Australian Broker Call

Ord Minnett rates ABB as Buy (1) -

Aussie Broadband's trading update revised "base" FY24/FY25 EBITDA guidance down by some -7% compared to consensus expectations, Ord Minnett observes. Management also announced a new brand, Buddy Telco.

The broker highlights a circa -$10m investment for Buddy but the new offering is expected to grow to some 100k subscribers by FY27/FY28.

EBITDA forecasts are lowered by Ord Minnett for FY25 by -13% and -23% for EPS.

Target price is revised to $3.81 from $4.20 and the Buy rating unchanged.

Target price is $3.81 Current Price is $3.07 Difference: $0.74
If ABB meets the Ord Minnett target it will return approximately 24% (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

Citi rates AIA as Buy (1) -

Auckland International Airport reported June and FY24 passenger numbers which Citi highlights were -2% below the company's forecasts for international traffic and -1% for domestic travel.

A robust start of the July month for Asian passengers is noted as "green shoots" starting to appear with Chinese passengers rising 21% year-on-year.

The broker points to airline capacity issues for the weaker domestic travel results.

Improving macro tailwinds are emerging from a more dovish RBNZ and possible US rate cuts. Citi believes the consensus forecast for circa 14% EBITDA growth rate p.a. from 2024 to 2030 could be too conservative.

A Buy rating is retained with a NZ$9.20 target price.

Current Price is $7.16. Target price not assessed.

Current consensus price target is $8.25, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Morgans rates AIM as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans revises Ai-Media Technologies' FY25 EPS forecast by -33.6% for additional sales growth and marketing spend with the transition progressing well.

The Add rating and 70c target are retained.

Target price is $0.70 Current Price is $0.43 Difference: $0.27
If AIM meets the Morgans target it will return approximately 63% (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

Morgans rates ALL as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans forecasts year-on-year revenue growth of 8%, EBITDA growth of 1% and EPS growth of 10% for the gaming sector.

Morgans tweaks its Aristocrat Leisure EPS forecasts post the latest Investor Day with a -3% decline in FY24 and FY25.

Add rating unchanged. The target price is raised to $56 accounting for an adjustment in multiples ascribed to stocks in the gaming sector generally.

Target price is $56.00 Current Price is $53.66 Difference: $2.34
If ALL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $55.05, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates AND as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans makes no changes to earnings forecasts for Ansarada Group. Hold rating and $2.50 target unchanged.

Target price is $2.50 Current Price is $2.30 Difference: $0.2
If AND meets the Morgans target it will return approximately 9% (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

Morgans rates ART as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is Neutral rated on the media sector and forecasts year-on-year revenue growth of 19%, EBITDA growth of 37% and EPS growth of 22%.

The broker makes no changes to earnings forecasts for Airtasker. Add rating and 54c target unchanged. 

Morgans emphasises the circa $20m cash on the balance sheet, positive operating cash flow and believes there is a "prodigious' TAM both domestically and overseas.

Target price is $0.54 Current Price is $0.36 Difference: $0.18
If ART meets the Morgans target it will return approximately 50% (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

Morgans rates ATA as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans makes no changes to earnings forecasts for Atturra. Add rating and $1.05 target remain.

Target price is $1.05 Current Price is $0.81 Difference: $0.24
If ATA meets the Morgans target it will return approximately 30% (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 ATA as Buy, High Risk (1) -

A FY24 trading update by Atturra revealed a 2% beat against forecasts by Shaw and Partners for both revenue and underlying earnings (EBITDA), while initial FY25 guidance was also better-than-expected.

Considering recent well reported challenges in the Canberra consulting market, these outcomes may be better than investors expected, suggests the broker.

Management also announced a relatively small but strategic acquisition, according to Shaw. Around -$6m cash upfront will be paid for Extent, a Brisbane-based advisory and consulting practice, with a further -$2m cash earn-out based on 1H FY25 performance hurdles.

The Buy, High Risk rating and $1.40 target are retained.

Target price is $1.40 Current Price is $0.81 Difference: $0.59
If ATA meets the Shaw and Partners target it will return approximately 73% (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

Macquarie rates BGL as Outperform (1) -

Bellevue Gold's 4Q sales were in line with Macquarie's forecast, while gold production of 42.7koz was a -3% miss, but 2H production of 80koz was within the 75-85koz guidance range.

The broker is anticipating FY25 guidance, and the multi-year outlook, will be announced during a site visit on July 31. It's felt this guidance will be important to gauge long-term costs (AISC) for the company.

The Outperform rating and $2.10 target are maintained.

Target price is $2.10 Current Price is $1.93 Difference: $0.17
If BGL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 10.5% (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

UBS rates BGL as Buy (1) -

Bellevue Gold reported June quarter production of 43koz, observes UBS, bringing FY24 production to 80koz which is around the guidance mid-point.

The ramp up to 1mt p.a. continues, explains the broker, with the market remaining interested in the FY25 guidance and the expected costs.

Buy rating and $2.25 target unchanged.

Target price is $2.25 Current Price is $1.93 Difference: $0.32
If BGL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 10.5% (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

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

Morgan Stanley believes the market's reaction to BHP Group and Vale's final settlement relating to the Fundao dam failure will be determined by both the quantum and timing (of payment) of final settlements.

Both miners have now agreed to support equally any claims in any jurisdiction relating to the incident, explains the broker.

The matter is an ongoing overhang for BHP shares, suggest the analysts, with potential for the final settlement number coming in higher than already increased provisions.

The $46.65 target and Equal-weight rating are maintained. Industry view: Attractive. 

Target price is $46.65 Current Price is $43.67 Difference: $2.98
If BHP meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $45.91, suggesting upside of 6.6% (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: 0.4

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

Bell Potter rates BIO as Buy (1) -

Displaying the fastest sales growth of the past five quarters, notes Bell Potter, Biome Australia's June quarter increased by 88% on the previous corresponding period. 

Also, operating cash flow (OCF) nearly doubled in the March quarter, and was the third successive positive quarter, highlights the broker. 

Bell Potter attributes sales growth to the release of new products over FY24 and a 25% increase in distribution footprint across pharmacy and health practitioners. Pharmacy sales account for around 66% of total sales, note the analysts.

The target rises to 80c from 73c as the broker lowers the assumed discount rate to 11.8% from 12.5%.

Target price is $0.80 Current Price is $0.66 Difference: $0.14
If BIO meets the Bell Potter target it will return approximately 21% (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

Morgans rates CAR as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is Neutral rated on the media sector and forecasts year-on-year revenue growth of 19%, EBITDA growth of 37% and EPS growth of 22%.

The broker tweaks EPS forecasts for CAR Group.

Hold rating unchanged and the target price is raised 5.8% to $34.70 with Morgans awaiting an "attractive" entry point into the stock.

Target price is $34.70 Current Price is $35.16 Difference: minus $0.46 (current price is over target).
If CAR 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 $36.60, suggesting upside of 3.2% (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

Morgans rates CHL as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is Neutral rated on the media sector and forecasts year-on-year revenue growth of 19%, EBITDA growth of 37% and EPS growth of 22%.

The broker makes no changes to earnings forecasts for Camplify Holdings.

Add rating and $2.55 target remain. Morgans believes there are excellent opportunities for Camplify Holdings overseas and thus also for patient investors.

Target price is $2.55 Current Price is $1.25 Difference: $1.295
If CHL meets the Morgans target it will return approximately 103% (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

Morgan Stanley rates CPU as Overweight (1) -

Morgan Stanley believes Computershare's shares now represents value with margin concerns already factored into the price.

At FY24 results, the analysts anticipate management will announce a further circa US$250m buyback on top of the existing US$750m to support EPS growth.

A strong balance sheet and exposure to a capital markets recovery provides near-term M&A and buyback optionality, suggests the broker.

The target falls to $29.40 from $29.70. Overweight. Sector view is In-Line. 

Target price is $29.40 Current Price is $26.24 Difference: $3.16
If CPU meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.87, suggesting upside of 13.4% (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: 0.9

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

Morgans rates DTL as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans makes no changes to the earnings forecasts for Data#3. Hold rating and $7.50 target maintained.

Target price is $7.50 Current Price is $8.32 Difference: minus $0.82 (current price is over target).
If DTL meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.13, suggesting downside of -2.0% (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

Citi rates HUB as Neutral (3) -

In an early response to Hub24's 4Q update, Citi notes net flows missed the consensus forecast by -7% but underlying flows beat the broker's forecasts and there was a pick up in the rate of growth.

The overall opportunity from the Equity Trustees ((EQT)) transition has been upsized by $1bn to $5bn, observes the analyst, despite the lower-than-expected transition to-date due to timing issues.

The broker now sees potential for consensus upgrades to FY25 flow forecasts to reflect the up-sized Equity Trustees transition, the stronger underlying flows in Q4, and a slowing in headcount growth.

Neutral. Target $46.40.

Target price is $46.40 Current Price is $46.43 Difference: minus $0.03 (current price is over target).
If HUB 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 $43.89, suggesting downside of -5.6% (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

UBS rates HUB as Neutral (3) -

In an initial response to Hub24's quarterly update released earlier today, UBS has stuck with its Neutral rating and $41 price target.

The broker sees pros and cons, with funds under admin (FUA) and Equity Trustees ((EQT)) inflows below forecasts, but organic inflows were ahead and the Equity Trustees mandate has been expanded by $1bn.

The broker believes the current valuation can be justified as its own forecasts imply ongoing strong earnings growth ahead to the magnitude of 20%-plus EBITDA CAGR over the next three years.

Target price is $41.00 Current Price is $46.43 Difference: minus $5.43 (current price is over target).
If HUB meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $43.89, suggesting downside of -5.6% (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 IKE as Speculative Buy (1) -

Management at ikeGPS Group sees potential upside to reconfirmed NZ$16m guidance following a 1Q FY25 trading update revealing the sixth consecutive quarter of subscription revenue growth, observes Bell Potter.

The year-on-year gross margin increased by around 900bps to 70% due to a mix shift and cost reductions, explain the analysts.

The company expects growth in subscriptions partly from near-term major customer wins for PoleForeman and ongoing growth in core IKE Office subscriptions.

The Speculative Buy rating and target price of 63c are retained.

Target price is $0.63 Current Price is $0.41 Difference: $0.225
If IKE meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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: 1.0

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

Bell Potter rates IMM as Speculative Buy (1) -

Immutep has provided a data update from Cohort B of the Phase 2 trial, which provides further encouragement that Efti and Keytruda could provide a chemo-free option with improved efficacy, according to Bell Potter.

The trial is aiming to benefit patients with first line head and neck squamous cell carcinoma (HNSCC), explains the broker. The 35.5% objective response rate (ORR) for Efti and Keytruda is similar to the ORR achieved historically with the current chemo-based approach.

The Speculative Buy rating and 75c target are maintained.

Target price is $0.75 Current Price is $0.32 Difference: $0.43
If IMM meets the Bell Potter target it will return approximately 134% (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

Morgans rates JIN as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans forecasts year-on-year growth for revenue of 8%, EBITDA growth of 1% abd EPS growth of 10% for the gaming sector.

The broker lowers its forecasts for Jumbo Interactive taking into account less larger jackpots in FY25 and its EPS forecasts decline by -3% in FY24 and -4% in FY25.

The target price is revised to $17.70 from $19.20 and the Add rating unchanged.

Target price is $17.70 Current Price is $16.31 Difference: $1.39
If JIN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $17.17, suggesting upside of 7.6% (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

Ord Minnett rates KAR as Buy (1) -

Ord Minnett expects Karoon Energy to release its capital management policy on July 25 with the June quarter production report.

The broker envisages a possible 20%-40% payout ratio, which results in a forecast dividend per share of US3.4c in 1H2024, to be announced at the August earnings report.

The broker's forecast represents a 25% payout ratio and the consensus forecasts are around US3c.

Buy rating with a $2.60 target price.

Target price is $2.60 Current Price is $1.89 Difference: $0.71
If KAR meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 36.8% (ex-dividends)

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 KLS as Upgrade to Buy from Hold (1) -

Ord Minnett has transferred coverage of Kelsian Group to its "retail research partner" and the stock is now rated a Buy from Hold previously, with a $6.60 target price.

The broker expects the concerns over margin pressures at the domestic operations, which have resulted in a -30% decline in the stock price, will be alleviated in FY25.

EPS growth of 24% is forecast by Ord Minnett with potential upgrades to expectations through to FY28 from new contracts.

Buy. $6.60 target price.

Target price is $6.60 Current Price is $5.06 Difference: $1.54
If KLS meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.33, suggesting upside of 43.8% (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 LIC as Buy (1) -

Citi addresses the thorny issue of Lifestyle Communities media coverage on exit fees, which can be 20% of the gross re-sale price.

The broker observes the exit fees generally represent 4%-14% of pre-tax profits and around 7%-30% of pre-tax profit ex-revaluations.

Citi believes the legal position as adopted by Lifestyle Communities is justified, but anticipates an extended period of uncertainty. Awaiting the Victorian Civil and Administrative Tribunal could be an overhang on the stock.

The target price is adjusted to $17.20 from $17.90. Buy rating unchanged.

Target price is $17.20 Current Price is $10.30 Difference: $6.9
If LIC meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $15.28, suggesting upside of 39.7% (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

Morgans rates LNW as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans forecasts year-on-year growth for revenue of 8%, EBITDA growth of 1% abd EPS growth of 10% for the gaming sector.

No major changes to earnings forecasts for Light & Wonder.

Morgans lifts the target price to $180 from $172 due to the change in multiple valuations for the gaming sector, and retains an Add rating.

Target price is $180.00 Current Price is $159.00 Difference: $21
If LNW meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $167.00, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates LTR as Neutral (3) -

Liontown Resources announced an 100kt offtake agreement with Beijing Sinomine International Trade alongside existing agreements with Tesla, LG, and Ford.

Citi believes the agreement is a positive and allows for the de-risking of its ramp up, and certainty around first production at the end of July.

The broker forecasts a base case of 4Mtpa of spodumene concentrate production at Kathleen Valley, with initial production targeted by end-July 2024 and full capacity by 2030.

FY25 EPS forecasts are slightly adjusted for the update, and Citi suggests there is a "lack" of catalysts for the stock to underperform in the near term.

Neutral rating and $1 target unchanged.

Target price is $1.00 Current Price is $0.97 Difference: $0.03
If LTR meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.18, suggesting upside of 23.3% (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

Morgans rates MP1 as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans makes no changes to earnings forecasts for Megaport. The Hold rating and $13.50 target are retained.

Target price is $13.50 Current Price is $11.80 Difference: $1.7
If MP1 meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $14.62, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Bell Potter rates NAN as Hold (3) -

While a FY24 trading update by Nanosonics revealed a rebound in 2H revenues, Bell Potter observes total revenues remain underwhelming after a disappointing year for total shareholder return.

Management expects FY24 revenues of around $170m as compared to original guidance for between $164-171m.

Regulatory approval for the Coris device is the next likely share price catalyst, suggests the analysts. The target is raised to $3.45 from $3.00 after the carrying value of this device is increased following a regulatory submission, and after minor forecast earnings changes.

Target price is $3.45 Current Price is $3.31 Difference: $0.14
If NAN meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates NAN as Add (1) -

Morgans observes what it believes is a more upbeat trading update from Nanosonics, revealing improved trading and management resetting guidance towards the top of its previous range.

The company reported robust half-on-half growth in capital revenues in the US, especially in upgrade units, suggesting to the broker there is an early positive sign of turnaround despite restrained capital budgets.

New installations remain subdued, but the high rate of upgrades signals long-term hospital demand for the Trophon2 when budgets re-open.

Nanosonics' FY24 results are due on 27th August, and Morgans anticipates management to offer more details and an early FY25 trading update.

Add rating unchanged. Target price lifted to $3.75 from $3.50.

Target price is $3.75 Current Price is $3.31 Difference: $0.44
If NAN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates NXT as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans' forecasts for NextDC are broadly in line with consensus with the broker suggesting the future is all about contract wins. No change to earnings forecasts.

Add rating retained and the target price is lifted 10.6% to $21.

Target price is $21.00 Current Price is $18.14 Difference: $2.86
If NXT meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.14, suggesting upside of 12.6% (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

Morgans rates OCL as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans makes no changes to earnings forecasts for Objective Corp. Add rating and $14 target unchanged.

Target price is $14.00 Current Price is $12.03 Difference: $1.97
If OCL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.30, suggesting downside of -5.7% (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 PNC as Buy (1) -

Pre-released FY24 metrics by Pioneer Credit suggest to Shaw and Partners a better FY24 performance relative to FY23. The metrics were either in line or better than the broker's forecasts and management expressed a strong outlook for FY25.

The broker believes financial institutions have become more agreeable to selling aged debt and suggests high employment rates should result in solid collections as debtors are encouraged onto payment plans.

Buy rating retained with an 80c target price.

Target price is $0.80 Current Price is $0.55 Difference: $0.25
If PNC meets the Shaw and Partners target it will return approximately 45% (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

Morgans rates REA as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is neutral rated on the media sector and forecasts year-on-year revenue growth of 19%, EBITDA growth of 37% and EPS growth of 22%.

There are no changes to REA Group's earnings forecasts. Hold rating and $178 target remain.

Target price is $178.00 Current Price is $204.33 Difference: minus $26.33 (current price is over target).
If REA meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $204.71, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Citi rates RGN as Buy (1) -

Citi is looking for Region Group to generate a strong performance from non-discretionary sales and the REIT remains one of the broker's top recovery plays in the medium term, once inflation cools and interest rates retreat to lower levels.

Region Group's gross lease structure is expected to benefit from such a macro tailwind.

The price target for Region Group remains $2.60, alongside a Buy rating. 

Target price is $2.60 Current Price is $2.28 Difference: $0.32
If RGN meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 8.6% (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

Citi rates RIO as Neutral (3) -

In an early glance at Rio Tinto's Q2 operational report, Citi notes Pilbara iron ore shipments and production were in line with consensus estimates.

While management's 2024 guidance for Pilbara iron ore shipments and mined copper is unchanged, cost guidance for Pilbara iron ore and copper are also unchanged.

However, guidance for mined copper is lowered to the bottom end of the guidance range of between 660-720kt due to a rejig of the mine plan at Kennecott to manage geotechnical risk, explains the broker.

Escondida output rose on higher grades and throughput, notes the analyst, and the ramp-up at Oyu Tolgoi is running on schedule.

Target $137. Neutral rating.

Target price is $137.00 Current Price is $119.84 Difference: $17.16
If RIO meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $131.83, suggesting upside of 12.6% (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: 0.3

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

Morgan Stanley rates RIO as Overweight (1) -

Rio Tinto's 58.7%-owned Iron Ore Company of Canada (IOC) is initiating a temporary shutdown of its operations in Quebec in response to the government's evacuation order for Labrador City.

Every week of output lost reduces earnings (EBITDA) by -US$60-65m (100% basis), according to Morgan Stanley's numbers. The impact on earnings is not material in the context of the broker's forecast FY24 group earnings of US$28.7bn.

The Overweight rating and $142 target are maintained for Rio Tinto. Industry view is Attractive.

Target price is $142.00 Current Price is $119.84 Difference: $22.16
If RIO meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $131.83, suggesting upside of 12.6% (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: 0.3

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

Citi rates SCG as Neutral (3) -

Citi dives into the retail real estate stocks for FY24 and FY25 and states Scentre Group is forecast to have comparatively robust earnings growth.

The broker highlights the REIT will be able to pass through inflation of 2%-plus with positive leasing spreads and tight occupancy rates, as well as a higher average cost-of-debt and lower development activity.

Scentre Group is Neutral rated with a $3.10 target.

Target price is $3.10 Current Price is $3.29 Difference: minus $0.19 (current price is over target).
If SCG meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.32, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates SEK as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is neutral rated on the media sector and forecasts year-on-year revenue growth of 19%, EBITDA growth of 37% and EPS growth of 22%.

With job ad volumes remaining subdued, Morgans adjusts EPS forecasts for Seek by -4.6% for FY24 and -11.7% for FY25.

Add rating unchanged and the target price is lowered by -3.6% to $26.70.

Target price is $26.70 Current Price is $21.54 Difference: $5.16
If SEK meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $29.08, suggesting upside of 35.1% (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

Morgans rates SGR as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans forecasts year-on-year growth for revenue of 8%, EBITDA growth of 1% and EPS growth of 10% for the gaming sector.

The broker makes no changes to Star Entertainment's earnings forecasts and highlights there remains uncertainty around licences, and the AUSTRAC investigation.

Hold rating and 50c target remain.

Target price is $0.50 Current Price is $0.51 Difference: minus $0.005 (current price is over target).
If SGR 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 $0.59, suggesting upside of 19.9% (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

Morgans rates SLC as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is underweight on the telecommunications sector and forecasts year-on-year revenue growth of 12%, EBITDA growth of 26% and EPS growth of 76%. 

Morgans upgrades earnings estimates towards the top end of guidance. Net profit forecasts are raised 4.4% in FY24 and 9.4% in FY25.

Add rating retained and the target price is raised 20% to $1.80. Morgans sees Superloop as the cheapest and fastest growing telco with the most robust balance sheet on the ASX.

Target price is $1.80 Current Price is $1.54 Difference: $0.26
If SLC meets the Morgans target it will return approximately 17% (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

Morgans rates TAH as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans forecasts year-on-year growth for revenue of 8%, EBITDA growth of 1% and EPS growth of 10% for the gaming sector.

Morgans revises EPS forecasts by -23.3% for FY24 and -7.1% for FY25 to reflect the "tough" wagering environment for Tabcorp Holdings.

Add rating unchanged and the target is lowered -5.9% to 80c.

Target price is $0.80 Current Price is $0.70 Difference: $0.105
If TAH meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 39.1% (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

Morgans rates TLC as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans forecasts year-on-year growth for revenue of 8%, EBITDA growth of 1% and EPS growth of 10% for the gaming sector.

The broker upgrades earnings for Lottery Corp post using data from the proprietary 'Jacpot Journal' tracker; EPS in FY24 rises 6% with a -3% decline in FY25.

The target price declines to $5.50 from $5.60. Add rating unchanged.

Target price is $5.50 Current Price is $4.98 Difference: $0.52
If TLC meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting upside of 12.6% (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

Morgans rates TLS as Reduce (5) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is underweight on the telecommunications sector and forecasts year-on-year revenue growth of 12%, EBITDA growth of 26% and EPS growth of 76%. 

Morgans tweaks earnings forecasts for Telstra Group post the announcement to lift mobile prices higher than CPI. The broker highlights management did not offer a change in guidance in July at the time of the pricing change.

The reduce rating and $3 target price are retained.

Target price is $3.00 Current Price is $3.84 Difference: minus $0.84 (current price is over target).
If TLS meets the Morgans target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.12, suggesting upside of 7.2% (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

Morgans rates TNE as Add (1) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans makes no changes to earnings forecasts for TechnologyOne. Add rating and $20.50 target unchanged.

Target price is $20.50 Current Price is $18.98 Difference: $1.52
If TNE meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $17.77, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates TPG as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

Morgans is underweight on the telecommunications sector and forecasts year-on-year revenue growth of 12%, EBITDA growth of 26% and EPS growth of 76%. 

Morgans adjusts earnings forecasts for TPG Telecom to include the updated Optus mobile network site sharing agreement from April 2024.

The broker's EPS forecasts are lowered -7.6% in FY24 and -3.9% for FY25. Hold rating and $5 target price, down -2.1%.

Target price is $5.00 Current Price is $4.76 Difference: $0.24
If TPG meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.18, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates VCX as Neutral (3) -

Citi forecasts Vicinity Centres to generate good like-for-like growth but weaker nominal growth as a result of development works at Chadstone and Chatswood Chase.

The analyst points to the strategic focus for the REIT on the medium-term growth outlook which is expected to benefit from recycling of the existing asset base into higher-growth assets.

Neutral and $2.10 target retained.

Target price is $2.10 Current Price is $2.03 Difference: $0.07
If VCX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 2.0% (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

Morgans rates WTC as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans makes no changes to its earnings forecasts for WiseTech Global. The target price is raised 11.1% to $96.11. Hold rating unchanged.

Target price is $96.11 Current Price is $97.64 Difference: minus $1.53 (current price is over target).
If WTC meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $95.86, suggesting downside of -0.9% (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

Morgans rates XRO as Hold (3) -

Morgans reviews its coverage and forecasts for Tech, Media, Telco and Gaming into the August reporting season.

The top picks are Next DC, TechnologyOne, Airtasker, Camplify Holdings, Superloop, and Light & Wonder.

For the Tech sector, the broker forecasts year-on-year revenue growth of 18%, EBITDA of 47% and EPS of 82%. The sector is Neutral rated.

Morgans adjusts earnings forecasts for the recent US$925m bond issuance with a net decreased in net interest income.

EPS forecasts are lowered by -2.6% for FY25 and -0.9% for FY26. Hold rating and $140 target unchanged.

Target price is $140.00 Current Price is $142.49 Difference: minus $2.49 (current price is over target).
If XRO meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $159.77, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in March.

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: 0.8

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