Australian Broker Call

Macquarie rates 29M as Underperform (5) -

Preliminary 2023 guidance provided by 29Metals in late December was weaker than Macquarie had expected, and the broker has reviewed its forecasts accordingly. 

The company warned a reduction in milling rates at Capricorn was being implemented  to manage tailings storage capacity. This drives material cuts to Macquarie's mill throughput forecast for 2023, with the broker anticipating a return to full capacity by the third quarter. 

The broker also highlights a longer-term tailings solution would improve confidence. The Underperform rating and target price of $1.50 are retained.

Target price is $1.50 Current Price is $2.35 Difference: minus $0.85 (current price is over target).
If 29M meets the Macquarie target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.05, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.5

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

Citi rates ALU as Neutral (3) -

While acknowledging recent price increases should support growth in the core Design Software business, analysts at Citi continue to be concerned about the impact from the softening macro context on growth prospects for Altium.

Citi also sees risks to Octopart as supply-demand dynamics normalise, with the broker pointing out December website visits were the lowest since June last year.

The broker's analysis points to a pick-up in hiring activity, but momentum overall appears to be lower than implied opex growth guidance provided by management at the company, is the underlying suggestion.

Citi retains a Neutral rating but has nevertheless lifted forecasts which has added 7% to the broker's price target, now at $37.60.

Target price is $37.60 Current Price is $37.01 Difference: $0.59
If ALU meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $36.00, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Ord Minnett rates AWC as Downgrade to Sell from Hold (5) -

Ord Minnett downgrades Alumina Ltd's rating to Sell from Hold after the share price breached valuation support.

Target price falls to $1.20 compared with $1.50 - the last entry in FNArena's data base in November.

Ord Minnett has switched to whitelabeling research by Morningstar.

Target price is $1.20 Current Price is $1.69 Difference: minus $0.49 (current price is over target).
If AWC meets the Ord Minnett target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.51, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

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

Morgan Stanley downgrades Bapcor to Underweight from Neutral ahead of its February 23 results, citing macro-pressure on margins and a cautious view towards the company's transformation program.

The broker observes a decline in sales growth through the December quarter, that cost inflation is hitting margins, and expects competition to intensify as consumer sentiment weakens.

EPS forecasts fall -4% to -6% across FY23 to FY25.

Target price falls to $6 from $7. Industry View: In Line.

Target price is $6.00 Current Price is $6.73 Difference: minus $0.73 (current price is over target).
If BAP meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.74, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Citi rates BBN as Neutral (3) -

Baby Bunting's preliminary December-half result fell -48% shy of consensus and sharply short of Citi's forecast due to weaker sales and higher operating expenditure.

Gross margins managed to meet forecasts.

Citi casts a cautious eye to the competitive environment as macro challenges intensify and observes a sharp fall in 12-week to 16-week ultrasounds in the year to October 2022.

EPS forecasts fall -10% to -12% across FY23 to FY25. Neutral rating retained. Target price falls to $2.90 from $3.20.

Target price is $2.90 Current Price is $2.68 Difference: $0.22
If BBN meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates BBN as Neutral (3) -

Baby Bunting has provided full year pro forma net profit guidance of $21.5-24.0m, which Macquarie notes implies second half net profit of $16.4-18.9m and a 76-79% net profit skew to the second half. The significant skew sees Macquarie remain cautious on guidance.

Year-on-year sales growth of 6.6% in the first half saw revenue exceed Macquarie's expected 1.7% growth. The broker notes a tougher second quarter, where the company cycled reopening benefits, dragged on results. 

The Neutral rating is retained and the target price increases to $2.85 from $2.80.

Target price is $2.85 Current Price is $2.68 Difference: $0.17
If BBN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgan Stanley rates BBN as Overweight (1) -

Baby Bunting's December half disappointed Morgan Stanley, as sales softened and gross margins struggled, all within a deteriorating macro environment.

EPS forecasts fall -12% in FY23 and -21% in FY24.

However, the broker retains the faith, believing issues to be transitory, expecting FY23 will be a record sales year despite falling short of expectations.

Overweight rating retained. Target price falls to $4 from $4.60. Industry view: In Line.

Target price is $4.00 Current Price is $2.68 Difference: $1.32
If BBN meets the Morgan Stanley target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates BBN as Downgrade to Hold from Add (3) -

Baby Bunting's December-quarter revenue disappointed Morgans, but the broker spies a recovery in gross margins which it expects will continue throughout FY23.

Increasing competition continues to hamper the company's growth and the broker revises its expansion expectations, saying a second earnings disappointment cannot be discounted, even though the improvement in gross margins should enable the company to meet FY23 guidance.

Rating is downgraded to Hold from Add. Target price falls to $2.80 from $3.60.

Target price is $2.80 Current Price is $2.68 Difference: $0.12
If BBN meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgan Stanley rates BTH as Overweight (1) -

Bigtincan Holdings' December-half annual recurring revenue rose $10m but no financials were provided.

Management retained guidance and reaffirms that it expects to reach cash flow break-even in the June half, advising quarterly reports will no longer be required.

Morgan Stanley says growth was driven by new logo wins and improved net revenue retention and spies room for 20% compound organic sales growth over the medium to long-term.

Overweight rating retained. Target price falls to $1.00 from $1.15. Industry view: In Line.

Target price is $1.00 Current Price is $0.59 Difference: $0.415
If BTH meets the Morgan Stanley target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates CHN as Outperform (1) -

Chalice Mining has added significant experience to its Julimar development project with the appointment of Mike Nelson as project manager, bringing 30 years experience in mining industry operational and technical leadership roles to the project.

Macquarie expects Chalice Mining is placed to upgrade its Gonneville resource estimate in the coming months following significant drilling in 2022. The broker's development scenario for Gonneville includes a $250m capital raising, and given recent share price strength the broker assumes a capital raising price of $5.00 per share. 

The Outperform rating is retained and the target price increases to $8.00 from $7.50.

Target price is $8.00 Current Price is $6.80 Difference: $1.2
If CHN meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley posits that plasma margins could exceed 60% - a much steeper covid recovery than expected.

Lower plasma collection, elevated donor fees, and a growing collection-centre network are all expected to contribute.

The broker also notes that CSL is transitioning to a new plasma collection device that will extract 5% more plasma per donor for the same donor fee.

Overweight Weighting retained. Target price rises to $354 from $337.

Target price is $354.00 Current Price is $286.92 Difference: $67.08
If CSL meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $329.03, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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 CTD as Hold (3) -

Ord Minnett suspects Corporate Travel Management's pristine guidance record may be broken in FY24 given deteriorating business conditions globally and suspects the market may be a tad too optimistic.

Other negatives include the sustainability push, in which air travel holds up poorly; intensifying competition in the SME market, and pressure on air margins arising from the cut in front end commissions.

On the upside, the balance sheet is strong relative to competitors, suggesting opportunity awaits, says the broker.

Hold rating retained. Target price falls to $18.06 from 20.76.

Target price is $18.06 Current Price is $16.65 Difference: $1.41
If CTD meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $22.14, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates GLN as Outperform (1) -

Galan Lithium's long-term pump testing at Pata Pila has proved successful, returning encouraging average flow rates of 21 litres per second and grades of 815-866 milligrams per litre. 

Combined with other tests, Macquarie feels results indicate Galan Lithium is placed to operate the Hombre Muerto West Pilot Plant at the 4.0 kilo tonnes per annum lithium carbonate equivalent target. The company expects approvals will be secured in the first half of 2023, allowing for the commencement of development and first production in 2025.

The Outperform rating and target price of $1.90 are retained.

Target price is $1.90 Current Price is $1.19 Difference: $0.71
If GLN meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IAG as Outperform (1) -

Credit Suisse expects Insurance Australia Group may exceed its perils allowance for the December half given poor weather, and assumes a -60bp margin headwind during the period.

IAG has a $50m event deductible, notes the broker, making it more susceptible to an adverse shift.

Outperform rating is retained for now, given the company continues to reprice, the broader market is stable, and the sector is trading on undemanding multiples.

Target price is $5.77 Current Price is $4.85 Difference: $0.92
If IAG meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 6.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates INR as Buy (1) -

Ord Minnett reports the US Department of Energy has offered a conditional (up to) US$700m debt facility, sharply derisking ioneer.

Add this to the US$490m equity commitments from the SSW JV, and ioneer now boasts funding of US$1.190bn, more than covering the initial capital expenditure forecast.

Ord Minnett expects a 60:40 debt to equity split, and that JV equity will be prioritised over debt. First production is expected in 2026.

The broker says the company screens well against development peers.

Speculative Buy rating and 70c target retained.

Target price is $0.70 Current Price is $0.55 Difference: $0.15
If INR meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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 JHX as Downgrade to Accumulate from Buy (2) -

Ord Minnett downgrades James Hardie Industries to Accumulate from Buy, expecting the US housing market will weaken in response to rising interest rates.

While cautious in the near to mid term, the broker admires the company's long-term prospects and considers James Hardie Industries to be undervalued compared with the broker's fair value estimate.

Target price is $40, which compares with the November entry in the FNArena data base of $42.80. In between Ord Minnett has switched to Morningstar research instead of JP Morgan's.

Target price is $42.80 Current Price is $29.49 Difference: $13.31
If JHX meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $40.57, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgan Stanley rates MQG as Overweight (1) -

Morgan Stanley observes global 2022 merger and acquisition volumes slumped -36% (December quarter was down -50%).

The broker doubts activity will recover given rising interest rates, inflation, and the prospect of a recession; and says Macquarie Group is unlikely to re-rate before then.

Overweight rating and $215 target are retained. Industry View: In-Line. No changes have been made to forecasts.

Target price is $215.00 Current Price is $180.00 Difference: $35
If MQG meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $189.88, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Largely driven by plant maintenance, Macquarie expects Newcrest Mining can deliver a quarter-on-quarter production improvement in the fourth quarter, but highlights Newcrest Mining's targeted production growth is reliant on the development of large scale underground operations, which it considers to have some risk. 

The broker further notes the company's share price lagged peers, falling by -16% over the last year. 

The rating is downgraded to Neutral from Outperform and the target price decreases to $23.00 from $25.00.

Target price is $23.00 Current Price is $23.17 Difference: minus $0.17 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.09, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Macquarie rates PNV as Outperform (1) -

In an update on its first half, PolyNovo has demonstrated ongoing strong sales momentum, comments Macquarie.

Group sales during the period were up 68% year-on-year, driving revenue of $27.3m. US sales increased 61% in the half, while rest of the world increased 110% supported by first sales in new markets Hong Kong and Canada.

In a particularly strong second quarter, according to Macquarie, the company exceeded $5m in monthly sales for three months of the half.

The Outperform rating is retained and the target price increases to $2.85 from $2.30.

Target price is $2.85 Current Price is $2.59 Difference: $0.26
If PNV meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates REA as Downgrade to Lighten from Accumulate (4) -

Ord Minnett downgrades REA Group to Lighten from Acccumulate after the share price broke valuation support. Ord Minnett has switched to Morningstar research instead of JP Morgan's.

The broker does say it considers the competitive environment to be stable and expects the company will be able to continue raising prices "at multiples of the rate of inflation".

FY23 EPS forecasts are cut. Target price is $100, which compares with the last entry in the FNArena database in November of $132 (JP Morgan).

Target price is $100.00 Current Price is $123.50 Difference: minus $23.5 (current price is over target).
If REA meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $120.43, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates SBM as No Rating (-1) -

Macquarie is currently under research restriction so no rating and no valuation/price target for St. Barbara.

Current Price is $0.87. Target price not assessed.

Current consensus price target is $0.97, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates SEK as Downgrade to Hold from Buy (3) -

Ord Minnett downgrades Seek to Hold from Buy, expecting monetary tightening and inflation will likely take their toll on the jobs market.

But the broker still finds the company an attractive proposition and notes for now, ABS data reveal a tight labour market, albeit declining from its May peak. 

Ord Minnett now forecasts an earnings (EBITDA) compound annual growth rate of 11% through to fiscal 2027. This compares with 25% from fiscal 2019 to 2022.

$22.80 target price retained. Ord Minnett has switched to whitelabeling Morningstar research instead of JP Morgan's.

Target price is $22.80 Current Price is $24.08 Difference: minus $1.28 (current price is over target).
If SEK meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.52, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates STO as Outperform (1) -

Ahead of quarterly result releases from both Woodside Energy ((WDS)) and Santos, Macquarie predicts a quarter-on-quarter revenue decline as contract timing lags and lower spot prices impact.

The broker anticipates Santos will report fourth quarter production of 25.3m barrels equivalent and revenue of US$1.9bn. Challenges to the company's WA operations were flagged, and the broker expects these can be absorbed within existing full year guidance. 

Neutral rating. Target price $10.30.

Target price is $10.30 Current Price is $7.34 Difference: $2.96
If STO meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $9.25, suggesting upside of 25.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Credit Suisse rates SUL as Outperform (1) -

Super Retail's preannounced December half result sharply outpaced consensus forecast, thanks to strong holiday and Black Friday trading.

Elsewhere, inventory was lowered and the broker expects gross margins held. 

Credit Suisse suspects capital management may soon be on the cards, including a special dividend which would take the dividend yield to roughly 10%.

EPS forecasts fall -4% across FY23 to FY25 to reflect lower gross margins at Rebel and higher corporate costs.

Outperform rating retained. Target price falls to $13.85 from $14.05.

Target price is $13.85 Current Price is $12.34 Difference: $1.51
If SUL meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 0.4% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates SUL as Add (1) -

Super Retail's pre-announced December-half sales and revenue data sharply outpaced consensus and Morgans' forecasts, showing customer demand and margins were bouncing along. Like-for-like sales grew 11%, compared with the broker's forecast of a 10% rise.

Morgans admires the performance given growing pressure on discretionary spending but expects competition will step up in the June half and expects like-for-like sales will turn negative ahead of a weak FY24.

The broker spies room for capital management and possible earnings surprises.

Add rating retained. Target price rises to $14 from $13.

Target price is $14.00 Current Price is $12.34 Difference: $1.66
If SUL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates SUL as Downgrade to Lighten from Hold (4) -

Super Retail Group's preliminary December-half result sharply outpaced consensus and Ord Minnett's forecasts, thanks to strong holiday and Black Friday sales and improved margins.

Ord Minnett increases its full-year earnings estimate by 39% and increases the target price 6% to $9.50.

But given the share price is trading above the broker's valuation, the broker downgrades to Lighten from Hold, and cites competition from Amazon as a serious concern.

The broker estimates earnings (EBT) margins should average 9% over the next 10 years, compared with 10% in fiscal 2022.

Target price is $9.50 Current Price is $12.34 Difference: minus $2.84 (current price is over target).
If SUL meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.29, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates SUN as Outperform (1) -

Credit Suisse expects Suncorp Group may exceed its perils allowance for the December half given poor weather, and assumes a -60bp margin headwind during the period.

The broker observes Suncorp's perils data to October left it little wiggle room for the balance of the half; and adds the company's higher aggregate deductible of $850m means June-half perils may not be able to balance the first-half overshoot, as it has done in the past.

Outperform rating is retained for now, given the company continues to reprice, the broader market is stable, and the sector is trading on undemanding multiples.

Target price is $13.16 Current Price is $11.77 Difference: $1.39
If SUN meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.62, suggesting upside of 14.6% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Morgans rates TYR as Add (1) -

Tyro Payments' pre-released December-half result outpaced consensus by 30% and upgraded earnings (EBITDA) guidance similarly.

Morgans observes this is the company's third earning upgrade this financial year and now expects it to post a maiden net profit after tax in the December half.

Management points to 9% merchant growth in the period and reiterated cost reduction targets and its play to be free cash-flow positive by year end. The company recently rejected the Potentia bid and Morgans says the pressure is now on to deliver.

EPS forecasts rise more than 10% across FY23 and FY24.

Add rating retained. Target price rises to $1.82 from $1.79.

Target price is $1.82 Current Price is $1.47 Difference: $0.355
If TYR meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates URW as Upgrade to Accumulate from Lighten (2) -

Ord Minnett upgrades Unibail-Rodamco-Westfield to Accumulate from Lighten as the broker has switched to whitelabeling Morningstar research instead of JP Morgan's.

The broker says the price at which the company can sell assets, and the pace of the economic recovery will prove critical to the company's valuation.

Target price rises to $6.80 from $4.70 (JP Morgan).

Target price is $6.80 Current Price is $4.42 Difference: $2.38
If URW meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

This company reports in EUR. 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

Macquarie rates WDS as Neutral (3) -

Ahead of quarterly result releases from both Woodside Energy and Santos ((STO)), Macquarie predicts a quarter-on-quarter revenue decline as contract timing lags and lower spot prices impact. 

The broker anticipates Woodside Energy will report fourth quarter production of 49.0m barrels equivalent and revenue of US$5.0bn, with North West Shelf shipments holding up. Macquarie does flag potential for a gas decline in the fourth quarter. 

The Neutral rating is retained and the target price decreases to $38.00 from $39.00.

Target price is $38.00 Current Price is $37.30 Difference: $0.7
If WDS meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $37.54, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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