Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Life360 joins Morgan Stanley's list of stocks where the broker has high conviction on earnings and the outlook, based on both strong subscriber growth and upside from a potential new advertising stream.

Management recently announced an advertising offering for the non-paying user base of more than 50m monthly active users (MAU). The Life360 app not only has high-frequency usage but also highly affluent users, highlights the broker.

Unlike subscriptions, the analysts point out advertising monetises users from the moment of sign-up, implying revenue generation for all new users straight away, as opposed to just those who choose to subscribe.

Target $14.40. Overweight rating. Industry View: In-Line.

Target price is $14.40 Current Price is $12.58 Difference: $1.82
If 360 meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting upside of 8.4% (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: 1.0

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

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

Shaw and Partners increases its FY24-FY26 EPS forecasts for Austin Engineering by 5.8%,19.6% and 19.2%,respectively, and increases the target to 60c from 50c.

These changes follow new revenue wins and the extension of existing revenue contracts, suggesting to the broker Austin is tracking
towards the top end of FY24 guidance.

The analyst anticipates regular recurring income over several years from the above successes, though cautions Austin customer arrangements are subject to the regular placement of purchase orders. The contracts do not commit the customers to minimum orders.

The Buy, High Risk rating is retained.

Target price is $0.60 Current Price is $0.47 Difference: $0.13
If ANG meets the Shaw and Partners target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates AWC as Neutral (3) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

The price target for Alumina Ltd has lifted to $1.30 from $1.05 but this is related to movement in Alcoa's share price, currently offering its own scrip under a take-over approach for full ownership. Neutral.

Target price is $1.30 Current Price is $1.25 Difference: $0.045
If AWC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting downside of -3.6% (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: 0.3

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

Morgan Stanley rates BBN as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley sees scope for a re-rating of Baby Bunting shares due to a better macroeconomic backdrop, accelerated technology adoption and a stronger, simpler customer value proposition. The latter includes a simplified loyalty program, note the analysts.

The broker upgrades its rating to Overweight from Equal-weight and increases the target to $2.20 from $1.65. Industry view: In Line.

Already the inventory position (a former headwind) has improved considerably, according to Morgan Stanley, and birth-rate indicators have turned positive.

Target price is $2.20 Current Price is $1.81 Difference: $0.39
If BBN meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates BHP as Buy (1) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

Citi's target for BHP Group has gained $2 to 48. Buy rating retained.

Target price is $48.00 Current Price is $42.41 Difference: $5.59
If BHP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $45.06, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Macquarie rates BKT as Outperform (1) -

Black Rock Mining is still targeting first production for the Mahenge Graphite Project (Tanzania) in 2026, notes Macquarie, and has secured key approvals for the targeted US$113m in debt funding for the project.

Management has approvals for US$59.6m from the Development Bank of Southern Africa and US$53.4m from the Industrial Development Corporation of South Africa.

The broker's Outperform rating and 25c target are retained.

Target price is $0.25 Current Price is $0.08 Difference: $0.171
If BKT meets the Macquarie target it will return approximately 216% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates BRG as Neutral (3) -

Over 2018-2023, Breville Group has outperformed a Macquarie benchmark (comprised of Breville's competitors) by 12%.

After tracking outlook commentary by benchmark constituents, the broker anticipates revenue growth of 7.7% in 2024 for Breville Group.

Despite no forecast changes, the analyst's target rises to $26.30 from $25.50 on a valuation roll-forward. The Neutral rating is unchanged.

Target price is $26.30 Current Price is $28.11 Difference: minus $1.81 (current price is over target).
If BRG meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.02, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Bell Potter rates C79 as Buy (1) -

Bell Potter has interpreted Capital Limited's announcement that its majority owned MSALABS remains on track for 21 PhotonAssay deployments through its partnership with Chrysos as positive for the latter. 

According to the broker, expansion of the Chrysos-MSALABS-Barrick Gold partnership should prove a major catalyst for Chrysos, with the expansion suggesting a further ten units deployed across Barrick Gold sites by 2025. 

This expansion, however, remains subject to a positive outcome from trials currently underway. 

The Buy rating and target price of $8.30 are retained.

Target price is $8.30 Current Price is $6.55 Difference: $1.75
If C79 meets the Bell Potter target it will return approximately 27% (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 CTT as Buy (1) -

Despite Cettire being a younger luxury e-commerce participant than its peers, Bell Potter sees the company continuing to prioritise investment into technology storage solutions and customer service to improve the returns experience for first time customers. 

Issues related to the company's fulfillment and returns policy, says Bell Potter, are in line with broader complexities associated with cross-border e-commerce, and the company's returns rate sits within the average sector range.

The Buy rating and target price of $4.80 are retained.

Target price is $4.80 Current Price is $4.15 Difference: $0.65
If CTT meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates DRR as Neutral (3) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

Citi has lifted its price target for Deterra Royalties to $5.20 from $5. Neutral.

Target price is $5.20 Current Price is $4.80 Difference: $0.4
If DRR meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates FMG as Neutral (3) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

The broker's price target for Fortescue has risen to $24.50 from $24. Neutral.

Target price is $24.50 Current Price is $23.69 Difference: $0.81
If FMG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $20.70, suggesting downside of -15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: -0.7

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

Ord Minnett rates FMG as Lighten (4) -

A general sector update seems to have slightly upgraded Ord Minnett's view on Fortescue, previously on Sell, currently on Lighten.

No other changes have been made. Fair value estimate remains $17.30.

Target price is $17.30 Current Price is $23.69 Difference: minus $6.39 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.70, suggesting downside of -15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: -0.7

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

Ord Minnett rates GQG as Buy (1) -

Following the announcement of the launch of GQG Partners' new Private Capital Solutions business, with the asset manager intending to acquire Pacific Current Group's ((PAC)) interest in three alternative asset managers, Ord Minnett retains a positive view overall.

The broker argues the new initiatives provide growth optionality while adding diversity. Buy rating reiterated with a target price of $2.60.

Only minimal changes have been made to forecasts.

Target price is $2.60 Current Price is $2.08 Difference: $0.52
If GQG meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 18.0% (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: 1.0

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

Citi rates ILU as Neutral (3) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

The price target for Iluka Resources has gained 10c to $7.70. Neutral.

Target price is $7.70 Current Price is $7.12 Difference: $0.58
If ILU meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.78, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

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

UBS raises its mineral sands price forecasts across 2024-26 by 6-12%, and also upgrades Iluka Resources' production capacity across the same period, resulting in EPS upgrades of 7%, 29% and 69%, respectively.

The broker's target rises by 12% to $7.50 and the rating is upgraded to Neutral from Sell.

By contrast, UBS lowers its neodymium and praseodymium (NdPr) price estimates by -18-30% across the curve and decreases the long-term forecast price to US$75/kg from US$95/kg.

The falling NdPr price has UBS questioning the value to Iluka of the company's Eneabba rare earth refinery project.

Target price is $7.50 Current Price is $7.12 Difference: $0.38
If ILU meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.78, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates LYC as Buy (1) -

UBS lowers its neodymium and praseodymium (NdPr) price estimates by -18-30% across the curve and decreases the long-term forecast price to US$75/kg from US$95/kg.

After also updating cost estimates for Lynas Rare Earths, the broker lowers its target by -18% to $6.90. The analyst remains positive on rare earths in the longer-term and on Lynas in the medium-term for its first mover advantage. The Buy rating is maintained.

Target price is $6.90 Current Price is $5.74 Difference: $1.16
If LYC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Bell Potter rates MAP as Buy (1) -

Microba Life Sciences has launched its MetaPanel gastrointestinal infectious disease test in Australia, in strategic partnership with Sonic Healthcare ((SHL)).

Bell Potter describes the test as 'highly differentiated' with MetaPanel able to detect 100 pathogen targets, three times the number detected by existing PCR tests.

The announcement has revealed new details about MetaPanel, including that during clinical studies the test identified additional potential pathogens that went undetected by PCR texts, providing a deeper insight into pathogens present in the gastrointestinal system.

The Buy rating and target price of 35c are retained.

Target price is $0.35 Current Price is $0.19 Difference: $0.16
If MAP meets the Bell Potter target it will return approximately 84% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates MYR as No Rating (-1) -

Morgans initiates coverage (of sorts) on Myer by including the company in its 'Keeping Stock' research series, which doesn't include forecasts, a target or a rating.

The broker highlights sales for Myer last year were the highest since 2005 thanks to over 20% online penetration related to the company's largest chain in Australia of premium and mid-range department stores.

The company now pays dividends again and has over $200m in net cash (excluding leases) on the balance sheet, note the analysts.

The MYER one loyalty program has 4.3m active members and Morgans suggests new CEO Olivia Writh will be looking to replicate her prior success with the Qantas [Airways ((QAN))] Frequent Flyer loyalty program.

Current Price is $0.80. Target price not assessed.

Market Sentiment: 0.0

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

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

Early findings from Matador Mining indicate the lower cost (compared to diamond) RC drilling methodology is proving to be effective, resulting in more areas being tested for less expenditure.

The company is exploring for gold in the Cape Ray Shear in Newfoundland, Canada, and has announced the identification of a new major structural geological fault (the ‘North Limb Fault’).

The broker looks forward to strong news flow regarding the testing of advanced stage targets, as well as the generation of new prospects.

The Buy, High Risk rating and 19c target price are retained.

Target price is $0.19 Current Price is $0.04 Difference: $0.146
If MZZ meets the Shaw and Partners target it will return approximately 332% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates NIC as Outperform (1) -

Due to mining licence delays, management at Nickel Industries has indicated 1Q earnings (EBITDA) from operations will be in the range of US$65-75m, down from the US$137m previously expected.

The delay for renewal of the Rencana Kerja dan Anggaran Biaya Indonesian mining licence was driven, in part, by enhanced regulatory scrutiny arising from the recently completed Indonesian presidential elections, explains Macquarie.

The broker's target falls to $1.18 from $1.20. and the Outperform rating is maintained.

Target price is $1.18 Current Price is $0.74 Difference: $0.44
If NIC meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 46.3% (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: 1.0

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

Ord Minnett rates PAC as Buy (1) -

See also update on GQG Partners today. The deal with GQG allows Pacific Current Group to realise value through breaking up its portfolio of assets, comments Ord Minnett.

The broker doesn't think this is necessarily the end of it.

Ord Minnett sees cash accumulating to some 54% of total market cap and potentially corporate interest in the remaining assets.

Buy rating reiterated. Target unchanged at $12.50.

Target price is $12.50 Current Price is $10.23 Difference: $2.27
If PAC meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates PDN as Buy (1) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

Citi's price target for Paladin Energy has remained unchanged at $1.45. Buy.

Target price is $1.45 Current Price is $1.25 Difference: $0.205
If PDN meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Ord Minnett rates PRU as Hold (3) -

Perseus Mining's rating at Ord Minnett has changed to Hold from Accumulate, according to a general update on commodities.

No other changes have been made.

Target price is $2.00 Current Price is $2.02 Difference: minus $0.02 (current price is over target).
If PRU meets the Ord Minnett 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 FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley points out lower crop prices can be a drag on crop gross written premiums (GWP) for QBE Insurance, but can also protect against potential crop losses.

The broker notes insured prices for corn and soy in 2024 are forecast to fall (compared to 2023) by -21% and -16%, respectively.

The Overweight rating and $19.80 target are unchanged. Industry View: In-Line.

Target price is $19.80 Current Price is $17.59 Difference: $2.21
If QBE meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 1.9% (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: 0.7

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

Citi rates RIO as Buy (1) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

For Rio Tinto, Citi's target has lost -$2 to $137. Buy rating retained.

Target price is $137.00 Current Price is $117.48 Difference: $19.52
If RIO meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $129.50, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Ord Minnett rates RIO as Hold (3) -

According to a general review of the commodities sector, Ord Minnett's rating for Rio Tinto has shifted to Hold from Lighten, with no other changes made.

Fair value estimate remains $116.

Target price is $116.00 Current Price is $117.48 Difference: minus $1.48 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.50, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Citi rates S32 as Buy (1) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

Citi's price target for South32 has remained unchanged at $3.50. Buy.

Target price is $3.50 Current Price is $3.14 Difference: $0.36
If S32 meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 20.2% (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

Ord Minnett rates S32 as Hold (3) -

According to a general review of the commodities sector, Ord Minnett's rating for South32 has shifted to Hold from Accumulate, with no other changes made.

Fair value estimate remains $3.50.

Target price is $3.50 Current Price is $3.14 Difference: $0.36
If S32 meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Morgan Stanley rates SLC as Overweight (1) -

Last week, Superloop delivered a material FY25 earnings (EBITDA) upgrade on strong organic growth, in Morgan Stanley's view, along with a new deal with Origin Energy ((ORG)). The broker now sees a step change in Superloop's growth profile.

The six-year deal is to provide wholesale internet services, which will see 130,000 broadband subscriptions migrated onto Superloop's network by FY25. In exchange, Origin will be awarded 19.7m shares in Superloop ($24.7m of value).

The broker highlights incremental opex will be limited for Superloop as Origin will retain all of the sales and marketing efforts.

The target rises to $1.65 from $1.00. Overweight. Industry view: In-line.

Target price is $1.65 Current Price is $1.18 Difference: $0.475
If SLC meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates SXL as Downgrade to Accumulate from Buy (2) -

Ord Minnett has reweighted its valuation estimate now the Southern Cross Media board has received a revised offer from ARN Media/Anchorage for the business, still including a 25% probability of the deal falling through.

The fair value estimate has been cut to $1.20 from $1.70. The rating moves to Accumulate from Buy.

Target price is $1.20 Current Price is $1.00 Difference: $0.2
If SXL meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.95, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Citi rates WHC as Buy (1) -

Citi's general update on commodities sees plenty of opportunities without a genuine fresh bull market unfolding throughout the rest of 2024.

All in all, the broker argues, the bullish impact of easing monetary policy on commodities is likely to be kept in check by headwinds from sharply rising debt service burdens, recessionary conditions in mature economies, and only moderate policy easing in China.

Citi remains tactically bullish on copper, iron ore and zinc for the months ahead, upgrading its copper price forecasts and downgrading lithium price forecasts.

The updated assumptions have had no impact on ratings for individual companies in the sector, but valuations/price targets have been affected on relatively minor adjustments to forecasts.

The price target for Whitehaven Coal remains $9. Buy.

Target price is $9.00 Current Price is $6.32 Difference: $2.68
If WHC meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $8.30, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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