Australian Broker Call

Ord Minnett rates AIS as Hold (3) -

Ord Minnett assesses Aeris Resources reported a mixed 4Q24 result, with production pre-reported, and higher than forecasts costs which offset lower capex.

The balance sheet remains a concern for the broker with $24.8m cash, $40m debt, and ongoing refinancing needs.

Forecasts are adjusted for higher costs and capex in FY25, although guided copper production is better than consensus estimates.

The target price decreased to 22c from 23c, maintaining a Hold rating.

Target price is $0.22 Current Price is $0.19 Difference: $0.035
If AIS meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 40.7% (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

Ord Minnett rates ALK as Hold (3) -

Alkane Resources reported an "unsurprising" 4Q24 earnings report according to Ord Minnett.

The stock has declined -35% the broker highlights, but balance sheet concerns remain due to the further capital expenditure requirements of circa -$135m for Tomingley.

Ord Minnett adjusts the FY24 earnings forecasts by -10%. A Hold rating remains with a decline in the target price to 50c from 55c due to the higher debt levels.

Target price is $0.50 Current Price is $0.42 Difference: $0.085
If ALK meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates ANZ as Sell (5) -

Citi considers the outperformance of banking shares and believes it will be challenging for the sector to report such better-than-expected earnings to justify the current valuations.

The market is likely to focus on an improved outlook for net interest margins, but this expectation is not anticipated to be "uniform" across all the banks.

Citi believe Commonwealth and Westpac are better positioned on margins and although both are rated Sells, the analyst prefers them over the other major banks.

ANZ Bank is Sell rated with an unchanged $24.50 target. The results are due on August 20.

Target price is $24.50 Current Price is $28.71 Difference: minus $4.21 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.32, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Macquarie rates ANZ as Underperform (5) -

Macquarie believes the likely outcomes of the Markets-related investigation appear to be captured in the ANZ Bank share price.

Given the bank's share price underperformance of -2-6% in the last month compared to peers (and -8-18% in 2024), further underperformance due to the investigation represents a tactical buying opportunity, suggests the broker.

The $26.50 target and Underperform rating are maintained.

Target price is $26.50 Current Price is $28.71 Difference: minus $2.21 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.32, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Bell Potter rates AVH as Hold (3) -

Bell Potter downgrades Avita Medical's target price to $3.20 from $3.50 heading into the company's quarterly result as a point of caution, despite expecting the company will improve on its poor March-quarter performance.

Bell Potter observes management has retained guidance and says the result will be critical to re-establishing the company's guidance credibility.

Hold rating retained, the broker sitting below consensus.

Target price is $3.20 Current Price is $2.73 Difference: $0.47
If AVH meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

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: 0.5

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

Citi rates BEN as Sell (5) -

Citi considers the outperformance of banking shares and believes it will be challenging for the sector to report such better-than-expected earnings to justify the current valuations.

The market is likely to focus on an improved outlook for net interest margins, but this expectation is not anticipated to be "uniform" across all the banks.

Citi believe Commonwealth and Westpac are better positioned on margins and although both are rated Sells, the analyst prefers them over the other major banks.

Bendigo & Adelaide Bank is Sell rated with an unchanged $9.50 target. It is due report earnings on August 26.

Target price is $9.50 Current Price is $12.33 Difference: minus $2.83 (current price is over target).
If BEN meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.94, suggesting downside of -15.8% (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 CBA as Sell (5) -

Citi considers the outperformance of banking shares and believes it will be challenging for the sector to report such better-than-expected earnings to justify the current valuations.

The market is likely to focus on an improved outlook for net interest margins, but this expectation is not anticipated to be "uniform" across all the banks.

Citi believe Commonwealth and Westpac are better positioned on margins and although both are rated Sells, the analyst prefers them over the other major banks.

CommBank is Sell rated with an unchanged $85 target price. The results are due on August 14.

Target price is $85.00 Current Price is $132.46 Difference: minus $47.46 (current price is over target).
If CBA meets the Citi target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $96.69, suggesting downside of -23.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -1.0

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

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

UBS sees Cleanaway Waste Management  aswell positioned to take advantage of global environmental and waste megatrends, a view expressed repeatedly over the years past.

Now that labour markets are normalising, the broker also believes management's growth plans, implying stronger growth than is currently implied by consensus forecasts, are more likely to succeed.

Forecasts are little changed, while the price target shifts to $3.30 from $2.80 and the rating is upgraded to Buy from Neutral.

Target price is $3.30 Current Price is $2.78 Difference: $0.52
If CWY meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.99, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Bell Potter rates DLI as Buy (1) -

Delta Lithium has published a gold scoping study at Mt Ida lithium mine, observing three shallow open pits and five underground mines on the Baldock resource.

Management advised its next step was an exploration plan.

Speculative Buy rating and 75c target price retained.

Target price is $0.75 Current Price is $0.23 Difference: $0.52
If DLI meets the Bell Potter target it will return approximately 226% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates EBR as Buy (1) -

Bell Potter observes that a respected JAMA cardiology publication validates EBR Systems' SOLVE leadless ultrasound-based technology.

The broker considers this to be a significant milestone for the company, observing only 10% of all submissions are accepted, and a key catalyst.

The broker says the submission of the 5th and final module of the PMA to the FDA by September 30 should be another (any subsequent approval is expected to be announced in March 2025).

Buy rating and $1.43 target price retained.

Target price is $1.43 Current Price is $1.11 Difference: $0.32
If EBR meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Citi rates JDO as Sell (5) -

Citi considers the outperformance of banking shares and believes it will be challenging for the sector to report such better-than-expected earnings to justify the current valuations.

The market is likely to focus on an improved outlook for net interest margins, but this expectation is not anticipated to be "uniform" across all the banks.

Citi believe Commonwealth and Westpac are better positioned on margins and although both are rated Sells, the analyst prefers them over the other major banks.

The Judo Capital Sell rating and $1.26 target price are retained. The earnings report is due on August 20.

Target price is $1.26 Current Price is $1.39 Difference: minus $0.13 (current price is over target).
If JDO meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.25, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Citi rates JLG as Buy (1) -

Citi is upbeat on the Johns Lyng agreement to acquire SSKB Strata and Chill-Rite HVAC for -$57.6m, paying $28.8m in cash and the remainder in shares, with completion expected in 1Q2025.

The analyst forecasts the acquisitions will add 4% EPS growth in FY25 and boost the company's growth on Australia’s East Coast.

Buy rating and $7.85 target maintained.

Target price is $7.85 Current Price is $5.79 Difference: $2.06
If JLG meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $7.21, suggesting upside of 30.4% (ex-dividends)

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 JLG as Overweight (1) -

In acquiring two domestic businesses for -$57.6m (cash $28.8m/scrip the balance), Johns Lyng materially expands cross-sell opportunities, highlights Morgan Stanley.

The acquisitions of SSKB Strata (strata management) and 84% of Chill-Rite HVAC (Heating, Ventilation and Air-Conditioning services) should deliver revenue and earnings (EBITDA) of $45m and $9m, respectively, according to management.

Overweight and $7.20 target retained. Industry view: In-Line.

Target price is $7.20 Current Price is $5.79 Difference: $1.41
If JLG meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $7.21, suggesting upside of 30.4% (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 NAB as Sell (5) -

Citi considers the outperformance of banking shares and believes it will be challenging for the sector to report such better-than-expected earnings to justify the current valuations.

The market is likely to focus on an improved outlook for net interest margins, but this expectation is not anticipated to be "uniform" across all the banks.

Citi believe Commonwealth and Westpac are better positioned on margins and although both are rated Sells, the analyst prefers them over the other major banks.

Sell rating and $26.50 target price for National Australia Bank are retained. The earnings report is due on August 16.

Target price is $26.50 Current Price is $36.50 Difference: minus $10 (current price is over target).
If NAB meets the Citi target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.86, suggesting downside of -11.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Citi rates NUF as Neutral (3) -

Citi observes the recent results from Corteva and FMC in relation to the outlook for Nufarm, which suggest both peers are pointing to an improvement in volumes and inventories are moving towards restocking from de-stocking.

Despite this, the broker retains a cautious attitude on pricing in the industry as crop protection pricing from China remains soft.

The Neutral rating and $4.80 target are unchanged.

Target price is $4.80 Current Price is $4.62 Difference: $0.18
If NUF meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.69, suggesting upside of 29.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Shaw and Partners rates NXG as Buy (1) -

NexGen Energy has revised the capex and operating expenses for the Rook uranium project, which are not unexpected according to Shaw and Partners as the last estimates were at the 2021 feasibility study.

Although the broker had assumed a 30% rise in costs, management's revised capex is up 60% and operating costs up 83%.

Buy rating unchanged and the target revised to $16.20 from $17.50 due to the revision in expenses.

Target price is $16.20 Current Price is $9.10 Difference: $7.1
If NXG meets the Shaw and Partners target it will return approximately 78% (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

Ord Minnett rates PBH as Buy (1) -

Ord Minnett emphasises the Buy rating on PointsBet Holdings with the company's June quarter results reflecting 20% growth in revenues and EBITDA guidance for FY24 higher than the broker's expectations.

The results showed more robust than forecast results from Australia and Canada, with the company achieving a net cash position of around $28m

The target price is revised to 90c from 80c due to lower expected losses in FY25.

Target price is $0.90 Current Price is $0.53 Difference: $0.375
If PBH meets the Ord Minnett target it will return approximately 71% (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 PNI as Add (1) -

Pinnacle Investment Management's top-line result outpaced Morgans' forecasts thanks to a 35% jump in affiliate earnings.

Group funds under management rose 10% in the June half and the broker observes net flows for the June quarter were positive.

The company closed the year with cash of $186.3m and drawn debt of $100m, holding "dry powder" of $130m, advised management.

Morgans believes a "structural step-up" will occur from FY25 but observes the company is vulnerable to short-term market volatility. EPS forecasts fall -0.4% in FY25 and rise 8.8% in FY26.

Add rating retained. Target price rises to $18 from $16.

Target price is $18.00 Current Price is $17.14 Difference: $0.86
If PNI meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.30, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates PNI as Buy (1) -

Pinnacle Investment Management reported an "excellent" FY24 result, Ord Minnett stresses as a better-than-expected recovery in affiliates provided 10% higher than forecast earnings for its contribution.

The broker upgrades EPS forecasts by 4% for FY25 and 8% for FY26 because of the higher affiliate margin expectations.

A Buy rating is retained, and the target price is raised to $20 from $16.

Target price is $20.00 Current Price is $17.14 Difference: $2.86
If PNI meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $18.30, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates PNI as Neutral (3) -

At face value, UBS saw Pinnacle Investment Management releasing a better-than-expected FY24 net profit, but there were sizeable one-offs included.

Ex-those one-offs the underlying result still beat by 3%, the broker highlights.The verdict: it was a strong performance, but it had already been anticipated.

While the outlook remains favourable, the broker argues this too is already largely in the price.

Neutral rating, while the target price increases to $17 from 14.50.

Target price is $17.00 Current Price is $17.14 Difference: minus $0.14 (current price is over target).
If PNI 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 $18.30, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates RED as Outperform (1) -

Red 5's 4Q costs (AISC) were -6% worse-than-anticipated by Macquarie due to higher costs at Mount Monger and King of the Hills (KOTH) partially offset by strong cost performance at Deflector. The sales and cash/bullion positions had been previously released.

The broker suggests the company's newly strengthened balance sheet will enable incremental optimisation of the KOTH project.

Outperform rating and 55c target unchanged.

Target price is $0.55 Current Price is $0.36 Difference: $0.19
If RED meets the Macquarie target it will return approximately 53% (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 RMC as Neutral (3) -

Ahead of FY24 results on August 29, Resimac Group issued a trading update implying H2 profit of between $16-18m (or an around -30-40% reduction half-on-half), and below Macquarie's forecast.

As mortgage book growth was quite positive, the broker suggests margins were very weak in the half, likely driven by mortgage competition.

More positively, the lending book is returning to growth, notes the analyst, and should grow further in the event of interest rate cuts.

The $1.05 target and Neutral rating are unchanged.

Target price is $1.05 Current Price is $0.91 Difference: $0.145
If RMC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 25.5% (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 RMD as Neutral (3) -

Citi points to the better-than-expected gross margin for ResMed at the June quarter, resulting in EPS which was 4% above market expectations.

Management guided to FY25 gross margins of 59%-60% which is higher than consensus estimates due to better cost savings as well as product mix and operating leverage the broker highlights.

Citi believes there are potential medium-term risks from GLP-1 drugs affecting CPAP device demand, and forecasts headwinds to demand over several years as well as Philips regaining 20% market share.

The analyst lifts EPS forecasts by 3% for FY25 and FY26. Neutral rating unchanged. Target price lifted to $34 from $30.

Target price is $34.00 Current Price is $31.80 Difference: $2.2
If RMD meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 RMD as Outperform (1) -

While ResMed's 4Q was largely in line with Macquarie's forecasts, both the gross margin and management's FY25 guidance beat expectations.

The broker's Outperform rating is maintained on a favourable growth outlook, balance sheet position and valuation appeal and the stock remains a preferred sector exposure by Macquarie, along with CSL ((CSL)).

Revenue in Q4 was in line with the analyst's forecast comprising a -3% devices revenue miss and a 4% beat for masks/accessories. The gross margin of 59.1% was also a circa 80bps beat supported by favourable mix, lower costs and increased average selling prices.

Macquarie's target rises to $36.25 from $35.40.

Target price is $36.25 Current Price is $31.80 Difference: $4.45
If RMD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Morgans rates RMD as Add (1) -

ResMed's June-quarter result broadly met consensus and Morgans' forecasts, the company posting double-digit earnings growth thanks to an expansion in gross profit margins, improved operating leverage and robust cash flow.

Margins rose 60 basis points on the March quarter to 59.1% thanks to declining freight costs, better cost control, and improved manufacturing efficiency and product mix, observes the broker.

Operating cash flow soared 86% to US$440m, underpinning a 10% increase in the dividend to 53c.

The only slight taints were a -US$100,00 investment equity accounting charge and a -US$300.000 FX impost, observes the broker.

Management forecasts mid-to-high single-digit market growth rates can run another 50-125 basis points as the company  improves its targeting.

Add rating retained. Target price rises to $35.93 from $34.11.

Target price is $35.93 Current Price is $31.80 Difference: $4.13
If RMD meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Ord Minnett rates RMD as Accumulate (2) -

ResMed reported 30% growth in earnings before interest and tax on revenue growth of 9% for the June quarter results; 3% better than Ord Minnett's expectation.

The dividend per share rose 10% on a year previously and was in line with consensus estimates. The gross margin was a lot better than the market expected, the broker highlights.

Target price is revised to $35.40 from $33 due to the 3% increase in EPS forecasts for FY25 and FY26. Accumulate rating unchanged.

Target price is $35.40 Current Price is $31.80 Difference: $3.6
If RMD meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 7.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Ord Minnett rates SBM as Hold (3) -

St. Barbara reported FY24 production which was in line with the Ord Minnett forecast. All-in-sustaining costs were some -13% below the analyst's forecast, and FY25 guidance was slightly better than expected due to anticipated Simberi production.

The broker lifts FY24 earnings estimates by 10% due to lower costs in the update.

A Hold rating remains with the target price lowered -4% to 23c because of higher capex in FY25.

Target price is $0.23 Current Price is $0.24 Difference: minus $0.005 (current price is over target).
If SBM meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.5

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

Macquarie rates TPW as Outperform (1) -

As a read-through for Temple & Webster, Macquarie reviews results for US-based online retailer Wayfair. It's felt Temple & Webster is around five years behind Wayfair measured by active customer penetration pre-pandemic.

Management at Wayfair "reported the strongest quarter of adjusted EBITDA dollars in three years".

For Temple & Webster, the broker anticipates AI efficiencies will drive fixed cost leverage, with increased marketing to support sales growth.

The Outperform rating and $12.30 target are unchanged.

Target price is $12.30 Current Price is $9.98 Difference: $2.32
If TPW meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $11.45, suggesting upside of 20.5% (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 WBC as Sell (5) -

Citi considers the outperformance of banking shares and believes it will be challenging for the sector to report such better-than-expected earnings to justify the current valuations.

The market is likely to focus on an improved outlook for net interest margins, but this expectation is not anticipated to be "uniform" across all the banks.

Citi believe Commonwealth and Westpac are better positioned on margins and although both are rated Sells, the analyst prefers them over the other major banks.

Sell rating and $24.75 target price for Westpac are retained. The earnings report is due on August 19.

Target price is $24.75 Current Price is $28.98 Difference: minus $4.23 (current price is over target).
If WBC meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.58, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.7

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

Macquarie rates WGX as Outperform (1) -

Noting Q4 gold production had been previously released by Westgold Resources, Macquarie highlights a "solid" end to FY24 with a 7% beat on costs (AISC), helped by a stockpile build.

Due to the lower costs, the broker's FY24 EPS estimate improves by 9%, while minor grade depletions result in a -2% EPS reduction thereafter.

Target rises to $3.00 from $2.90. Outperform.

Target price is $3.00 Current Price is $2.81 Difference: $0.19
If WGX meets the Macquarie target it will return approximately 7% (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