Australian Broker Call

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

Morgan Stanley notes 3P Learning's trading update pre-announced three FY25 metrics. Revenue is expected to remain flat year-on-year at $110m, slightly above the broker's forecast, and earnings (EBITDA) will grow by at least 20% to circa $14.4m.

The broker highlights this performance as a positive surprise amid softness in consumer markets and product refresh cycles.

Management expects cash on hand between $8-10m versus the analyst's $16m estimate, with attention now turning to R&D capitalisation and working capital changes.

While product improvements and cost discipline are welcomed, Morgan Stanley seeks further evidence these changes are converting to higher sales, adoption of bundles, and improved pricing power.

The broker retains an Equal-weight rating and a $0.90 target price. Industry view: In Line.

Target price is $0.90 Current Price is $0.64 Difference: $0.26
If 3PL meets the Morgan Stanley target it will return approximately 41% (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

Macquarie rates AGL as Outperform (1) -

Macquarie believes the combination of mild weather and relatively low volatility reduces the risk of a positive earnings surprise from AGL Energy in FY25. It also points to a flat outlook for FY26.

The broker notes the default market offer and Victorian market offer are due on May 26, and are unlikely to see a material change relative to the draft.

The next big theme is retail battery adoption, which should be favourable for the company. The broker cut FY25 EPS forecast, but lifted FY26-27 slightly.

Outperform. Target cut to $11.47 from $12.29, given more moderate terminal rates as batteries are viewed as similar to toll roads.

Target price is $11.47 Current Price is $10.24 Difference: $1.23
If AGL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.71, suggesting upside of 14.0% (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 AIA as Outperform (1) -

Auckland International Airport published the final discounted pricing schedule in response to the Commerce Commission's decision on its PSE4 pricing.

The airport previously said it would discount airline charges for FY26-27 to reduce the targeted return for the FY23-27 period to 7.82% from 8.73%.

In the final schedule, the airport advised it is weighting the pricing to FY27 to smooth the net profit profile. Macquarie has adjusted forecasts to reflect this, lowering FY27 EPS forecasts but modestly upgrading FY26.

Outperform. Target maintained at NZ$8.63.

Current Price is $7.15. 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

Macquarie rates BEN as Underperform (5) -

Bendigo & Adelaide Bank's 3Q trading update revealed margins were steady quarter-on-quarter, supported by proactive repricing of deposits which mitigated pressure from lower interest rates, explains Macquarie.

The broker notes lending growth continued to exceed deposits but appears to have slowed in line with management’s updated guidance. Credit quality remained strong with negligible charges, aided by lower collective provisioning.

Operating costs came in lower, although a step-up in investment spending is anticipated in the June quarter, contributing to Macquarie's forecast of -5% retreat in earnings in both 2025 and 2026.

Macquarie raises the target price to $10.25 from $10.00 and retains an Underperform rating.

Target price is $10.25 Current Price is $11.86 Difference: minus $1.61 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.44, suggesting downside of -11.3% (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 BEN as Equal-weight (3) -

After disappointing 1H25 results, Morgan Stanley views Bendigo & Adelaide Bank's 3Q25 results as "reassuring."

Net interest income slightly beat the broker's forecast, mortgage growth was ahead, and net interest margin was a tad higher. On the other hand, other income and business loan growth missed expectations.

Overall, the 3Q25 margin and lower costs have comforted the broker.

Equal-weight. Target unchanged at $10.70.

Target price is $10.70 Current Price is $11.86 Difference: minus $1.16 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.44, suggesting downside of -11.3% (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 BEN as Hold (3) -

Bendigo & Adelaide Bank's March-quarter update showed cash earnings tracking in line with Ord Minnett's expectation, though underlying softness was evident with revenue down -2.2% versus the H1 FY25 average.

The broker attributes the weak revenue outcome to a -13.6% fall in other operating income, driven by a deliberate slowdown in loan settlements on the HomeSafe platform following repricing efforts to improve returns.

The exit net interest margin (NIM) held steady at 1.87%, as changes in deposit and mortgage pricing offset the impact of lower official rates, explains the analyst.

Ord Minnett retains a Hold rating and maintains the target price at $10.50.

Target price is $10.50 Current Price is $11.86 Difference: minus $1.36 (current price is over target).
If BEN 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 $10.44, suggesting downside of -11.3% (ex-dividends)

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 BRL as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage on New Zealand coal producer Bathurst Resources with a Buy rating, citing the stock’s significant valuation discount and strong balance sheet with NZ$135m in cash.

The broker forecasts attributable production growth of 60% to 2.0mt by FY30, supported by key organic growth projects at Buller and Tenas, with margins expected to reach 40% earnings (EBITDA) in FY30, outperforming peers.

The analysts' base case 2026 earnings (EBITDA) are projected at NZ$57m on a conservative met coal price assumption (US$184/t), rising to NZ$94m if prices recover to US$220/t.

The company's historical profitability, low-cost structure, and favourable New Zealand and Canadian royalty regimes underpin an attractive multi-year growth profile, suggests Ord Minnett. The Crown Mountain project is expected to offer further upside.

Target price is $1.10 Current Price is $0.70 Difference: $0.4
If BRL meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates CKF as Buy (1) -

Citi notes update from Restaurant Brands New Zealand ((RBD)) at the AGM that cost-of-living pressures will improve later in the year, and hence recovery will remain gradual.

The broker reckons there is now downside risk to consensus same-store sale forecasts for Collins Foods' KFC Australia business. 

The consensus forecast is for 1.3% growth in 2H25 to 2.4% in 1H26, while the broker's forecast is 1.0%, accelerating to 1.8% in 1H26.

Buy. Target unchanged at $9.60.

Target price is $9.60 Current Price is $7.86 Difference: $1.74
If CKF meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in April.

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 DBI as Add (1) -

Dalrymple Bay Infrastructure's updated dividend guidance for the 12 months to June 2026 surpassed Morgans expectations, prompting an upgrade of distribution forecasts for 2025 to 2027 by 1-2%. Earnings (EBITDA) expectations remain unchanged.

The broker notes the Terminal Infrastructure Charge will rise by 3.6% from July, with the increase slightly ahead of forecasts due to CPI linkage, additional capex, and the QCA levy.

Management re-affirmed its guidance of 3-7% annual DPS growth and a 60-80% payout from Funds from Operations. Management also projected a drop in franking to the mid-30% range by 2026 from 68% in 2024 before recovering later in the decade.

Two major non-expansion capital expenditure (NECAP) projects worth around -$280m are on track and are expected to contribute first revenue in 2027/2028. Morgans explains this will partially offset higher interest expenses from the prior year.

The broker raises its DPS estimate for 2025 to 24c from 23.75c, 2026 to 24.9c from 24.4c, and 2027 to 25.75c from 25.4c.

Morgans retains an Add rating and maintains its target price at $4.35.

Target price is $4.35 Current Price is $4.10 Difference: $0.25
If DBI meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates DUR as Buy (1) -

Bell Potter explains Duratec's FY25 trading update came in below previous guidance due to delays in project awards and weather impacts over 2H25. The defence and mining sectors were most impacted.

Earnings (EBITDA) guidance range has declined by around -5% to $50m–$53m. The broker points to a better performance from other divisions, like Energy and Building & Facades, in May and expected in June.

Bell Potter lowers EPS estimates by -6.4% in FY25 and -5.3% in FY26. Target price slips to $1.80 from $1.95.

No change to Buy rating.

Target price is $1.80 Current Price is $1.47 Difference: $0.33
If DUR meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 25.5% (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

Shaw and Partners rates DUR as Buy (1) -

Duratec has downgraded FY25 revenue and earnings (EBITDA) guidance due to project delays caused by wet weather and slower-than-expected Defence and Mining contract awards, explains Shaw and Partners.

Gross margins remain stable and the order book robust, highlights the analyst.

FY25 revenue guidance has been lowered to $570-585m from $600-640m, with earnings (EBITDA) now expected at $50-53m. New guidance implies to the broker 5-11% year-on-year growth and sustained margin discipline at 8.5% in 2H25.

Shaw retains a Buy rating and keeps the target price unchanged at $1.90.

Target price is $1.90 Current Price is $1.47 Difference: $0.43
If DUR meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 25.5% (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 EBR as Speculative Buy (1) -

EBR Systems has raised $56m to support the commercial development of WiSE-CRT, which received FDA approval, Bell Potter highlights.

The equity raising consisted of an institutional placement and share purchase plan at $1 per share, a discount of -12.6% to the 10-day volume-weighted average price.

Post-raising, the company has cash on hand of around US$84m, which represents around six quarters of funding, the broker explains.

Target price rises to $2.25 from $2.23 due to a lower risk weighting. Speculative Buy retained.

Target price is $2.25 Current Price is $1.21 Difference: $1.04
If EBR meets the Bell Potter target it will return approximately 86% (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

Citi rates ELD as Buy (1) -

Post conference call with company management, Citi analysts report their optimism has risen for the second half, including a now cautiously optimistic expectation regarding an uplift in demand for post-emergent Crop Protection products which are higher margin versus pre-emergent.

Previously, in immediate response to the result release, Citi reported:

Elders' 1H25 earnings report came in below Citi's expectations on first take, with dry weather impacting more than anticipated across Victoria and South Australia.

Weakness in crop protection was the main reason, as drier conditions and increased competition affected the division.

Agency services were above the broker's estimate by 12%, attributed to higher prices and volumes for cattle and sheep, with elevated levels of de-stocking in dry regions. Earnings per bale were also higher.

Real estate recorded a much higher than forecast gross profit of $54m, compared to the analyst's estimate of $41m, due to better conditions for Broadacre, Residential, and Property Management.

Citi expects the shares to trade weaker on the result today.

Target price is $9.75 Current Price is $6.60 Difference: $3.15
If ELD meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $9.34, suggesting upside of 51.2% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates EVT as Overweight (1) -

After collaborating closely with its US media analysts and the Australian property team, Morgan Stanley has concluded EVT Ltd is trading in line with the market value of its property portfolio, with zero value ascribed for the cinema business.

The broker believes a meaningful recovery in the cinema business earnings is underway, and the hotel and property assets have several potential positive catalysts. 

The analyst now sees the stock as a high-conviction pick among small-caps. 

Revenue forecast for FY25 lifted by 1.3% and by 2.1% for FY26. EPS forecasts raised by 2% for FY25 and by 5% for FY26.

Overweight. Target price $19. Industry View: Attractive.

Target price is $19.00 Current Price is $15.12 Difference: $3.88
If EVT meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $17.10, suggesting upside of 10.2% (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

UBS rates IEL as Neutral (3) -

UBS views the 2025 visa updates as mixed for IDP Education, but remains positive on the longer-term story for the company.

The analyst believes the operating environment is better compared to 2H24 but, on balance, remains challenged.

The biggest positive surprise was from the UK, where four months of positive student application data translated into 1Q25 visa issuance growth of 38%, following six consecutive quarters of declines.

UBS believes the UK recovery is the biggest factor in the company achieving or missing 2H25 earnings (EBITDA).

Canada continues to experience negative sentiment, but the broker is hopeful the trend may reverse post-election, both in Canada and Australia.

Neutral rating retained with a $12 target price.

Target price is $12.00 Current Price is $8.33 Difference: $3.67
If IEL meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $14.74, suggesting upside of 81.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates LNW as Buy (1) -

UBS suggests Light & Wonder's investor day should lift confidence strong growth for the business doesn't just end in 2025, as the current market multiple implies some doubts.

The broker raises its target to $195 from $192 and maintains its Buy rating. The analysts' initial view last week on the investor day is summarised below.

Management presented three major factors at its Investor Day, UBS reports.

The company's new target is for US$2bn in 2026 adjusted earnings (EBITDA), which sits above the broker's estimate of US$1.77bn, implying a compound average growth rate of around 10% from 2024, and the existing 2025 target.

In land-based, management is aiming for 4 percentage points of market share gains in Gaming by 2028 in North America, with ongoing expansion in adjacent markets such as Nebraska, the EU, and Canada, including charitable gaming via Grover.

Light & Wonder also confirmed it is on track for 2025 adjusted earnings (EBITDA) of US$1.4bn and US$1.36bn pre-Grover. There is no change to the gearing target of 2.5x–3.5x, UBS states.

UBS observes the 2028 earnings target implies upgrades to consensus of 10%-15% and is "bullish," though the bound target is more in line. 

Target price is $195.00 Current Price is $128.76 Difference: $66.24
If LNW meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $193.80, suggesting upside of 42.4% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates MYR as Overweight (1) -

Myer has returned to sales growth in H2 of 2025, observes Morgan Stanley, with total sales up 1.9% to $837m and comparable sales up 1.5%, outperforming expectations. By contrast, the newly acquired Apparel division continues to underperform.

Margins remain pressured by elevated promotional activity, rising operating costs, and National Distribution Centre issues, explain the analysts.

Despite these headwinds, the broker sees signs of stabilisation and expects growth and margin improvement to resume from 2026.

Upside risk to earnings is noted from internal cost initiatives, debt refinancing, and a potentially more supportive consumer environment.

Morgan Stanley retains an Overweight rating and a target price of $1.05. Industry view: In-Line. 

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

The company's fiscal year ends in July.

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 ORG as Buy (1) -

The price review of the APLNG-Sinopec LNG contract has concluded without arbitration, and Citi estimates the JCC-linked contract slope has reduced by -110bps to 12.5%.

The broker believes this is a fair deal considering broader deflation in LNG contract prices and thinks there's an upside risk from the next price review in 2030, which will be at APLNG's discretion.

The broker cut price assumptions for the contract and lifted capex forecasts for Origin Energy's thermal generation assets. This pushed down FY25-26 core net profit forecasts.

Buy. Target unchanged at $11.50.

Target price is $11.50 Current Price is $11.05 Difference: $0.45
If ORG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.57, suggesting upside of 0.1% (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

Ord Minnett rates ORG as Hold (3) -

Management at Origin Energy expects earnings from Australia Pacific LNG to be lower in H2 of FY25 due to a reduction in the contract gas price following Sinopec’s price review.

The contract slope was reduced to 13% from 13.85% of the Japan Crude Cocktail (JCC) price, equating to a -$55m revenue impact for Origin’s 27.5% stake, based on a JCC price of US$80 and an exchange rate of US$0.63, explains the broker.

Note: the slope of an LNG contract refers to the degree of indexation of the gas price to an oil benchmark.

The broker describes the outcome as slightly below expectations and has reduced its FY25 earnings per share forecast by -1.7%, with FY26 and FY27 cut by -2.4% each.

Despite the lower forecasts, Ord Minnett views Origin as a quality operator with defensive characteristics, an appealing dividend yield and long-term upside from the energy transition and Octopus Energy.

The broker trims the target price to $10.40 from $10.50 and retains a Hold rating.

Target price is $10.40 Current Price is $11.05 Difference: minus $0.65 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.57, suggesting upside of 0.1% (ex-dividends)

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 RHC as Equal-weight (3) -

Management at Ramsay Health Care has launched a strategic review of its 52.8% stake in Ramsay Sante. Morgan Stanley sees the potential divestment as a key near-term catalyst though timing remains uncertain.

The broker sees scope for unlocking shareholder value through deleveraging.

Separately, outcomes from Australia’s Fair Work Commission wage review pose an earnings risk, cautions the analyst.

Morgan Stanley retains an Equal-weight rating and a price target of $37.40. Industry view: In-Line.

Target price is $37.40 Current Price is $36.13 Difference: $1.27
If RHC meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $38.19, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates SGH as Hold (3) -

At the 2025 Investor Day, SGH Ltd outlined earnings before interest and tax growth guidance in the high single digits for FY25, with Bell Potter expecting 9.7% growth and consensus positioned at 12.6%.

The analyst believes the guidance was originally conservative and now sets more realistic expectations.

WesTrac is anticipated to be supported by fleet replacement in the mining sector, with Boral impacted by significant rain events on the east coast in 2H25.

Bell Potter lowers EPS forecasts due to weaker 2H25 revenue from WesTrac, Boral, and Coates, offset by slightly lower interest costs.

Target price moves to $54 from $54.50. No change to Hold rating.

Target price is $54.00 Current Price is $50.50 Difference: $3.5
If SGH meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $57.31, suggesting upside of 14.9% (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

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

Smart Parking's trading update shows strong operational momentum, assesses Shaw and Partners, with the US business performing ahead of expectations.

The Automatic Number Plate Recognition (ANPR) technology has been rolled out to 15 sites earlier than forecast by the broker.

The company reported 1,678 active sites globally as of April, nearly reaching the June year-end target of 1,687, and re-affirmed its long-term goal of 3,000 sites by December 2028.

The US acquisition, Peak Parking, is delivering to plan, while New Zealand operations are gaining share and generating high-margin growth, highlights the analyst.

No change to Buy, High-Risk rating and $1.25 target.

Target price is $1.25 Current Price is $0.89 Difference: $0.36
If SPZ meets the Shaw and Partners target it will return approximately 40% (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

Morgans rates WES as Hold (3) -

Wesfarmers provided no trading update for its retail operations but lowered guidance for the lithium business, projecting a loss of around -$60m in 2025 and a deeper loss in 2026.

Management attributed these losses to weaker spodumene prices and higher costs during refinery ramp-up.

Management appears comfortable with consensus forecasts for the remaining divisions, suggests Morgans. As a result, the broker sees reduced risk of downside surprise in the upcoming FY25 result. The target price rises to $75.80 from $72.05.

The broker notes Bunnings continues to outperform with scope to lift productivity through layout and range improvements, while Kmart’s international expansion is accelerating via Anko-branded products.

Morgans raises its target price to $75.80 from $72.05 and retains a Hold rating.

Target price is $75.80 Current Price is $82.31 Difference: minus $6.51 (current price is over target).
If WES meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.25, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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