanged at $25.05.

Target price is $25.05 Current Price is $21.55 Difference: $3.5
If QBE meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $23.35, suggesting upside of 9.5% (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: 0.7

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

Ord Minnett rates QUB as Accumulate (2) -

Ord Minnett observes Qube Holdings' trading update post the March quarter, with management reiterating expectations for EPS growth above 5% for the current FY25 fiscal year, driven by energy, NZ forestry, and agri-business.

The company will retain its 50% stake in Patrick, with Brookfield reaching a binding sale agreement for the other 50% holding in Patrick Stevedoring at an estimated $300m premium to the broker's previous sum-of-the-parts valuation.

Target lifts to $4.30 from $4.23. Ord Minnett maintains an Accumulate rating.

Target price is $4.30 Current Price is $4.09 Difference: $0.21
If QUB meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates QUB as Neutral (3) -

UBS is relieved with Qube Holdings' commentary that it sees no impact from tariffs under the current or proposed regime. The company also highlighted Patrick's market share is tracking in line with expectations.

Equally, the broker notes Brookfield's 50% share of Patrick spun into a new fund at 100% EV of $6.6bn validates its own $6.45bn valuation for Patrick.

The company's FY25 guidance on net profit and EPS was in line with the broker's forecast, with Agri seeing high volumes, which is good news as it is an area of continued M&A expansion, the broker adds.

Neutral. Target unchanged at $4.40.

Target price is $4.40 Current Price is $4.09 Difference: $0.31
If QUB meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgan Stanley believes there is upside potential to Ramsay Health Care's share price on the possible sale of Ramsay Sante but stresses the timing of a strategic review remains uncertain.

The analyst has upgraded financial metrics for Ramsay Wholly Owned Funding Group and Sante, which results in increased earnings before interest and tax margins, a higher return on invested capital, and lower gearing.

Assuming Ramsay's 52.8% stake in Sante is sold at a trailing valuation multiple of 7–9 times, the proceeds generated are estimated at $465m to $1.1bn. Timing and outcomes of any review remain uncertain, the analyst emphasises.

Morgan Stanley lifts EPS forecasts by 4% for FY25–FY27. Target price rises to $37.20 from $36.10. Equal-weight. Industry view: In-Line.

Target price is $37.20 Current Price is $34.29 Difference: $2.91
If RHC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $38.16, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates RHC as Neutral (3) -

UBS notes Ramsay Health Care is trading near five-year lows on operational worries in the private hospital space.

But there may be potential for positive news from government commentary that it would like private insurers to lift the claims ratio paid to hospitals. 

Neutral. Target price $38.50.

Target price is $38.50 Current Price is $34.29 Difference: $4.21
If RHC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $38.16, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Morgan Stanley notes Rio Tinto offers the likelihood of volume growth in copper and iron ore, but it also comes with execution risks.

Equal-weight. Target price $119.50

Target price is $119.50 Current Price is $116.66 Difference: $2.84
If RIO meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $122.42, suggesting upside of 5.9% (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: 0.3

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

UBS rates RMD as Buy (1) -

UBS notes ResMed's 3Q25 result was solid and provided some relief, especially the confirmation about the current exemption from US tariffs under the Nairobi protocol.

The broker expects the company to reach the gross margin target of over 60% in FY26. The analyst reiterated consensus is too cautious about the company's outlook, mainly the 5% compounded annual rise in US devices sales in FY25-29.

Buy. Target cut to US$285 from US$290 on minor earnings revisions in the long term.

Current Price is $37.26. Target price not assessed.

Current consensus price target is $45.42, suggesting upside of 22.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates RRL as Neutral (3) -

Citi notes Regis Resources pre-released its March quarter cash and bullion at $367m, with gold production of 89.7koz.

The quarterly added all-in-sustaining-costs of $2,538/oz, which was below consensus by -8% but higher than the December quarter by 10%.

Citi tweaks earnings forecasts to account for higher depreciation and amortisation, which lowers the net profit after tax estimates.

Management guided to 350–389koz at AISC of $2,440–$2,740/oz.

No change to target price at $4.10 and Neutral rating.

Target price is $4.10 Current Price is $4.46 Difference: minus $0.36 (current price is over target).
If RRL meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Morgan Stanley sees limited catalyst for the stock, given the McPhillamys gold project is already abandoned. 

Good free cash flow is expected in FY25 but this is seen as already priced in

Equal-weight. Target price $4.10.

Target price is $4.10 Current Price is $4.46 Difference: minus $0.36 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley believes South32 has the potential to boost shareholder returns via its Hermosa project in the US. The broker is targeting first production in FY27.

Overweight. Target price $3.05.

Target price is $3.05 Current Price is $2.83 Difference: $0.22
If S32 meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 37.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

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

Bell Potter downgrades SGH Ltd  to Hold from Buy and cuts its target to $54.50 from $57.00, citing a stretched valuation.

While mining equipment demand remains robust, providing a strong near-term outlook for WesTrac, Australian residential approvals are subdued, and construction material prices have declined. The latter suggests to the analysts softer conditions for Boral ((BLD)).

Bell Potter expects management will deliver mid-to-high single-digit EPS growth, but sees profitability improvements from Boral becoming harder to achieve.

Key risks are linked to mining activity, construction policy, energy prices, and reliance on the CAT-WesTrac dealer model, according to the broker.

Target price is $54.50 Current Price is $51.77 Difference: $2.73
If SGH meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $56.31, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates SVM as Outperform (1) -

Macquarie points to the $40m institutional share placement at 85c per share in 3Q25, which was a discount of -12.8% to the last closing price for Sovereign Metals.

The analyst has made slight changes to production and cost assumptions, as well as highlighting that the placement will not be completed until 4Q25. Macquarie's EPS forecasts for FY25 decline by -203% and lift by 156% in FY26.

Outperform rating and $1 target retained.

Target price is $1.00 Current Price is $0.67 Difference: $0.335
If SVM meets the Macquarie 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

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

Following Syrah Resources' 1Q25 production result showing reduced operating expense at the Vidalia facility, Morgan Stanley revised lower forecasts for cost and interest expenses.

This led to an upgrade to FY25-26 EPS forecasts.

Equal-weight. Target rises to 22c from 20c.

Target price is $0.22 Current Price is $0.25 Difference: minus $0.025 (current price is over target).
If SYR meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.40, suggesting upside of 42.0% (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: 0.5

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

Morgans rates TCG as Speculative Buy (1) -

Turaco Gold's recent test work at the Afema project showed improved recoveries which will be reflected in the mineral resource estimate expected soon.

Morgans has incorporated the result into its forecast, raising assumed gold recoveries by 1.9%. This was partly offset by a forecast for higher processing costs and lift in risk weighting.

Speculative Buy. Target rises to $1.10 from $1.05.

Target price is $1.10 Current Price is $0.42 Difference: $0.68
If TCG meets the Morgans target it will return approximately 162% (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

Macquarie rates TPW as Outperform (1) -

As a read-through to Temple & Webster, Macquarie notes Wayfair's latest quarterly result was flat year-on-year, and international was a negative drag, down -11%, while US revenue grew 1.6% on a year earlier.

In contrast, the broker observes Temple & Webster announced 1H25 top-line growth of 24%, and the company grew active customer levels 22% on a year previously, with around 58% of orders coming from repeat customers.

Macquarie details how Temple & Webster is around five years behind Wayfair as measured by active customer penetration.

No change to earnings forecasts, with Outperform rating and $17.60 target retained.

Target price is $17.60 Current Price is $18.02 Difference: minus $0.42 (current price is over target).
If TPW 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 $16.91, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates TWE as Neutral (3) -

Citi affirms its Neutral rating on Treasury Wine Estates and $10.50 target price following cross-border price checks as well as after assessing Pernod's 3Q result. 

The broker notes pricing on Bin 389 in China has been broadly stable, but the Bin 407 price fell by -8% vs March. The 389 prices are -15% below Australian prices, while 407 prices are 20% above.

Pernod's 3Q result showed, while negative, there was an improvement in Chinese sales and wholesalers in the US bought ahead of tariffs. The broker believes this could pose a risk for Treasury Wine's US business.

Overall, the broker is cautious on the Americas business and positive on China.

Target price is $10.50 Current Price is $8.97 Difference: $1.53
If TWE meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.42, suggesting upside of 40.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates WBC as Underperform (5) -

On first glance, Macquarie highlights Westpac's 1H25 result was slightly below expectations due to softness in pre-provision operating profit from lower volumes in NZ and a miss on net interest margin of around -1bp.

The broker points to increased competition in the business and institutional markets and anticipates pressure on net interest margins will intensify into FY26.

Bad and doubtful debts were $250m against the analyst's $290m forecast, and expenses rose 3% on the previous half, as expected.

The 76c dividend per share was in line with Macquarie's forecast, and the $1.1bn buyback remains in place.

Underperform rating unchanged. Target $28.

Target price is $28.00 Current Price is $33.45 Difference: minus $5.45 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.51, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in September.

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