Australian Broker Call

Citi rates ANZ as Upgrade to Neutral from Sell (3) -

Citi upgrades its rating for ANZ Bank to Neutral from Sell and raises its target to $29.25 from $28 following FY21 results. The analyst likes the improved revenue outlook and sees strong leverage to a steepening yield curve. Institutional volume growth has also resumed.

The analyst upgrades cash earnings forecasts by circa 15%. Half of this is attributable to lower bad debts and the balance from improved core earnings.

Target price is $29.25 Current Price is $28.72 Difference: $0.53
If ANZ meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $29.46, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

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

Credit Suisse rates ANZ as Neutral (3) -

Credit Suisse reduces ANZ Banking Group's FY22 and FY23 forecasts by -3% given expected higher investment to achieve an $8bn cash aspiration, as well as lower non-interest income.

With management commenting that increased resources and streamlined processes should address the slight second half dip in Australian mortgages, the broker expects mortgage momentum to improve by the second half of FY22.

Elsewhere, ANZ Banking Group reported FY21 cash earnings of $6,198m, a 65% year-on-year increase. It is Credit Suisse's view that headwinds may be at a peak and that value is beginning to emerge. 

The Neutral rating and target price of $28.50 are retained.

Target price is $28.50 Current Price is $28.72 Difference: minus $0.22 (current price is over target).
If ANZ meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.46, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Outperform (1) -

Macquarie found ANZ Bank's result "credible", but highlights another blow to the bank's attempts to reduce costs, bowing to the need to keep up with peers by increasing its investment spend.

That said, the broker notes ANZ is the greatest benficiary of the majors of rising bond yields, and is trading at a significant valuation discount to peers, hence is offering undemanding value at this level.

Outperform retained, target rises to $30.00 from $29.50.

Target price is $30.00 Current Price is $28.72 Difference: $1.28
If ANZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $29.46, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

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

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

Morgan Stanley reports ANZ Banking Group recorded better-than-expected second half results, with cash profit ahead of broker forecasts and revenue, credit quality and capital all beating expectations. 

Total loans were up 2.4% half-on-half, although Australian home loans decreased -1% for the period. The company commented that it continues to consider the best use of surplus capital. 

The Equal-weight rating and target price of $28.00 are retained. Industry view: In-Line.

Target price is $28.00 Current Price is $28.72 Difference: minus $0.72 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.46, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates ANZ as Add (1) -

ANZ Bank reported FY21 cash profit 3% better than Morgans expectations and consensus forecasts. Also better than the 69cps forecast, a final dividend of 72cps was declared.

While expected, a disappointing feature for the analyst was the contraction in home loan lending by -1% from March to September 2021. The broker sees structural tailwinds for the Institutional division and an improving outlook for Markets.

The target price slips to $31 from $32 and the Add rating is unchanged.

Target price is $31.00 Current Price is $28.72 Difference: $2.28
If ANZ meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.46, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates ANZ as Hold (3) -

ANZ Bank's FY21 cash net profit was a near 2% beat versus Ord Minnett's forecast largely driven by better Markets income in the second half and a provision write-back.

The analyst feels the end-of-FY23 $8bn cost base “aspiration” might be under threat due to higher 2H costs and guidance for slightly higher costs in FY22. After modest forecast changes the broker lifts its target price to $30 from $29.10 and retains its Hold rating.

Target price is $30.00 Current Price is $28.72 Difference: $1.28
If ANZ meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $29.46, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

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

Credit Suisse rates API as Neutral (3) -

Australian Pharmaceuticals Industries has reported FY21 underlying earnings of $70m, which Credit Suisse notes is a 15.3% increase on the previous year. Clear Skincare was a key driver, with total revenue growth of 36% and second half revenue growth of 76%. 

The company is looking to increase the value of its digital assets, and in particular is extracting the existing SisterClub Loyalty program to form a digital hub and separate reporting line. The broker expects additional investment will be required to unlock benefits. 

The broker understands discussions on a potential takeover with both Wesfarmers ((WES)) and Sigma Healthcare ((SIG)) are ongoing. 

The Neutral rating and $1.55 target price are retained.

Target price is $1.55 Current Price is $1.51 Difference: $0.04
If API meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.49, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates API as No Rating (-1) -

Australian Pharmaceutical Industries had already pre-released a result that was impacted heavily by lockdowns closing retail outlets. The FY22 outlook is more positive, Macquarie notes.

The broker is currently restricted.

Current Price is $1.51. Target price not assessed.

Current consensus price target is $1.49, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates BBT as Add (1) -

Morgans assesses a strong first quarter trading update by BlueBet Holdings as turnover and net win were a 17% and 35% beat on the broker's estimates. Management reiterated 1H prospectus forecasts, which is considered a conservative stance.

While the analyst expects the Australian business to make further market share gains, it's thought investors are waiting for greater progress in the US. The target price rises to $2.60 from $2.57 and the Add rating is unchanged.

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

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings grew active customers by 21% over the 1Q, a 2% beat versus Ord Minnett's estimate, while free cash flow was
$2.9m above forecast. The broker retains its Buy rating and $2.70 target price.

Incremental marketing expenditure along with the looming Spring Racing Carnival is cause for hope on the customer acquisition and usage front, according to the analyst.

Target price is $2.70 Current Price is $1.89 Difference: $0.81
If BBT 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 FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates BLD as Outperform (1) -

Boral declared in its update that the impact of lockdowns in the September quarter will be less than the -$50m earnings hit management feared back in August, and that recovery post-lockdowns has been stronger than expected.

Macquarie suggests underlying trends in the market seem solid, although skewed to lower margin products. The sale of the fly ash business is "progressing", and up to $3bn in shareholder returns are planned if the ATO's on board.

Outperform retained, target rises to $7.50 from $7.30.

Target price is $7.50 Current Price is $6.50 Difference: $1
If BLD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.68, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgan Stanley rates BLD as Underweight (5) -

A trading update from Boral has reported a -$33m earnings impact from covid lockdowns, which Morgan Stanley notes is less than previous management expectations of -$50m. 

Looking ahead, company management expects some covid impacts to linger in the the near-term, but activity to largely rebound following the easing of restrictions. The broker is forecasting first half earnings of $78m, a -40% year-on-year decline.

The Underweight rating is retained and the target price decreases to $6.10 from $6.80.Industry view: In-Line.

Target price is $6.10 Current Price is $6.50 Difference: minus $0.4 (current price is over target).
If BLD meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.68, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

UBS rates BLD as Neutral (3) -

UBS found the volumes in Boral's Q1 market update better-than-expected, leading to the broker lifting its forecast for the half-year. The impact from covid proved less-than-forecast.

UBS has slightly increased forecasts but is quick to add the broker remains of the view Boral's core margins will struggle to gain traction until there is a meaningful recovery in Sydney commercial and apartment volumes.

Fly Ash is still part of the mix and an announcement for its sale might well act as a catalyst for the share price, UBS suggests. Neutral. Target price drops to $6.45 from $6.80.

Target price is $6.45 Current Price is $6.50 Difference: minus $0.05 (current price is over target).
If BLD meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.68, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Macquarie rates CIA as Outperform (1) -

Champion Iron's September quarter shipments exceeded Macquarie's forecast and phase 1 nameplate capacity. While revenues and earnings also exceeded forecasts, realised pricing fell -39% from the June quarter on lower iron ore prices and higher freight costs.

Freight headwinds will continue but the broker notes Champion can still generate strong cash flows at current prices, and the Bloom Lake phase 2 expansion will see a doubling of production.

Freight costs and currency moves drive earnings forecasts cuts and a cut in target to $7.40 from $9.90, Outperform retained.

Target price is $7.40 Current Price is $4.12 Difference: $3.28
If CIA meets the Macquarie target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates COL as Neutral (3) -

With less deflation within Supermarkets for Coles Group, and an acceleration in sales growth for both Supermarkets and Liquor, Citi sees a positive outlook for both inflation and volumes for the rest of FY22. This comes after the release of 1Q sales figures.

The analyst retains the $18.90 target price. The Neutral rating is also unchanged, despite the broker preferring the company over Woolworths Group ((WOW)) on momentum and valuation considerations.

Target price is $18.90 Current Price is $17.57 Difference: $1.33
If COL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $18.38, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates COL as Neutral (3) -

Coles Group's costs to manage covid impacts totaled -$75m in the September quarter, but Credit Suisse expects costs are yet to peak in October. The broker has downgraded FY22 earnings on the assumption that costs will total -$135m in the first half. 

A decline in these costs is expected towards the end of the year, with the broker guiding to a total -$60m in costs in the second half of FY22. 

Elsewhere, the broker noted Coles Group appears to have improved e-commerce capability, although it continues to lag behind Woolworths Group ((WOW)). The broker also noted cost of goods inflation headwind is likely to impact in the second half of FY22.

The Neutral rating is retained and the target price decreases to $16.93 from $17.48.

Target price is $16.93 Current Price is $17.57 Difference: minus $0.64 (current price is over target).
If COL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.38, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates COL as Outperform (1) -

Coles posted positive comparable sales growth of 1.4% in the September quarter and the trend has contrinued into October, This is shy of Woolworths' ((WOW)) 2.7%, but the gap is closing, Macquarie notes.

And Coles' liquor sales growth of 1.4% beat its rival for the first time in two years, with Endeavour ((EDV)) posting -1.2%.

Construction delays due to covid have meant lower capex spend in FY22, but this will be pushed out to FY23. The broker maintains its preference for Coles over the other mob. Outperform and $19.80 target retained.

Target price is $19.80 Current Price is $17.57 Difference: $2.23
If COL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.38, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates COL as Add (1) -

Morgans leaves its Add rating unchanged and lifts its target price to $19.90 from $19.80 after a slightly better-than-expected 1Q sales update from Coles Group. Like-for-like (LFL) sales at Supermarkets increased 1.4%, driven by stronger at-home consumption.

While online penetration for Liquor increased to 4.5% versus 3.6% in 4Q 2021, it still trails Endeavour Group ((EDV)) Retail's penetration of 11.5%, points out the analyst. Supermarkets LFL sales for the first four weeks of Q2 were considered broadly in-line with the 1Q.

Target price is $19.90 Current Price is $17.57 Difference: $2.33
If COL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.38, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates COL as Hold (3) -

Ord Minnett's forecast for 1.9% like-for-like (LFL) sales growth for Supermarkets contrasted with the 1.4% delivered by Coles Group in the 1Q sales results. However, this was partly attributable to supply chain issues and the broker lifts its target price to $17.60 from $17.

The analyst expects the online sales growth gap between Woolworths Group ((WOW)) and Coles Group to narrow, after ongoing investment by the latter starts to yield results. The Hold rating is maintained.

Target price is $17.60 Current Price is $17.57 Difference: $0.03
If COL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $18.38, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates COL as Sell (5) -

Coles Group's Q1 sales update proved better-than-expected but UBS observes price deflation remains one key characteristic. FY22 forecast has been reduced by -1%.

UBS is of the view the outlook for food retailing in Australia is deteriorating and thus the whole sector will be derated over the twelve months ahead.

This broad view forms the basis as to why both main players in the sector are now rated Sell. UBS also notes Woolworths supermarkets continue to outperform. Target $16.50.

Target price is $16.50 Current Price is $17.57 Difference: minus $1.07 (current price is over target).
If COL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.38, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

Morgan Stanley notes CSL's immunoglobulin collection growth for FY22 is likely to be below that of peer Takeda Pharmaceutical.

Takeda Pharmaceutical has downgraded its expected FY21 collection growth to 15-25%, from more than 30%, following first half collection growth of 27%.

The Equal-weight rating and target price of $280.00 are retained. Industry view: In line.

Target price is $280.00 Current Price is $311.93 Difference: minus $31.93 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $305.32, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Citi rates CTD as Buy (1) -

Following Corporate Travel Management's 1Q results, Citi takes a conservative stance and increases its FY22 revenue estimates by 2%. The target price rises to $27.78 from $26.06 and the Buy rating is unchanged.

The analyst estimates sales are running ahead of consensus forecasts, after weighing-up the accelerating 2Q activity levels across all regions. While off a small base, the analyst lifts FY22 earnings (EBITDA) estimates by 6%.

Target price is $27.78 Current Price is $24.64 Difference: $3.14
If CTD meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $25.00, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates CTD as Neutral (3) -

Corporate Travel Management's September quarter featured a record profit in Europe, Macquarie notes. North America is recovering but will be more of a second half story, while A&NZ and Asia are still behind on reopenings.

The domestic market nevertheless benefited from intra-state travel in non-locked down states. The broker has increased earnings forecasts and lifted its target to $24.00 from $21.80, noting this is nonetheless beholden to the ongoing pace of travel recovery.

Neutral retained.

Target price is $24.00 Current Price is $24.64 Difference: minus $0.64 (current price is over target).
If CTD meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.00, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley notes Corporate Travel Management's first quarter trading update highlighted continuing profitability which should provide momentum following the easing of covid restrictions. The company reported a quarter-on-quarter revenue increase of 12%, to total $83m. 

The broker highlighted the first quarter is typically the weakest for Corporate Travel Management, but the company should be able to leverage off strong performance and an expected rapid reopening in Australia for material recovery in the second half. 

The Overweight rating and target price of $23.50 are retained. Industry view: In line.

Target price is $23.50 Current Price is $24.64 Difference: minus $1.14 (current price is over target).
If CTD meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.00, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates CTD as Add (1) -

Morgans notes that, unlike its peers, Corporate Travel Management generated positive earnings (EBITDA) in the 1Q. The broker expects activity will continue to strengthen as key borders reopen.

The analyst notes Europe was particularly impressive, returning to pre-covid profitability on only 80% of the activity. Forecasts and the Add rating are left unchanged and the target price is increased to $27.36 from $25.25.

Target price is $27.36 Current Price is $24.64 Difference: $2.72
If CTD meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.00, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates CTD as Buy (1) -

Corporate Travel Management's Q1 update missed UBS's forecast, but only by a small margin. Moreover, the broker remains confident the recovery remains on track.

Also noted: management mentioned strong cash conversion with a target to return to paying dividends in 2022. Target rises to $26.80 from $24.80. The Buy rating is unchanged.

Target price is $26.80 Current Price is $24.64 Difference: $2.16
If CTD meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $25.00, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates DEL as Upgrade to Speculative Buy from Hold (1) -

Morgans thinks Delorean Corp may be well positioned to capture a slice of the potentially large market for biomethane in Australia, following an announcement with Brickworks ((BKW)). The rating is lifted to Speculative Buy from Hold.

A memorandum of understanding has been entered into, in an attempt to alleviate Brickworks gas consumption and carbon footprint. The broker feels this presents a sizeable growth opportunity and raises its target price to $0.275 from $0.20. 

Target price is $0.28 Current Price is $0.22 Difference: $0.055
If DEL meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

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

A soft first quarter trading updated from Damstra Holdings, with Morgan Stanley highlighting annual recurring revenue declined -15% on the June quarter, while liquidity reduced to $14.7m from $17.8m. 

Additionally, revenue guidance was widened to $35.9-38.9m to take into consideration the TIKS acquisition. The broker notes this implies 31-42% year-on-year revenue growth. 

The Equal-weight rating and target price of $1.10 are retained. Industry view: In-Line.

Target price is $1.10 Current Price is $0.65 Difference: $0.45
If DTC meets the Morgan Stanley target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates FDV as Add (1) -

Morgans assesses a very strong 3Q from Frontier Digital Ventures, with revenue growth of 118% on the previous corresponding period. While the broker lifts revenue forecasts, most of this is countered by higher assumptions for costs, as the company invests for the long term.

Nonetheless, the target price rises to $1.82 from $1.68 and the Add rating is maintained. The analyst points out not only are activity levels rising but also there has been a swing toward online Auto and Real Estate transactions.

Target price is $1.82 Current Price is $1.77 Difference: $0.05
If FDV meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates FMG as Buy (1) -

Citi assesses September quarter production and costs for Fortescue Metals Group were in-line with expectations. The broker bemoans a lack of detail around Fortescue Future Industries (FFI). The Buy rating and $18.50 target price are retained.

While management's FY22 guidance was unchanged, the analyst notes a lower proportion of higher-grade West Pilbara Fines are now
expected.

Target price is $18.50 Current Price is $14.18 Difference: $4.32
If FMG meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $16.50, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.1

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

Credit Suisse rates FMG as Neutral (3) -

Credit Suisse notes that steady performance from Fortescue Metals Group continues despite material declines in iron ore pricing. Reported 45.6m tonnes in iron ore shipment in the September quarter was in-line with expectations, and no change was made to FY22 guidance. 

Iron ore price forecasts for 2022 have reduced to US$120 from US$160, and the broker highlights pricing headwinds may intensify into the northern hemisphere winter. Earnings forecasts decrease -49% and -11% for FY22 and FY23. 

The Neutral rating is retained and the target price decreases to $14.00 from $21.00.

Target price is $14.00 Current Price is $14.18 Difference: minus $0.18 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.50, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.1

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

Macquarie rates FMG as Outperform (1) -

Fortescue Metals posted a solid operational performance in the September quarter, Macquarie suggests, so it's a pity about lower realised prices. Lower than expected cash costs were impressive.

FY22 shipment and cost guidance has been retained and the Iron Bridge project is tracking to plan. Fortescue's green machine is in full swing, with the recent announcement of a planned electrolyser factory in Queensland, and a new target to be net-zero on "scope 3" by 2040.

[Scope-3 is net zero for your own company, and your suppliers, and your customers.]

Outperform and $21.00 target retained.

Target price is $21.00 Current Price is $14.18 Difference: $6.82
If FMG meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $16.50, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.1

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

Morgan Stanley rates FMG as Underweight (5) -

Fortescue Metals Group reported a first quarter production beat of 5% on Morgan Stanley forecasts, with the broker noting the addition of Eliwana provides greater flexibility for the company. 

While first quarter contractual price realisation of 77% was in line, revenue realisation of 73% was a -3% miss on expectations. Concerns remain around medium-term low grade iron ore pricing.

The Underweight and target price of $12.50 are retained. Industry view: In-Line.

Target price is $12.50 Current Price is $14.18 Difference: minus $1.68 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.50, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.1

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

Ord Minnett rates FMG as Buy (1) -

In the wake of Fortescue Metals Group 1Q production report, Ord Minnett lowers its target price to $22 from $25. Shipments and cash costs were broadly in-line with the analyst's estimates and FY22 guidance was unchanged. The Buy rating is retained.

The broker is as concerned as the market over the lack of detail surrounding Fortescue Future industries ((FFI)) and does not currently attribute any value in forecasts.

While concerned about the current low demand for iron ore out of China, the broker expects the Chinese economy to recover.

Target price is $22.00 Current Price is $14.18 Difference: $7.82
If FMG meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $16.50, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.1

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

Macquarie rates GMA as Outperform (1) -

While a release of reserves was the prime driver of Genworth Mortgage Australia's beat of Macquarie forecast for the quarter, the broker saw a "very positive" update. The short-term focus is nonetheless all about the Commonwealth Bank ((CBA)) contract renewal.

The reserve release and a slight improvement in loss ratios leads to earnings forecast upgrades while a decreased target, to $3.25 from $3.40, reflects returns below the cost of capital, offset by the potential for shareholder returns from excess capital.

Outperform retained.

Target price is $3.25 Current Price is $2.31 Difference: $0.94
If GMA meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates GUD as Buy (1) -

Ord Minnett sees a favourable risk/reward dynamic from G.U.D. Holdings' -US52.8m acquisition of Vision X Group, a manufacturer and distributor of lighting products. In a departure from recent acquisitions, notes the analyst, this will provide mainly overseas revenues.

There is a total potential consideration of -US$71.4m, after allowing for deferred consideration of a maximum of -US$18.6m on
achievement of earnings (EBITA) milestones.

The analyst expects the transaction to be “high single-digit” proforma FY22 earnings (EPSA) accretive. The target price rises to $13 from $12.25 and the Buy rating is maintained.

Target price is $12.25 Current Price is $12.56 Difference: minus $0.31 (current price is over target).
If GUD meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.90, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates GUD as Buy (1) -

G.U.D. Holdings has announced the acquisition of Vision-X, a specialist in lighting. The deal is expected to add single digit to the group EPS growth in FY22.

UBS thinks the price paid, US$53m plus earn-out of US$8.8m-18.6m, looks attractive. The broker also sees an avenue for GUD to expand into North America and Europe on the back of this deal.

In addition, market conditions remain robust for Australian auto parts, with UBS retaining confidence GUD can handle cost inflation through a second round of price increases.

Buy. Target lifts to $12.90 from $12.

Target price is $12.90 Current Price is $12.56 Difference: $0.34
If GUD meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $13.90, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates IAP as No Rating (-1) -

Irongate Group reported first half funds from operations 3% ahead of Macquarie and reaffirmed FY22 guidance. The fund has rejected an unconditional etc takeover proposal from 360 Capital Group ((TGP)) and 360 Capital REIT ((TOT)) at $1.6047ps.

The broker is advising and thus currently on restriction.

Current Price is $1.59. Target price not assessed.

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Citi rates IFL as Buy (1) -

First quarter flows for IOOF Holdings were a little weaker than Citi expected. Management noted the possibility of upgrading synergies at the 1H result. The target price falls to $5.20 from $5.30 and the Buy rating is retained.

The analyst highlights net inflows into the company's Evolve-based platforms continue to be strong.

Target price is $5.20 Current Price is $3.89 Difference: $1.31
If IFL meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 33.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IFL as Outperform (1) -

IOOF Holdings has reported funds under management growth of 0.7% in the first quarter despite -$3.0bn in outflows, which Credit Suisse attributes to higher-than-expected outflows from ANZ Pension and Investment, while IOOF and MLC were largely in-line. 

A highlight of the quarterly update for the broker was a third consecutive quarter of inflows from IOOF Portfolio and Estate Planning, which recorded $0.2bn inflows for the period.

On Pension and Investment revenue margins, the earnings per share forecasts are downgraded -4% to -5% for FY22-FY24.

Unchanged Outperform rating and the target price increases to $5.20 from $5.18.

Target price is $5.20 Current Price is $3.89 Difference: $1.31
If IFL meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 33.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates IFL as Overweight (1) -

Morgan Stanley reports IOOF Holdings' September quarter group outflows were better than expected, despite outflows of -$940m from Pensions and Investments being significantly worse than the forecast -$650m.

The broker highlighted funds under management and administration were restated substantially lower, and in particular MLC funds under management and administration were lowered -33%. 

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

Target price is $5.50 Current Price is $3.89 Difference: $1.61
If IFL meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 33.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates IFL as Buy (1) -

Following an IOOF Holdings' update on funds under management and administration (FUMA) and flows for the 1Q of FY22, Ord Minnett maintains its Buy rating and $5.10 target price.

Guidance was maintained for a pretax synergy yearly run rate of $218m by the end of FY24. In addition, guidance for the FY22 synergy run rate range of $80-100m was unchanged.

Target price is $5.10 Current Price is $3.89 Difference: $1.21
If IFL meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 33.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates JBH as Buy (1) -

Citi assesses a solid 1Q trading update by JB Hi-Fi and expects the tailwinds of home-related spending to continue while travel spending, which would detract from sales, will only gradually recover. The Buy rating and $53 target price are unchanged.

Sales growth for both JB Hi-Fi Australia and The Good Guys has accelerated compared with the first six weeks of the new year, points out the analyst. It's thought Black Friday, Christmas and Boxing Day will allow an unleashing of customer's pent-up demand.

Target price is $53.00 Current Price is $50.30 Difference: $2.7
If JBH meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $51.89, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates JBH as Outperform (1) -

Credit Suisse has described JB Hi-Fi's first quarter sales results as outstanding. Despite 60% of stores closed during the period the company only reported a 6-8% year-on-year sales drop, proving the resilience of the technical and entertainment demand. 

On a two-year comparison, store sales for JB Hi-Fi Australia and The Good Guys were up 17.3% and 22.9% respectively, and the broker continues to expect above trend growth for the remainder of FY22.

Credit Suisse continues to see JB Hi-Fi as one of the strongest brands in Australian retail. The Outperform rating is retained and the target price increases to $55.86 from $53.66.

Target price is $55.86 Current Price is $50.30 Difference: $5.56
If JBH meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $51.89, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

The JB Hi-Fi business and The Good Guys business were hit by 55% of stores closed over the September quarter but improving sales trends have been evident since the Ausgust update, Macquarie notes. The NZ business remains weak.

But lockdowns have simply held up demand so the broker expects a big surge into Christmas, albeit with a caveat of possible supply chain issues. Looking further out, uncertainty hangs over electronics demand in a vaccinated world.

Macquarie nevertheless upgrades to Outperform from Hold. Target unchanged at $52.50.

Target price is $52.50 Current Price is $50.30 Difference: $2.2
If JBH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $51.89, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates JBH as Neutral (3) -

Neutral rating and $50 target maintained as JB Hi-Fi's AGM update is taking as a positive at UBS. The broker sees a positive trend that is reflective of strong demand ahead of the Christmas period.

UBS has lifted forecasts and remains confident JB Hi-Fi has stocked its inventories satisfactorily, but there could be an issue with third party brands that are experiencing strong demand globally.

The broker says it remains "vigilant" with regards to third party brands.

Target price is $50.00 Current Price is $50.30 Difference: minus $0.3 (current price is over target).
If JBH meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.89, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates JHG as Neutral (3) -

After an initial glance at Janus Henderson Group’s third quarter result, Citi assesses a 15% beat versus the broker's forecasts and lifts its target price to $60.30 from $58.70. The Neutral rating is unchanged as the group is yet to attain consistency for positive flows.

Management is seeking both organic and inorganic growth opportunities and is looking to diversify away from more traditional, mature products.

The analyst lifts FY21 estimates by 4% though only increases forecasts by less than 1% in outer years, after assuming headwinds for asset under management (AUM).

Target price is $60.30 Current Price is $64.08 Difference: minus $3.78 (current price is over target).
If JHG 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 $59.58, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

Macquarie rates JHG as Outperform (1) -

Lower costs led Janus Henderson to beat Macquarie's September quarter earnings forecast but this quarter will see some catch-up, the broker notes. Outflows from the international channel stalled the manager's flow momentum.

Investment performance generally improved in the quarter, with assets under management gains beating benchmarks.

Outperform retained, target rises to $64.00 from $63.50.

Target price is $64.00 Current Price is $64.08 Difference: minus $0.08 (current price is over target).
If JHG meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.58, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

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

Janus Henderson Group reported third quarter earnings per share of US$1.14, a 15% beat on Morgan Stanley's forecast, despite outflows of -US$5.2bn being a miss on the broker's expected -US$2.2bn. 

The broker noted revenues are in line on lower comparables from the previous year.

The Equal-weight rating and target price of $57.00 are retained. Industry view is In-line. 

Target price is $57.00 Current Price is $64.08 Difference: minus $7.08 (current price is over target).
If JHG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.58, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

Morgan Stanley rates JIN as Overweight (1) -

Morgan Stanley notes a strong first quarter compared to forecasts for Jumbo Interactive. Revenue of $25.5m in the period was up 19.7%, in-line with full year forecasts but the Stride acquisition is expected to provide a $3-4m contribution to the second half. 

The first trials of new player acquisitions on the Powered by Jumbo platform for LotteryWest will also take place in the second quarter.

The Overweight rating and target price of $18.50 are retained. Industry view: In-line.

Target price is $18.50 Current Price is $15.92 Difference: $2.58
If JIN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.37, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates KAR as Outperform (1) -

Karoon Energy's September quarter production exceeded Macquarie's forecast by 9%. Revenues were -18% short, but due to timing issues.

Strong cash flows at current spot prices and Bauna outperformance position Karoon well for growth investment in 2022, and given favourable oil prices and operations, the broker sees further valuation upside.

Target rises to $2.00 from $1.80, Outperform retained.

Target price is $2.00 Current Price is $1.82 Difference: $0.18
If KAR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates KAR as Overweight (1) -

Production and operating cost guidance for FY23 provided at Karoon Energy's strategy day were largely in line with Morgan Stanley's forecasts. The broker notes the next year for the company will be about continuing execution on strategy and potential upside to oil pricing.

The company also noted that mergers and acquisitions were not a priority in the short-term, with the broker commenting that expected strong free cash flow from FY24 would leave Karoon Energy well-positioned for merger and acquisition activity. 

The Overweight rating and target price of $2.10 are retained. Industry view: Attractive.

Target price is $2.10 Current Price is $1.82 Difference: $0.28
If KAR meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates KAR as Add (1) -

Morgans upgrades its production assumptions in the wake of a "strong" 1Q operational result. Bauna stood out with the best quarter's performance since Karoon Energy took over the operating function, notes the analyst.

FY23 guidance was also seen as strong by the broker, while FY22 guidance was unchanged. The target price rises to $2.25 from $2 and the Add rating is unchanged.

Target price is $2.25 Current Price is $1.82 Difference: $0.43
If KAR meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates MCR as Neutral (3) -

Labour shortages have pushed Mincor's concentrate production and sales restart into the June quarter next year. The miner remains well funded for exploration nonetheless, Macquarie notes, which continues to provide encouraging results.

Neutral and $1.40 target retained.

Target price is $1.40 Current Price is $1.32 Difference: $0.08
If MCR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates NCM as Neutral (3) -

After 1Q gold production figures for Newcrest Mining were an -11% miss versus Citi's expectation, the broker keeps its Neutral rating and $26 target price. Management expects higher production in the remaining quarters of FY22 and maintains its full financial year guidance.

Group all-in sustaining costs (AISC) were in-line with the broker though 15% above consensus estimates. Lihir's gold production was a -22% miss versus Citi's expectation.

Target price is $26.00 Current Price is $24.20 Difference: $1.8
If NCM meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $29.57, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Credit Suisse rates NCM as Outperform (1) -

While a soft September quarter was expected for Newcrest Mining given upgrades and maintenance at both Cadia and Lihir, Credit Suisse noted production of 396,000 ounces was an -11% miss on the broker's forecast. 

Production results were driven by lower throughput, particularly given longer-than-expected mill downtime at Lihir, but the December quarter should see increases in grade and throughput rates. Near-term earnings per share forecasts increase on lower costs at Lihir. 

The broker believes Newcrest Mining is positioned to weather labour tightness. The Outperform rating is retained and the target price decreases to $31.00 from $32.00. 

Target price is $31.00 Current Price is $24.20 Difference: $6.8
If NCM meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $29.57, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Macquarie rates NCM as Outperform (1) -

Newcrest Mining's September quarter was weaker than Macquarie forecast as planned maintenance at Cadia and Lihir had a greater than expected impact on output. Guidance is nevertheless maintained, with fewer shutdowns expected this quarter and better grades at Cadia.

The miner has also outlined growth and cost-reduction plans following the release of preliminary studies for various expansion projects.

Outperform and $30.00 target retained.

Target price is $30.00 Current Price is $24.20 Difference: $5.8
If NCM meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $29.57, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Morgan Stanley rates NCM as Overweight (1) -

Newcrest Mining had previously flagged an expected soft start to the year given maintenance at both Lihir and Cadia. Despite this, group production was a -7% miss on Morgan Stanley forecasts, driven by a -7% production miss at Lihir.

Additionally, group costs were 15% higher than expected driven by an underestimated impact of the SAG mill motor replacement at Cadia. Planned maintenance also took place at Telfer, causing a -4% miss on production but improved costs.

The Overweight rating and target price of $30.00 are retained. Industry view: In-Line.

Target price is $30.00 Current Price is $24.20 Difference: $5.8
If NCM meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $29.57, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Ord Minnett rates NCM as Buy (1) -

Ord Minnett's earnings forecasts are little changed after the September quarter production report from Newcrest Mining.  A -6% miss on production was partly offset by a 4% beat on costs and a strong beat on production at Cadia, explains the analyst.

Maintenance works at Lihir caused a substantial production miss, highlights the broker. However, management maintained guidance and  Ord Minnett retains its Buy rating and $30 price target.

Target price is $30.00 Current Price is $24.20 Difference: $5.8
If NCM meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $29.57, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Credit Suisse rates NIC as Outperform (1) -

Nickel Mines reported record quarterly revenue, which Credit Suisse noted was offset by increased cash costs from coal pricing. 

Pricing for met and thermal coal increased 109% and 117% in the quarter, and Credit Suisse expects these headwinds to continue into the fourth quarter with prices already 50% and 90% above September quarter averages.

The broker notes improved nickel pig iron (NPI) pricing, already up 11% on September quarter averages, is largely offsetting coal costs. 

The Outperform rating and target price of $1.40 are retained.

Target price is $1.40 Current Price is $1.02 Difference: $0.38
If NIC meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Macquarie rates NIC as Neutral (3) -

Nickel Mines posted slightly lower production and revenues in the September quarter, offset by lower costs. Costs are nevertheless under pressure from strong thermal coal prices but these also provide some support for nickel pig iron prices, Macquarie notes.

The development of the Angel project underpins a strong growth outlook for the miner with the company boasting a nickel production compound annual growth rate of 24% over the next three years.

Coal cost pressures nevertheless keep the broker on Neutral. Target rises to $1.00 from 95c.

Target price is $1.00 Current Price is $1.02 Difference: minus $0.02 (current price is over target).
If NIC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.19, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Macquarie rates PAN as Outperform (1) -

The highlight for Panoramic Resources' quarter was the ramp-up of underground mining at Savannah, with first shipments expected in December. Macquarie expects the focus to now turn to resource conversion and exploration potential.

Outperform and 28c target retained.

Target price is $0.28 Current Price is $0.22 Difference: $0.06
If PAN meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates PAR as Hold (3) -

Morgans leaves its Hold rating and $1.68 target price unchanged after a quarterly update by Paradigm Biopharmaceuticals. The analyst expects a relief rally in the event of a positive outcome from the FDA investigational new drug (IND) feedback, expected in early November.

On the flipside, a negative outcome or further delays may result in significant share price downside, cautions the broker. There is considered to be increasing risk over future capital requirements, despite there being $64.8m in cash and no debt at the end of the quarter.

Target price is $1.68 Current Price is $2.38 Difference: minus $0.7 (current price is over target).
If PAR meets the Morgans target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -1.0

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

Credit Suisse rates PBH as Outperform (1) -

Credit Suisse continues to believe that Pointsbet Holdings will reach its 10% US market share target despite recent market share drops. The company expects to launch in 11 jurisdictions over 14 months, making it an attractive target as a US sports betting market entry point.

Pointsbet Holdings saw an -18% share price drop in the September quarter following book maker promotions ahead of the US NFL season. The broker notes the company could increase marketing spend as it competes against a market of well-recognised brands.

The Outperform rating is retained and the target price decreases to $12.80 from $13.30. 

Target price is $12.80 Current Price is $8.47 Difference: $4.33
If PBH meets the Credit Suisse target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

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

Following a trading update by Pointsbet Holdings, Ord Minnett points to only a -1% miss on US customer numbers though average turnover per active customer was only $2,019. Management feels increasing competition is to blame for a loss of market share.

Due to that risk of competition, the broker lowers its rating to Hold from Buy and slices its target price to $8.80 from $13.10.

New Jersey market share fell to 3.9% in the quarter from 7.8% in the June quarter. More positively, the Australian business was 10%
ahead of the analyst's expectation at the net win line.

Target price is $8.80 Current Price is $8.47 Difference: $0.33
If PBH meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates PLS as Neutral (3) -

First quarter results for Pilbara Minerals contained no surprises for Citi and management maintained FY22 guidance.  The $2.20 target price is maintained.

The analyst feels the recent share price outperformance largely incorporates earnings momentum and leaves the Neutral rating unchanged.

Target price is $2.20 Current Price is $2.35 Difference: minus $0.15 (current price is over target).
If PLS 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 $2.34, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates PLS as Underperform (5) -

Pilbara Minerals' September quarter results offered no real surprises for Credit Suisse given results were largely pre-released. The broker has updated its model to include the now completed POSCO JV agreement, with FY22 earnings increasing 164%. 

The broker noted December quarter contracts guided at US$1,650-1,800 per dry metric tonne are a significant beat on expectations, with Credit Suisse previously forecasting US$800 per dry metric tonne, offering considerable upside risk to forecasts.

The Underperform rating is retained and the target price increases to $2.05 from $1.95.

Target price is $2.05 Current Price is $2.35 Difference: minus $0.3 (current price is over target).
If PLS meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals has indicated it expects to secure spudomene price agreements in the December quarter double those of the September quarter. Shipping and royalty costs are increasing, but pale in comparison to realised price gains, Macquarie notes.

The cash flow outlook is strong, given both prices and volumes are expected to increase this quarter.

Outperform and $2.80 target retained.

Target price is $2.80 Current Price is $2.35 Difference: $0.45
If PLS meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates PLS as Hold (3) -

Following Pilbara Minerals' 1Q production report, Ord Minnett lifts near-term earnings forecasts on stronger volumes and higher
prices. The target price rises to $2.30 from $2.20 on the assumption of an increased  stake in the POSCO joint venture to 30%.

The Hold rating is unchanged on valuation. Orocobre ((ORE)) remains the broker's preferred play in the lithium space.

Target price is $2.30 Current Price is $2.35 Difference: minus $0.05 (current price is over target).
If PLS meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates PNI as Outperform (1) -

Macquarie has raised medium term net funds flow forecasts, noting historical flows and consultant ratings are two of the three key flow drivers. Pinnacle Investments has an attractive organic growth outlook and potential to add accretive M&A, the broker notes.

The outlook for organic performance is backed by net flows, performance fees and operating leverage, and at this stage the broker does not reflect M&A potential in its forecasts.

Target rises to $18.79 from $15.33, Outperform retained.

Target price is $18.79 Current Price is $18.93 Difference: minus $0.14 (current price is over target).
If PNI meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.76, suggesting downside of -12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates REA as Hold (3) -

REA Group earlier today released Sep-Q financials and Ord Minnett, upon initial assessment, reports main items are all well-above forecasts, otherwise known as a "strong beat".

The analyst goes as far as to point out a remarkable contrast with the rather downbeat commentary management provided alongside the release of REA's FY21 results.

Costs are likely to increase from here onwards, but Ord Minnett still suggests REA Group is performing better on this account than competitor Domain Holdings Australia ((DHG)).

Hold. Target $145.

Target price is $145.00 Current Price is $167.46 Difference: minus $22.46 (current price is over target).
If REA meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $165.40, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates REH as Upgrade to Neutral from Underperform (3) -

A trading update at the Reece AGM revealed revenue growth was stronger than expected but investment in the US network, inflation and supply side issues are weighing on margins, Macquarie notes. These issues lead management to warn of assuming another solid quarter.

But the share price has de-rated sufficiently for the broker to suggest it should stabilise from here, while still fully valued. Upgrade to Neutral from Underperform, target falls to $18.40 from $18.80.

Target price is $18.40 Current Price is $21.17 Difference: minus $2.77 (current price is over target).
If REH meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.55, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgans rates REH as Upgrade to Hold from Reduce (3) -

Morgans was pleasantly surprised in a number of ways from Reece's 1Q trading update, as group revenue rose 13% versus the broker's expectation for -4% for the 1H. The rating is upgraded to Hold from Reduce and the target price climbs to $18.83 from $14.30.

The performance of the US business was much better than expected by the analyst, and the A&NZ business was less impacted by lockdowns than estimated.The broker lifts FY22-24 earnings (EBITDA) forecasts by between 9-14%.

Target price is $18.83 Current Price is $21.17 Difference: minus $2.34 (current price is over target).
If REH meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.55, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Ord Minnett rates REH as Upgrade to Buy from Lighten (1) -

Following Reece's stronger-than-expected 1Q trading update, Ord Minnett lifts its rating to Buy from Lighten and raises its price target to $21.50 from $18. Robust growth was assessed for both A&NZ and the US.

In the US, sales growth increased 18.6% (in USD), more than double the analyst's forecast, while revenue in A&NZ came in at 9% compared to the 5% forecast by Ord Minnett.

Management has flagged a step-change in both operating expenditure and capital expenditure, in search of market share growth across the sunbelt states of America.

Target price is $21.50 Current Price is $21.17 Difference: $0.33
If REH meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.55, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Macquarie rates SDF as Outperform (1) -

Macquarie has decided that equity investments in the Steadfast Network members in essence provides "organic M&A" opportunities which, while a contradiction in terms, reflects the 37% of brokers Steadfast has an equity stake in.

Free funds flow provides the funding for the organic M&A that drives 3% per annum earnings growth. To that tend the broker believes consensus forecasts are underestimating the earnings outlook in FY23 and beyond, with FY22 also offering upside.

Target rises to $5.40 from $5.30, Outperform retained.

Target price is $5.40 Current Price is $4.84 Difference: $0.56
If SDF meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Citi rates SFR as Buy (1) -

Citi lifts its target price for Sandfire resources to $7.40 from $7.30 and retains its Buy rating, following September quarter production results. While there was a slight miss on production at DeGrussa, management reaffirmed FY22 guidance.

The performance of DeGrussa remains important though the focus will now be on the MATSA mining complex in Spain and the Motheo project in Botswana, explains the analyst.

Target price is $7.40 Current Price is $5.29 Difference: $2.11
If SFR meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates SFR as No Rating (-1) -

Sandfire Resources's September quarter was weak, featuring lower grades, lower copper and gold volumes and higher costs, Macquarie notes. Still, FY22 production and cost guidance have been maintained.

The broker is currently on research restriction.

Current Price is $5.29. Target price not assessed.

Current consensus price target is $6.59, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates SFR as Hold (3) -

Despite a -7% copper output miss for DeGrussa versus Ord Minnett's forecast, contained within Sandfire Resources' September-quarter production report, the broker maintains its $5.70 target. Management reaffirmed FY22 guidance.

The analyst leaves the Hold rating unchanged on valuation and remains cautious on Chinese copper demand.

Target price is $5.70 Current Price is $5.29 Difference: $0.41
If SFR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates SGR as Outperform (1) -

Following an FY22 year to date update, Macquarie suggests that while the Sydney licence review will keep the market on hold in the near term, fresh hope to see more normal trading given vaccine rates is sufficient to upgrade Star Entertainment's FY22 forecasts.

Outperform and $4.25 target retained, with Star Entertainment the broker's preferred gaming stock.

Target price is $4.25 Current Price is $3.87 Difference: $0.38
If SGR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates SGR as Add (1) -

A trading update at Star Entertainment Group's AGM confirmed challenging trading so far in FY22, which doesn't surprise Morgans, given the facility was shut from June 26 to October 11, 2021. The analyst feels a recovery is imminent with borders reopening.

The broker likes the price achieved for the sale and leaseback of the Treasury buildings in Brisbane and notes the deleveraging impact will be helpful. The Add rating and $4.20 target price are retained.

Target price is $4.20 Current Price is $3.87 Difference: $0.33
If SGR meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates SGR as Buy (1) -

Star Entertainment's AGM update provided contained various encouraging snippets of insights, reports UBS. Revenues in Queensland are running on par with last year and trading post re-opening has been positive.

UBS is forecasting a return to paying dividends in H2 on the back of recent covenant amendments. Target rises 10c to $4.40. Buy.

Target price is $4.40 Current Price is $3.87 Difference: $0.53
If SGR meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates SLC as Add (1) -

Superloop provided FY22 guidance and a trading update at its AGM, which were broadly in-line with Morgans pro forma expectations. Gains from the Hong Kong/Singapore divestment means reported earnings (EBITDA) are well ahead of the broker's forecasts.

The broker feels the trading update provides greater confidence in accelerating organic growth. The target price rises to $1.42 from $1.36 and the Add rating is unchanged.

Target price is $1.42 Current Price is $1.25 Difference: $0.17
If SLC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates SLC as Accumulate (2) -

Superloop's 1Q trading update was in-line with the expectations of Ord Minnett. The broker retains its Accumulate rating and $1.40 target price.

Management assured the acquisition of Exetel is progressing well and the company will invest an additional -$5m in the consumer side of that business. The analyst hopes this will add to momentum in the Australian consumer broadband segment of the business.

Target price is $1.40 Current Price is $1.25 Difference: $0.15
If SLC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates SOM as Hold (3) -

The 1Q cash flow report proved in-line with Morgans' estimates as was guidance for FY22. Any share price weakness, prior to potentially higher upcoming sales results, should be seen as a buying opportunity, according to the analyst.

The broker leaves its forecasts, Hold rating and $2.61 target price unchanged. Management spoke of new technology expected to be released early 2022. 

Target price is $2.61 Current Price is $2.45 Difference: $0.16
If SOM meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates URW as Sell (5) -

Following Unibail-Rodamco-Westfield's September quarter results, Ord Minnett notes tenant sales surpassed 2019 levels in the
US, while leasing activity went up and vacancies fell. However, 2021 earnings guidance was a -6% miss versus the analyst's estimate.

The broker retains a $4 target price and awaits further deleveraging (potential US shopping centre disposals) before becoming more positive. The Sell rating is unchanged.

Target price is $4.00 Current Price is $5.04 Difference: minus $1.04 (current price is over target).
If URW meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

This company reports in EUR. 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

UBS rates WOW as Downgrade to Sell from Neutral (5) -

UBS has downgraded Woolworth's Group to Sell from Buy (double downgrade) as the latest market update revealed more signs of a broad slowing for food retailing in Australia.

Woolworths' main competitor, Coles ((COL)), was already rated Sell.

UBS sees margin pressure on the horizon, and a share price at elevated level. The sector as a whole is facing de-rating, predicts the broker. Target drops to $37 from $40.

Only minor changes have been made to forecasts.

Target price is $37.00 Current Price is $39.09 Difference: minus $2.09 (current price is over target).
If WOW meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.33, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Macquarie rates WSA as No Rating (-1) -

Western Areas' September quarter nickel production came in -5% below Macquarie's forecast, with costs 24% higher. Tight labour markets and high shipping rates are impacting costs hence the broker lowers earnings estimates to reflect this.

The broker is on research restriction.

Current Price is $2.90. Target price not assessed.

Current consensus price target is $3.12, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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