Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Life360 has launched its US institutional public offering raising US$100m from the primary round at US$30.43 a share (a dilution of -4.5%).

Morgan Stanley observes the dilution appears to have been unnecessary given the company had recently moved to free cash flow positive and that the listing could lead to volatility given low local liquidity and small size (in the US scheme of things) and just under half that from the secondary round.

But the broker believes the pluses offset this, improving staff compensation issues; smoothing future M&A or partnership bids; and providing a chance to raise US capital on more attractive terms.

Overall, a strategic positive, says Morgan Stanley. Overweight rating and $17.50 target price retained. Industry view: In-Line.

Target price is $17.50 Current Price is $14.69 Difference: $2.81
If 360 meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $17.31, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

UBS rates APM as No Rating (-1) -

Madison Dearborn Partners (MDP) has increased its takeover bid to $1.45 a share from $1.40, a 75% premium to the last close on February 16. The board recommends acceptance.

The bid comes as operating conditions remain tough and interest rates elevated, observes UBS, the company guiding towards the bottom of forecast ranges for the second half, and the broker expects downgrades will also be required for FY25.

EPS forecasts are steady for FY24; fall -25% in FY25; and -14% in FY26 to reflect challenging conditions.

The broker is under rating restriction.

Current Price is $1.38. Target price not assessed.

Current consensus price target is $1.42, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Shaw and Partners rates AZY as Buy (1) -

Antipa Minerals reported a further 13 assay results from the 2024 Phase 1 drilling at GEO-0, notes the analyst at Shaw and Partners.

The broker highlights new gold mineralisation zones have been identified, extending the main zone to 500m along strike and 190m across strike, and the assays include 11m at 1.2g/t from 17m and 8m at 1.0g/t from 53m.

Shaw and Partners points to the phase 1 RC programme as covering 3,408m of the 13,122m drilled, with further results expected soon.

The broker highlights the company finished the March quarter with $5.4m in cash and no debt, with a maiden resource estimate for GEO-01 due mid-2024.

Buy rating with 4c target price unchanged.

Target price is $0.04 Current Price is $0.01 Difference: $0.027
If AZY meets the Shaw and Partners target it will return approximately 208% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates BGL as Buy (1) -

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

The broker retains Bellevue Gold as a Buy with its price target shifting to $2.30 from $2.05.

Target price is $2.30 Current Price is $1.91 Difference: $0.39
If BGL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Bell Potter rates BOE as Buy (1) -

The recent price performance differential between Boss Energy and Paladin Energy ((PDN)) has provided a valuation discrepancy between the two emerging uranium producers and Bell Potter assesses Boss Energy is trading at a -40% discount to the target price.

The broker views this as an opportunity with too much negative sentiment around the ramp at Honeymoon and Alta Mesa coming into production, alongside the recent director sell-down.

The Buy rating and $6.35 target are unchanged.

Target price is $6.35 Current Price is $4.43 Difference: $1.92
If BOE meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $5.43, suggesting upside of 25.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

UBS rates CBA as Sell (5) -

Repeat entry with EPS and DPS forecasts added.

UBS maintain a cautious outlook on Australian banks, noting that share prices have surged by around 30% in the past six months, driven by strong capital returns.

The broker stresses the underlying earnings trends show sustained competitive pressures and cost inflation.

Equally, sector earnings declined by -2% over the past 6 months, with net interest margins (NIM) down -5 bps;  revenues grew by 1%, and loan growth was 2%.

The broker also highlights the return on equity (ROE) contracted by -30 bps to 11.2%.

Major banks are trading at circa 16x forward EPS, above historical averages, suggesting valuations are running ahead of fundamental earnings.

Sell rating on CommBank unchanged. Target raised to $107 from $105.

Target price is $107.00 Current Price is $123.47 Difference: minus $16.47 (current price is over target).
If CBA meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $93.48, suggesting downside of -25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Macquarie rates COE as Outperform (1) -

Macquarie reports Cooper Energy discussed leveraging the East Coast gas market with realistic production growth and re-pricing potential, as well as exploring gas storage services at Orbost and flexible gas services to peaking plants like Alinta at the investor day.

The company is targeting 90TJ/d from Otway by 2028, generating an estimated $500m/year in revenue and a gas agreement with Alinta for the Bairnsdale plant will achieve a premium to Victorian spot pricing due to proximity to Orbost, hr broker suggests.

The analyst adjusts estimates with FY25 EPS forecast revised by 15% on higher costs and FY25 estimates are lifted by 27% on higher Orbost gas production and lower financing costs.

Outperform rating and the target price is raised 11% to 30c.

Target price is $0.30 Current Price is $0.20 Difference: $0.1
If COE meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 35.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates DEG as Buy (1) -

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

De Grey Mining's Buy rating is retained while the price target lifts to $2.10 from $1.75.

Target price is $2.10 Current Price is $1.09 Difference: $1.01
If DEG meets the UBS target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 67.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates DYL as Speculative Buy (1) -

Bell Potter assesses the domestic uranium companies, including the operations from Paladin Energy, Bannerman Energy ((BMN)), Deep Yellow ((DYL)) and Elevate Uranium ((EL8)) off the back of a recent visit to Namibia.

The analyst highlights the quality of infrastructure, including roads, power, water availability, and port capacity as impressive

Bell Potter highlights the Tumas uranium project is the most advanced within the Deep Yellow portfolio of 121Mlbs U3O8 across three deposits, notes the analyst.

The brokers points to three essential price catalyts for Deep Yellow as the production offtake is expected in the 2H2024; debt financing in 3Q2024, and the final investment decision in 4Q2024.

Speculative Buy rating and $1.90 target. Bannerman Energy and Elevate Uranium are not rated.

Target price is $1.90 Current Price is $1.56 Difference: $0.34
If DYL meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates ELD as Buy (1) -

Shaw and Partners has reviewed the ABARES June 2024 Australian Crop Report and the winter crop is forecast to be 9% above average and 31% above average summer crop.

The broker highlights the Bureau of Meteorology's June to August outlook predicts a 40-75% chance of above-average winter rainfall across major cropping regions. Improved conditions are expected to boost dry sown crops and follow-up winter crop planting.

Elders retains FY24 guidance of EBIT between $120m to $140m. Shaw and Partners' FY24 EBIT forecast of $135m is unchanged.

Higher livestock prices and the more positive ABARES release are seen as a supportive backdrop for Elders.

Buy rating and $9.10 target price maintained.

Target price is $9.10 Current Price is $8.34 Difference: $0.76
If ELD meets the Shaw and Partners target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.07, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates EVN as Buy (1) -

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

Buy rating retained for Evolution Mining with the price target lifting to $4.60 from $4.20.

Target price is $4.60 Current Price is $3.87 Difference: $0.73
If EVN meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.32, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

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

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

Genesis Minerals has been upgraded to Buy from Neutral with the broker's price target shifting to $2.30 from $1.75.

Target price is $2.10 Current Price is $1.83 Difference: $0.27
If GMD meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Bell Potter rates GNC as Buy (1) -

According to Bell Potter, the ABARE June 2024 east coast crop forecast was better than forecast.

Extrapolating out what it means for GrainCorp, the broker points to a winter crop of 27.1mt, leading to a $60m payment under the CPC contract as the company reaches the $270m cap.

The analyst highlights the summer crop forecast has also been raised, with sorghum crop expected at 2.2mt and the contestable crop (sorghum & cottonseed) upgraded to 3.4mt.

The broker adjusts net profit forecasts by 35% in FY25 and 15% in FY26 on the back of larger crops and sees potential for further earnings upgrades in FY25 forecasts..

The target price has been raised to $9.90 from $9.50, Buy rating unchanged.

Target price is $9.90 Current Price is $9.23 Difference: $0.67
If GNC meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.70, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates GNC as Outperform (1) -

Macquarie highlights the ABARES June update forecasts for a strong East Coast Australia (ECA) winter crop of 27.1mmt, a 25% increase above the 10-year average as positive as well as the "close-to-idea" start to the winter plant across NSW and QLD commentary.

GrainCorp is viewed as approaching the cap on crop production contracts, and the earnings drag from insurance contract payments is expected to fade from FY25, notes the broker.

Macquarie assesses the good conditions in QLD and NSW are supporting growers, with those markets expected to deliver a 68.5% and 36.5% lift in grain production, respectively, compared to the prior year.

FY25 EPS forecast is raised by 7% in light of the higher ECA winter crop production and an assumed stronger start to the 2024/205 season.

Outperform rating unchanged. Target price raised to $9.60 from $9.24.

Target price is $9.60 Current Price is $9.23 Difference: $0.37
If GNC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.70, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates GNC as Buy (1) -

The Australian Bureau of Agricultural and Resource Economics' (ABARE) initial estimate for the east-coast winter crop outpaced UBS's forecasts by a whopping 35%, triggering a 65% rise in the broker's FY25 EPS forecasts.

UBS observes the 27.1m tonnage breached the 24mt ceiling for the crop insurance payment, capping the payment at $58m and triggering a 2% increase in the FY26 EPS forecast.

Buy rating retained. Target price rises to $9.80 from $9.20.

Target price is $9.80 Current Price is $9.23 Difference: $0.57
If GNC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.70, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates GOR as Buy (1) -

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

Gold Road Resources stays Buy-rated with the broker's price target shifting to $2.55 from $2.15.

Target price is $2.55 Current Price is $1.62 Difference: $0.93
If GOR meets the UBS target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

UBS rates GQG as Buy (1) -

UBS says observed product flows in May point to a continued acceleration, rising to 37% above the January to April monthly average.

This, combined with rallying equity markets and alpha generation, should boost GQG Partners' funds under management by 6% in the month to more than US$150m, says the broker.

EPS forecasts rise 3% to 4% across FY24 and FY25 to reflect higher net inflows.

Buy rating retained. Target price rises to $3 from $2.85.

Target price is $3.00 Current Price is $2.50 Difference: $0.5
If GQG meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Ord Minnett rates HUM as Hold (3) -

Ord Minnett points to a challenging operating environment, with increased competition and higher funding costs impacting margins for Humm Group.

The broker is forecasting 10% net profit growth in the four years to FY28, compared to the 38% average growth between FY21 and FY23, due to higher higher costs with net profit margins to average 18% versus the 23% average over the same time periods.

Humm Group's consumer business is under increased competition from nonbank lenders such as Plenti and Brighte, the broker highlights, with earnings improvements coming from lower interest rates.

Ord Minnett does envisage operating costs/net revenue ratio improving to between mid-high 40% by FY28.

Ord Minnett retains a Hold rating and $0.50 target.

Target price is $0.50 Current Price is $0.44 Difference: $0.065
If HUM meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Bell Potter rates IFM as Upgrade to Buy from Hold (1) -

Bell Potter has upgraded Infomedia to a Buy rating from Hold and raised the target price to $1.90 from $1.80, on the back of a better than anticipated outlook provided by management at two recent presentations.

The analyst highlights the company’s outlook has improved due to strong progress in the Americas, leading the broker to upgrade revenue forecasts by 2% for FY25 and 5% for FY26.

Bell Potter now expects top-line revenue growth of 8% annually for FY24, FY25, and FY26 and assesses Infomedia is poised for strong organic growth, supported by a high level of recurring revenue and a solid SaaS platform.

Target price is $1.90 Current Price is $1.56 Difference: $0.34
If IFM meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates INA as Buy (1) -

Citi assesses the trading update from Ingenia Communities to reflect revised development settlement timing, higher development pricing, and 5% year-on-year  growth in the holiday parks business through to May 2025.

The broker's FY24 EPS forecast falls slightly to 22.3c, within the management guidance range of 20.8-22.3c, while the FY25 EPS forecast declines -5% due to lower settlement assumptions, slightly offset by higher prices.

Ingenia Communities management updated the three-year development settlement guidance to 2000 units from 1,600 units which supports medium-term growth prospects, boosted by a favourable domestic tourism outlook and strong recurring revenue, notes the analyst.

Unchanged Buy rating and $5.30 target price.

Target price is $5.30 Current Price is $4.95 Difference: $0.35
If INA meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates LLC as Neutral (3) -

Late Friday evening Lendlease Group downgraded FY24 earnings guidance by -32% with profit after tax now expected to be $305m from $450m.

The broker believes the profit warning has resulted from a revised "timing" for the ACCC decision of the review on the Australian Communities business sale, now expected in July.

A realisation of $130m-$160m in sale profits from proceeds is deferred, notes Citi. Downside risks to the stock still remain, if the ACCC rules against the sale, warns the broker.

FY24 EPS forecast is lowered by -31.8% and FY25's estimate is raised by 43.7%.

Neutral rating retained and the target lowered to $6.30 from $6.90.

Target price is $6.30 Current Price is $5.91 Difference: $0.39
If LLC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Bell Potter rates LOV as Buy (1) -

Bell Potter views Lovisa Holdings as providing a smooth transition to new leadership, with John Cheston appointed as CEO from Victor Herrero on June 4 2025.

As per the broker, John Cheston is the current CEO of Smiggle, and brings along 12 years of leadership experience there and 17 years at Marks & Spencer, where he drove international strategy.

The broker believes the CEO transition fits well with the next growth push and expansion of a global business to over 40 markets globally,  although the analyst did point to possible changeover risks.

Bell Potter retains earnings forecasts. Buy rating and $36 target remain.

Target price is $36.00 Current Price is $30.53 Difference: $5.47
If LOV meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $31.01, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates NAB as Sell (5) -

Repeat entry with EPS and DPS forecasts added.

UBS maintain a cautious outlook on Australian banks, noting share prices have surged by around 30% in the past six months, driven by strong capital returns. 

The broker stresses the underlying earnings trends show sustained competitive pressures and cost inflation. 

Equally, sector earnings declined by -2% over the past 6 months, with net interest margins (NIM) down circa -5 bps; revenues grew by 1%, and loan growth was 2%. 

The broker also highlights the return on equity (ROE) contracted by -30 bps to 11.2%. 

Major banks are trading at circa 16x forward EPS, above historical averages, suggesting valuations are running ahead of fundamental earnings.

UBS is Sell rated on National Australia Bank with a price target of $31, up from $30.

Target price is $31.00 Current Price is $34.80 Difference: minus $3.8 (current price is over target).
If NAB meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.57, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

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

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

Northern Star Resources has been upgraded to Buy from Neutral with the broker's price target shifting to $18.50 from $15.00.

Target price is $18.50 Current Price is $14.35 Difference: $4.15
If NST meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $15.97, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Bell Potter rates PDN as Hold (3) -

Bell Potter assesses the domestic uranium companies, including the operations from Paladin Energy, Bannerman Energy ((BMN)), Deep Yellow ((DYL)) and Elevate Uranium ((EL8)) off the back of a recent visit to Namibia.

The analyst highlights the quality of infrastructure, including roads, power, water availability, and port capacity as impressive

Bell Potter views the Paladin Energy Langer Heinrich operations in a positive light with upside risks to the revenue and cashflow forecasts as the mine and plant capacity increases.

The stock is rated a Hold due to the recent run up in the share price. The $15.70 target is unchanged. 

Bannerman Energy and Elevate Uranium are not rated.

Target price is $15.70 Current Price is $15.50 Difference: $0.2
If PDN meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.31, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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 suspects Paladin Energy's share price could continue its upward run, observing the company is trading on a lower earnings (EBITDA) and enterprise value to peers; and that uranium prices could outpace the broker's forecasts due to supply and demand risks.

FY24 and FY25 EPS forecasts fall after a shipment was delayed from the June quarter to the September quarter.

Overweight rating and $17.45 target price retained. Industry view: Attractive.

Target price is $17.45 Current Price is $15.50 Difference: $1.95
If PDN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $16.31, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

UBS rates RHC as Neutral (3) -

Ramsay Health Care appears to have reached an agreement with the French government (which contributes 34% to the company's top line) and has suspended collective strike action with other healthcare providers.

UBS subbests the details confirm continued increases in annual reimbursement through a tax break plus annual tariff breaks; government help for wage rises; and greater visibility (with potential to negotiate) into tariff increases for the next three years.

UBS suspects this will prove a positive for shareholders in the medium term given greater visibility will provide greater scope for restructuring, including a potential exit to support opportunities in Australia and Britain.

Neutral rating and $58 target price retained.

Target price is $58.00 Current Price is $49.00 Difference: $9
If RHC meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $58.60, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Shaw and Partners rates RMS as Buy (1) -

Ramelius Resources reported the completion of an open pit pre-feasibility study and government and Board approval for mining at the Cue Project, part of the greater Mt Magnet production hub.

Shaw and Partners notes the Cue Project's pre-feasibility study supports a robust project with a mine life extension, with the current resource at a total 12Mt at 2.4g/t for 910koz.

The broker stresses Ramelius Resources is a preferred exposure in the gold sector, and the Cue Project's integration into the Mt Magnet hub is expected to enhance operational efficiency and production scalability.

Buy rating and $2.33 target unchanged.

Target price is $2.33 Current Price is $1.94 Difference: $0.395
If RMS meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates RRL as Upgrade to Buy from Sell (1) -

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

Regis Resources has been upgraded to Buy from Sell with the broker's price target shifting to $2.10 from $1.80.

Target price is $2.10 Current Price is $1.79 Difference: $0.31
If RRL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates SDF as Outperform (1) -

Putting it bluntly, Macquarie views the rolling out of the Australian technology into the US market as a costly and non preferable strategy for the Steadfast Group.

However, the analyst does believe the company can "thread the needle" with the US strategy and it is expected to be accretive.

The Macquarie analysts suggests acquiring existing platforms to integrate into the ISU network, providing a differentiated offering compared to US peers.

No changes to the broker's earnings forecasts.

Outperform rating and $6.70 target retained.

Target price is $6.70 Current Price is $5.50 Difference: $1.2
If SDF meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.45, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates SM1 as Underperform (5) -

Macquarie lowers the target price to NZ35c from NZ60c for Synlait Milk as the company failed to find a buyer for Dairyworks and will now use a NZ$130m shareholder loan from Bright Dairy.

Synlait management now expects FY24 EBITDA to come out at the lower end of guidance, and is likely to breach three banking covenants, requiring waivers, the broker highlights.

Macquarie states the failure to sell Dairyworks increases pressure to divest other assets, including North Island facilities, and necessitates an equity raise, which remains challenging.

The broker has cut EPS estimates for FY24/25/26 by -20%/-78%/-23%, respectively, based on increased losses and reduced profits.

Underperform. 

Current Price is $0.37. Target price not assessed.

Current consensus price target is $0.47, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

This company reports in NZD. 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 SM1 as Downgrade to Neutral from Buy (3) -

UBS downgrades Synlait Milk to Neutral from Buy, applying a -85% discount to book value (largely in line with the market), to reflect the increased likelihood the company will choose to switch to an equity raising (from asset sales) to deleverage.

The broker still expects the company to post a strong earnings recovery out past FY25 but UBS now spies higher medium-term risk from lower milk supply from FY26 onwards given the company has observed a strong majority of farmer suppliers have submitted cessation notices.

And the risks keep rising. The company has downgraded earnings (EBITDA) guidance to the low end of guidance; and has taken a recent NZ$130m shareholder loan from Bright Dairy to meet the company's prepayment obligations to senior lenders in July.

Hence the growing likelihood of an equity raising, which UBS estimates at NZ$180m (from the previous estimate of NZ$100m) at a -40% discount, triggering a -48% cut in the broker's FY26 EPS forecast.

Target price falls to NZ45c from NZ85c.

Current Price is $0.37. Target price not assessed.

Current consensus price target is $0.47, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

This company reports in NZD. 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 SSR as Upgrade to Buy from Neutral (1) -

UBS has come to the view that gold is experiencing a structural shift, triggered by macro uncertainty, geopolitical risks and the fact investors are likely to allocate more funds towards the precious storage of wealth.

As a result, UBS's strategy team has materially upgraded its gold forecasts, with 2025/26/27 prices lifting 21%/34%/30% to US$2,700/2,775/2,600/oz alongside an 11% higher long-term real price assumption of US$1,950/oz.

All this implies gold producers look significantly underpriced. 

SSR Mining has been upgraded to Buy from Neutral with the broker's price target shifting to $10.20 from $7.70.

Target price is $10.20 Current Price is $7.11 Difference: $3.09
If SSR meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates TWE as Neutral (3) -

Treasury Wine Estates hosted an investor day at Paso Robles, the site of the recently acquired DAOU company in the US.

Management focused on how DAOU elevated Paso Robles to a premium cabernet sauvignon wine brand and showcased the company's  strong growth outside California, according to Citi.

The analyst points to mixed questions of varying sentiment from the analysts, but the positive questions focused on revenue synergies and new varietal opportunities, while concerns included regulatory risks and increasing consumer health consciousness.

Treasury Wine Estates maintains FY24 EBIT guidance for Americas between $223m to $228m, with DAOU contributing $24m, all in line with the broker's previous expectations.

Hold rating and $12.40 target maintained.

Target price is $12.40 Current Price is $11.99 Difference: $0.41
If TWE meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $13.54, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgan Stanley rates TWE as Overweight (1) -

Treasury Wine Estates has reiterated FY24 group guidance, roughly matching consensus and Morgan Stanley's estimates, and includes maiden TA (mainly 19 Crimes) guidance.

Management advised its TA profits for FY25 onwards were to focus on the DAOU integration and build luxury brands.

The FY25 EPS forecast has been shaved. Overweight rating and $14.50 target price retained. Industry view: In-line.

Target price is $14.50 Current Price is $11.99 Difference: $2.51
If TWE meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $13.54, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates TWE as Buy (1) -

UBS cuts its target price for Treasury Wine Estates to $15 from $15.25 following the company's Treasury Americas Luxury Estates Investor Day presentation during which FY24 guidance was reiterated.

EPS forecasts are steady in FY24; and fall -2% in FY25 and FY26 to reflect a higher AUD forecast; lower volumes; and softer earnings (EBIT margins).

UBS observes the US industry is facing rough macroeconomic environment and reduced inventories. Buy rating retained. 

Target price is $15.05 Current Price is $11.99 Difference: $3.06
If TWE meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $13.54, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates WBC as Sell (5) -

Repeat entry with EPS and DPS forecasts added.

UBS maintain a cautious outlook on Australian banks, noting share prices have surged by around 30% in the past six months, driven by strong capital returns. 

The broker stresses the underlying earnings trends show sustained competitive pressures and cost inflation. 

Equally, sector earnings declined by -2% over the past 6 months, with net interest margins (NIM) down circa -5 bps; revenues grew by 1%, and loan growth was 2%. 

The broker also highlights the return on equity (ROE) contracted by -30 bps to 11.2%. 

Major banks are trading at circa 16x forward EPS, above historical averages, suggesting valuations are running ahead of fundamental earnings.

The Sell rating is unchanged for Westpac and the target price lifted to $25 from $24.

Target price is $25.00 Current Price is $26.76 Difference: minus $1.76 (current price is over target).
If WBC meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.40, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.7

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

Citi rates XRO as Buy (1) -

Citi views the recent US$850m convertible note offering, replacing the existing US$700m note for Xero, as a strategic move towards potential M&A activity, particularly in the US and UK for accounting and payroll-related acquisitions.

The new note has a coupon of 1.375%-1.875% versus the previous zero coupon, but offers a longer maturity of 7 years.

The broker assesses the change will negatively impact FY25 net profit estimates due to the higher coupon payment, but will positively influence earnings estimates from FY26 onwards.

Buy. Target unchanged at $158.20.

Target price is $158.20 Current Price is $125.93 Difference: $32.27
If XRO meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $140.82, suggesting upside of 9.8% (ex-dividends)

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