Australian Broker Call

Citi rates A2M as Sell (5) -

Citi considers the announcement from a2 Milk Co of an inspection of its Dunsandel facility to be a positive and a step towards reducing market risk, likely progressing the company towards receiving state administration for market regulation (SAMR) approval in China.

Given uncertain timing around securing registration following the inspection, Citi expects a write-off of safety stock could be necessary to cover the gap. Given a2 Milk Co's strong balance sheet and its movement towards resolving market access, the broker expects the market would look through a stock write-off.

The Sell rating and target price of $4.51 are retained.

Target price is $4.51 Current Price is $7.10 Difference: minus $2.59 (current price is over target).
If A2M meets the Citi target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.10, suggesting downside of -21.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Credit Suisse rates ABP as Neutral (3) -

Abacus Property's -7% fall in funds from operations met Credit Suisse' expectations, with growth in the Commercial and Storage portfolio incomes offset by the wind-down of the Residential loans business. FY dividend guidance retained.

Abacus plans to spin off its storage portfolio into a separate REIT, retaining up to a 19.9% stake. Detail is scant at this stage but the broker suggests Abacus as we know it in FY23 may look very different in FY24 and beyond.

Target rises to $3.14 from $3.05, Neutral retained.

Target price is $3.14 Current Price is $2.94 Difference: $0.2
If ABP meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 12.5% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgan Stanley rates ALL as Overweight (1) -

The real money gaming (RMG) business for Aristocrat Leisure called Anaxi has partnered with BetMGM to provide digital slot content, in the company's first meaningful US i-gaming partnership, according to Morgan Stanley.

BetMGM is the largest i-Gaming operator in the US with around 30-35% market share. It's felt the partnership bodes well for monetisation of Aristocrat's slot content.

The Overweight rating and $43 target are unchanged. Industry View: In-Line.

Target price is $43.00 Current Price is $35.50 Difference: $7.5
If ALL meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $41.26, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Credit Suisse rates AMP as No Rating (-1) -

Non-core items led AMP to a miss on profit but earnings beat Credit Suisse by 8%.

AMP reconfirmed its $1.1bn capital return program with some $0.8bn still to be returned, including the FY22 final dividend. The broker is forecasting an FY23 profit decline of -5-10% on FY22 largely due to higher Group Office expenses.

Credit Suisse is on research restriction.

Current Price is $1.12. Target price not assessed.

Current consensus price target is $1.22, suggesting upside of 10.6% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Ord Minnett rates AMP as Hold (3) -

AMP's 2022 results missed Ord Minnett's forecasts substantially which is a sign of the difficulties in turning around the business. The broker expects future returns on invested capital to be persistently below its 9.5% cost of capital assumption.

Moreover, many of the growth measures may not be maintainable over time. Still, Ord Minnett forecasts earnings to grow from 2024 as asset values recover from the re-rating of equity markets, amid potentially higher bank margins and a reduction in costs from the loss-making advice business.

Hold rating maintained. Target is $1.35.

Target price is $1.35 Current Price is $1.12 Difference: $0.23
If AMP meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Macquarie rates AZJ as No Rating (-1) -

In an initial view, Macquarie notes Aurizon Holdings has confirmed its first contract with containerised freight haulage. The primary contract is with TGE (the former Toll Group).

The company has emphasised this is not intermodal, as the container is not being broken up or initiated but rather being simply hauled between capital cities. Macquarie observes the growth outlook for rail freight is reasonably positive.

Macquarie is on research restriction.

Current Price is $3.42. Target price not assessed.

Current consensus price target is $3.89, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates BBN as Neutral (3) -

While Baby Bunting remains a market leader, Citi does not recommend the stock to investors given elevated near-term risk. Short-term risks include the impact of price rises on volumes, continuing weakening of the macro environment and challenging comparables through to the second quarter of FY24. 

The broker cuts its earnings per share forecasts -3-7% through to FY25, noting the company remains the only national baby goods retailer and retains excellent scale. 

The Neutral rating is retained and the target price decreases to $2.40 from $2.90.

Target price is $2.40 Current Price is $2.31 Difference: $0.09
If BBN meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates BBN as Neutral (3) -

Baby Bunting has reiterated FY23 guidance for net profit of $21.5-24m, with its first half result pre-reported. Trading to date in the second half is weaker, Macquarie points out, versus assumptions.

Given a significant skew to the second half is required to achieve guidance the broker retains a Neutral rating. Same-store sales growth in January 2023 was down -8.7% and February is down -2.6% to date. Target is reduced to $2.45 from $2.85.

Target price is $2.45 Current Price is $2.31 Difference: $0.14
If BBN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates BBN as Overweight (1) -

While delivering pre-guided 1H results, management at Baby Bunting retained FY23 guidance for earnings of $21.5-24m.

CEO Matt Spencer will depart the business at the end of 2023.

While cash flow conversion was softer than expected with a -$10m increase in working capital, Morgan Stanley retains its Overweight rating. Target price $4. Industry view: In Line.

Target price is $4.00 Current Price is $2.31 Difference: $1.69
If BBN meets the Morgan Stanley target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates BBN as Hold (3) -

While 1H earnings for Baby Bunting were in line with the pre-announcement in January, like-for-like sales weakened further in that month. The CEO also announced his resignation and departure by the end of 2023.

Morgans lowers its FY23 and FY24 EPS estimates by-2% and -3%, respectively, and reduces its target to $2.50 from $2.80.

To explain the 1H sales weakness, the analyst suspects that after a return to in-store shopping in late 2022, consumers shopping for non-specialist items found a wider array of alternative retailers.

The Hold rating is unchanged though the broker feels investors may be presented with an opportunity at a later date to buy this (sole) national specialist baby products retailer.

Target price is $2.50 Current Price is $2.31 Difference: $0.19
If BBN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Ord Minnett rates BBN as Downgrade to Hold from Buy (3) -

Ord Minnett found the first half results "poor", with EBIT down -47% and gross profit margins declining to 37.2% and suspects it will be difficult for Baby Bunting to meet profit guidance over the short term.

Nevertheless, the broker acknowledges there is significant long-term growth potential. Rating is downgraded to Hold from Buy and the target is lowered to $2.45 from $3.30.

Target price is $2.45 Current Price is $2.31 Difference: $0.14
If BBN meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates BEN as Neutral (3) -

At first glance, the underlying first half result was ahead of Macquarie's forecasts amid better revenue trends

 Bendigo & Adelaide Bank has signalled there are headwinds from deposit competition and a shift to term deposits although some upside is anticipated from exit margins in the second half.

The broker continues to believe management's aspirations on expenses and system rationalisation are ambitious. Neutral rating retained. Target is $10.

Target price is $10.00 Current Price is $9.61 Difference: $0.39
If BEN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.23, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates BSL as Buy (1) -

In an early response to BlueScope Steel's first half result, Citi highlights the company delivered an earnings result right at the midpoint of its guidance range at $851m, while the second half guidance range of $480-550m is ahead of the broker's expectations. 

Looking ahead, the broker sees the North Star ramp-up as progressing well. Having commended last August, the full ramp-up is expected to span eighteen months. 

The broker is Buy rated with a target price of $19.50.

Target price is $19.50 Current Price is $19.82 Difference: minus $0.32 (current price is over target).
If BSL meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.17, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates CHC as Buy (1) -

In an early response to Charter Hall's first half result, Citi highlights full year guidance has been retained despite beating Citi's earnings per share expectations by 11%. The reiterated full year earnings per share guidance of no less than 90 cents implies a -24% half-on-half decline over the second half. 

Citi sees upside potential, noting Charter Hall is typically conservative with earnings guidance. 

The broker is Buy rated with a target price of $14.50.

Target price is $14.50 Current Price is $14.51 Difference: minus $0.01 (current price is over target).
If CHC meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.00, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Credit Suisse rates CQR as Neutral (3) -

Charter Hall Retail REIT's result came in marginally above Credit Suisse and FY guidance is reaffirmed. Portfolio metrics remain healthy, the broker suggests, with occupancy up to 98.6% on a WALE of 7.3 years.

There are no concerns with gearing or refinance risk but like all REITs, debt costs trended higher. Credit Suisse sees Charter Hall Retail as well placed in an inflationary environment, with 59% of the total portfolio income CPI-linked, and management expecting 2.6% major tenant income growth over FY23.

The broker prefers the REIT's higher exposure to non-discretionary retail. Neutral retained, target rises to $4.40 from $4.36.

Target price is $4.40 Current Price is $3.98 Difference: $0.42
If CQR meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 8.5% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates DHG as Buy (1) -

UBS found few surprises in the first half result which was marginally ahead of guidance.

The broker assesses, even with conservative assumptions around an eventual rebound in listings, Domain Holdings Australia could still achieve significant operating leverage and double earnings per share by FY25.

UBS assumes 4% volume growth in FY24 and retains a Buy rating. Target is raised to $3.70 from $3.20.

Target price is $3.70 Current Price is $3.07 Difference: $0.63
If DHG meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Credit Suisse rates DRR as Neutral (3) -

Deterra Royalties' revenue numbers were pre-released but earnings came in slightly below Credit Suisse on higher corporate costs. The 12c dividend missed by -2%.

Deterra continues to evaluate several opportunities to diversify its portfolio into bulk, base,and battery materials. With project delays on broader inflationary and external pressures placing pressure on some balance sheets, the broker would expect the company is seeing increased opportunities in recent months.

Competitiveness may nevertheless present downside risk. Neutral and $4.70 target retained.

Target price is $4.70 Current Price is $4.79 Difference: minus $0.09 (current price is over target).
If DRR meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.93, suggesting upside of 5.6% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

First half results were in line with expectations. Deterra Royalties has the benefit of the ramp-up of South Flank that has offset the easing of iron ore prices, Macquarie points out. South Flank remains a key catalyst and should lift to nameplate capacity over the next two years.

The broker expects spot prices to remain above 7% from FY23. Incorporating the results makes little difference to forecasts and the target is unchanged at $5. Macquarie downgrades to Neutral from Outperform amid recent strength in the share price.

Target price is $5.00 Current Price is $4.79 Difference: $0.21
If DRR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

First half results for Deterra Royalties were in line with Morgan Stanley's forecasts though were an -8% miss on profit and dividend (12cps) compared to consensus estimates. It's thought consensus was behind in updating for recent BHP Group ((BHP)) production results.

Management made no changes to capital allocation, maintaining its ongoing disciplined strategy, according to the analyst.

The broker retains its Equal-weight rating and $5.10 target. Industry View: Attractive.

Target price is $5.10 Current Price is $4.79 Difference: $0.31
If DRR meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Credit Suisse rates EVN as Underperform (5) -

Evolution Mining's result met expectations outside of forex losses. An interim dividend of 2c was declared, in line with consensus.

Credit Suisse had assumed no interim, and feels the dividend was more a message to the market that Evolution is comfortable with its financial footing in the current pricing environment as major capex rolls off.

But the broker sees risk of FY24 major capex guidance stepping up with the inclusion of Mungari, early works at Ernest Henry and Red Lake debottlenecking. Underperform retained, target falls to $2.70 from $2.80.

Target price is $2.70 Current Price is $2.89 Difference: minus $0.19 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.99, suggesting upside of 3.3% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Citi rates FBU as Buy (1) -

While Fletcher Building's first half result was in line with pre-reported metrics, Citi highlights a residential skew somewhat took away from an otherwise strong underlying result. 

The broker updated its outlook to reflect a -$30-40m earnings impact from weather and around 700 residential sales over the fiscal year. Citi finds the $55m earnings growth required to meet consensus expects is achievable given underlying improvement in Fletcher Building's materials and distribution business. 

The Buy rating is retained and the target price decreases to NZ$5.70 from NZ$6.53. 

Current Price is $4.48. Target price not assessed.

Current consensus price target is $4.87, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Ord Minnett rates GOZ as Accumulate (2) -

Growthpoint Properties Australia produced a "solid" first half result, Ord Minnett assesses. The business appears on track to meet the broker's FY23 forecast for FFO of 25.5c per security, which is at the lower end of guidance.

Leasing progress was made over the half, with tenants locked in for 89,000 square metres of space that represents 5.2% of portfolio income. Ord Minnett lifts its target by 2.5% to $ 4.05 and sets an Accumulate rating.

Target price is $4.05 Current Price is $3.30 Difference: $0.75
If GOZ meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates GPT as Outperform (1) -

At first glance, 2022 results were in line with Macquarie's estimates. Guidance for 2023 FFO per security of 31.3c and a distribution of 25c have been provided for the first time.

The broker points out GPT Group has a record of conservative guidance and therefore the outlook appears positive. Outperform rating and $4.74 target.

Target price is $4.74 Current Price is $4.65 Difference: $0.09
If GPT meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in December.

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 GQG as Outperform (1) -

2022 results were broadly in line with expectations. Performance fees and fee margins impressed Macquarie, offset by higher-than-expected expenses and tax. The outlook for flows remains positive.

Given GQG Partners' track record and the outlook for flows, the broker believes the stock should trade at a premium and the current -9% discount to ASX-listed peers is not justified. Outperform rating and $ 2.05 target maintained.

Target price is $2.05 Current Price is $1.38 Difference: $0.67
If GQG meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Morgans rates GQG as Add (1) -

In the wake of in-line FY22 results, Morgans expects to see funds under management (FUM) resilience and potentially accelerated flows as the investment performance remains strong over medium-longer term.

While investment in operations has led to margin compression for GQG Partners, the analyst suggests new products/relationships will assist flows (several sub-advisory relationships have already commenced).

The broker believes the company has the required infrastructure to add further investment teams under the brand over the longer-term. Add. The target rises to $1.93 from $1.91.

Target price is $1.93 Current Price is $1.38 Difference: $0.55
If GQG meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Ord Minnett rates GQG as Buy (1) -

Net operating income in 2022 was slightly below Ord Minnett's forecast, while revenue was slightly ahead. The broker notes GQG Partners made investments in the cost base that may constrain margins over the short term.

Flows have accelerated in the first quarter of 2023 and Ord Minnett considers the business well-positioned to benefit from this environment. The broker reiterates a Buy rating and reduces the target to $2.10 from $2.20.

Target price is $2.10 Current Price is $1.38 Difference: $0.72
If GQG meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

UBS rates GQG as Buy (1) -

Distributable earnings were ahead of estimates in the second half and UBS increases 2023/24 estimates for earnings by 4-5%. The broker suspects few analysts have considered the fact GQG Partners has been adding personnel and investing in the platform.

Revenue margins rose, inflows are recovering more quickly and investment in distribution should start to pay off, UBS adds. Buy rating and $2.20 target  unchanged.

Target price is $2.20 Current Price is $1.38 Difference: $0.82
If GQG meets the UBS target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates HCW as Upgrade to Outperform from Neutral (1) -

First half results were weaker than Macquarie expected. HealthCo Healthcare & Wellness REIT has revised up its yield on cost assumptions for future developments to 6-7 "over 5%" amid rental growth.

Not only is there a positive earnings benefit in a higher interest-rate environment but Macquarie points out this results in development margins of 30%.

Meanwhile, the broker suggests the downside risks, such as the outlook for GenesisCare, which represents 8% of the portfolio and has been reported as having liquidity concerns, are factored into the share price.

Macquarie upgrades to Outperform from Neutral and raises the target to $1.80 from $1.76.

Target price is $1.80 Current Price is $1.53 Difference: $0.27
If HCW meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

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

After taking into account the current pipeline, Morgan Stanley believes gearing for HealthCo Healthcare & Wellness REIT will rise to 30-40% within the next 6-12 months, having already expanded to 15.5% from 3% in the 1H of FY23.

For the 1H, the trust reported funds from operations (FFO) of 3.1cpu compared to the broker's expectation for 3.18cpu.

Management upgraded FY23 FFO guidance to 7.1cpu from 6.8cpu

Morgan Stanley leaves its $1.70 target and Equal-weight rating unchanged. Industry view: In-Line.

Target price is $1.70 Current Price is $1.53 Difference: $0.17
If HCW meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgans rates HCW as Add (1) -

Morgans assesses a solid operational performance in the 1H as increased property income outweighed higher debt costs and a divestment during the period. 

A 9% rise in property income for HealthCo Healthcare & Wellness REIT resulted from a combination of rental income increases, CPI leverage, development completions and acquisitions, explains the analyst.

Funds from operations (FFO) in the half were 3.1cpu and guidance for FY23 now sits at 7.1cpu, up from 6.8cpu.

Morgans retains its Add rating. Target rises to $2.06 from $2.05.

Target price is $2.06 Current Price is $1.53 Difference: $0.53
If HCW meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates HPI as Hold (3) -

Hotel Property Investments appears on track to meet full year distribution guidance of 18.4c per security representing a yield of 5% based on the current security price.

Ord Minnett found the results in the first half slightly ahead of expectations because of lower management fees and lifts forecasts. Target is also raised to $3.30 from $3.20.

The broker assesses the rental outlook is firm although rising interest rates are a major headwind. Average rental growth of 3.6% is expected per year in the medium term. Hold maintained.

Target price is $3.30 Current Price is $3.52 Difference: minus $0.22 (current price is over target).
If HPI meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates IDX as Neutral (3) -

Citi found lower than expected margins the headline disappointment of Integral Diagnostics' first half result. The company anticipates a materially stronger second half, both on higher margins and revenue growth, having recorded double digit year-on-yer growth through January and February. 

The company expects to benefit from higher than historical growth over the next two years in a post-covid catch up. Further, it anticipates margins return to around 20% over time, but this remains lower than the 25% margin the market has assumed for FY25.

The Neutral rating is retained and the target price decreases to $2.80 from $3.20.

Target price is $2.80 Current Price is $2.67 Difference: $0.13
If IDX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Credit Suisse rates IDX as Upgrade to Neutral from Underperform (3) -

Integral Diagnostics reported better than expected revenues but profit was a clear miss. While operating cashflow conversion was very strong, it was partially aided by an unsustainably high accounts payable figure, Credit Suisse warns.

Management's expectation is for the second half to be "materially stronger" than the first, with volumes and margin both improving.

Despite an improving operating performance it is difficult to be comfortable with near-term earnings prospects, Credit Suisse suggests. On balance the broker believes investors have some time before they need to take a position to benefit from improved outer year earnings.

An upgrade to Neutral from Underperform reflects a longer term view. target rises to $2.70 from $2.63.

Target price is $2.70 Current Price is $2.67 Difference: $0.03
If IDX meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 6.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates IDX as Upgrade to Outperform from Neutral (1) -

First half results from Integral Diagnostics were below expectations, although Macquarie observes improved activity in the second half is underpinnning earnings growth, margin improvement and a better balance sheet.

While the balance sheet is stretched it remains within covenants. The broker upgrades to Outperform from Neutral and raises the target to $3.30 from $3.05.

Target price is $3.30 Current Price is $2.67 Difference: $0.63
If IDX meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

Cost control by Integral Diagnostics in the 1H was worse than Morgan Stanley expected. Earnings (EBITDA) margins declined by -320bps to 18.5%, driven by inflation, as well as higher labour and interest costs, explains the analyst.

Average fee per exam rose by 5.2% and 1H revenue rose by 19%, only a slight miss versus the broker's estimate.

The broker compares Integral's 18.5% margin to the diagnostic imaging margins for Sonic Healthcare ((SHL)) and Healius ((HLS)) of 24.2% and 22%, respectively, for the same period.

While no guidance was provided by management, the 2H is expected to be materially stronger than the 1H. "Double-digit" revenue growth was noted in January, which may represent an inflexion point and ultimately provide at least some margin relief, according to the analyst.

However, Morgan Stanley suggests any M&A aspirations may have to be shelved given an increased debt ratio.

The broker lowers its target to $2.70 from $2.86 and retains its Equal-weight rating. Industry view In-Line.

Target price is $2.70 Current Price is $2.67 Difference: $0.03
If IDX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Credit Suisse rates ING as Neutral (3) -

Inghams Group 's result was modestly ahead of expectations and Credit Suisse sees the company's recovery progressing slightly faster than anticipated, notwithstanding weakness in core poultry volumes that appear to be industry-wide and should be transient.

While average sales prices increased 8.9%, feed costs remain elevated, the broker notes, and Inghams needs to pass through further price rises.

Credit Suisse' forecasts continue to assume a steady progression towards normalised earnings in FY24-25, but the risk profile and lack of conviction around what drives growth beyond ‘normalised’ mean Neutral retained. Target rises to $2.90 from $2.80.

Target price is $2.90 Current Price is $2.74 Difference: $0.16
If ING meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 1.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates ING as Upgrade to Outperform from Neutral (1) -

Macquarie observes Inghams Group has successfully transitioned from the operating disruptions experienced in FY22. First half earnings and net profit were ahead of expectations and the strong result increases the broker's confidence in an earnings recovery.

As a result, the rating is upgraded to Outperform from Neutral and the target raised to $2.97 from $2.62. Multiples also appear more attractive, with the stock trading on 13.3x and 11.0x FY23 and FY24 PE, respectively, a -15% and -25% discount to peers.

Target price is $2.97 Current Price is $2.74 Difference: $0.23
If ING meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Inghams Group's 1H result was a material beat versus Morgans forecast and management expects the positive momentum to continue in the 2H.

The company also noted inflationary cost pressures remain for grain, labour fuel, freight packaging, utilities and ingredients.

The broker raises its forecasts and expects earnings will normalise through FY24/25 due to price rises and improvements in operations. The rating is upgraded to Add from Hold and the target rises to $3.15 from $2.97.

Target price is $3.15 Current Price is $2.74 Difference: $0.41
If ING meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates ING as Accumulate (2) -

First half underlying EBITDA of $210m was -5% below the prior corresponding half. Ord Minnett notes price increases stemming from elevated costs are slow to respond and the second half has also begun with an industry oversupply of poultry.

Still, consumption is normalising and, longer term, the underlying demand dynamics in Australasia remain attractive. Ord Minnett maintains an Accumulate rating and $3.50 target.

Target price is $3.50 Current Price is $2.74 Difference: $0.76
If ING meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates ING as Neutral (3) -

First half earnings were broadly in line with estimates and for UBS this demonstrates the earnings recovery from the significant pandemic-related impacts is underway.

Nevertheless, the recovery is being weighed down by cost headwinds such as feed, packaging, fuel and distribution. No formal guidance was provided. While Inghams Group has implemented initiatives to improve production, the benefits are unlikely to be realised until the fourth quarter.

UBS remains attracted to the leading position in the Australian and NZ poultry markets but assesses the stock is trading in line with its long-term averages and retains a Neutral rating with a $3 target.

Target price is $3.00 Current Price is $2.74 Difference: $0.26
If ING meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates IPH as Outperform (1) -

Earnings from IPH in the first half were ahead of Macquarie's estimates. The company has signallled its intention to pursue M&A in Canada and other key secondary markets.

Macquarie finds the relative defensive nature of the business attractive along with the offshore potential and retains an Outperform rating. The recently acquired Smart & Biggar is performing in line with expectations. Target is raised to $12.85 from $12.40.

Target price is $12.85 Current Price is $8.49 Difference: $4.36
If IPH meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $10.42, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates IRE as Neutral (3) -

At first glance, Macquarie notes less financial detail was provided this time around in the 2022 results, with an update to be provided at an investor briefing on April 20, and suspects Iress will walk away from its medium-term targets.

Results were at the low end of the guidance range and segment profit of $165.1m and net profit of $52.7m were affected by currency. Macquarie has a Neutral rating and $12.40 target.

Target price is $12.40 Current Price is $9.21 Difference: $3.19
If IRE meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $11.25, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in December.

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 LFS as Neutral (3) -

A full year cash earnings result of $153.5m from Latitude Group was a slight miss to consensus expectations, while the result proved lower quality than Citi had anticipated, underpinned by one-off cost benefits, an abnormally low tax rate and $96m in below-the-line items. 

Citi anticipates FY23 to represent a trough for Latitude Group, and while expecting cost of funding to prove difficult over the next twelve months the broker feels continuing volume and growth and repricing initiatives will support a strong earnings recovery from FY24. 

The Neutral rating is retained and the target price decreases to $1.30 from $1.40.

Target price is $1.30 Current Price is $1.29 Difference: $0.01
If LFS meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

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

Results from Latitude Group, at the pre-provision level, were largely in line with forecasts, affected by continued elevated repayment levels and margin pressures. Macquarie envisages re-pricing initiatives and rising rates will broadly offset each other over 2023.

As the macro uncertainties are driving soft margin trends and there are persistent material items, the broker finds better value elsewhere in the sector and downgrades to Underperform from Neutral. Target is reduced to $1.20 from $1.30.

Target price is $1.20 Current Price is $1.29 Difference: minus $0.09 (current price is over target).
If LFS meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.23, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

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

After examining FY22 results for Latitude Group, Morgan Stanley feels improving volumes are helping to offset a setback in margin recovery. The company was considered too slow in repricing to offset higher funding costs.

The broker also thinks the company has a limited ability to reprice merchant fees for these higher funding costs, though can pass through costs for cards and variable rate loans.

Second half cash profit missed the consensus forecast by -11%, but was in line with Morgan Stanley.

Management is beginning to see a recovery in volumes as excess savings start to diminish.

The target falls to $1.20 from $1.35. Equal-weight.Industry View: In-line.

Target price is $1.20 Current Price is $1.29 Difference: minus $0.09 (current price is over target).
If LFS meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.23, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Macquarie rates LNK as No Rating (-1) -

Link Administration has advised it is in exclusive negotiations with the Waystone Group for the sale of its fund solutions division.

The probable outcome of the sale, Macquarie notes, and of settlement with the FCA, is that Link Administration would receive no net proceeds from the sale.

Macquarie is on research restriction.

Current Price is $2.09. Target price not assessed.

Current consensus price target is $3.33, suggesting upside of 55.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates MFG as Hold (3) -

Following in-line 1H results by Magellan Financial, Morgans retains is Hold rating on a solid capital position though notes the business is still in outflows, and retains a risks of accelerated retail outflows or retail fee cuts.

The analyst suggests near-term funds under management (FUM) growth looks limited. The group closed out December with $45.3bn in FUM, down -9.8% on the month and down -11% on the quarter.

After raising EPS forecasts and changing its valuation method, the broker raises its target to $10.71 from $9.54.

Target price is $10.71 Current Price is $9.76 Difference: $0.95
If MFG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.55, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates NCM as Accumulate (2) -

First half results were "solid", in Ord Minnett's assessment. Adjusted EBITDA rose 24%, underpinned by increased copper and gold sales.

The broker welcomes the decision to reject an increased indicative offer from Newmont although notes non-exclusive due diligence has been allowed to provoke a higher offer.

Dividends have increased which Ord Minnett suspects could be part of the defence of the Newmont offer. Accumulate rating and $31 target maintained.

Target price is $31.00 Current Price is $23.57 Difference: $7.43
If NCM meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $26.01, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Citi rates NHC as Buy (1) -

The December quarter result from New Hope appears lower than Citi had anticipated, with the broker reducing its full year earnings forecast -17% as it marks to market thermal coal pricing for the March quarter.

The January quarter have also missed expectations, with saleable coal production declining -5.1% quarter-on-quarter and -27.7% year-on-year to 1.54m tonnes and coal sales declining -22% quarter-on-quarter and -40% year-on-year to 1.46m tonnes. The Bengalla dragline did recommence operations in December, and the growth project continues to progress. 

The Buy rating is retained and the target price decreases to $6.16 from $6.70.

Target price is $6.16 Current Price is $5.20 Difference: $0.96
If NHC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Ord Minnett rates NHC as Accumulate (2) -

New Hope's production in the second quarter was weak, Ord Minnett assesses. Saleable coal production from New Hope's 80%-owned Bengalla mine was down -21%, affected by inclement weather.

Ord Minnett notes the New Acland stage 3 mine is under construction and likely to start production late in FY23 or in FY24. The broker reduces the target to $6.50 from $8.00, driven by lower assumptions for near-term coal prices. Accumulate maintained.

Target price is $6.50 Current Price is $5.20 Difference: $1.3
If NHC meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Macquarie rates NST as Outperform (1) -

First half earnings and net profit, in the initial analysis, were ahead of Macquarie's estimates. The broker notes the net profit was boosted by an $11m gain on revaluation of the debenture and a $2.2m FX gain, which were not in estimates.

The dividend was also higher than expected at $0.11 versus $0.10 and Northern Star Resources expects any dividends paid within the next 18 months will be unfranked because of a low franking credit balance.

The company has reiterated FY23 guidance, expecting a stronger second half from Yandal and Pogo. Outperform rating and $14 target.

Target price is $14.00 Current Price is $11.39 Difference: $2.61
If NST meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.05, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

Morgans notes a mixed 1H result as Objective Corp continues to phase out Perpetual Right To Use (PRTU) licensing and returns opex to normalised post-covid levels.

While this transition should weigh on near-term revenue recognition for the rest of FY23, the analyst feels costs were re-based in the 1H, and the stage is now set for margin improvement well into FY24.

The broker raises its rating to Add from Hold after becoming more comfortable with visibility for revenue and margins. While earnings forecasts are slightly lowered, the target rises to $15.70 from $15.20 on a roll forward of the financial model.

Target price is $15.70 Current Price is $12.50 Difference: $3.2
If OCL meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates ORG as Hold (3) -

Morgans updates its Origin Energy forecasts for last week's 1H results that came in below expectations due to a tight wholesale electricity market, an increase in APLNG costs and greater taxes on cash distributions.

The takeover offer by a North American consortium should be the key driver of the share price, points out the analyst. A Hold rating is retained given ongoing uncertainty around the bid.

After making adjustments for the dividend in the bid price and updating for 1H results, the broker's target lands at $6.90, down from $7.51.

Morgans points out electricity spot and futures prices have eased and customer tariffs are set to lift next year.

Target price is $6.90 Current Price is $7.00 Difference: minus $0.1 (current price is over target).
If ORG meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.17, suggesting upside of 16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates PAN as Outperform (1) -

Panoramic Resources has dispatched its final nickel-copper-cobalt concentrate to Jinchuan. Macquarie notes mining rates improved recently and there are now multiple stoping areas at Savannah North.

Three shipments were completed in the second quarter and another three are expected in the third. No guidance was provided with the update.

Macquarie's estimates for FY23 production of 663,000t nickel is at the lower end of guidance. Outperform rating and $0.22 target maintained.

Target price is $0.22 Current Price is $0.16 Difference: $0.065
If PAN meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals has announced a spot sale of its spodumene concentrate. A 15,000t cargo of spodumene concentrate has been sold for delivery in March. Macquarie observes this is the largest spot sale to date.

Spot sales, BMX auctions and toll treating will be considered for future unallocated volumes if the value argument is made. Outperform rating and $7.50 target maintained.

Target price is $7.50 Current Price is $4.44 Difference: $3.06
If PLS meets the Macquarie target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates PPE as Add (1) -

PeopleIN released a strong 1H result, according to Morgans, with beats against normalised earnings (EBITDA) and normalised profit (NPATA) of 5.2% and 6.8%, respectively.

Management confirmed its FY23 earnings guidance of $62-$66m and the broker expects delivery at the top-end of this range.

Morgans increases its target to $4.90 from $4.70. The Add rating is retained on an attractive multiple and fully franked dividend.

Target price is $4.90 Current Price is $3.06 Difference: $1.84
If PPE meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates PPE as Buy (1) -

First half operating earnings were slightly ahead of expectations. PeopleIN has reaffirmed full year guidance. Ord Minnett notes an improved performance in the health and industrial segments has supported organic growth.

Although job vacancies have declined from the highs of late 2022 demand appears significantly above historical averages and this supports the near-term outlook.

The broker considers the stock at an attractive entry point and retains a Buy rating. Target is reduced to $4.39 from $4.52.

Target price is $4.39 Current Price is $3.06 Difference: $1.33
If PPE meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates PWH as Add (1) -

After allowing for some revenue timing issues, Morgans calculates 1H earnings (EBITDA) for PWR Holdings were only a -2% miss. 

Despite reducing earnings forecasts, the broker raises its target to $12.05 from $10.50 after rolling forward its financial model.

Management sees extensive organic growth opportunities in the pipeline, across Motorsports, Aftermarket, and Aerospace & Defence.

The Add rating is unchanged.

Target price is $12.05 Current Price is $10.55 Difference: $1.5
If PWH meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates PWH as Neutral (3) -

PWR Holdings slightly missed estimates in the first half results, mostly because of higher employee expenses. UBS does point out revenue can be lumpy because of the timing of individual contracts.

Still, the medium-term opportunity across aerospace and defence continues to grow. Minimal changes are made to estimates across FY23/24. Neutral rating maintained. Target rises to $10.75 from $9.30.

Target price is $10.75 Current Price is $10.55 Difference: $0.2
If PWH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates QBE as Buy (1) -

According to Citi QBE Insurance's FY22 result demonstrates strong top line momentum, which the broker expects to carry into FY23. Further, the broker highlights yields appear to be materially expanding, and should provide a strong boost to future earnings.

The broker sees inflation as remaining a risk, with the insurer having predicted 5.5% inflation rather than the realised 7.0% in FY22, but notes QBE Insurance appears to be taking a cautious approach. 

Citi continues to find valuation attractive. The Buy rating is retained and the target price increases to $16.20 from $15.40.

Target price is $16.20 Current Price is $14.39 Difference: $1.81
If QBE meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Credit Suisse rates QBE as Outperform (1) -

Strong gross written premium (GWP) growth continues for QBE Insurance, Credit Suisse notes. Retention remains strong and importantly, net earned premium growth has closed the gap on GWP growth.

Solid premium rate increases provide comfort on  QBE’s FY23 GWP guidance of mid-to-high single digits. QBE’s reinsurance transaction to transfer some long tail portfolios looks sensible, the broker believes, as is exiting much program exposure in North America.

Saving more for a rainy day should add to earnings consistency, catastrophe allowance looks prudent, and capital remains solid. Outperform retained, target rises to $18.70 from $17.39.

Target price is $18.70 Current Price is $14.39 Difference: $4.31
If QBE meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 8.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates QBE as Outperform (1) -

2022 results from QBE Insurance beat Macquarie's forecasts, with commissions and underwriting expenses unusually low. A reserve in reinsurance transaction will take place in the first half of 2023 and could provide flexibility for additional growth, the broker adds.

Ongoing strength in the global insurance pricing cycle and improving bond yields are underpinning the quality of the result and an Outperform rating is maintained. Target is raised to $15.60 from $14.20.

Target price is $15.60 Current Price is $14.39 Difference: $1.21
If QBE meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley assesses a strong FY22 result by QBE Insurance, believes the stock can further re-rate in FY23 and raises its target to $17 from $16. Overweight. Industry View: In-Line. 

The underwriting result and adjusted cash profit were beats of 3% and 18%, respectively, against the analyst's forecast, with similar beats against consensus forecasts for both metrics.

While the broker lowers its FY23 EPS forecast slightly on the cost of a reserving deal, the FY24 forecast climbs on stronger projections for gross written premiums (GWP) and investment income.

The company is selling -US$1.9bn of North Hemisphere long-tail reserves for US$100m, helping to address investor concerns as those particular reserves drove the majority of the company's top-ups.

Target price is $17.00 Current Price is $14.39 Difference: $2.61
If QBE meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Morgans rates QBE as Add (1) -

Morgans raises its target for QBE Insurance to $16.96 from $15.05 following FY22 results that beat consensus forecasts for profit and the 2H dividend by 18% and 11%, respectively.

The analyst still sees support for further earnings growth from premium rate increases and higher investment income. As the company's valuation is considered relatively inexpensive, the Add rating is retained.

FY23 guidance is for mid-to-high single digit gross written premium (GWP) growth, following a 13% rise in FY22 on the previous corresponding period.

Target price is $16.96 Current Price is $14.39 Difference: $2.57
If QBE meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Ord Minnett rates QBE as Downgrade to Lighten from Buy (4) -

Ord Minnett expects higher interest rates will provide a benefit for QBE Insurance in the medium term although the competitive landscape means some of the upside will be eroded through competition via premium rates.

The broker now whitelabels Morningstar instead of JPMorgan and the rating is downgraded to Lighten as the share price has moved through the trigger level. Target is $12.

Target price is $12.00 Current Price is $14.39 Difference: minus $2.39 (current price is over target).
If QBE meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.21, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates RWC as Outperform (1) -

At an initial glance, first half results were largely in line with Macquarie's expectations. No FY23 guidance was provided. Reliance Worldwide has signalled that inventory should continue to reduce as supply chains stabilise.

Line-item guidance for FY23 is broadly in line with Macquarie's forecasts. Outperform rating and $4.15 target maintained.

Target price is $4.15 Current Price is $3.48 Difference: $0.67
If RWC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Ord Minnett rates SDF as Hold (3) -

Ord Minnett takes a more positive view on Steadfast Group, as insurers in Australasia are putting through double-digit price increases in response to high claims inflation and rising reinsurance costs. The company has upgraded its guidance for  FY23 by 3%.

The midpoint of guidance implies growth in net profit of 20%, the broker adds, and the company has a good track record of organic and acquired growth. Hold rating maintained. Target is $5.70.

Target price is $5.70 Current Price is $5.65 Difference: $0.05
If SDF meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates SUL as Neutral (3) -

First half results were pre-reported in January and Macquarie notes Super Retail has grown earnings to the top end of guidance despite inflation and moderating margins. Early trading in the second half is also encouraging despite the strong comparables.

Still, the broker remains cautious because the business needs to defend particularly tough comparables, post the omicron outbreak and NSW floods, over the balance of the year. Neutral maintained. Target is raised to $12.37 from $12.08.

Target price is $12.37 Current Price is $12.90 Difference: minus $0.53 (current price is over target).
If SUL meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.15, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates SXL as Underweight (5) -

First half results for Southern Cross Media confirmed Morgan Stanley's cautious view (Underweight) with ad market weakness in the last two months of last year continuing into the 2H. 

Results showed misses against the broker's estimates for revenue and earnings of -3% and -6%, respectively. As a result, Morgan Stanley's EPS forecasts for FY23-25 fall by -9-22%.

A potential bright spot for the future was the good take-up of LiSTNER (audio and commercial podcast network), which the broker will be keeping an eye on. However, it's still considered to be 'unprofitable tech' at this stage.

The target falls to 95c from $1.00. Industry view: Attractive.

Target price is $0.95 Current Price is $1.02 Difference: minus $0.075 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.26, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates TLS as Overweight (1) -

Telstra Group's 1H results supported Morgan Stanley's Overweight thesis, thanks to strong organic growth in both the Mobile division and the InfaCo unit. Both assets are expected to lead to rising surplus free cash flow and dividends.

The analyst particularly likes Telstra's options to unlock extra value via the InfraCo assets, which are not incorporated into Morgan Stanley's current $4.75 target for the stock. Industry view In-Line.

The broker runs the numbers on a potential sale/securitisation of the 25-year contract with the NBN, under which Telstra receives around $1bn cash/year. Conclusion: under this scenario Telstra shares are around -30% discounted compared to an average for global peers.

Target price is $4.75 Current Price is $4.21 Difference: $0.54
If TLS meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates VCX as Neutral (3) -

Higher than expected leasing spreads and interest costs have seen Citi make minor adjustments to its outlook for Vicinity Centres. 

The Neutral rating and target price of $2.00 are retained.

Target price is $2.00 Current Price is $2.09 Difference: minus $0.09 (current price is over target).
If VCX meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.11, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Morgan Stanley rates WBC as Overweight (1) -

Following Westpac's Pillar 3 update for December last year, Morgan Stanley feels capital and provisioning are broadly in line with peers.

However, the broker feels this update will do little to assuage rising market concerns around wider Banking sector margin pressures.

The Overweight rating and $24 target are unchanged for Westpac. Industry View: In-Line.

Target price is $24.00 Current Price is $22.78 Difference: $1.22
If WBC meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.24, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates WBC as Accumulate (2) -

Ord Minnett found little in the first quarter update to alter its view on the earnings outlook for Westpac. The bank is benefiting from similar margin tailwinds to peers and the broker's FY23 net interest margin forecast of 2% assumes a 13 basis point rebound from FY22.

This is less material than that reported by Commonwealth Bank ((CBA)) as Ord Minnett suspects Westpac will have to use price to win back home loan momentum. Accumulate rating and $29 target.

Target price is $29.00 Current Price is $22.78 Difference: $6.22
If WBC meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $26.24, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates WTC as Buy (1) -

WiseTech Global has acquired Blume Global to further expand in landside logistics. UBS raises FY24 revenue and EBITDA estimates by 16% and 4%, respectively, to reflect this acquisition and the earlier Global Customs acquisition.

Nevertheless, disruption from integration could continue over several years and the broker expects little growth from the two acquisitions.

UBS reiterates a Buy rating, expecting underlying momentum in the business, outside of the landside logistics, to remain strong. Target is raised to $67.60 from $65.90.

Target price is $67.60 Current Price is $56.54 Difference: $11.06
If WTC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $65.65, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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