Australian Broker Call

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

With earlier-than-anticipated interest rate cuts, Citi believes there is "renewed interest" in non-bank financial institutions (NBFIs).

The companies will benefit from lower interest rates, but the key factor, the broker explains, is the improving outlook for funding, irrespective of rate cuts, as the spread between wholesale and deposit funding is improving.

Citi also sees increased ability for issuance at the wholesale level.

The broker upgrades Australian Finance Group to Buy from Neutral. Target price rises to $1.85 from $1.65.

Target price is $1.85 Current Price is $1.66 Difference: $0.195
If AFG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

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 ALL as Outperform (1) -

Macquarie highlights legislative momentum in the US iGaming and iLottery markets, with up to five states potentially legalising iGaming in 2025, which could nearly double the total addressable market for Aristocrat Leisure.

The broker believes Aristocrat, already the US iLottery leader by per capita spend and market share, is well-positioned to secure the Massachusetts iLottery licence, a key earnings driver.

Aristocrat is expected to generate over $1.7bn in free cash flow in FY25, supporting share buybacks and future M&A opportunities.

The broker's earnings per share adjusted (EPSA) estimates for FY25-27 increase by 4-6%, noting every 1c movement in the Australian dollar impacts EPSA by 1.5 percentage points.

Target rises to $80 from $75. Outperform.

Target price is $80.00 Current Price is $73.10 Difference: $6.9
If ALL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $72.75, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates ALX as Outperform (1) -

Macquarie considers the recent amendment to the French budget is a positive for Atlas Arteria, reducing the extraordinary tax surcharge to one year instead of two, generating potential savings of around EUR75m for APRR.

The change in French tax potentially puts off any decision around a dividend cut from the current 40c per year, suggests the analyst.

The target rises by 2c to $5.66. Outperform.

Target price is $5.66 Current Price is $4.96 Difference: $0.7
If ALX meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates AMC as Buy (1) -

Citi notes Amcor reported its 2Q25 update, which broadly met expectations. Earnings before interest and tax were slightly lower than the consensus forecast, as was revenue.

Flexibles reported earnings growth of $10m to $322m in the quarter, year-on-year, with improved costs offsetting the price mix, the analyst states.

Healthcare destocking continued and offset positive growth in food, resulting in volume growth of 3% year-on-year.

Management reconfirmed FY25 guidance, and the analyst is seeking more information on the timeline for improvements in healthcare and North American beverages, volume growth potential for flexibles, and customer inventory levels on the conference call.

No change to earnings forecasts and Buy rating with a $19 target.

Target price is $19.00 Current Price is $15.71 Difference: $3.29
If AMC meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $16.73, suggesting upside of 3.3% (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: 0.3

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

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

Macquarie notes Amcor's 2Q result aligned with forecasts by consensus, while management's FY25 guidance was maintained.

While volumes have turned positive, the broker believes growth will likely remain modest in the near-term. A period of share price range-trading is expected until certainty emerges on the Berry transaction.

A dividend of US12.75cps was in line with consensus expectations, note the analysts. Target $15.50. Equal-weight. Industry view of "In Line".

Target price is $15.50 Current Price is $15.71 Difference: minus $0.21 (current price is over target).
If AMC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.73, suggesting upside of 3.3% (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: 0.3

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

Citi rates BWP as Sell (5) -

Citi's initial take on  today's 1H results for BWP Trust is to suggest finance costs and cap rates are turning around. Weighted average cost of debt of 4.4% also turned down, supported by a 98.7% occupancy rate, explain the analysts.

The interim dividend of 9.20cps matched forecasts by the broker and consensus.

Citi highlights the net tangible asset (NTA) metric of $3.92 places the stock on a share price discount to NTA of around -6%, with an improving cap rate of 5.43%.

Target $3.40. Sell.

Target price is $3.40 Current Price is $3.29 Difference: $0.11
If BWP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

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

UBS rates BXB as Buy (1) -

UBS raises the target for Brambles to $22.50 from $19.10 following a review of its investment thesis while maintaining a Buy rating.

The broker sees Brambles generating a value-creating return on invested capital (ROIC) on non-pooling capex, unlike industries where productivity investment is needed just to keep pace with competition.

The analyst also views automation and digital initiatives as relatively low-risk, 'test and learn' investments for a global network business with diverse markets and plants.

For upcoming 1H results, UBS forecast a rise in sales revenue of 3.8% and earnings (EBIT) of 7.8% in constant currency.

Target price is $22.50 Current Price is $19.26 Difference: $3.24
If BXB meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.20, suggesting upside of 4.9% (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

Ord Minnett rates CBA as Sell (5) -

Ord Minnett previews CommBank's interim results for February 12, stating the current share price is difficult to justify, given CBA remains the most expensive developed market bank in history.

The broker expects solid business and investor housing credit growth to drive net interest income (NII) up by 4% half-on-half, or 3% when adjusted for the number of days.

With further buybacks expected to be EPS dilutive, the focus remains on how management will utilise excess capital.

Ord Minnett retains a Sell rating with a $105 target. Unchanged Sell rating and $105 target.

Target price is $105.00 Current Price is $157.70 Difference: minus $52.7 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.22, suggesting downside of -34.2% (ex-dividends)

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 DRO as Buy (1) -

Shaw and Partners notes DroneShield's 4Q 2024 4C and revenue came in below the broker's expectations due to delays in tenders being awarded. As 70% of the company's revenue is generated in the US, the analyst points to the change of government as a cause of delays.

The broker lowers 2024/2025 revenue forecasts by -20% due to delays in tenders and the potential decline in global conflicts.

 Buy rating maintained. Target price falls to 90c from $1.20.

Target price is $0.90 Current Price is $0.63 Difference: $0.27
If DRO meets the Shaw and Partners target it will return approximately 43% (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

Ord Minnett rates DRR as Accumulate (2) -

Ord Minnett maintains an Accumulate rating on Deterra Royalties but lowers the target price to $4.30 from $4.40 following weaker-than-expected December-quarter royalty payments.

The shortfall was driven by lower sales and realised prices at the Mining Area C (MAC) iron ore assets operated by BHP Group ((BHP)), explains the analyst, as well as narrower margins in gold-related income despite higher realised prices.

While the near-term outlook is softer, Ord Minnett remains constructive on Deterra’s long-term cash flow profile.

Target price is $4.30 Current Price is $4.06 Difference: $0.24
If DRR meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 6.3% (ex-dividends)

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 FDV as Add (1) -

Morgans isolates a "fundamental problem" for Frontier Digital Ventures; the company is not growing, with a weak 4Q 2024 report announced.

The broker highlights earnings have flat-lined between 2022-2024. In the latest quarter, 360 Latam revenue declined -1% on the previous year, while Mena marketplaces revenue advanced 9% year-on-year.

Latam was impacted by InfoCasas transitioning to an Iris transaction model, the analyst explains.

Morgans lowers EPS estimates by -5% for 2024/2025.

No change to Add rating. Target price falls to 49c from 61c.

Target price is $0.49 Current Price is $0.24 Difference: $0.25
If FDV meets the Morgans target it will return approximately 104% (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

Citi rates IMD as Sell (5) -

Citi expects Imdex to report a weak 1H25 result, likely to rebase earnings for the full year.

The analyst emphasises a cautious view on the company's outlook, which remains dependent on exploration levels. Citi expects levels to remain "soft" for the balance of FY25, with a risk of ongoing weak conditions into FY26.

Citi notes the market is testing the analyst's Sell rating conviction by looking through the current cycle and being upbeat on the stock's inclusion in the ASX200 index in March.

Sell rating retained. Target $1.95.

Target price is $1.95 Current Price is $2.55 Difference: minus $0.6 (current price is over target).
If IMD meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.28, suggesting downside of -11.3% (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 IPH as Outperform (1) -

While noting around 70% of IPH income is recurring, Macquarie highlights lower filings in January saw the company's market
share in Australia remain below the 31-33% range.

The Outperform rating and $7.11 target are maintained.

Target price is $7.11 Current Price is $4.81 Difference: $2.3
If IPH meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $7.21, suggesting upside of 49.0% (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

Ord Minnett rates KAR as Buy (1) -

Ord Minnett highlights a stronger-than-expected December-quarter sales result for Karoon Energy and raises its target to $2.60 from $2.40. Buy rating maintained.

A key surprise, in the broker's view, was the announcement of an additional US$75m share buyback in 2025 and the introduction of a capital management policy to distribute 20-40% of annual underlying net profit to shareholders.

Ord Minnett sees the capital management strategy as a key step in reinforcing financial discipline and enhancing shareholder returns.

With potential to eliminate -US$60m in annual leasing costs, highlights the broker, management is in discussions to purchase the currently leased floating production storage and offloading (FPSO) vessel used at its Bauna field in Brazil. 

Target price is $2.60 Current Price is $1.55 Difference: $1.055
If KAR meets the Ord Minnett target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 33.7% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Morgan Stanley rates MQG as Overweight (1) -

Despite the recent positive re-rating of Macquarie Group's shares, Morgan Stanley remains positive on the group's multi-year double-digit growth potential, citing operating leverage to the global M&A recovery.

The analysts forecast a 10% higher net profit contribution for Q3 at the February 11 update, supported by stronger equity and debt markets and a weaker Australian dollar.

Morgan Stanley raises the target price by 3% to $255, reflecting higher peer multiples and a valuation roll forward, while maintaining an Overweight rating. The industry view remains In-Line.

Target price is $255.00 Current Price is $238.02 Difference: $16.98
If MQG meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $225.84, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Morgans rates MSV as Speculative Buy (1) -

Morgans notes Mitchell Services reported five rigs in the 2Q25 trading update versus the broker's forecast of seven.

Shifts worked also fell by -13%, resulting in the company announcing lower-than-expected revenue and earnings, some -16% and -34%, according to the analyst's estimates.

As the company transitions, the broker points to a slower redeployment of rigs that had moved off contract in late 2024. The analyst cites higher costs for entry into the PNG market and increased spending for Loop Decarb as reasons for rising costs and working capital.

Morgans forecasts rig count to advance to 70 rigs from the mid-60s currently by early FY26.

Target falls to 50c from 55c. Speculative Buy retained for those investors who can be patient for improved returns in FY26, the broker explains.

Target price is $0.50 Current Price is $0.35 Difference: $0.155
If MSV meets the Morgans target it will return approximately 45% (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 NUF as Sell (5) -

Citi observes the 1H25 trading update at Nufarm's AGM, which highlighted robust demand in crop protection and better margins as ingredient prices level out, the analyst notes.

The company reconfirmed Omega-3 revenue would experience a twofold rise to $100m in FY25, but remains dependent on market pricing, management stressed.

Cost-out savings of $50m per annum are targeted and expected to be fully in place by FY26.

Citi points to improvements in crop protection over the first few months of FY25, with pricing remaining the key factor in achieving the gross margin and $90m impact.

The broker remains Sell rated with a $3.75 target price while acknowledging headwinds have "moderated," but risks to the downside remain.

Target price is $3.75 Current Price is $3.68 Difference: $0.07
If NUF meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in September.

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 NUF as Neutral (3) -

After reviewing AGM commentary and Nufarm's 1Q trading update, Macquarie highlights normalising costs and stable pricing.

First half net working capital is expected to be slightly higher than previously guided, observes the analyst, driven by Omega-3 investment and foreign exchange impacts.

Management forecasts Omega-3 revenue will double in FY25, contingent on fish oil pricing, but a higher cost base is limiting profit growth, notes the broker.

Macquarie maintains a Neutral rating on Nufarm and lowers the target price to $4.11 from $4.22 due to a higher average FY25 net debt forecast.

Target price is $4.11 Current Price is $3.68 Difference: $0.43
If NUF meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in September.

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 NXT as Buy (1) -

Citi reiterates a Buy rating on NextDC, pointing to the lack of contract announcements as a more significant factor around the stock's sell-off than concerns generated by the DeepSeek sell-off last week.

The broker highlights the accelerated fit-out of Melbourne with 38MW of capacity as an indicator of a potential contract win.

Target price falls to $18.70 from $20 as Citi recalibrates the outlook on long-term international billing forecasts for potential lower demand and slower development of Auckland.

The analyst notes NextDC typically annnounces better than expected first half results due to how costs are treated. Citi's earnings estimate of $106m sits above consensus by 4%.

Target price is $18.70 Current Price is $14.74 Difference: $3.96
If NXT meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $19.90, suggesting upside of 33.0% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates PDI as Buy (1) -

Comfortably funding the Bankan project to final investment decision (FID), and allowing for further exploration spend, suggests Ord Minnett, Predictive Discovery has completed a $69m strategic placement to the Lundin family and Zijin Mining.

The broker's targert falls to 40c from 45c on share dilution and further forecast exploration spending. The Buy rating is unchanged.

FID for Bankan is expected by the end of 2025, and the broker estimates Predictive will have $60m cash at bank at that time.

Target price is $0.40 Current Price is $0.30 Difference: $0.1
If PDI meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment Management's 1H EPS exceeded Macquarie's expectations by 18%, driven by a 92% year-on-year increase in performance fees and fair value gains.

Funds under management (FUM) reached a record $155.4bn, up 55% year-on-year, supported by $6.7bn in inflows, $27.9bn from acquisitions, and $10.7bn from market performance.

Revenue excluding performance fees rose by 27%, benefiting from a 24% increase in average FUM, explains the broker. International FUM now represents 29% of the total, and private market strategies account for 18%.

Macquarie highlights Pinnacle’s strong organic growth outlook and potential for accretive M&A as key drivers of long-term upside. Outperform. Target rises to $27.37 from $26.70.

Target price is $27.37 Current Price is $25.17 Difference: $2.2
If PNI meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 1.1% (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) -

Pinnacle Investment Management's 1H results revealed a profit beat against UBS and consensus forecasts of around 3% and 20%, respectively, with underlying profitability rising by 43% on the previous corresponding period.

Funds under management (FUM) rose by 20% quarter-on-quarter (including acquisitions) with 2Q net flows $4.9bn versus $1.8bn in the 1Q, largely driven by strength in private markets, explains the analyst.

The broker remains Neutral-rated on valuation grounds, yet believes strong momentum can persist into FY26. The target is increased to $25.20 from $22.50.

Target price is $25.20 Current Price is $25.17 Difference: $0.03
If PNI meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 1.1% (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

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

With earlier-than-anticipated interest rate cuts, Citi believes there is "renewed interest" in non-bank financial institutions (NBFIs).

The companies will benefit from lower interest rates, but the key factor, the broker explains, is the improving outlook for funding, irrespective of rate cuts, as the spread between wholesale and deposit funding is improving.

Citi also sees increased ability for issuance at the wholesale level.

The broker upgrades Pepper Money to Buy from Neutral.

Target price is $1.55 Current Price is $1.43 Difference: $0.125
If PPM meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates RMC as Neutral (3) -

With earlier-than-anticipated interest rate cuts, Citi believes there is "renewed interest" in non-bank financial institutions (NBFIs).

The companies will benefit from lower interest rates, but the key factor, the broker explains, is the improving outlook for funding, irrespective of rate cuts, as the spread between wholesale and deposit funding is improving.

Citi also sees increased ability for issuance at the wholesale level.

The broker removes the High risk rating on Resimac Group, Neutral rated. Target price rises to $1 from 90c.

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

Current consensus price target is $1.10, suggesting upside of 6.8% (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 SIG as Underperform (5) -

Ahead of the expected implementation date on February 12, Macquarie updates its view on the merger between Sigma Healthcare and Chemist Warehouse Group. The analyst's target rises by around 170% to $2.68 for the combined entity.

The broker highlights store rollouts remain a significant opportunity and the company's operational performance is best-in-class domestically.

Despite forecasting an earnings (EBIT) compound annual growth rate (CAGR) of circa 38% over next three years, Macquarie's
valuation is -5% below the current share price. An Underperform rating is maintained.

Target price is $2.68 Current Price is $2.81 Difference: minus $0.13 (current price is over target).
If SIG meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.58, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in January.

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 TCL as Downgrade to Neutral from Buy (3) -

Citi believes the macro overview for infrastructure is being positively influenced by the prospect of lower interest rates, so company-specific "bottom-up" analysis will be important.

The broker downgrades Transurban Group to Neutral from Buy due to concerns over the NSW toll review and possible litigation consequences for ConnectEast, with scope to affect 1H25 results.

Target price is lowered to $13.80 from $14.20.

In the sector, Auckland International Airport ((AIA)) is the top pick and Buy rated with upside potential to earnings, followed by Atlas Arteria ((ALX)), Buy rated/High risk. Transurban Group is the least preferred stock.

Target price is $13.80 Current Price is $13.12 Difference: $0.68
If TCL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.43, suggesting upside of 1.9% (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 TWE as Buy (1) -

Citi believes Treasury Wine Estates' American sales declined -8% for the four weeks to January 25, based on the latest Nielsen data, with volumes down -10% against a flat market backdrop.

The implications create further uncertainty for the analyst over the FY25 earnings guidance of $780m-$810m, as expectations are somewhat reliant on market stability for the non-luxury brands, the broker explains.

DAOU increased sales by 8% compared to 9% in the previous four weeks, which Citi highlights as one of the slowest growth rates since the analyst began monitoring the data.

Frank Family, another of the company's luxury brands, experienced a fall in sales of -16%, accelerating from the previous four-week decline of -4%. Premium brands were mixed, the broker states, with 19 Crimes sales down -17% versus -19% in the previous period.

Citi acknowledges the limitations of the data but believes it is still worth monitoring.

Buy rated. Target $12.97.

Target price is $12.97 Current Price is $10.62 Difference: $2.35
If TWE meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting upside of 28.4% (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 VYS as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage of Vysarn with a Speculative Buy rating and a 55c target price.

Vysarn is viewed by the analyst as a well-managed, diversified water services company that generates net profit after tax margins in excess of 10% with a robust balance sheet with a good earnings growth outlook.

The company's traditional business of hydro-geological drilling in WA was very capital-intensive.

Management has diversified into a more capital-light business via acquisitions, which now represent an estimated 63% of earnings on the analyst's FY26 forecast, including VAM, which is aiming to become a utility for owning and selling water into Port Hedland.

Speculative Buy. Target 55c.

Target price is $55.00 Current Price is $0.49 Difference: $54.51
If VYS meets the Morgans target it will return approximately 11124% (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

Ord Minnett rates WOR as Buy (1) -

While management at Worley will likely reaffirm FY25 guidance at 1H results on February 26, Ord Minnett expects consensus expectations will be exceeded.

The broker raises its target to $16.50 from $16.00 as negative near-term EPS forecast adjustments (due to anticipated delays in the construction of the CP2 LNG terminal in Louisiana) are balanced by a valuation roll forward.

Target price is $16.50 Current Price is $14.23 Difference: $2.27
If WOR meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $18.35, suggesting upside of 27.5% (ex-dividends)

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