Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Life360 delivered a strong fourth quarter according to Morgan Stanley, with annualised monthly revenue excluding Jiobit of US$135.7m above the top end of company guidance and a 6% beat on the broker's expectations. 

Demand for Jiobit remains strong, with the company reporting its best ever Black Friday and Cyber Monday sales result in the quarter, but supply constraint pressure continues. Expect new key partnerships and membership rollout in Canada and the United Kingdom in 2022. 

The Overweight rating and target price of $16.50 are retained. Industry view: In-line.

Target price is $16.50 Current Price is $7.10 Difference: $9.4
If 360 meets the Morgan Stanley target it will return approximately 132% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 3PL as Downgrade to Equal-weight from Overweight (3) -

Incorporating the acquisition of Blake eLearning into 3P Learning's outlook, Morgan Stanley expects a 60-70% revenue benefit to FY22 and FY23 forecasts. The deal will see a simplification of the company's accounts, a positive for investors. 

While the broker notes progress in execution it has issued a downgrade to the company's rating given its premium compared to peers as 3P Learning nears a twelve-month trading high. 

The rating is downgraded to Equal-weight from Overweight and the target price increases to $1.80 from $1.60. Industry view: In-Line.

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If 3PL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates ALL as Accumulate (2) -

Ord Minnett suspects part of the weakness in Aristocrat Leisure's share price is because investors are worried take-over target Playtech's shareholders will not vote in favour of the proposed acquisition.

The broker explains such worries are overdone.

Ord Minnett thus sees the weakness creating an attractive buying opportunity. Accumulate. Price target $51.

Target price is $51.00 Current Price is $38.62 Difference: $12.38
If ALL meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $49.73, suggesting upside of 25.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates ALX as Overweight (1) -

Despite a mixed bag in traffic levels in the fourth quarter and early 2022, Morgan Stanley points to a constructive traffic outlook in the coming year as positive for Atlas Arteria. 

While Dulles Greenway traffic in the fourth quarter was down -24% on the same quarter in FY19, which offset a toll increase, APRR traffic was up 2.3% and revenue was a 4.4% beat on the FY19 fourth quarter. 

The Overweight rating and target price of $6.66 are retained. Industry view: Cautious. 

Target price is $6.66 Current Price is $6.40 Difference: $0.26
If ALX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.94, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates ALX as Add (1) -

Noting that the APRR motorway network in France accounts for around 85% of Atlas Arteria's share valuation, Morgans highlights the 4Q rebound for APPR traffic (the highest ever recorded).

The Add rating is retained, on the assumption this recovery is sustained and on the prospect of higher inflation. The analyst forecasts a  2022 toll escalation of 1.9%, based on a higher CPI in France.

The target price also rises  $6.91 from $6.78, largely due to to lower foreign exchange rates.

Target price is $6.91 Current Price is $6.40 Difference: $0.51
If ALX meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.94, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates AMC as Overweight (1) -

New chemical recycling technology may offer a low-carbon solution for PET plastic recycling, providing real benefit to Amcor by allowing it to assist brand owners in meeting recycled packaging targets according to Morgan Stanley. 

One of Amcor's key customers, Pepsi, intends to halve virgin plastic use in its packaging and replace with recycled plastics. While the technology is undergoing commercialisation in the US, Morgan Stanley notes implementation of chemical recycling could drive a re-rate. 

The Overweight rating and target price of $19.00 are retained. Industry view: In line.

Target price is $19.00 Current Price is $16.34 Difference: $2.66
If AMC meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $18.30, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals' December quarter production fell -7% short of Macquarie's estimate while sales and costs were in line. Commentary suggests production will be at the bottom end of the FY guidance range while costs should improve.

The key upcoming catalysts for the miner will be a feasibility study on significant Federation growth project, around mid-2022. Despite the miss the broker has increased its target to 60c from 55c, Outperform retained.

Target price is $0.60 Current Price is $0.44 Difference: $0.16
If AMI meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

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

A  big increase in average revenue per account (ARPA) was the key highlight for Morgans when reviewing Ansarada Group's better-than-expected 2Q result.

Despite strong business momentum, the share price is now on par with the broker's unchanged $1.93 target price and the rating is decreased to Hold from Add. 

Target price is $1.93 Current Price is $1.93 Difference: $0
If AND meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates CIA as Buy (1) -

Champion Iron declared an inaugural dividend after achieving a 8% beat on 3Q production versus Citi's forecast.

After marking-to-market the March quarter iron ore price, the broker's target price rises to $6.50 from $6.00. Buy retained.

Target price is $6.50 Current Price is $5.83 Difference: $0.67
If CIA meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates CIA as Outperform (1) -

Champion Iron reported a solid operating performance in the December quarter, Macquarie suggests, with production and shipments remaining above Bloom Lake phase 1 nameplate capacity, albeit higher freight rates impacted on earnings.

Champion Iron remains funded for the Bloom Lake phase 2 expansion, which will double capacity.

Meanwhile the miner has announced a surprise 10c (CAD) dividend. The broker expects a 20-30% payout ration going forward. Target falls to $7.30 from $7.40, Outperform retained.

Target price is $7.30 Current Price is $5.83 Difference: $1.47
If CIA meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

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

Macquarie has downgraded Cooper Energy to Underperform from Neutral due to perceived poor risk/reward. Cooper benefits much less from higher oil prices than other small-medium gas peers, the broker notes.

Macquarie suggests it's hard to see investors being adequately rewarded for the high operational risk (sour gas) and financial risks (levered balance sheet). Improved Orbost production won’t immediately solve balance sheet issues.

This implies required recapitalisation. The purchase of Orbost from APA Group ((APA)) could be strategically positive but would require major funding. Target falls to 24c from 28c. The broker prefers Santos ((STO)) in big caps and Karoon Gas ((KAR)) in small.

Target price is $0.24 Current Price is $0.30 Difference: minus $0.06 (current price is over target).
If COE meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.27, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Ord Minnett rates COE as Hold (3) -

Ord Minnett finds Cooper Energy released a "solid" quarterly production report, with most metrics believed to be in-line with expectations.

The broker observes positive commentary regarding gas prices and that problematic Orbost plant.

Hold rating retained alongside a 33c price target, up 1c.

Target price is $0.33 Current Price is $0.30 Difference: $0.03
If COE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Citi rates EVN as Buy (1) -

The 2Q for Evolution Mining revealed that Red Lake had posted its lowest quarterly output in several years, with production missing the Citi and consensus estimate by -27% and -15%. Costs rose 13% quarter-on-quarter.

Management estimates production will be at the low end of the prior guidance range and claims "there's are no red flags". The broker lowers its target price to $4.60 from $4.70 and maintains its Buy rating.

Target price is $4.60 Current Price is $3.46 Difference: $1.14
If EVN meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Credit Suisse rates EVN as Neutral (3) -

Following Evolution Mining's softer 2Q results, Credit Suisse lowers its FY22 EPS forecast by -9% and adjusts its target price to $3.70 from $3.80. This reflects the lower 2Q production and reduced Red Lake forecasts.

The Neutral rating has been maintained on medium-term growth prospects though the broker sees better value in Newcrest Mining ((NCM)) and an attractive free cash flow yield on offer at Northern Star Resources ((NST)).

Target price is $3.70 Current Price is $3.46 Difference: $0.24
If EVN meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates EVN as Outperform (1) -

Evolution Mining's December quarter performance was solid, Macquarie suggests, with production in line. Costs were 6% higher than expected but once the Ernest Henry acquisition is complete, these will fall on higher by-product credits.

Looking ahead, a reserves/resources update next month, a production ramp-up at Red Lake and Mungari workforce integration will be key to watch in the near term., the broker suggests.

Target rises to $4.70 from $4.20, Outperform retained.

Target price is $4.70 Current Price is $3.46 Difference: $1.24
If EVN meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

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

As Evolution mining's share price fell hard on the release of 2Q production results, Morgans decides to upgrade its rating to Add from Hold, while lowering its target price to $4.21 from $4.54.

The market was rattled by concerns around the long-promised turnaround at Red Lake, believes the broker, as both tonnes and grades at the project were below the analyst's expectations.

Management's overall production guidance was reaffirmed, at the bottom end of the range.

Target price is $4.21 Current Price is $3.46 Difference: $0.75
If EVN meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates EVN as Accumulate (2) -

Ord Minnet's commentary suggests Evolution Mining's Q2 report proved softer-than-expected, but production is expected to improve at both assets, Mt Rawdon and Red Lake.

The broker remains sceptical whether Red Lake can meet management's guidance this year. The broker has therefore positioned itself below market consensus.

Forecasts have been reduced. Target price falls to $4.70 from $4.90. Accumulate.

Target price is $4.70 Current Price is $3.46 Difference: $1.24
If EVN meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Credit Suisse rates IDX as Neutral (3) -

As Integral Diagnostics' unaudited 1H profit result missed Credit Suisse's forecast by -18% and the consensus estimate by -13%, the target price falls to $4.25 fro $4.65. 

The broker assesses revenue was less than expected by management, and both fixed and semi-fixed cost have increased, resulting in margin compression.

Covid regulation and lockdowns have weighed, according to the analyst, due to unlucky locations (50% in Victoria and New Zealand) and the incursion of costs while staying open (with reduced revenue).

Target price is $4.25 Current Price is $4.00 Difference: $0.25
If IDX meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates IDX as Neutral (3) -

Integral Diagnostics' pre-released unaudited first half results came in below Macquarie's forecast on higher than expected costs. Given attractive industry fundamentals and contributions from growth initiatives, the broker remains positive medium-longer term.

But near term the outlook is less certain. Target falls to $4.30 from $4.85, Neutral retained.

Target price is $4.30 Current Price is $4.00 Difference: $0.3
If IDX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates IFL as Buy (1) -

Citi highlights a 2Q improvement for quarter-on-quarter across all of Insignia Financial's divisions. However, the analyst cautions on future  revenue after the January fall in world equity markets, if sustained.

As a result of this caution, the broker lowers its target price to $4.75 from $5.20 though maintains its Buy rating. Details on synergy progress and targets during the reporting season are awaited.

Target price is $4.75 Current Price is $3.29 Difference: $1.46
If IFL meets the Citi target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 44.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IFL as Outperform (1) -

Credit Suisse's key highlights from Insignia Financial's 2Q results were a material lessening in outflows and evidence of management's commitment to break even in Advice. The outperform rating and $5.20 target are maintained.

The analyst sees scope for upgraded synergies combined with additional upfront spend. An update on synergy/platform simplification is expected at 1H results.

Target price is $5.20 Current Price is $3.29 Difference: $1.91
If IFL meets the Credit Suisse target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 44.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates IFL as Overweight (1) -

Morgan Stanley notes positive progress from Insignia Financial, with the company reporting December quarter outflows of -$750m compared to -$3,034 in the prior quarter. The Workplace, Personal and Advised platforms all reported quarter-on-quarter improvements.

The broker acknowledges a decline in advisors to 1,765 from 1,883 in the prior quarter has contributed to market uncertainty, but notes that the stock appears cheap. 

The Overweight rating and $5.50 target are retained. Industry view: In-line.

Target price is $5.50 Current Price is $3.29 Difference: $2.21
If IFL meets the Morgan Stanley target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 44.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates IFL as Buy (1) -

The company formerly known as IOOF Holdings is scheduled to release interim financials on February 24 and Ord Minnett has upgraded its forecasts ahead of the event.

No wonder thus, the broker considers the shares cheap at current beaten-down level, despite current poor market sentiment.

The suggestion is that every sign of positive development could put a rocket under the share price. Buy rating retained. Price target $5.10.

Target price is $5.10 Current Price is $3.29 Difference: $1.81
If IFL meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 44.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates JIN as Overweight (1) -

Jumbo Interactive continues its consolidation with the $32.1m acquisition of external lottery manager StarVale Group. Morgan Stanley notes StarVale Group reported total transaction value of $119m in 2021, having grown at a 12% three year compound annual growth rate. 

The broker notes the Gatherwell acquisition provides a blueprint for long-term customer base execution and provides confidence for strong return on invested capital. 

The Overweight rating and target price of $21.20 are retained. Industry view: In-line.

Target price is $21.20 Current Price is $17.28 Difference: $3.92
If JIN meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $19.75, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates JIN as Add (1) -

Morgans likes the strategic rationale behind Jumbo Interactive's acquisition of UK-based external lottery manager, StarVale Group. 

The broker now forecasts FY23 profit (PBT) growth of 24.3%, with 14.4% derived from acquisitions (StarVale and Stride) and the balance via organic growth. The target price rises to $20.75 from $20.20 and the Add rating is maintained.

Target price is $20.75 Current Price is $17.28 Difference: $3.47
If JIN meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $19.75, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates JIN as Neutral (3) -

Jumbo interactive has announced the acquisition of StarVale, a UK-headquartered External Lottery Manager and digital payments company, for circa $32m and up to $8m in deferred consideration.

As the deal requires regulatory approval, UBS is yet to incorporate it into its modeling. Meanwhile, data signal a high level of jackpot activity in Q4 and UBS has now incorporated higher assumptions.

Price target rises to $17.30 from $16.60. Neutral.

Target price is $17.30 Current Price is $17.28 Difference: $0.02
If JIN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $19.75, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates KGN as Outperform (1) -

Kogan.com's 1H underlying earnings (EBITDA) were materially below Credit Suisse's forecast due to a weak gross margin, resulting from elevated costs. The target falls to $9.16 from $13.88 after the analyst increases the cost of doing business (CODB) forecast.

The broker justifies its Outperform rating on the basis of the material share price fall. It's thought the market is seeking stability in sales and a reduction in the cost base before becoming more positive.

Target price is $9.16 Current Price is $6.15 Difference: $3.01
If KGN meets the Credit Suisse target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates KGN as Neutral (3) -

Yet another trading update, yet another operational disappointment from Kogan with UBS analysts blaming softer-than-expected sales in December.

UBS sees elevated operational costs keeping a lid on the otherwise logical to anticipate earnings recovery. Moreover, UBS reports "feedback" points towards continued upward pressure on digital marketing costs, warehousing and logistics, and -in particular- labour costs.

Mighty Ape sales provided a positive surprise. UBS has cut its price target to $6.70 from $10 and finds the current share price still fully valued given ongoing uncertainty near-term. Neutral.

Earnings estimates have been noticeably lowered, as have DPS forecasts.

Target price is $6.70 Current Price is $6.15 Difference: $0.55
If KGN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates MCR as Downgrade to Neutral from Outperform (3) -

Mincor Resources remains strongly funded to complete its return to producer status, Macquarie notes, which is forecast to occur in the June quarter FY22. Exploration results at Hartley and Golden Mile continue to present upside risk to the broker's production scenario.

But the share price has run up 40% in two months, implying a lack of further upside. Hence a downgrade to Neutral from Outperform. Target rises to $1.70 from $1.55.

Target price is $1.70 Current Price is $1.60 Difference: $0.1
If MCR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates MX1 as Add (1) -

Despite Micro-X's 2Q sales being lower than expected, Morgans is confident of a 2H pick-up via the commercial launch of the Argus X-ray camera, used for bomb detection.

The quarter's cash outflows were more than the analyst expected, though partly due to an inventory build-up of key components, which is necessary for future sales.

Speculative Buy rating and target falls to $0.57 from $0.58.

Target price is $0.57 Current Price is $0.23 Difference: $0.34
If MX1 meets the Morgans target it will return approximately 148% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates NHF as Neutral (3) -

Macquarie notes visa stats are strong indicators for nib Holdings' international students and workers insurance and student visas were down -20% year on year in the December quarter and workers down -18%.

Open borders should support a rebound, the broker suggests, and sporadic suspensions of elective surgery provide upside to resident division earnings, implying short term outperformance in the first half. But further customer give-backs will limit upside.

Target unchanged at $7.65, Neutral retained.

Target price is $7.65 Current Price is $6.28 Difference: $1.37
If NHF meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.12, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates NIC as Buy (1) -

Despite a 19% quarter-on-quarter rise in cash costs, Citi assesses a strong 4Q for Nickel Mines as operating margins remained flat.

The broker sees upcoming index appeal as the company approaches the top 10 in terms of global nickel producers. The target price rises to $1.80 from $1.55 and the Buy rating is unchanged.

Target price is $1.80 Current Price is $1.45 Difference: $0.35
If NIC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.9

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

Credit Suisse rates NIC as Outperform (1) -

Nickel Mines' fourth quarter nickel production was in-line with the forecast of Credit Suisse and the consensus estimate. Margins were considered resilient despite rising costs from increased coal/electricity prices.

First production at the Angel nickel project occurred in late January, two months ahead of schedule. The target price rises to $1.75 from $1.70 after the analyst allows for a 10-year tax holiday at Angel and the Oracle nickel project.

Target price is $1.75 Current Price is $1.45 Difference: $0.3
If NIC meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.9

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

Macquarie rates NIC as Outperform (1) -

Nickel Mines’ December quarter result was strong, Macquarie suggests, with a slight miss on production more than offset by lower cash costs, driving a beat in earnings.

Angel Nickel has commenced production and should deliver a material lift in group production over the next two years. Nickel Mines' share of nickel in pig iron production is expected to rise from 32kt in 2021 to nearly 90ktpa by 2024.

Outperform and $1.70 target retained.

Target price is $1.70 Current Price is $1.45 Difference: $0.25
If NIC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.9

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

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

Following 4Q results, Citi assesses a solid 2021 from OZ Minerals, despite a higher medium-term cost outlook for Carrapateena. After a recent share price fall, the broker lifts its rating top Buy from Neutral and raises its target to $29.10 from $27.

The analyst likes the both the company's growth options and low-risk asset locations though concedes the stock is not a free cash flow yield story, due to capex requirements.

Target price is $29.10 Current Price is $25.51 Difference: $3.59
If OZL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates OZL as Underperform (5) -

Following 4Q results, Credit Suisse reduces its target price for OZ Minerals to $21 from $22.80. The Underperform rating is maintained due to minimal cash free flows and risks of capex increases across all growth projects.

During the quarter, higher costs were largely the result of lower copper production and gold credits at Prominent Hill and increases in TC/RC charges from smelters and royalties. TC/RC charges relate to the cost of turning copper concentrate into copper cathode.

Target price is $21.00 Current Price is $25.51 Difference: minus $4.51 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.94, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates OZL as Downgrade to Neutral from Outperform (3) -

OZ Minerals' December quarter was weak, Macquarie suggests, with higher cash costs more than offsetting a mixed production result. Group guidance for 2022, and in the medium term, for Carrapateena, was weaker than the broker had expected.

Lower guidance and the removal of CentroGold from valuation has driven material cuts to earnings forecasts. Downgrade to Neutral from Outperform, target falls to $26 from $33.

Target price is $26.00 Current Price is $25.51 Difference: $0.49
If OZL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Morgan Stanley notes a weak fourth quarter production result for OZ Minerals, with soft production driven by lower grades at Carapateena and lower mined tonnes at Prominent Hill coupled with higher than expected costs, although 2021 production guidance was met. 

More positively, gold and copper sales were up 41% and 6% in the quarter respectively. Looking ahead, the company is guiding to a -13% production decrease and 25% cost increase in 2022. The broker reduces its earnings per share forecast for FY22 -31.5% given guidance. 

The Equal-weight rating is retained and the target price decreases to $26.10 from $27.30. Industry view: Attractive.

Target price is $26.10 Current Price is $25.51 Difference: $0.59
If OZL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates PMV as Neutral (3) -

Citi was surprised by gross profit resilience after a market update by Premier Investments. This was considered attributable to a combination of cost discipline and sales mix shift towards higher margin brands.

Year-on-year online sales grew by 27% and now account for 25% of total global sales. Management now guides to 1H sales of $769m, in-line with the consensus estimate and the analyst's forecast.

The target price is lowered to $30.30 from $33.20 given the valuation multiples are approaching historic highs. Neutral rated.

Target price is $30.30 Current Price is $27.10 Difference: $3.2
If PMV meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.55, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates PMV as Upgrade to Outperform from Neutral (1) -

First half earnings (EBIT) guidance for Premier Investments was materially above the Credit Suisse's forecast.

The broker lifts its rating to Outperform from Neutral in the belief the market is under-estimating the benefits of higher-margin online growth. The target price rises to $29.16 from $28.71.

FY23 gross margins will return towards pre-covid levels, estimates the analyst.

Target price is $29.16 Current Price is $27.10 Difference: $2.06
If PMV meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $30.55, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates PMV as Outperform (1) -

Premier Investments has updated first half earnings guidance to 5% growth year on year, led by margin benefits of greater online penetration and a UK recovery. Macquarie suggests the result is indicative of particularly strong performance over November to mid-December.

But late December-January brings omicron. The broker nevertheless retains Outperform, given Premier's focus on its online capabilities, cost discipline and inventory which have contributed to its performance, and this poised to continue. Target rises to $35 from $33.

Target price is $35.00 Current Price is $27.10 Difference: $7.9
If PMV meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $30.55, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

Morgan Stanley notes another strong update from Premier Investments, with earnings before tax of $210-212m 21% ahead of first half guidance to date, while overall sales are up 0.5% year-on-year and online sales up 27%. 

As the school year begins the Smiggle brand has experienced a global rebound, and Morgan Stanley notes the company has suffered no apparent supply chain issues, cost inflation or staffing constraints across its suite of brands. 

The Equal-weight rating and target price of $26.75 are retained. Industry view: In-Line.

Target price is $26.75 Current Price is $27.10 Difference: minus $0.35 (current price is over target).
If PMV meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.55, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates PMV as Accumulate (2) -

Ord Minnett has been forced to increase forecasts following Premier Investments' half-yearly trading update. The broker sees the retailer as well-placed to navigate the challenging environment.

Accumulate rating retained while the price target moves to $32.10 from $33.60.

Target price is $32.10 Current Price is $27.10 Difference: $5
If PMV meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $30.55, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates PMV as Buy (1) -

Premier Investments' H1 trading update proved better-than-expected and UBS has lifted FY22 EPS forecast by 2%. Estimates further out have been left untouched.

The broker has nevertheless pulled back its price target by -$2 to $30 as investors are paying lower multiples for equities this year. Buy rating retained.

Target price is $30.00 Current Price is $27.10 Difference: $2.9
If PMV meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $30.55, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Citi rates PPT as Buy (1) -

During the 2Q results presentation, Perpetual guided to higher 1H profit than Citi had expected. It's thought these profits may continue in the 2H.

However, the stock is very much beholden to global equity moves, notes the analyst, though the current skew towards the Value style of investing is favourable for the company. The target price falls by -$1.00 to $39.40, while the Buy rating is unchanged.

Citi believes Perpetual’s ability to turn Barrow Hanley flows around, and the likely timing thereof is key.

Target price is $39.40 Current Price is $32.69 Difference: $6.71
If PPT meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $40.66, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates PPT as Outperform (1) -

Perpetual's 1H profit guidance of $77-81m was a beat on the $72m consensus estimate. Credit Suisse sees positive trends for most business lines other than Perpetual Asset Management International, where large outflows occurred. 

The $43 target price and Outperform rating are maintained.

Target price is $43.00 Current Price is $32.69 Difference: $10.31
If PPT meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $40.66, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgan Stanley rates PPT as Overweight (1) -

While Perpetual's December quarter outflows of -$1.8bn were higher than Morgan Stanley's expected -$1.0bn, the broker notes this was largely driven by outflows from the Perpetual Asset Management International division.

The broker highlighted that the Perpetual Asset Management Australia division reported a $0.1bn inflow for the quarter. Looking ahead the company has provided first half guidance of $77-81m, notably ahead of consensus forecasts of around $72.5m. 

The Overweight rating and target price of $45.00 are retained. Industry view: Attractive.

Target price is $45.00 Current Price is $32.69 Difference: $12.31
If PPT meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $40.66, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates QAN as Underperform (5) -

Strategists at Credit Suisse believe there is a high risk of oil prices rising to US$100/barrel. It's thought Qantas Airways can offset two thirds of this rise by fuel hedging and higher ticket prices.

After raising Brent crude price assumptions to $US76/barrel from US$69/barrel, the broker lowers FY23 and FY24 profit (PBT) forecasts by -10.5 and -9%. The target falls to $4.40 from $4.60 and the Underperform rating remains.

Target price is $4.40 Current Price is $4.55 Difference: minus $0.15 (current price is over target).
If QAN meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.97, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates SBM as No Rating (-1) -

St Barbara's December quarter production and costs were both in line with Macquarie's forecasts. Gwalia's quarter was better than expected despite a fall of ground, while Atlantic fell short due to delays to the receival of waste rock permits.

Management has narrowed production guidance with Gwalia tracking towards the top of its range, Simberi towards the bottom and Atlantic guidance revised accordingly.

The broker is currently on research restriction.

Current Price is $1.24. Target price not assessed.

Current consensus price target is $1.74, suggesting upside of 41.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates SLR as Outperform (1) -

Silver Lake Resources' Dcember quarter was in line with Macquarie's expectations with a strong performance at Deflector balancing a softer than anticipated quarter at Mount Monger.

The miner is well on track to meet its FY22 sales and cost guidance, the broker notes, as Mount Monger begins the drawdown of stockpiles in the second half as planned.

A plan for the soon to be acquired Sugar Zone mine presents a key catalyst for Silver Lake. Target rises to $2.20 from $2.10, Outperform retained.

Target price is $2.20 Current Price is $1.49 Difference: $0.71
If SLR meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates WPL as Neutral (3) -

Woodside Petroleum has announced a complete withdrawal from Myanmar, following exits from global oil majors Total and Chevron due to political instability in the country. A responsible move, Macquarie suggests, and the market was ascribing no value anyway.

Meanwhile, the broker expects selling pressure to weigh on Woodside shares in the March quarter as 900m new shares are issued to BHP Group ((BHP)) shareholders.

Target falls to $27.15 from $27.95, Neutral retained.

Target price is $27.15 Current Price is $24.73 Difference: $2.42
If WPL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $27.73, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates WSA as No Rating (-1) -

Western Areas' December quarter production was solid, Macquarie suggests, with nickel production 12% higher and cash costs -3% lower than expected. FY22 costs will nonetheless be 5% higher than prior guidance due to tight labour markets and higher freight costs.

Development work at Cosmos is progressing with a scoping study on Mt Goode and offtake negotiations underway.

The broker is currently under research restrictions.

Current Price is $3.55. Target price not assessed.

Current consensus price target is $3.23, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates WSA as Hold (3) -

The $3.36 bid by IGO Ltd ((IGO)) for Western Areas is still live. Meanwhile, the company's 2Q results at Forrestania were in-line with Morgans forecast. Management reaffirmed production guidance though noted cost concerns from grade and labour challenges.

After updating nickel forecasts and incorporating progress at the Odysseus underground mine, the broker raises its target price to $3.29 from $3.08. The Hold rating is unchanged.

Target price is $3.29 Current Price is $3.55 Difference: minus $0.26 (current price is over target).
If WSA meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.23, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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