Australian Broker Call

Citi rates A2M as Buy (1) -

Citi flags an improvement and "turnaround" in the Chinese birth rate alongside structural changes to English-label products as beneficial for a2 Milk Co.

The analyst expects the company to grow market share from new product launches, including ultra-premium Genesis, and a rise in adult milk powder products.

Near term, further Chinese government stimulus targeted at achieving a higher birth rate and a possible supply chain acquisition, as announced on September 27, could offer more positives for the company.

The stock remains Buy rated with a $7.33 target price.

Target price is $7.33 Current Price is $5.75 Difference: $1.58
If A2M meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.24, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

Citi rates ASG as Neutral (3) -

Citi notes Autosports Group has downgraded 1H25 profit before tax guidance to $20m from $28m on November 22.

The broker attributes some of the downward revision to industrial action at ports but views the weaker retail demand as the more likely cause with "excess" new vehicle inventories.

Citi believes trading conditions over 2H25 will remain "challenging".

Target slips to $1.75 from $2.10. Neutral rating unchanged.

Target price is $1.75 Current Price is $1.69 Difference: $0.065
If ASG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 17.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Shaw and Partners rates AVL as Buy, High Risk (1) -

In the event of re-election, the WA Government has announced the intention for a $150m investment in a WA-made 50MW 10-hour (500GWh) Vanadium Flow Battery in Kalgoorlie to reinforce the Goldfields energy system and create around 150 local jobs.

The government expects a local vanadium supply to be developed south of Meekatharra by 2027, with Shaw and Partners noting that Australian Vanadium's project is located in the Murchison, 43km south of Meekatharra.

The broker retains a Buy, High-Risk rating with a target price of 8c.

Target price is $0.08 Current Price is $0.01 Difference: $0.066
If AVL meets the Shaw and Partners target it will return approximately 471% (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

Bell Potter rates AX1 as Buy (1) -

Following Accent Group's 1H trading update, Bell Potter trims gross margin (GPm) assumption to 55.1% for FY25 given headwinds from ongoing promotional activity, the overall consumer landscape, and currency impacts.

On the flipside, the broker lowers its forecast for cost of doing business (CODB) as a percentage of sales, driving an unchanged EBIT margin of around 9% for FY25.

For the period, Group owned sales rose by 4.7% on the previous corresponding period, gross margins (GPm) fell -100bps, and underlying EBIT (excluding one-offs) were $76.7m, compared to the $78.8m forecast by the analysts.

The broker's target price falls to $2.60 from $2.75 on forecast earnings downgrades. Buy.

Target price is $2.60 Current Price is $2.13 Difference: $0.47
If AX1 meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 15.3% (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

Morgans rates BBT as Add (1) -

Morgans describes BlueBet Holdings' 2Q results as strong, coming in slightly ahead of forecasts due to accelerated synergy gains from the betr acquisition and a solid trading performance.

Since the merger, betr margins have increased to 11% from 6-7%, driven by the success of the integration and the strength of its operating platform and promotional strategies in reactivating dormant accounts.

The broker notes BlueBet's cash active clients remained flat sequentially during Q2.

Morgans raises the target price to 43c from 36c and maintains an Add rating.

Target price is $0.43 Current Price is $0.35 Difference: $0.08
If BBT meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates BMN as Buy, High Risk (1) -

Bannerman Energy's fourth quarter activities report highlighted another solid quarter of developments at the Etango Uranium Project, according to Shaw and Partners.

The broker notes excellent progress on early works and critical path contract items, including earthworks, water and power contracts, and long lead items.

Shaw and Partners retains a Buy, High-Risk rating with a $7.40 target price.

Target price is $7.40 Current Price is $2.91 Difference: $4.49
If BMN meets the Shaw and Partners target it will return approximately 154% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates BOE as Buy (1) -

Following "solid" 2Q operational results, Bell Potter suggests a re-rate for Boss Energy is on the cards given valuation versus peers, and the potential for shorters of the stock to reverse positions.

The broker believes management is well placed to beat FY25 production guidance of 850klbs as both drummed production and production in circuit are now operating at nameplate capacity.

The target rises to $4.90 from $4.70. Buy.

Target price is $4.90 Current Price is $3.14 Difference: $1.76
If BOE meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 19.9% (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 BPT as Neutral (3) -

Post Beach Energy's 2Q25 update, Macquarie observes the company's balance sheet is in a stronger position than anticipated, with net debt at $389m. A further fifth LNG cargo swap in January is highlighted by the analyst as an additional positive.

Realised domestic gas price was slightly better than the broker's expectations, with further gains to $12.20/GJ from $10.70/GJ anticipated.

Production for the quarter met Macquarie's estimates, with revenue from the company's own products 3% better on liquids and LNG prices.

Macquarie believes production is progressing to the top end of FY25 guidance, with Waitsia the main risk factor.

EPS estimates are lowered by -6% in FY25 and raised 8% in FY26. Target price is increased 7% to $1.45. No change to the Neutral rating.

Target price is $1.45 Current Price is $1.52 Difference: minus $0.065 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.57, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates BXB as Outperform (1) -

Macquarie transfers coverage of Brambles, lifting the target price to $21.20 from $17.85. The Outperform rating is unchanged.

The analyst explains management is targeting growth over the medium term, with new business expansion of 1-2% in revenue per annum and constant currency revenue growth of 4-6% targeted for FY28.

Macquarie believes an improving macro environment should assist management's aims, with an unwinding of lumber price volatility and supply chain issues resulting in higher capital deployment from FY22-FY24.

The analyst's EPS estimates are trimmed by -3.9% and -6.1% for FY25/FY26, respectively, due to forex impacts. On a constant currency basis, the broker's FY25 forecast is at the lower end of the guidance range for earnings before interest and tax.

Target price is $21.20 Current Price is $19.82 Difference: $1.38
If BXB meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $19.63, suggesting downside of -0.7% (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: 0.7

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

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

Macquarie downgrades Credit Corp to Neutral from Outperform with a lower target price of $16.27 from $19.62 post 1H25 update.

The company generated net profit after tax below consensus and the analyst's forecasts by -4% and -5%, respectively. Macquarie points to the US as the key "disappoint" despite ongoing improvement in operational performance.

US collections rose 12% year-on-year with improved labour productivity of 29%, the broker explains.

Management reconfirmed FY25 net profit after tax guidance of $90m-$100m.

The broker lowers EPS estimates by -3.4% and -2.8% for FY25/FY26, respectively. The stock is downgraded due to collection rates and the absence of US debt buying, Macquarie stresses.

Target price is $16.27 Current Price is $15.95 Difference: $0.32
If CCP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.39, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates CCP as Add (1) -

Credit Corp's 1H profit met Morgans forecast and management's FY25 guidance was maintained for all metrics.

For the USA segment, investment in the operating structure offset slight half-on-half revenue growth, resulting in earnings slightly below the broker's forecast. Within Lending, management delivered strong growth, as the analysts had expected.

Management’s commentary on operational performance was incrementally positive, according to Morgans.

Target price eases to $20.50 from $20.65. Add.

Target price is $20.50 Current Price is $15.95 Difference: $4.55
If CCP meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $18.39, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates CIA as Buy (1) -

Champion Iron’s third-quarter production of 3.6mt fell short of Bell Potter’s 3.9mt forecast, while earnings (EBITDA) of CA$88m missed the broker’s CA$110m estimate.

The analysts note strong mining and production performance, though sales were impacted by a previously disclosed 14-day rail load-out outage.

Bell Potter highlights the planned shift to higher-grade production in 2026 will enhance average price realisation and support earnings amid an expected weaker iron ore price environment.

The target price eases to $7.10 from $7.15, with a Buy rating retained.

Target price is $7.10 Current Price is $5.55 Difference: $1.55
If CIA meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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 CIA as Buy (1) -

Citi maintains a Buy rating on Champion Iron but lowers the target price to $7.10 from $7.40 following a weaker-than-expected third quarter.

Quarterly production of 3.6mt rose by 12% quarter-on-quarter and exceeded the broker's expectations by 3%, though sales of 3.3mt were flat due to a 14-day rail load-out outage.

Earnings (EBITDA) of CA$88.2m missed consensus by -10%, observe the analysts, impacted by a -CA$21m non-cash currency loss and a -US$12.9m provisional pricing adjustment.

Net debt increased to CA$619m due to dividend payments, working capital outflows, and capital investment, but Citi expects stronger shipments in coming quarters will assist, as rail issues are now resolved.

Citi lowers the target price to $7.10 from $7.40 and retains a Buy rating

Target price is $7.10 Current Price is $5.55 Difference: $1.55
If CIA meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates CIA as Outperform (1) -

Champion Iron reported a mixed result for 3Q25, with production meeting expectations, shipments rising 5%, and stockpile increasing to 2.9mt, Macquarie observes.

A rise in working capital by CA$100m resulted in higher net debt of CA$215m. Earnings missed compared to the broker's expectations by -CA$10m.

Macquarie lowers EPS estimates by -16% and -2% for FY25/FY26, respectively.

Target price falls -11% to $6.70. Outperform rating retained as the analyst envisages improved production, lower costs, and higher realisations despite a challenging year operationally.

Target price is $6.70 Current Price is $5.55 Difference: $1.15
If CIA meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Bell Potter rates CMM as Downgrade to Hold from Buy (3) -

Bell Potter raises its target price for Capricorn Metals to $7.84 from $7.54 following its second-quarter operational update and downgrades to Hold from Buy after recent share price appreciation.

Gold production from the 100%-owned Karlawinda Gold Project in WA reached 28.7koz, exceeding the broker’s 27.8koz forecast, due to higher mill throughput and recoveries, while costs (AISC) were broadly in line.

The broker highlights strong cash generation and expects a stronger second half will allow management to meet unchanged production guidance.

Target price is $7.84 Current Price is $7.63 Difference: $0.21
If CMM meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Macquarie downgrades Capricorn Metals to Underperform from Neutral due to the 22% appreciation in the share price in 2025 to date.

The broker notes many of the miner's 2Q25 metrics were pre-released. Sales came in higher than expected, and all-in-sustaining costs were lower than the analyst's forecast.

At quarter-end, Capricorn had cash and bullion of $363m. Management confirmed FY25 guidance at the midpoint of 110-120koz of production.

Macquarie lifts EPS forecasts by 4% for FY25 and lowers FY26 by -4%. Target price rises 3% to $7.30.

Target price is $7.30 Current Price is $7.63 Difference: minus $0.33 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.75, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates DGT as Initiation of coverage with Add (1) -

Morgans initiates coverage on Digico Infrastructure REIT, which operates a diversified portfolio of 13 data centres across Australia and North America, with an Add rating and a $5.60 target price.

The REIT has a mix of stabilised leased assets (North America) generating income and a marquee value-add asset, SYD1, offering significant expansion potential, suggests the analyst.

The broker highlights index inclusion (March 2025) and the lease-up of expansion space as key catalysts for future performance.

Overall, Morgans believes Digico is positioned to benefit from increasing demand for digital infrastructure with an expansion and development pipeline of 162MW driving long-term earnings growth. An attractive dividend yield is also noted.

Target price is $5.60 Current Price is $4.40 Difference: $1.2
If DGT meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates DUR as Buy (1) -

With Duratec's 1H results due in late-February, Bell Potter is forecasting revenue of $625m and earnings (EBITDA) of $54m, expecting FY25 to follow the normal pattern of being 2H loaded.

Forecasts are largely unchanged apart from an alteration to the H1/H2 mix. The Buy rating and $1.73 target are maintained.

Target price is $1.73 Current Price is $1.51 Difference: $0.225
If DUR meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 13.2% (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 HMC as Upgrade to Buy from Neutral (1) -

UBS upgrades HMC Capital to Buy from Neutral, citing recent share price underperformance, strong momentum across existing assets, and growth potential in increasingly diversified verticals.

The broker sees opportunities for raising new capital within these verticals, contrasting with the challenges faced by traditional, lower-growth real estate fund managers.

A $10.85 target is set, up from the $7.95 recorded in a summary of the broker's last update on August 23, 2024, in the FNArena database.

Target price is $10.85 Current Price is $9.43 Difference: $1.42
If HMC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates IGO as Neutral (3) -

Citi considers IGO Ltd's 2Q operational update (eanings loss -$79m) was overshadowed by a net loss after tax (NLAT) from the Tianqi Lithium Energy Australia (TLEA) joint venture and a change at Kwinana.

The broker highlights a net realisable value (NRV) adjustment at the Kwinana Lithium Hydroxide Refinery (hydroxide inventory).

According to management, TLEA would have posted a profit if not for a material currency loss on US debt at Windfield and the NRV adjustment at Kwinana.

Unchanged Neutral rating until Citi attains more clarity on Kwinana. Target price moves to $5.30 from $5.40.

Target price is $5.30 Current Price is $5.06 Difference: $0.24
If IGO meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.43, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates IGO as Outperform (1) -

Macquarie notes IGO Ltd announced a "mixed" 2Q25 update. Greenbushes production was better than forecast, but sales and costs both missed estimates.

The analyst points to challenges in determining the cash burn at Tianqi Lithium Energy Australia due to changes in inventory valuations. Earnings came in lower than forecast by -$30m with inventory changes.

Macquarie now expects IGO to generate a loss in FY25 on the back of a lower earnings outlook.

Target price slips -2% to $5.80. No change to the Outperform rating.

Target price is $5.80 Current Price is $5.06 Difference: $0.74
If IGO meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.43, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley notes 2Q25 production at IGO's Greenbushes operations was in line with its quarterly preview, driven by higher grades while cost was -19.1% lower. Nova production was -19.8% lower vs the broker's estimate and cash cost was 25.3% higher.

The broker highlights FY25 nickel production is trending toward the bottom end of the company's guidance and cash costs are trending toward the upper end.

Underweight rating and $4.5 target price maintained.

Target price is $4.50 Current Price is $5.06 Difference: minus $0.56 (current price is over target).
If IGO 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 $5.43, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates IGO as Neutral (3) -

IGO Ltd's Greenbushes mine produced 392kt of spodumene in the December quarter, 7% ahead of UBS forecasts, though sales of 312kt were below expectations due to a delayed shipment.

While lithium prices may have bottomed, the broker remains cautious on the outlook for IGO’s nickel operations, with Nova facing declining grades as it mines the final stopes.

The analyst also expresses concerns about the Kwinana lithium hydroxide refinery, noting the joint venture has halted all works on Train 2 and faces a potential write-down. 

UBS maintains a Neutral rating and a $5.45 target price.

Target price is $5.45 Current Price is $5.06 Difference: $0.39
If IGO meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.43, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates JDO as Neutral (3) -

Macquarie previews the upcoming 1H25 earnings report for Judo Capital with not many "surprises" anticipated.

The broker explains the macro backdrop remains positive, with system business sector credit growth expected above 10% annually and Judo projected to generate around 20% growth, supported by good funding markets.

Looking further out, the analyst envisages increased business lending competition, which the market is not currently factoring into the outlook for FY27-FY28.

The broker lifts EPS estimates by 7% and 2% for FY25/FY26, respectively, with a Neutral rating retained.

Target price rises to $1.75 from $1.60 due to a change in valuation. Management is expected to reiterate and achieve FY25 guidance, Macquarie states.

Target price is $1.75 Current Price is $1.98 Difference: minus $0.225 (current price is over target).
If JDO meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates KAR as Buy (1) -

Following yesterday's operational update, Citi opens a 90-day positive catalyst watch for Karoon Energy given a possible (earnings accretive) acquisition of a floating production storage and offloading (FPSO) at Buana.

The broker also sees upside from a possible resource upgrade at the company's Neon oil field, around 60kms northeast of the Bauna field.

A summary of yesterday's update by Karoon Energy is summarised below.

In an early take on today's largely in-line 4Q operational update by Karoon Energy, Citi highlights production of 2.6mmboe aligned with the broker's estimate, but missed by -2% against consensus.

Sales of 3.14mmboe was 4% ahead of Citi's estimate on timing of cargoes at Bauna.

Management's 2024 production cost guidance is now at US$14-15/boe, worse than US$13-15/boe prior, while finance costs and other operating costs have also been narrowed to the top end of the previous guidance ranges, observes the broker.

While 2025 production guidance of between 9.0-10.5 is in line with prior forecasts by Citi and consensus for 10.2mmboe, costs are all higher than the broker's forecasts, particularly unit opex.

Making best use of balance sheet headroom, suggests Citi, management will undertake a further US$75m on-market buyback over 2025.

Target $2.00. Buy.

Target price is $2.00 Current Price is $1.54 Difference: $0.465
If KAR meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Macquarie rates KAR as Outperform (1) -

Macquarie describes Karoon Energy's 4Q24 update as "playing the wildcard" with an additional $75m buyback announced post a US$88m payment to Petrobras, the analyst states.

The broker notes production was "solid" excluding expected maintenance days. The SPS-88 well is due to restart by 2Q25 and will generate 2-2.5mbbl/day, the analyst explains.

Macquarie believes the Who Dat production outlook for 2025 was below expectations and points to the possible purchase of an FPSO as a potential positive, given the ongoing lack of consistency in Brazil oil production.

The broker lowers EPS estimates by -2% and -3% for 2024/2025, respectively.

Outperform rating remains. Target price slips -5% to $1.90.

Target price is $1.90 Current Price is $1.54 Difference: $0.365
If KAR meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

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

Karoon Energy's FY25 production guidance of 9.0-10.5 mmboe compares with Morgan Stanley's estimate of 10.2 mmboe. Production in 4Q24 was 1% above the broker's estimate, bringing full-year production to 10.4 mmboe.

The broker is looking ahead to the company's Feb 7 strategy seminar where it expects additional details on plans for the Bauna oilfield life extension and Neon development.

Rating remains Equal-weight and target price is $1.76.

Target price is $1.76 Current Price is $1.54 Difference: $0.225
If KAR meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Bell Potter rates MDR as Downgrade to Hold from Buy (3) -

Bell Potter cuts its target price for MedAdvisor to 21c from 40c and downgrades to Hold from Buy, due to reduced earnings forecasts and a lower assumed valuation multiple.

Second quarter revenue fell short of the growth expectations set by management at the start of FY25, with US revenue declining by -29% in the first half due to lower vaccine contract revenue, which the broker sees as the most significant factor.

Non-vaccine revenue for H1 also dropped by -24% year-on-year, while Australian revenue rose by just 2%. Management did not reiterate its FY25 positive earnings (EBITDA) guidance from the December trading update.

Target price is $0.21 Current Price is $0.19 Difference: $0.025
If MDR meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates MHJ as Neutral (3) -

Citi casts uncertainty over Michael Hill's 2H25 earnings outlook post the company's 1H25 update, with earnings expectations remaining heavily reliant on potential consumer relief from interest rate cuts, the analyst explains.

The 1H25 trading update revealed ongoing weakness in sales momentum across the company's regions, while higher promotional activity offset any positive impacts from higher-margin products, Citi details.

The analyst lowers earnings before interest and tax estimates by -27% for FY25 and -6% for FY27.

No change to the Neutral rating. Target falls to 50c from 57c.

Target price is $0.50 Current Price is $0.51 Difference: minus $0.005 (current price is over target).
If MHJ meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates MHJ as Outperform (1) -

A challenging operating environment continued to impact Michael Hill, with the 1H25 update coming in below expectations by -25%, Macquarie explains, due to weaker revenues and increased inflation on the cost of doing business, the analyst highlights.

Macquarie lowers EPS estimates by -42% and -32% for FY25/FY26, respectively, with a "rebasing" of earnings in the current fiscal year.

The analyst believes the current discount to fair value is excessive at a time when earnings are challenged by operating headwinds. Outperform rating remains, with an expected improvement in gross profit margins and growth options from multi-channel initiatives.

Target price is trimmed to NZ$0.70 from NZ$0.73.

Current Price is $0.51. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates MIN as Neutral (3) -

Citi offers feedback on Mineral Resources post the management conference call, highlighting the company is "comfortable" with net debt and will provide a free option on lithium by June.

Lithium remains a key focus of investment, the broker notes, with ongoing investment to capitalise on an upswing in the lithium cycle.

Notably, Onslow is expected to achieve a run rate of 35mtpa and produce free cash flow of around $800m to assist in the repayment of the carry loan, the analyst states.

Neutral rated. Target price $35.

Target price is $35.00 Current Price is $35.93 Difference: minus $0.93 (current price is over target).
If MIN meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.71, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates MIN as Neutral (3) -

Macquarie observes Mineral Resources reported a "mixed" 2Q25 update. Higher net debt and lithium costs are viewed by the broker as key aspects of the report coming in worse than expected.

In contrast, the ramp-up in Onslow was acknowledged as "pleasing" by the analyst, with production of 19mtpa in December, or around 54% of nameplate capacity.

Net debt of $5.1bn against consensus estimates of $4.4bn was underpinned by a revaluation of USD debt, higher capex, and working capital.

Macquarie lowers FY25 EPS by -3% and raises FY26 EPS by 6%.

Target price moves to $36. No change to the Neutral rating.

Target price is $36.00 Current Price is $35.93 Difference: $0.07
If MIN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $41.71, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates MIN as Overweight (1) -

Following the 2Q operational result, Morgan Stanley believes Mineral Resources has potential to re-rate as the company becomes free cash flow (FCF) positive from the 2H of FY25 onwards.

Despite a higher net debt number in Q2, the analysts feel peaks for capex and net debt have now passed.

Also, despite flat 1H volumes for Mining Services, Morgan Stanley expects profitability will improve with the ramp-up in 2H Onslow volumes. Onslow is also expected to improve the company's per tonne earnings EBITDA margins

Target $50. Overweight. Industry View: Attractive.

Target price is $50.00 Current Price is $35.93 Difference: $14.07
If MIN meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $41.71, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgans rates MIN as Hold (3) -

Mineral Resources' second-quarter production slightly missed Morgans and consensus forecasts.

The broker notes mining services production was flat quarter-on-quarter, as volume increases from Onslow were offset by the Yilgarn Hub and Bald Hill being placed into care and maintenance.

Cost reductions across the company's lithium mines were implemented in the first half, highlights the analyst, with the benefits expected to be realised in the second half.

Morgans lowers the target price to $35 from $39 and maintains a Hold rating, noting net debt levels will remain elevated in the medium-term, which will continue to weigh on the stock price.

Target price is $35.00 Current Price is $35.93 Difference: minus $0.93 (current price is over target).
If MIN meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.71, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates MIN as Sell (5) -

UBS maintains a Sell rating on Mineral Resources following its 2Q operational update and lowers the target price to $33 from $34, citing rising net debt and execution risks at Onslow.

The update showed operational performance on track, with Onslow ramping up, lithium segment cost resets progressing, and FY25 guidance unchanged.

More negatively, net debt increased to $5.1bn, exceeding the $4.5bn consensus estimate, and UBS now expects net debt to remain elevated until FY28.

The broker notes stable mining services volumes and a solid Onslow trajectory but remains cautious on lithium pricing, ongoing governance concerns, and limited signs of an imminent price up cycle for lithium and iron ore.

Target price is $33.00 Current Price is $35.93 Difference: minus $2.93 (current price is over target).
If MIN meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.71, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates NIC as Buy (1) -

Citi maintains a Buy rating on Nickel Industries but lowers the target price to $1.00 from $1.05 following a weaker December quarter.

Production was impacted by Rencana Kerja dan Anggaran Biaya (RKAB) sales limits, while weak nickel pig iron (NPI) pricing and a $20m non-cash FX loss weighed on earnings, explains the broker.

Rotary kiln electric furnace (RKEF) earnings (EBITDA) of US$22.1m were impacted by a -US$20m currency loss, while Hengjaya Mine delivered US$37m in earnings, despite sales halting in December due to reaching its RKAB quota.

Management remains confident in securing RKAB approvals for a 19mtpa quota in H2 of 2025 with the Sampala mine set for first production in the fourth quarter.

Target price is $1.00 Current Price is $0.78 Difference: $0.22
If NIC meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 51.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Macquarie rates NIC as Neutral (3) -

Nickel Industries' 4Q24 earnings came in well below Macquarie and consensus estimates by -35% and -31%, respectively, due to weaker margins at the rotary kiln electric furnace, the broker explains.

Management pointed to the Sampala exploration target of 350-700m dmt at 0.9%-1.1% nickel.

Adjusting for changes in the quarterly update, Macquarie lowers the 2024 EPS estimate by -42% and 2025 by -6% due to expected lower metal production from reduced NPI grades.

Target price slips -7% to 88c. No change to the Neutral rating.

Target price is $0.88 Current Price is $0.78 Difference: $0.1
If NIC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 51.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Morgan Stanley rates NIC as Overweight (1) -

Morgan Stanley notes Nickel Industries' 4Q24 results reflected a modest shortfall vs consensus but the impact on FY25 consensus EPS is little changed.

Nickel production excluding Matte was -1% lower vs the broker's forecast but in line with consensus, and sales were -7% lower vs Morgan Stanley's estimate and -4% below consensus.

Realised nickel prices were largely in line to 2% higher vs the broker but in line to -6% lower vs consensus.

Overweight rating retained and $1.05 target price retained.

Target price is $1.05 Current Price is $0.78 Difference: $0.27
If NIC meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 51.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

UBS rates NIC as Buy (1) -

UBS maintains a Buy rating on Nickel Industries, noting long-term upside from the company’s low-cost position and expansion plans, but lowers the target price to $1.05 from $1.10 following a weaker-than-expected fourth quarter.

Quarterly earnings (EBITDA) of US$72m missed UBS and consensus forecasts of US$115m and US$117m, respectively, due to hitting the 9mt annual RKAB ore sales limit in December and a -US$20m FX currency adjustment in the RKEF division.

RKAB is short for Rencana Kerja dan Anggaran Biaya, while RKEF refers to rotary kiln electric furnace.

Management remains confident of securing a 19mt RKAB quota for 2025. RKEF production improved 6% quarter-on-quarter, highlights UBS.

Target price is $1.05 Current Price is $0.78 Difference: $0.27
If NIC meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 51.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Citi rates NXT as Buy (1) -

Citi views the updates from Microsoft and Meta on retaining capex plans as supportive of the Buy rating on NextDC, even though it will not settle the debate on the potential impact of more efficient inference AI compute on data centre demand.

The analyst also highlights the tech majors' commentary on non-AI services and workloads continuing to grow as a positive for NextDC, with those aspects continuing to underpin demand for data centre capacity.

Buy rated. Target price $20.

Target price is $20.00 Current Price is $14.69 Difference: $5.31
If NXT meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $20.12, suggesting upside of 35.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates ORG as Buy (1) -

Citi explains the downgrade in FY25 APLNG production for Origin Energy is a concern despite 2Q25 results broadly meeting expectations.

The analyst suggests an ongoing challenging trade-off between capex and production for Origin.

Electricity sales over the quarter met expectations at 8.8TWh, and natural gas sales of 42PJ were slightly above the broker's estimate of 40PJ, but 1H25 has come in below consensus, the analyst states.

Management lowered FY25 APLNG guidance by -2% to -5% due to some unplanned downtime. No feedback was offered on maintenance at Eraring. Citi highlights approval has been given for the Eraring battery to 700MW, and the company did not announce an update on the APLNG price review.

Citi adds a 30-day downside short-term view on the stock.

Target price is $12.50 Current Price is $11.20 Difference: $1.3
If ORG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.93, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Bell Potter rates PPT as Buy (1) -

Within the Asset Management segment, Perpetual’s 2Q assets under management (AUM) rose by 3.6%, primarily due to Australian dollar weakness against major currencies, explains Bell Potter.

Wealth Management funds under advice (FUA) increased by 1% to $20.6bn, supported by stable flows and positive market movements, explain the analysts.

The broker’s forecasts remain largely unchanged, with the $25.40 target price and Buy rating maintained. Management continues discussions with KKR regarding the proposed sale of Perpetual’s wealth management and corporate trust businesses.

Target price is $25.40 Current Price is $21.75 Difference: $3.65
If PPT meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates PPT as Buy (1) -

Citi believes Perpetual continues to offer value even if the KKR discussions lead nowhere.

Observing the 2Q update, the broker notes outflows increased after a "respite" in 1Q25, but performance fees were better than anticipated for 1H25 at $15.9m, three times above the previous corresponding period due to JOHCM, the analyst notes.

Citi anticipates more details on the cost-out program from the incoming CEO, as well as the 1H25 earnings report.

The broker raises FY25 EPS by 3%, and the target price advances to $24.20 from $22.50, while retaining the Buy rating.

Target price is $24.20 Current Price is $21.75 Difference: $2.45
If PPT meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates PPT as Buy (1) -

Perpetual's 2Q update showed total assets under management (AUM) rose by 3.6% to $230bn, landing 1.7% ahead of consensus, though compositionally weak, according to UBS, due to higher-than-expected outflows of -$3.8bn.

Foreign exchange provided a 7.1% uplift, explains the analyst, but market movements dragged AUM down by -1.8%. 

The broker highlights ongoing revenue pressures in asset management, along with continued deal uncertainty with KKR.

Given these headwinds, the broker lowers its FY25, FY26, and FY27 earnings forecasts by -2%, -8%, and -5%, respectively.

UBS maintains a Buy rating and lowers the target to $24.00 from $24.40.

Target price is $24.00 Current Price is $21.75 Difference: $2.25
If PPT meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates PRN as Buy (1) -

In a testament to Perenti's strong track record, suggests Citi, a 12-month extension has been secured to the Duketon contract with Regis Resources ((RRL)), out to March 2028. Overall contract value over the four-year term rises to $573m.

The broker anticipates a solid interim result based on management commentary around sustainable cash generation.

Buy rating and $1.60 target are retained.

Target price is $1.60 Current Price is $1.34 Difference: $0.26
If PRN meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates RMY as Speculative Buy (1) -

RMA Global's 2Q25 update revealed group revenue growth of 9%, with US subscription revenue rising 14% year-on-year, Bell Potter notes. Revenue in A&NZ grew 7%.

The broker highlights the positive impact on US revenues from the Curated Social acquisition, combined with cost controls that resulted in positive operating cash flow.

Target price rises to 12c from 10c due to the analyst's application of a higher weighted average cost of capital.

Speculative Buy rating unchanged. The company's prospects and generation of shareholder value remain dependent on the US market, Bell Potter states.

Target price is $0.12 Current Price is $0.04 Difference: $0.077
If RMY meets the Bell Potter target it will return approximately 179% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates SFR as Neutral (3) -

Citi highlights Sandfire Resources' 2Q25 update was better than expected on costs but lower on production. Unaudited 1H25 earnings came in at $255m, with consensus at $268m.

The analyst believes Motheo costs were the "highlight," some -15% below consensus.

Citi raises FY26 onwards earnings estimates by 6%-10% on increased throughput from Motheo.

The $10.50 target and Neutral rating are maintained.

Target price is $10.50 Current Price is $9.64 Difference: $0.86
If SFR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.05, suggesting upside of 0.4% (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: -0.1

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

Macquarie rates SFR as Neutral (3) -

Sandfire Resources' 2Q25 copper, zinc, and lead production was below consensus forecasts, while silver was above, the Macquarie analyst notes.

Management retained FY25 guidance, with Motheo reporting lower opex costs of -7%, which the broker views positively. Motheo generated annualised plant rates of 5.6mtpa in 1H25, which management expects can be maintained.

Macquarie lifts the FY25 EPS estimate by 3% for the lower costs at Motheo.

No change to the Neutral rating and $9.80 target price.

Target price is $9.80 Current Price is $9.64 Difference: $0.16
If SFR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.05, suggesting upside of 0.4% (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: -0.1

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

Morgan Stanley rates SFR as Underweight (5) -

Morgan Stanley estimates Sandfire Resources' 2Q25 result reflected a modest shortfall versus consensus and has little impact on the next 12-month consensus EPS forecast.

Group copper production of 25.5kt was -6.3% versus the broker's forecast on grade miss at Motheo, and -6.6% below consensus. Group C1 cost of US$1.4/lb was -8.8% below the broker's forecast and -4.5% below consensus.

The analyst notes costs benefitted from throughput at Motheo and currency impact at Matsa with EUR at historical lows.

Underweight rating and $9 target price unchanged. Industry view is Attractive. 

Target price is $9.00 Current Price is $9.64 Difference: minus $0.64 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.05, suggesting upside of 0.4% (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: -0.1

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

UBS rates SFR as Upgrade to Neutral from Sell (3) -

Following a 2Q operational update, UBS raises its target for Sandfire Resources to $10.45 from $9.85 and upgrades to Neutral from Sell after a -13% share price retreat from October-highs.

The broker highlights a "very good' cost performance and maintenance of FY25 production guidance, despite slightly softer copper production outcomes at both Matsa and Motheo during the quarter.

Management's projections for the Motheo plant prompts the analyst to add 3-4ktpa of copper production to near-term forecasts.

Target price is $10.45 Current Price is $9.64 Difference: $0.81
If SFR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.05, suggesting upside of 0.4% (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: -0.1

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

Citi rates SSM as Buy (1) -

For Service Stream's upcoming 1H results, Citi forecasts further revenue and earnings growth along with solid cash flows.

The broker forecasts an around 8% earnings (EBITDA) increase on the previous corresponding period and a likely improvement in margins from the 2H of FY24 across all segments.

The Buy rating and $1.70 target are retained.

Target price is $1.70 Current Price is $1.55 Difference: $0.15
If SSM meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates ZIP as Upgrade to Buy from Neutral (1) -

Citi believes the sell-off in the Zip Co share price post the 2Q25 trading update was overdone and upgrades the stock to Buy from Neutral, with a target price of $3, down from $3.30.

The analyst lowers earnings estimates by -8% to -12% for FY25-FY27 due to lower-than-expected A&NZ revenue and marginally higher costs.

Growth in the US business is forecast to slow to 35% in 2H25, which may prove to be conservative, Citi highlights.

Buy. Target $3.

Target price is $3.00 Current Price is $2.44 Difference: $0.56
If ZIP meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 35.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates ZIP as Buy (1) -

Following further analysis of yesterday's 2Q update by Zip Co, UBS retains its Buy rating and lowers its target by -8% to $3.35, suggesting the initial share price sell down was overdone.

The broker highlights ongoing strong growth in the US, but also acknowledges the market will be sensitive to changes in earnings momentum.

FNArena's summary of yesterday's update by UBS follows.

Zip Co reported lower-than-expected 2Q25 group revenue of $269m versus UBS' expectations of $297m and consensus of $295m.

Total transaction value advanced 24% to $3.4bn, compared to consensus at 22% and UBS' estimate of 29%. Customers at 6.3m were broadly in line with both consensus and the broker.

US revenue rose 42% year-on-year in the December quarter to $166m, against the broker's forecast of $187m and consensus at $165m.

Management offered no guidance at the update.

UBS believes the update diverged from expectations due to a lower revenue margin but notes lower costs as a positive. Net bad debts across Australia and the US performed well on an ongoing basis, and total liquidity rose.

The analyst highlights consensus revenue forecasts for 2H25 might need to be lowered, but the cost outlook remains better than consensus.

Target price is $3.35 Current Price is $2.44 Difference: $0.91
If ZIP meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 35.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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