Australian Broker Call

Ord Minnett rates A1M as Speculative Buy (1) -

Ord Minnett make slight changes to its base metals forecasts and see moderate increases to target prices for stocks under coverage exposed to the weaker Australian dollar, such as AIC Mines.

The target rises to 64c from 62c. Speculative Buy.

Target price is $0.64 Current Price is $0.32 Difference: $0.32
If A1M meets the Ord Minnett target it will return approximately 100% (excluding dividends, fees and charges).

Current consensus price target is $0.77, suggesting upside of 119.0% (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

UBS rates AAI as Buy (1) -

UBS marks to market the latest commodity price forecasts for the bulks and materials companies.

Increased uncertainty due to US tariffs is likely to reduce demand and stoke inflation, at least initially, the broker explains. UBS prefers exposure to gold, with copper and aluminium in the industrial commodities.

A cautious attitude is taken to iron ore, met coal, and lithium, where supply is expected to exceed demand.

The aluminium price forecast is lowered to US$1.10/lb from US$1.23/lb for 2025. For 2026, it is down to US$1.16/lb from US$1.25/lb. The new forecasts sit -7% below consensus for both FY25 and FY26.

Neutral. Target price $50.

Target price is $50.00 Current Price is $39.00 Difference: $11
If AAI meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Bell Potter rates AAL as Buy (1) -

Alfabs Australia has deployed its final Malabar mining assets, with annualised revenue of circa $10.5m expected to be fully reflected in FY26, compared to a partial contribution in FY25, observes Bell Potter.

The broker highlights strong demand for underground equipment hire, supported by a solid engineering order book and increased Bat Bag sales (an explosion suppression system) driven by tighter safety regulations.

Workshop utilisation remains elevated, note the analysts, with key projects underway for Sydney Harbour Bridge and Bankstown Station upgrades.

The 55 cent target and Buy rating are unchanged.

Target price is $0.55 Current Price is $0.43 Difference: $0.125
If AAL meets the Bell Potter target it will return approximately 29% (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 ABB as Buy (1) -

Ord Minnett highlights earnings momentum is being maintained in the short term for Aussie Broadband, as outlined at the company's Investor Day, with expectations of 20% earnings growth viewed as realistic.

The broker notes there is ongoing pressure on gross profit margins, but the company has a strong product and brand portfolio as an offset.

Ord Minnett forecasts return on equity to rise to around 14% in FY28 from circa 8% in FY25, with a compound average EPS growth rate of 25% between FY25 and FY28.

Target lifts to $4.54 from $4.49. No change to Buy rating.

Target price is $4.54 Current Price is $3.90 Difference: $0.64
If ABB meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 20.2% (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 AEL as Buy (1) -

Amplitude Energy’s March quarter production of 6.1PJe and revenue of $63.4m were in line with Bell Potter's expectations, with gas prices reaching a quarterly record of $10.19/GJ.

Lower production and sales than the prior quarter were due to scheduled maintenance across both producing assets, explain the analysts.

The broker notes full-year production is tracking to the upper end of guidance, with Orbost performance strengthening post-upgrades and average daily rates exceeding 68TJ/day in April.

The East Coast Supply Project (ECSP) is progressing, highlights Bell Potter, with capital costs now defined and joint venture alignment secured following O.G. Energy’s agreement to acquire Mitsui’s 50% stake.

Buy rating and 26c target price are unchanged.

Target price is $0.26 Current Price is $0.18 Difference: $0.085
If AEL meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 36.8% (ex-dividends)

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 AEL as Outperform (1) -

Macquarie explains Amplitude Energy's 3Q25 result was slightly better than expected, with the reliability issues for Orbost resolved and a record set of 30 days production at 67.5TJ/day. The broker expects the company to meet the upper end of guidance around 72TJ/day.

Revenue was marginally above estimates at $63m versus the analyst's forecast of $60m and consensus at $62m, benefiting from indexed contracts and spot market sales in NSW/VIC.

The broker notes drilling at Elanora is on track for late 2025, with the arrival of the Transoceanic Equinox Rig at Otway in early April.

Outperform retained. Target price lifts by 8% to 27c on assumed higher Orbost gas price from 2026.

Target price is $0.27 Current Price is $0.18 Difference: $0.095
If AEL meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 36.8% (ex-dividends)

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 AIA as Buy (1) -

Citi observes the March traffic update from Auckland International Airport. Passenger movements declined -3% year-on-year, with softer international down -4% on a year earlier, offset by slightly higher international load factors, the broker notes.

USA routes capacity has declined by -18% and resulted in weaker transit passengers, which are attributed to Air NZ and United Airlines. Domestic capacity was flat year-on-year.

Citi believes Auckland International Airport will probably not achieve the 10.5m FY25 international passenger forecast, while domestic should be achieved at 8.4m.

Buy rated with NZ$9.80 target price.

Current Price is $7.42. Target price not assessed.

Current consensus price target is N/A

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: 0.5

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

Ord Minnett rates AIS as Hold (3) -

Ord Minnett make slight changes to its base metals forecasts and see moderate increases to target prices for stocks under coverage exposed to the weaker Australian dollar.

The target for Aeris Resources rises to 28c from 25c. The analyst also includes Constellation into the base case estimates at Tritton following the recent Resource statement. Hold.

Target price is $0.28 Current Price is $0.17 Difference: $0.11
If AIS meets the Ord Minnett target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 63.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates ALK as Hold (3) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Alkane Resources to 70c from 60c and retains a Hold rating.

EPS estimates for the company are lifted by 9% in FY25 and 33% in FY26, the analyst details. The company is due to announce the March quarter report on April 29.

Target price is $0.70 Current Price is $0.74 Difference: minus $0.035 (current price is over target).
If ALK meets the Ord Minnett target it will return approximately minus 5% (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

Bell Potter rates AMA as Buy (1) -

With potential for a solid upcoming 3Q FY25 result for AMA Group, Bell Potter believes there is a good chance of an upgrade to FY25 guidance.

The broker is forecasting revenue of $238.6m and normalised earnings (EBITDA) pre-AASB 16 of $11.9m.

Target price of 8c and Buy rating are retained.

Target price is $0.08 Current Price is $0.07 Difference: $0.013
If AMA meets the Bell Potter target it will return approximately 19% (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 AMI as Buy (1) -

Aurelia Metals' gold exposure prompts Ord Minnett to raise its target to 38c from 35c. Buy.

The broker adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks.

Target price is $0.38 Current Price is $0.24 Difference: $0.14
If AMI meets the Ord Minnett target it will return approximately 58% (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

UBS rates AMP as Neutral (3) -

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker believes AMP is among the most sensitive stocks to broad-based equity weakness.

Neutral. Target trimmed to $1.21 from $1.30.

Target price is $1.21 Current Price is $1.10 Difference: $0.11
If AMP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in December.

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 AX1 as Overweight (1) -

Accent Group will launch Sports Direct in A&NZ under a 25-year agreement, with plans to open 50 stores over the next six years and longer-term potential for over 100 locations, observes Morgan Stanley.

The initial rollout will be supported by $60.4m in equity proceeds from Frasers, which lifts its stake in Accent to 19.57%, note the analysts.

The broker sees strategic benefits from leveraging Frasers’ international retail experience, brand partnerships, and portfolio access, including Everlast, Lonsdale, and Slazenger.

Morgan Stanley believes Sports Direct will be a direct competitor to incumbent, Rebel, owned by Super Retail ((SUL)).

Overweight rating. Target $2.70. Industry view: In-Line.

Target price is $2.70 Current Price is $1.90 Difference: $0.8
If AX1 meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 38.4% (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 AX1 as Hold (3) -

After months of speculation, Accent Group announced a long-term deal with Frasers Group to roll out Sports Direct stores in Australia/NZ. Frasers has increased stake in the company to 19.57% from 14.57% for $60.4m with the price a -3.5% discount to last Friday's close.

Morgans notes the plan is to roll out at least 50 stores by 2031 with an eventual target of 100. The company will begin negotiations with six to eight sites and expects to launch a few stores by June next year.

The company has signed a new employment agreement with CEO Daniel Agostinelly for at least another three years.

The share dilution and modest contribution to earnings before interest and tax in FY25-26 have resulted in a target cut to $2.00 from $2.20.

Hold retained.

Target price is $2.00 Current Price is $1.90 Difference: $0.1
If AX1 meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 38.4% (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

Bell Potter rates BGL as Upgrade to Buy from Hold (1) -

Bell Potter lowers its target for Bellevue Gold to 85 cents from $1.15 following 3Q production issues, lower FY25 guidance, withdrawal of the existing five-year plan, and an equity raise of $156.5m.

The rating is upgraded to Buy from Hold after the analysts reference the equity capital raising price of 85cps.

Funds of $110.5m from the raise will be used to close 46koz of forward gold sales to the end of 2025, and the balance will increase cash on the balance sheet.

The broker sees upside from the 85c level driven by a de-risked plan supporting delivery of guidance, the potential for a near-term M&A premium. Over the longer-term, further gains are expected from exploration success, mine life extension, and renewed focus on growth.

Management has commenced a Strategic Review to evaluate all avenues for maximising shareholder value, noting past receipt of unsolicited approaches for a change of control transaction.

Target price is $0.85 Current Price is $0.90 Difference: minus $0.045 (current price is over target).
If BGL meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.33, suggesting upside of 36.6% (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 CKF as Buy (1) -

Collins Foods announced a strategic review of its group, which included a continued focus on driving same-store sales growth in Australia, and UBS is keen to understand the roll out profile for Australia.

The broker is positive on the company's plans to accelerate KFC store roll outs in Germany, targeting 40-70 restaurants over the next five years. The announcement on impairments at KFC Netherlands suggests to the broker that operations did not materially improve since the 1H25 result. 

The analyst reckons the decision to exit Taco Bell is a sensible strategy, and didn't comment on management changes.

No change to forecasts. Buy with target of $9.80.

Target price is $9.80 Current Price is $8.00 Difference: $1.8
If CKF meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.75, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in May.

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 CNU as Neutral (3) -

Chorus reported a -7k decline in fixed line connections in 3Q, which UBS considers to be largely in line with its forecast for -6k. However, the annualised line loss works out to -36k  is worse than the broker's forecast of -29k.

Still, the broker is positive, expecting 4Q to benefit from connections from the 10k new fibre premises currently being built.

No change to forecasts. Neutral. Target unchanged at NZ$8.50.

Current Price is $7.44. Target price not assessed.

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: 0.5

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

Ord Minnett rates CRN as Hold (3) -

Ord Minnett lowers its metallurgical coal price forecasts for 2025 and 2026 by -11% and -10%, respectively, reflecting weaker steel demand amid US tariff uncertainty and recovering Queensland supply following heavy rainfall.

The broker also reduces its thermal coal forecast for 2025 to US$105/t, citing softer demand across Asian markets.

The target for Coronado Global Resources falls to 28c from 75c. Hold.

Target price is $0.28 Current Price is $0.24 Difference: $0.045
If CRN meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.46, suggesting upside of 99.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgans rates EBR as Add (1) -

As expected by Morgans, EBR Systems received FDA approval for its WiSE CRT system for the treatment of heart failure.

The broker notes the approved indications for use are in line with an initial addressable market of US$3.6bn. The post-approval study of 320 patients over five years is common for such studies and strengthens the use case, the broker highlights.

No change to forecasts, with the broker noting the company has enough capital to fund commercial strategy.

Add. Target unchanged at $2.86.

Target price is $2.86 Current Price is $1.41 Difference: $1.45
If EBR meets the Morgans target it will return approximately 103% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

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

Evolution Mining has delivered strong operating cash flow, according to Bell Potter, reducing net debt by -$211m in the March quarter to $995m, ahead of the broker’s forecast for $1.08bn.

Group production of 167koz was in line with the analysts' forecast but below the prior quarter, while costs (AISC) rose to $1,790/oz due to lower grades at Cowal and Ernest Henry.

FY25 guidance of 770koz at costs (AISC) of $1,370/oz is reaffirmed, with stronger volumes and grade mix anticipated in the June quarter.

Bell Potter raises its target to $8.10 from $7.89 based on stronger balance sheet metrics, and downgrades to Hold from Buy on limited near-term upside.

Target price is $8.10 Current Price is $8.21 Difference: minus $0.11 (current price is over target).
If EVN meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.10, suggesting downside of -14.7% (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 EVN as Neutral (3) -

Citi highlights Evolution Mining reported another record quarter, including $600m of cash flow from mine operations, allowing management to continue the deleveraging process.

Cash rose by $141m on the previous quarter to $661m, including debt repayments, with gearing down to 19%, moving towards the 15% company target.

The analyst expects the June quarter to achieve more robust cash flow as spot gold prices are higher by $630/oz. Capex for the next five years has been guided at $750m–$950m.

Citi continues to prefer Evolution over Northern Star Resources ((NST)) even though the stock has underperformed on weaker copper prices over the last month.

Neutral rated with $7 target retained.

Target price is $7.00 Current Price is $8.21 Difference: minus $1.21 (current price is over target).
If EVN meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.10, suggesting downside of -14.7% (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

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

Evolution Mining reported 3Q25 production of 180koz, which was better than both Macquarie's and consensus expectations by 5%. Some 6koz of extra production came from an elution circuit drawdown at Cowal, which the broker highlights will be given back next quarter.

Copper production at 19.5kt was also 5% better than expected, and all-in sustaining costs of $1,682/oz were 7% above both the analyst's and consensus forecasts.

No changes were made to FY25 guidance of 710–780koz and costs, with year-to-date production achieving 76% of the guidance mid-point, and costs tracking at the upper end.

The stock is downgraded to Underperform due to the robust share price performance. Target price increases to $6.30.

Target price is $6.30 Current Price is $8.21 Difference: minus $1.91 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.10, suggesting downside of -14.7% (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

Morgan Stanley rates EVN as Underweight (5) -

March quarter gold production for Evolution Mining of 180koz was 5% ahead of Morgan Stanley's forecast, driven by strong output from Cowal, which offset weaker results at Red Lake.

Total copper production of 19.5kt was also above expectations, supported by solid performance at Northparkes and Ernest Henry, explains the broker.

Group costs (AISC) were broadly in line with the analysts' forecast.

The company is on track to meet the upper end of production guidance, suggests Morgan Stanley.

Morgan Stanley retains an Underweight rating and a $5.55 target price. Industry View: In-line.

Target price is $5.55 Current Price is $8.21 Difference: minus $2.66 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.10, suggesting downside of -14.7% (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

Morgans rates EVN as Hold (3) -

Evolution Mining's 3Q25 production of 179koz gold beat Morgans' forecast of 175koz, but the highlight was the strong operating cash flow of $207m, up 25% quarter-on-quarter. It helped in a -15% reduction in net debt to $1.093bn on the previous quarter.

Costs were higher than expected but the broker expects it to reduce significantly on higher production in 4Q vs the interrupted 3Q.

The broker raised gold price forecasts for 2025/2026/2027 by 8%/10%/15%, and cut net debt forecast.

Hold. Target rises to $8.00 from $5.90.

Target price is $8.00 Current Price is $8.21 Difference: minus $0.21 (current price is over target).
If EVN 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 $7.10, suggesting downside of -14.7% (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

Ord Minnett rates EVN as Lighten (4) -

Evolution Mining reported group production above Ord Minnett's expectations by 5% and consensus, with Cowal reporting a more robust result, up 11% versus the broker's expectations due to the additional drawdown of 6koz.

Management retained FY25 production and all-in cost guidance, with capex expected to increase by $65m–$70m due to the Cowal OPC approval, the analyst states.

Strong results and cash flow generation have allowed management to lower net debt to $1,093m, a gearing level of 19%.

No change to Lighten rating, and target price rises to $6.75 from $6.25. Ord Minnett makes slight adjustments to earnings forecasts.

Target price is $6.75 Current Price is $8.21 Difference: minus $1.46 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.10, suggesting downside of -14.7% (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

UBS rates EVN as Neutral (3) -

Evolution Mining's 3Q25 gold production of 179.8koz was in line with UBS' forecast, making the broker confident it is on track to meet the FY25 guidance of 710-780koz.

Copper production also met the broker's forecast, though the unit cost was slightly higher.  The company reiterated capex guidance of an average $750-950m over the next five years.

The broker is estimating $750m but sees risk to this profile given the high price environment.

Neutral. Target unchanged at $8.

Target price is $8.00 Current Price is $8.21 Difference: minus $0.21 (current price is over target).
If EVN meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.10, suggesting downside of -14.7% (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

Bell Potter rates FEX as Buy (1) -

Fenix Resources' 3Q25 group iron ore production of 851kwmt was a record as the Shine mine ramped up to full capacity, beating Bell Potter's forecast of 646kwmt. Sales was also ahead of the forecast.

Costs were lower in the quarter against the 2Q at both Iron Ridge and Shine, and the company reiterated expectations for $68/wmt average cost at Shine in 4Q vs $78/wmt in 3Q.

The broker notes the company is on track to reach group production of 4Mtpa by 1Q26 as Beebyn-W11 ramps up by then.

Buy. Target unchanged at 41c.

Target price is $0.41 Current Price is $0.28 Difference: $0.135
If FEX meets the Bell Potter target it will return approximately 49% (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 GMD as Accumulate (2) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Genesis Minerals to $3.75 from $3.30 and retains a Accumulate rating.

EPS estimates for the company are lifted by 5%  in FY25 and 40% in FY26, the analyst details.

The company is due to announce the March quarter report on April 16.

Target price is $3.75 Current Price is $4.05 Difference: minus $0.3 (current price is over target).
If GMD meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -14.6% (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

Ord Minnett rates GOR as Hold (3) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Gold Road Resources to $3.00 from $2.50  and retains a Hold rating.

EPS estimates for the company are lifted by 5%  in FY25 and 40% in FY26, the analyst details.

The company is due to announce the March quarter report on April 28.

Target price is $3.00 Current Price is $3.12 Difference: minus $0.12 (current price is over target).
If GOR meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.25, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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) -

Ord Minnett describes GQG Partners’ March quarter net inflows of US$4.6bn, including US$1.8bn in March alone, as a strong outcome given the volatile market backdrop.

Total funds under management (FUM) rose to a record US$161.9bn, though the broker estimates this had declined to approximately US$150bn by April 7 due to further market turbulence.

Defensive portfolio positioning has supported outperformance across global, international, and US equity strategies year-to-date, with only emerging markets trailing their benchmark, observes the analyst.

Ord Minnett cuts the target price to $3.00 from $3.30 after adopting lower FUM assumptions, and retains a Buy rating.

Target price is $3.00 Current Price is $2.04 Difference: $0.96
If GQG meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 41.3% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

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

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker believes GQG Partners would benefit from market volatility based on its strong track record. This means weaker recent flows that started in late October 2024 would be its trough, with improvements from here.

The broker sees compelling value in GQG Partners, upgrading it to Buy from Neutral.

Target rises to $2.60 from $2.55.

Target price is $2.60 Current Price is $2.04 Difference: $0.56
If GQG meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 41.3% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

Ord Minnett rates HAS as Hold (3) -

Ord Minnett has trimmed its 2025 NdPr price forecast by -4%, noting the trade war has eventuated, but NdPr was not included.

Hastings is developing the Yangibana Project in Western Australia, which is one of the world’s most highly valued deposits of neodymium (Nd) and praseodymium (Pr).

Hold. Target 14c.

Target price is $0.14 Current Price is $0.32 Difference: minus $0.18 (current price is over target).
If HAS meets the Ord Minnett target it will return approximately minus 56% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Market Sentiment: 0.0

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

Bell Potter rates HUB as Buy (1) -

Bell Potter observes Hub24's 3Q25 was positive, with platform net inflow of $4.9bn beating its $4.2bn forecast. Moreover, the broker estimates net inflow momentum was stronger in the latter part of the quarter with $1.4bn monthly run-rate vs $1.0bn in the first six weeks.

The inflows were aided by ClearView migration and continuing Equity Trustee movements. Total accounts rose 2,851, the highest since 3Q2018.

The broker upgraded FY25/26/27 by 2%/4%/4% on upgraded flow forecasts. 

Buy. Target price cut to $75 from $78 on change in valuation methodology, with a lower multiple applied to the platform business.

Target price is $75.00 Current Price is $65.46 Difference: $9.54
If HUB meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $71.67, suggesting upside of 10.5% (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 HUB as Neutral (3) -

Hub24 reported net inflows for 3Q25 that were well above both Macquarie's and consensus estimates by 12% and 16%, respectively, including the sizable migration from ClearView Wealth.

The broker emphasises market volatility was evident in the report, with market movements of around -$1.3bn a headwind for the platform’s funds under administration (FUA), or circa 1% of FUA.

Management anticipate a final $0.9bn in 4Q25 from EQT migration, and the FUA platform target for FY25 remains unchanged at $115bn–$123bn compared to the analyst's estimate of $129.1bn.

Macquarie lowered EPS forecasts by -2% for FY25 and -7% for FY26.

No change to Neutral rating. Target price set at $74.20, down -16%, to reflect the market update and long-term growth assumptions.

Target price is $74.20 Current Price is $65.46 Difference: $8.74
If HUB meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $71.67, suggesting upside of 10.5% (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

Morgan Stanley rates HUB as Overweight (1) -

Hub24's 3Q25 net inflows beat the consensus expectation, but were offset by negative market movements, explains Morgan Stanley.

The broker notes platform funds under administration (FUA) rose by 29% year-on-year to $102.5bn, in line with the consensus forecast, while platform net inflows jumped 39% to $4.9bn, a 13% beat against consensus.

Despite recent market volatility, management noted net inflow momentum has continued in April trading.

Overweight rating. Target price $90. Industry view: In-Line.

Target price is $90.00 Current Price is $65.46 Difference: $24.54
If HUB meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $71.67, suggesting upside of 10.5% (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

UBS rates HUB as Neutral (3) -

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker has a Neutral view on the specialty platforms sector but in terms of preference, it is Netwealth Group ((NWL)) over Hub24 given the latter's higher sensitivity to a -10% decline in equities. 

Neutral. Target trimmed to $74 from $76.

Target price is $74.00 Current Price is $65.46 Difference: $8.54
If HUB meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $71.67, suggesting upside of 10.5% (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

UBS rates IFL as Neutral (3) -

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker has a Neutral view on the specialty platforms sector. In case of Insignia Financial, the broker is forecasting net outflows of -$3.1bn over FY25-27.

The broker notes the acquisition interest from private equity and believes the floor price of $5 set by the board would need to be lowered due to the subsequent market decline. Else, potential bidders would walk away.

Neutral. Target cut to $4 from $5.

Target price is $4.00 Current Price is $3.60 Difference: $0.4
If IFL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 16.7% (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

Bell Potter rates IPX as Speculative Buy (1) -

Bell Potter notes IperionX ended the March quarter with US$66m cash, down from US$77m in December, and no debt.

Likely news flow ahead includes revision to installed capacity at the Titanium manufacturing campus in Virgin, expected in mid-2025, and the next phase of capital expansion that needs to be submitted to the US Department of Defense as part of funding arrangement.

Speculative Buy. Target unchanged at $5.90.

Target price is $5.90 Current Price is $2.52 Difference: $3.38
If IPX meets the Bell Potter target it will return approximately 134% (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 LM8 as Buy (1) -

Lunnon Metals' quarterly report showed a cash balance of $17.8m at the end of March.

Shaw and Partners notes the highlight of the quarter was Gold Fields waiving its pre-emptive rights over the gold at Lady Herial which paves the way for both parties to negotiate key terms for future treatment of the deposit. After 90 days, the company is free to negotiate with other parties.

Next catalyst is initial resource estimate, which the broker expects in the June quarter.

Buy. Target 60c.

Target price is $0.60 Current Price is $0.24 Difference: $0.365
If LM8 meets the Shaw and Partners target it will return approximately 155% (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 LTR as Speculative Buy (1) -

Bell Potter cut lithium price forecasts on the expectation supply deficits will emerge in 2030 from the previous forecast of 2027.

The long-term estimate from 2030 is US$1,400/t for SC6 from US$1,500/t, and for LC it is US$19,000/t from US$20,000/t.

For 2025, the broker cut SC6 price by -8%, for 2026 by -17% and for 2027 by -25%. For LC, the broker trimmed the 2025/2026/2027 price forecasts by -12%/-15%/-25%, respectively.

Lower lithium price forecasts led to sharp cuts to Liontown Resources' EBITDA forecasts for FY25-27.

Speculative Buy. Target cut to $0.90 from $1.25.

Target price is $0.90 Current Price is $0.54 Difference: $0.36
If LTR meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 16.7% (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 MEI as Outperform (1) -

Meteoric Resources announced the maiden mineral resource estimate for the Barra do Pacu licence of 77mt of indicated resources at 2,917ppm TREO, 190mt of clay inferred resources at 2,153ppm TREO, and 122mt of transition material inferred resources at 2,153ppm TREO.

Macquarie highlights the location is near Capão do Mel, which is the site where Meteoric is planning to build the first-stage processing facility, offering optionality and flexibility.

The broker stresses the April 4th Ministry of Commerce and Customs of China export controls for certain medium and heavy rare earth products could result in additional magnet inventories, which is a potential tailwind to market sentiment.

Outperform rating and 36c target price remain.

Target price is $0.36 Current Price is $0.09 Difference: $0.271
If MEI meets the Macquarie target it will return approximately 304% (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

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

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker believes Magellan Financial is the least sensitive to market volatility due to its high asset backing.

In the near term, the broker expects outflows to increase on the announced departure of a key portfolio manager, but believes the transition will be well-managed.

Rating upgraded to Buy from Neutral. Target lifted to $8.85 from $8.20.

Target price is $8.85 Current Price is $7.22 Difference: $1.63
If MFG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $8.36, suggesting upside of 13.8% (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

Ord Minnett rates NST as Hold (3) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Northern Star Resources to $19.40 from $16.80 and retains a Hold rating.

EPS estimates for the company are lifted by 19% in FY25 and 38% in FY26, the analyst details.

The company is due to announce the March quarter report on April 29.

Target price is $19.40 Current Price is $21.77 Difference: minus $2.37 (current price is over target).
If NST meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.55, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

UBS rates NWL as Neutral (3) -

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker has a Neutral view on the specialty platforms sector but in terms of preference, it is Netwealth Group over Hub24 ((HUB)) given its lower EPS sensitivity to equity weakness. 

Neutral. Target trimmed to $27 from $28.

Target price is $27.00 Current Price is $25.59 Difference: $1.41
If NWL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates PLS as Buy (1) -

Bell Potter cut lithium price forecasts on the expectation supply deficits will emerge in 2030 from the previous forecast of 2027.

The long-term estimate from 2030 is US$1,400/t for SC6 from US$1,500/t, and for LC it is US$19,000/t from US$20,000/t.

For 2025, the broker cut SC6 price by -8%, for 2026 by -17% and for 2027 by -25%. For LC, the broker trimmed the 2025/2026/2027 price forecasts by -12%/-15%/-25%, respectively.

For Pilbara Minerals, the broker is forecasting weak production and higher unit costs. The broker also pushed back the timing for the restart of the Ngungaju processing plant to mid-2027 from mid-2026.

EPS forecasts for FY25/26/27 cut by -72%/-44%/-47%, respectively.

Buy. Target drops to $2 from $3.

Target price is $2.00 Current Price is $1.41 Difference: $0.595
If PLS meets the Bell Potter target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 40.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates PMT as Speculative Buy (1) -

Bell Potter cut lithium price forecasts on the expectation supply deficits will emerge in 2030 from the previous forecast of 2027.

The long-term estimate from 2030 is US$1,400/t for SC6 from US$1,500/t, and for LC it is US$19,000/t from US$20,000/t.

For 2025, the broker cut SC6 price by -8%, for 2026 by -17% and for 2027 by -25%. For LC, the broker trimmed the 2025/2026/2027 price forecasts by -12%/-15%/-25%, respectively.

Patriot Battery Metals' valuation cut on downgrade to long-term lithium price outlook. Target drops to 40c from 70c.

Speculative Buy retained.

Target price is $0.40 Current Price is $0.24 Difference: $0.165
If PMT meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $0.64, suggesting upside of 167.5% (ex-dividends)

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

UBS rates PNI as Neutral (3) -

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker believes Pinnacle Investment Management is among the stocks most sensitive to market volatility.

In fund management, the broker's order of preference is GQG Partners ((GQG)), Pinnacle Investment Management, Perpetual ((PPT)) and Platinum Asset Management ((PTM)).

Neutral. Target trimmed to $18.40 from $19.50.

Target price is $18.40 Current Price is $16.01 Difference: $2.39
If PNI meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $23.19, suggesting upside of 46.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates PNR as Speculative Buy (1) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Pantoro to $3 from 15c, due to a share consolidation and retains a Speculative Buy rating.

EPS estimates for the company are lifted for FY25/FY26 the analyst details.

Target price is $3.00 Current Price is $2.72 Difference: $0.28
If PNR meets the Ord Minnett target it will return approximately 10% (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

Ord Minnett rates POL as Buy (1) -

Ord Minnett make slight changes to its base metals forecasts and see moderate increases to target prices for stocks under coverage exposed to the weaker Australian dollar.

After incorporating recent quarterly results, the analyst keeps the $1.35 target and Speculative Buy rating for Polymetals Resources.

Target price is $1.35 Current Price is $0.83 Difference: $0.52
If POL meets the Ord Minnett target it will return approximately 63% (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 PPT as Buy (1) -

Perpetual experienced net outflows of -$1.4bn for the March quarter across the asset management businesses, led by outflows from Barrow Hanley and Trillium, while Pendal Australia recorded flat flows, observes Bell Potter.

The broker explains outflows were driven by underperformance in several funds and elevated redemption activity, particularly in US and ESG mandates. Market volatility has also continued into April, which Bell Potter believes is likely to affect fourth quarter flows.

Despite the challenging backdrop, Perpetual’s integration progress remains on track, with the broker expecting cost synergies to flow through in FY25.

Bell Potter lowers the target price to $22.80 from $24.80 and retains a Buy rating.

Target price is $22.80 Current Price is $17.19 Difference: $5.61
If PPT meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $21.67, suggesting upside of 37.7% (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

UBS rates PPT as Downgrade to Neutral from Buy (3) -

UBS notes Perpetual saw a more-than-expected decline in 3Q25 assets under management on higher-than-expected outflows and muted impact from forex/MTM impacts.

The broker reckons the planned divestment of the wealth management and, ultimately the corporate trust business is resulting in value leakage amid market-driven revenue pressures.

Balance sheet is coming under pressure with increasing revenue and cost headwinds, which will put dividend payout ratio at risk.

The broker notes Perpetual's earnings are highly sensitive with every -10% move in equities translating to a -21% decline in EPS.

Rating downgraded to Neutral from Buy. Target price cut to $18.50 in two steps, first to $19 from $23 on market sensitivity.

Target price is $18.50 Current Price is $17.19 Difference: $1.31
If PPT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $21.67, suggesting upside of 37.7% (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

UBS rates PTM as Sell (5) -

UBS has revisited the fund manager and platforms sector in light of the volatile geopolitical backdrop and its impact on financial markets.

The broker considers Platinum Asset Management its least favourite as it is exposed to correction in China, and the impact on EPS is sharper from negative operating leverage.

In fund management, the broker's order of preference is GQG Partners ((GQG)), Pinnacle Investment Management ((PNI)), Perpetual ((PPT)) and Platinum Asset Management.

Sell. Target trimmed to 50c from 51c. Coverage transferred to Fraser Noye.

Target price is $0.50 Current Price is $0.55 Difference: minus $0.05 (current price is over target).
If PTM meets the UBS target it will return approximately minus 9% (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

Ord Minnett rates QPM as Speculative Buy (1) -

Ord Minnett keeps its Speculative Buy rating and 12c target price for QPM Energy after incorporating 1H results (released on March 13) and slightly increasing cost assumptions in H2.

The broker's forecasts are unchanged for natural gas production, electricity generation and realised prices.

Target price is $0.12 Current Price is $0.04 Difference: $0.081
If QPM meets the Ord Minnett target it will return approximately 208% (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

Macquarie rates REH as Neutral (3) -

Macquarie reconsiders the outlook for Reece in light of US tariff impacts and reiterates a Neutral rating on the stock.

The company’s suppliers are affected by tariffs, but the analyst explains it is challenging to quantify the impact on Reece, though believes the company is in a strong position to pass on any tariff impacts.

Macquarie includes a price adjustment for tariffs and notes the A&NZ could provide a slight offset.

Neutral retained. Target price falls by -22% to $16.40 due to a downward revision in FY26 EPS estimate of -5.9% and the application of a lower valuation multiple.

Target price is $16.40 Current Price is $15.80 Difference: $0.6
If REH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $18.58, suggesting upside of 21.4% (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

Ord Minnett rates RMS as Accumulate (2) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Ramelius Resources to $2.80 from $2.35 and retains a Accumulate rating.

EPS estimates for the company are lifted by 12% in FY25 and 28% in FY26, the analyst details.

The company is due to announce the March quarter report on April 29.

Target price is $2.80 Current Price is $2.66 Difference: $0.14
If RMS meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates SBM as Hold (3) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on St. Barbara to 30c from 24c and retains a Hold rating.

EPS estimates for the company are lifted by 4% in FY25 and 117% in FY26, the analyst details.

Target price is $0.30 Current Price is $0.24 Difference: $0.065
If SBM meets the Ord Minnett target it will return approximately 28% (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

Ord Minnett rates SFR as Accumulate (2) -

Ord Minnett makes slight changes to its base metals forecasts and see moderate increases to target prices for stocks under coverage exposed to the weaker Australian dollar.

For Sandfire Resources, the target rises to $11.75 from $10.85. Accumulate.

Target price is $11.75 Current Price is $9.54 Difference: $2.21
If SFR meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.83, suggesting upside of 15.8% (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

Ord Minnett rates SMR as Buy (1) -

Ord Minnett lowers its metallurgical coal price forecasts for 2025 and 2026 by -11% and -10%, respectively, reflecting weaker steel demand amid US tariff uncertainty and recovering Queensland supply following heavy rainfall.

The broker also reduces its thermal coal forecast for 2025 to US$105/t, citing softer demand across Asian markets.

The target for Stanmore Resources falls to $2.20 from $4.00. Buy.

Target price is $2.20 Current Price is $1.79 Difference: $0.41
If SMR meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

Bell Potter rates STP as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage on direct-to-consumer online retailer Step One Clothing with a Buy rating and a $1.30 target price, highlighting its niche focus on anti-chafe bamboo underwear and inner wear.

The broker notes the brand operates directly in Australia, the UK, and the US, complemented by online partnerships with Amazon and a recent move into omni-channel via UK department store John Lewis.

A key catalyst, according to Bell Potter, is the expansion of the women’s range, which is expected to deliver a higher revenue growth rate of around 19% through to FY30, compared to 7% for the men’s line.

Target price is $1.30 Current Price is $0.87 Difference: $0.43
If STP meets the Bell Potter target it will return approximately 49% (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 VAU as Buy (1) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Vault Minerals to 60c from 52c and retains a Buy rating.

EPS estimates for the company are lifted by 52% in FY25 and 59% in FY26, the analyst details.

Target price is $0.60 Current Price is $0.45 Difference: $0.15
If VAU meets the Ord Minnett target it will return approximately 33% (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 WEB as Buy (1) -

Shaw and Partners has lowered FY26-27 forecasts for Web Travel's total transaction value (TTV) on weakness in US domestic and inbound travel. This led to cut in earnings (EBITDA) forecast for FY26 by -3.4% and by -3.5% for FY27. 

The US market comprises 25% of Web Travel's TTV, and the broker notes weak demand from Delta's 1Q result, and reports of political tension affecting inbound travel, particularly from Europe. Air France was one of the European airlines that cut economy class fares to the US on subdued demand.

The broker has factored in lower travel demand to the US from Asia, mainly China, including cancellations.

Buy. Target cut to $6.00 from $6.70.

Target price is $6.00 Current Price is $4.24 Difference: $1.76
If WEB meets the Shaw and Partners target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $5.40, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in March.

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

Ord Minnett rates WGX as Buy (1) -

Ord Minnett adjusts earnings estimates for the rise in the gold price by 18% over the March quarter and a subsequent 4% rise, driven by ongoing central bank buying, inflation concerns, and geopolitical risks. The average EPS forecasts for golds rise by around 11%.

The broker raises the target price on Westgold Resources to $3.85 from $3.40. No change to Buy rating.

EPS estimates for the company are lifted by 30% in FY25 and 61% in FY26, the analyst details.

The company is due to announce the March quarter report on April 30.

Target price is $3.85 Current Price is $3.06 Difference: $0.79
If WGX meets the Ord Minnett target it will return approximately 26% (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 WHC as Buy (1) -

Ord Minnett lowers its metallurgical coal price forecasts for 2025 and 2026 by -11% and -10%, respectively, reflecting weaker steel demand amid US tariff uncertainty and recovering Queensland supply following heavy rainfall.

The broker also reduces its thermal coal forecast for 2025 to US$105/t, citing softer demand across Asian markets.

The target for Whitehaven Coal falls to $7.80 from $9.50. Buy.

Target price is $7.80 Current Price is $5.02 Difference: $2.78
If WHC meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $7.16, suggesting upside of 54.1% (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