Australian Broker Call

Ord Minnett rates 29M as Downgrade to Hold from Accumulate (3) -

While 2Q results for 29Metals were a slight beat versus Ord Minnett's forecasts, the broker is concerned by lower potential cash generation in 2023 from operational woes and weak cost control.

Golden Grove's development remains behind schedule, points out the analyst, and Capricorn Copper's upcoming tailings lift will hold back 3Q milling capacity.

Management's 2023 outlook was broadly in line with its December update.

The rating falls to Hold from Accumulate and the target falls to $1.95 from $2.10, yet the analyst reminds investors of upside risk from high leverage to the copper price.

Target price is $1.95 Current Price is $1.96 Difference: minus $0.01 (current price is over target).
If 29M meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.69, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.6

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

UBS rates A2M as Buy (1) -

In a review of its a2 Milk Co's investment thesis, UBS anticipates strong infant formula sales growth across both English-label and China-label via market share gains, helped by the China border reopening.

The analyst highlights increased prices for a2 Platinum have resulted in stronger English-label reseller margins, while indicators for corporate daigou sell-out remain strong. UBS data also point to growing online brand strength.

The Buy rating and target price of NZ$9.45 are retained.

Current Price is $6.68. Target price not assessed.

Current consensus price target is $5.10, suggesting downside of -25.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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

Morgans rates ALX as Hold (3) -

Morgans feels the release of Atlas Arteria's 4Q traffic and revenue data removes a key risk prior to FY22 results in February. A Hold rating is (just) retained given the existence of a takeover premium. The market believes IFM Investors will move to a takeover bid over time.

FY22 toll revenue increased 8.7% over FY21, with traffic rising by 8%, around -2% below the analyst's forecast.

The broker undertakes a takeover valuation scenario and arrives at a potential $6.84 offer price.

The target falls to $6.45 from $6.46.

Target price is $6.45 Current Price is $6.77 Difference: minus $0.32 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.62, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgans rates AND as Add (1) -

Morgans considers 2Q results were a great outcome for Ansarada Group, with flat year-on-year revenue despite weak capital market activity, with M&A's down -30% in the 1H of FY23.

The company was free cash flow (FCF) positive for the quarter, ahead of both the broker's estimate and management guidance.

The company retained its expectation for positive FCF in the 2H and suggested the 3Q is supported by contracted revenue and a solid pipeline.

The Add rating and $1.90 target are unchanged.

Target price is $1.90 Current Price is $1.35 Difference: $0.55
If AND meets the Morgans target it will return approximately 41% (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

Citi rates AX1 as Buy (1) -

Citi expects further upside is to come from Accent Group following a better than expected first half. The broker is anticipating the retailer's first half roll out is ahead of expectations, and could therefore support further upside over the remainder of the year, particularly as Accent Group cycles undemanding comparables in the second half. 

A targeting 10% store growth underpins Citi's forecast 8% sales growth for the second half. The broker has kept its second half like for like sales flat, anticipating headwinds to impact on consumer spending. 

The Buy rating is retained and the target price increases to $2.30 from $1.95. 

Target price is $2.30 Current Price is $2.11 Difference: $0.19
If AX1 meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates AX1 as Equal-weight (3) -

Morgan Stanley spotted a positive trading update from Accent Group, with total sales up 33% year-on-year over the year's first 26 weeks. While a deceleration from the 52% growth achieved over the first 18 weeks, growth remains ahead of consensus expectations. 

The company also guides to first half earnings of $80-82m, 10% ahead of Morgan Stanley's expectation and 15% ahead of consensus, and the broker sees upside to full year earnings expectations. 

The Equal-weight rating and target price of $1.95 are retained. Industry view: In-Line. 

Target price is $1.95 Current Price is $2.11 Difference: minus $0.16 (current price is over target).
If AX1 meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.14, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates AX1 as Hold (3) -

Following Accent Group's 1H trading update, Morgans increases its FY23 and FY24 earnings (EBIT) forecasts by 13% and 4%, respectively, and raises its target to $2.20 from $2.00.

The Hold rating is retained due to a strong recent share price rally and the analyst sees better value in other more lowly-geared fashion retailers [Universal Store ((UNI)) is referred to in this regard].

Target price is $2.20 Current Price is $2.11 Difference: $0.09
If AX1 meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates AX1 as Neutral (3) -

In a 1H trading update, Accent Group's sales exceeded the forecasts of UBS and consensus by 11% and 24%, respectively. Reported earnings (EBIT) were also beats of 33% and 30%, respectively.

As a result of this performance, the broker raises its FY23 and FY24 EPS forecasts by 23% and 13%, respectively, and the target rises to $2.10 from $1.80. Neutral.

Gross margins rose in the 1H but were not quantified by management. Trading to-date in January is indicative of an ongoing recovery, according to the analyst.

Target price is $2.10 Current Price is $2.11 Difference: minus $0.01 (current price is over target).
If AX1 meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.14, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates BBT as Add (1) -

Following BlueBet Holdings' 2Q trading update, Morgans forecasts an increased loss for FY23 and FY24 of -$15m (from -$10m) and -$10m (from -$7m), respectively. No explanations are proffered for these changes. The target falls to $1.00 from $1.30. Add.

Despite these forecast changes, the broker sees medium to long-term earnings upside in Australia from the company's relatively larger market budget compared to peers. Additional upside is expected in the US from the company's advantageous 'capital lite' strategy.

Target price is $1.00 Current Price is $0.35 Difference: $0.65
If BBT meets the Morgans target it will return approximately 186% (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

Citi rates BHP as No Rating (-1) -

Having recently commented on BHP Group's December quarter production results, Citi expects provisional copper pricing to be negative to the company's earnings to the amount of -US$59m.

The broker continues to look for first half earnings of US$11.13bn, underlying net profits of $7.25bn, and an interim dividend of US86 cents per share. 

As an advisor to BHP Group on its OZ Minerals ((OZL)) acquisition, Citi remains on research restrictions. 

Current Price is $49.24. Target price not assessed.

Current consensus price target is $44.01, suggesting downside of -11.2% (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: 0.0

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

Ord Minnett rates BLD as Hold (3) -

Following a change of analyst and after a switch to whitelabeling research by Morningstar, Ord Minnett raises its target to $4.00 from the last entry of $3.00 (by JP Morgan) in the FNArena database in late August last year.

The broker feels the company is set to benefit from its pipeline of building and construction projects in Australia and anticipates a step-up in earnings from a reinvigoration of the company's operating model. Hold.

Target price is $4.00 Current Price is $3.56 Difference: $0.44
If BLD meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting downside of -17.8% (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

UBS rates BWP as Downgrade to Sell from Neutral (5) -

In a review of the Australian Real Estate sector, UBS expects ongoing volatility on bond yield moves but feels the range of outcomes for interest rates has diminished. On average price targets are raised by 6% across the sector.

The broker forecasts a peak of 3.35% for the cash rate (market expects 3.8%) on normalising unemployment and inflation.

Rate cuts in the 2H will close valuation discounts in the Real Estate sector, according to the analysts, and the sub-sector of Logistics is preferred given traditionally high rent growth and record low vacancy levels.

While structural factors favour Residential, UBS moves to underweight from overweight for the Retail sector on a weaker consumer. Caution is retained on Office, while it's considered too early to overweight Funds Management due to subdued transaction volumes.

UBS lowers its rating for BWP Trust to Sell from Neutral, while the target rises to $3.70 from $3.59.

Target price is $3.70 Current Price is $3.95 Difference: minus $0.25 (current price is over target).
If BWP meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -4.3% (ex-dividends)

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

UBS rates CIP as Buy (1) -

In a review of the Australian Real Estate sector, UBS expects ongoing volatility on bond yield moves but feels the range of outcomes for interest rates has diminished. On average price targets are raised by 6% across the sector.

The broker forecasts a peak of 3.35% for the cash rate (market expects 3.8%) on normalising unemployment and inflation.

Rate cuts in the 2H will close valuation discounts in the Real Estate sector, according to the analysts, and the sub-sector of Logistics is preferred given traditionally high rent growth and record low vacancy levels.

While structural factors favour Residential, UBS moves to underweight from overweight for the Retail sector on a weaker consumer. Caution is retained on Office, while it's considered too early to overweight Funds Management due to subdued transaction volumes.

Ord Minnett increases its target for Centuria Industrial REIT by 11% to $3.60 to reflect a strong medium-term outlook and strong 2022 rent growth in Australian logistics markets.

Target price is $3.60 Current Price is $3.29 Difference: $0.31
If CIP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 1.8% (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

UBS rates CLW as Downgrade to Sell from Neutral (5) -

In a review of the Australian Real Estate sector, UBS expects ongoing volatility on bond yield moves but feels the range of outcomes for interest rates has diminished. On average price targets are raised by 6% across the sector.

The broker forecasts a peak of 3.35% for the cash rate (market expects 3.8%) on normalising unemployment and inflation.

Rate cuts in the 2H will close valuation discounts in the Real Estate sector, according to the analysts, and the sub-sector of Logistics is preferred given traditionally high rent growth and record low vacancy levels.

While structural factors favour Residential, UBS moves to underweight from overweight for the Retail sector on a weaker consumer. Caution is retained on Office, while it's considered too early to overweight Funds Management due to subdued transaction volumes.

UBS lowers its rating for Charter Hall Long WALE REIT to Sell from Neutral, while the target rises to $4.35 from $4.29.

Target price is $4.35 Current Price is $4.63 Difference: minus $0.28 (current price is over target).
If CLW meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.63, suggesting upside of 1.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates CNU as Neutral (3) -

Macquarie notes, with regard Chorus, Dec quarter NZ connections data continued the recent connections trend, with growth in fibre connections roughly offsetting the reduction in copper connections.

Fibre price increases were introduced effective 1 October, with a CPI price increase of 7.2% applied to copper services from mid-December.

Chorus achieved its target of 1m total fibre connections in mid-January, despite fibre connection growth in the quarter being affected by workforce constraints.

Neutral and NZ$7.82 target retained.

Current Price is $7.66. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Morgan Stanley rates CPU as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley's bull case for Computershare looks to be playing out, with possibility of further guidance or margin upgrades from the company. Cash rates have continued to increase in key regions since November, and should drive tailwinds for the company. 

Based on these trends, Morgan Stanley lifts its margin income forecast US$821m, above company guidance, but notes expectations of forward rates could see margin yield cool into FY24. According to Morgan Stanley, the market does appear to be pricing in lower cash rates in 2024. 

The rating is downgraded to Equal-weight from Overweight and the target price decreased to $26.50 from $31.60.

Target price is $26.50 Current Price is $23.82 Difference: $2.68
If CPU meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $31.12, suggesting upside of 30.9% (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: 0.8

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

Morgans rates EVN as Add (1) -

Morgans assesses 2Q results for Evolution Mining were a net positive, with strong copper production and lower all-in sustaining costs in the 2Q for Evolution Mining countered by weaker-than-expected gold production and sales.

Guidance for FY23 production and AISC were unchanged.

The analyst reduces its AISC estimates across the forecast period and the target rises to $3.70 from $3.10. Add.

First half results are due on February 16.

Target price is $3.70 Current Price is $3.21 Difference: $0.49
If EVN meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in June.

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

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

In a review of the Australian Real Estate sector, UBS expects ongoing volatility on bond yield moves but feels the range of outcomes for interest rates has diminished. On average price targets are raised by 6% across the sector.

The broker forecasts a peak of 3.35% for the cash rate (market expects 3.8%) on normalising unemployment and inflation.

Rate cuts in the 2H will close valuation discounts in the Real Estate sector, according to the analysts, and the sub-sector of Logistics is preferred given traditionally high rent growth and record low vacancy levels.

While structural factors favour Residential, UBS moves to underweight from overweight for the Retail sector on a weaker consumer. Caution is retained on Office, while it's considered too early to overweight Funds Management due to subdued transaction volumes.

The rating for Goodman Group rises to Buy from Neutral and the target jumps to $23.00 from $20.60.

Target price is $23.00 Current Price is $19.41 Difference: $3.59
If GMG meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $21.95, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates HUB as Add (1) -

Morgans holds some caution around Hub24’s results leading into the February reporting season, though retains its Add rating on a medium-term view. A near-term risk is thought to be the elevated investment necessary for the company’s ‘platform of the future’ strategy.

The broker sees ongoing structural growth for both Hub24 and peer Hold-rated Netwealth Group, though leans toward the former on its ability to close the operating leverage gap and the optionality within wealth accounting platform Class.

Forecasts are reduced on higher Class and Platform opex and Morgans target falls to $27.80 from $28.05.

Target price is $27.80 Current Price is $24.89 Difference: $2.91
If HUB meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.97, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Citi rates IFL as Buy (1) -

Insignia Financial's guidance is for positive platform flows (ex-pension outflows) in FY23, so Citi is a little disappointed to see platform flows now negative for the first half, following inflows in the Sep quarter.

Nevertheless, flows represent a significant improvement year on year and net outflow for the half is fairly negligible, so Citi suggests the impact on earnings should also be negligible, and FY guidance is retained.

Despite a recent rally, the broker still sees the stock as inexpensive. Target rises to $3.85 from $3.50, Buy retained.

Target price is $3.85 Current Price is $3.54 Difference: $0.31
If IFL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates IFL as Overweight (1) -

Insignia Financial suffered a tough quarter for Platform flows, although somewhat offset by better flows into Asset Management. While Morgan Stanley continues to take a positive outlook on the stock, it doesn't expect this latest update to be a positive catalyst. 

The broker highlights the sale of stakes in JANA and AET brings Insignia Financial closer to a clean play. The Overweight rating and target price of $4.10 are retained. Industry view: In-Line.

Target price is $4.10 Current Price is $3.54 Difference: $0.56
If IFL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Citi rates ILU as Sell (5) -

Iluka Resources' Dec quarter production, sales and realised prices were up from the prior quarter and better than Citi's expectations.

While sentiment around China's property market has improved, completions in 2023 are expected to be lower than 2022 and lead indicators also point to a challenging year ahead, the broker notes.

Citi has raised its zircon/rutile price assumptions but highlights operating expense risk. Target rises to $10.40 from $9.50, Sell retained.

Target price is $10.40 Current Price is $10.97 Difference: minus $0.57 (current price is over target).
If ILU meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.98, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates ILU as Outperform (1) -

A solid Dec quarter for Iluka Resources featured strong production and sales, Macquarie notes, which translated into solid revenue and cash flow generation.

Synthetic rutile offtake agreements with key partners were concluded in the quarter, while the Eneabba refinery project progressed. Iluka offers numerous catalysts including Eneabba phase 3 and study updates on Balranald and Wimmera, the broker points out.

Target rises to $12.70 from $12.50, Outperform retained.

Target price is $12.50 Current Price is $10.97 Difference: $1.53
If ILU meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

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

The fourth quarter proved a soft one for Iluka Resources, driving a miss from the company on full year rutile production guidance. While the production miss had been flagged by Morgan Stanley, costs exceeded the broker's expectations and pose risk to expected cost improvement.

Cost of goods sold exceeded Morgan Stanley's expectations by 5%, while cost of production exceeded the broker's expectations by 9% to $938 per tonne. The broker had forecast cost of production to reduce to $830 per tonne in 2023 on volume improvements, but sees fourth quarter cost pressures as adding risk. 

The Equal-weight rating and target price of $10.65 are retained. Industry view: Attractive. 

Target price is $10.65 Current Price is $10.97 Difference: minus $0.32 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.98, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates JBH as Downgrade to Sell from Lighten (5) -

Ord Minnett downgrades its rating for JB Hi-Fi to Sell from Lighten on concern over structural change to the retail industry as consumers increasingly purchase online. This change in preference is thought to increase risk of exposure to a new range of competitors.

The broker's forecasts and $35.50 target remain the same.

Target price is $35.50 Current Price is $49.31 Difference: minus $13.81 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $46.03, suggesting downside of -6.1% (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

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

In a review of the Australian Real Estate sector, UBS expects ongoing volatility on bond yield moves but feels the range of outcomes for interest rates has diminished. On average price targets are raised by 6% across the sector.

The broker forecasts a peak of 3.35% for the cash rate (market expects 3.8%) on normalising unemployment and inflation.

Rate cuts in the 2H will close valuation discounts in the Real Estate sector, according to the analysts, and the sub-sector of Logistics is preferred given traditionally high rent growth and record low vacancy levels.

While structural factors favour Residential, UBS moves to underweight from overweight for the Retail sector on a weaker consumer. Caution is retained on Office, while it's considered too early to overweight Funds Management due to subdued transaction volumes.

UBS lowers its rating for Mirvac Group to Neutral from Buy to reflect increasing risks to FY23 EPS forecasts (including quality of earnings), while also acknowledging medium term potential for above sector level growth. The target eases to $2.40 from $2.45.

Target price is $2.40 Current Price is $2.27 Difference: $0.13
If MGR meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.39, suggesting upside of 4.0% (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

Citi rates MIN as Buy (1) -

In the wake of Mineral Resources' Dec quarter report, Citi notes the stock has outperformed the market, up 27% in the quarter, but it's too early to cut its recommendation.

Citi retains Buy, the caveat being the broker believes you’re not buying a discounted value story here, you’re buying on momentum, and Citi suggests China reopening sentiment and lithium can push the stock higher.

Target rises to $106 from $96.

Target price is $106.00 Current Price is $94.20 Difference: $11.8
If MIN meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $94.62, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates MIN as Outperform (1) -

Mineral Resources' Dec quarter results were strong, highlighted by material beats for realised pricing in iron ore and Mt Marion spodumene (lithium) versus Macquarie's estimates.

The Mt Marion expansion was pushed back due to supply disruptions and labour shortages, but capex remains unchanged, the broker notes, as does Wodgina production guidance.

The next key catalyst will be updates on the planned JV with Albermarle for the MARBL lithium project restructure, Macquarie suggests.

Target dips to $126 from $127, Outperform retained.

Target price is $126.00 Current Price is $94.20 Difference: $31.8
If MIN meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $94.62, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

Mineral Resources has issued a -10% cut to production guidance for its Mt Marion asset, with the planned upgrade now expected to commence in April and ramp up to a full run rate from July. Morgan Stanley described the announcement as a negative surprise.

Production was up quarter-on-quarter due to increased mining activity and improved plant performance. Strong iron ore production and shipments also suggest some inventory build, according to Morgan Stanley. 

The Equal-weight rating and target price of $83.40 are retained. Industry view: Attractive. 

Target price is $83.40 Current Price is $94.20 Difference: minus $10.8 (current price is over target).
If MIN 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 $94.62, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates MP1 as Upgrade to Add from Hold (1) -

Megaport reports 2Q results on January 31 followed by 1H results on February 9. Morgans changes its forecasts to US dollars as both results will change from being reported in Australian dollars.

After considering an improving macroeconomic backdrop, more reasonable FY23 earnings expectations and the likelihood of a better 2Q compared to the weak 1Q, the broker upgrades to Add from Hold.

The analyst feels fundamentals will return to the fore after a brutal 2022 for technology and growth stocks on the ASX and notes technology valuations are now back to 20-year long-run averages.

The $9.00 target is unchanged.

Target price is $9.00 Current Price is $6.93 Difference: $2.07
If MP1 meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $10.23, suggesting upside of 37.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates MYR as Initiation of coverage with Hold (3) -

Ord Minnett initiates coverage of Myer, which offers the greatest ASX leverage to the Australian Department Store Sector. A 75c target price is set.

Myer gained market share in the sector during Christmas trading and outperformed David Jones, and the analyst highlights trading in the first five months of FY23 (July year end) was more robust than expected.

Nonetheless, the broker points to a raft of negatives to justify the Hold rating including Myer shares trading at a premium to valuation and an expected general slowdown for retail in the current macroeconomic backdrop.

Target price is $0.75 Current Price is $0.95 Difference: minus $0.195 (current price is over target).
If MYR meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in July.

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

Citi rates NCM as Neutral (3) -

Newcrest Mining's Dec quarter was mixed, Citi notes. Lihir exceeded on production and Cadia ramped up production but costs at Red Chris and Lihir remain stubbornly high. The Red Chris block cave study has been delayed until the first half FY24.

The broker still has concern over Newcrest's ability to meet mining run rates of 55Mtpa and ESG concerns regarding risks of impacts to the Lihirian cultural heritage zone above the pit crest.

Neutral and $22.50 target retained.

Target price is $22.50 Current Price is $22.95 Difference: minus $0.45 (current price is over target).
If NCM meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.79, suggesting upside of 6.1% (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: 0.4

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

Macquarie rates NCM as Neutral (3) -

Newcrest Mining's Dec quarter production fell -9% short of Macquarie but costs were slightly lower. FY23 production guidance has been maintained but Lihir (drought) and Brucejack (21-day hiatus) are expected to come in at the bottom end of ranges.

The miner has various studies underway, the broker notes, which will be key catalysts going forward.

Target rises to $25 from $23, Neutral retained.

Target price is $25.00 Current Price is $22.95 Difference: $2.05
If NCM meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.79, suggesting upside of 6.1% (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: 0.4

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

Morgan Stanley rates NCM as Overweight (1) -

Despite a slow first half from Newcrest Mining, with production missing Morgan Stanley's expectations but all-in costs in line, company guidance is unchanged. The broker highlights performance from the company's Lihir asset, impacted by unplanned mill downtime, was a driver of the miss. 

While production run rates are tracking below guidance, the company anticipates a second half production pick up from its Lihir and Brucejack assets. 

The Overweight rating and target price of $23.40 are retained. Industry view: Attractive. 

Target price is $23.40 Current Price is $22.95 Difference: $0.45
If NCM meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $23.79, suggesting upside of 6.1% (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: 0.4

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

UBS rates NCM as Neutral (3) -

Following lower 1H gold and copper production than forecast and a disappointing update on Lihir, UBS lowers its target to $21.00 from $21.65 and retains its Neutral rating. It's thought Northern Star Resources ((NST)) and Evolution Mining ((EVN)) represent better value.

Management has retained FY23 guidance in the expectation of a stronger 2H for both Lihir and the Brucejack gold/silver mine in Canada.

The broker now pushes out its Lihir production forecast to FY26 onwards from FY24/25. This change has the effect of lowering forecast FY24/25 gold production by -4% and -8%, respectively, and therefore earnings estimates by -13% and -18%.

Target price is $21.00 Current Price is $22.95 Difference: minus $1.95 (current price is over target).
If NCM meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.79, suggesting upside of 6.1% (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: 0.4

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

Morgan Stanley - Cessation of coverage

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

Morgans rates NWL as Hold (3) -

Leading into the February reporting season Morgans retains its Hold rating for Netwealth Group on a medium-term view though sees potential for upside from any large client wins.

The broker sees ongoing structural growth for both Netwealth and peer Hub24 (Buy), though leans toward the latter on its ability to close the operating leverage gap and the optionality within wealth accounting platform Class.

Despite higher forecast revenue, Morgans target falls to $14.50 from $14.85 on higher costs.

Target price is $14.50 Current Price is $12.72 Difference: $1.78
If NWL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $14.63, suggesting upside of 14.3% (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

Ord Minnett rates NWS as Initiation of coverage with Hold (3) -

Ord Minnett initiates coverage of News Corp with a Hold rating and $28.50 target price.

With the withdrawal of the Murdoch family proposal to combine Fox and News, the analyst believes the way is clear for management to execute without distraction on its "globalise, digitise and simplify" strategy.

The sale of the 80%-owned Move to CoStar is a potential starting point for simplification, according to the broker.

Target price is $28.50 Current Price is $29.93 Difference: minus $1.43 (current price is over target).
If NWS 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 $34.20, suggesting upside of 17.6% (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

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

Ramsay Health Care has risen 17% in three months, outperforming the index. Given only minor earnings upgrades, Macquarie notes the re-rate is all about PE expansion (sentiment over substance).

Ramsay is now trading at a premium to the index well above its longer term averages. While the broker believes the medium to longer-term fundamentals remain attractive, they are captured within current valuations, with further upside contingent on a change of control transaction.

Downgrade to Neutral from Outperform. Target rises to $69.50 from $69.15.

Target price is $69.50 Current Price is $67.30 Difference: $2.2
If RHC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $66.84, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates RMS as Neutral (3) -

Ramelius Resources' Dec quarter production was -10% below Macquarie and costs were 3% higher. FY23 guidance is nevertheless retained on the expectation of a stronger second half driven by the high-grade Penny mine coming on line.

With only some three years of life left at Edna May, development of the Rebecca Project becomes more critical to maintain production rates, in the broker's view.

Neutral and $1.20 target retained.

Target price is $1.20 Current Price is $1.05 Difference: $0.15
If RMS meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates RMS as Buy (1) -

While 2Q results for Ramelius Resources were slightly softer than Ord Minnett had expected, Mt Magnet's 2H margins are forecast to improve significantly on a scale-up of operations at the high-grade Penny deposit.

Gold sales for the quarter were in line with the broker's forecast but production was softer on lower grades at the Mt Magnet and Edna May mines.

Ord Minnett retains its Buy rating and $1.35 target.

Target price is $1.35 Current Price is $1.05 Difference: $0.3
If RMS meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates RRL as Sell (5) -

Regis Resources' Dec quarter production was in line with Citi's expectations while operating expense was higher on inflationary pressures. The broker forecasts the next half to be cashflow positive.

A decision on McPhillamys is now expected by early May, a delay from prior late January expectations. The broker still thinks Regis is expensive here, even with full value for McPhillamys assumed.

Target falls to $1.80 from $1.85, Sell retained.

Target price is $1.80 Current Price is $2.27 Difference: minus $0.47 (current price is over target).
If RRL meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting downside of -6.5% (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 RRL as Outperform (1) -

Regis Resources' Dec quarter production was slightly ahead of Macquarie's estimates but costs were 13% higher. FY production and cost guidance is retained on expectations of a strong second half, but with costs at the high end.

Final approvals of the McPhillamys Project in NSW, expected in the June quarter, remain key to Regis' longer-term outlook, Macquarie suggests, and an important catalyst.

Outperform and $2.70 target retained.

Target price is $2.70 Current Price is $2.27 Difference: $0.43
If RRL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting downside of -6.5% (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

Morgan Stanley rates RRL as Underweight (5) -

Regis Resources delivered a -2% miss to Morgan Stanley's second quarter production forecasts, largely driven by a -13% productio miss from the company's Duketon North asset and a -9% miss from Tropicana, somewhat offset by better production from Duketon South.

The company has retained production and cost guidance, but has lifted growth capital guidance to $180-190m from a previous $145-155m. Morgan Stanley also adjusts its forecasts in line with guidance. 

The Underweight rating is retained and the target price decreases to $1.75 from $1.80. Industry view: Attractive.

Target price is $1.75 Current Price is $2.27 Difference: minus $0.52 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting downside of -6.5% (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

UBS rates RRL as Neutral (3) -

Second quarter gold production for Regis Resources was in line with UBS expectations apart from an elevated all-in sustaining cost (AISC) metric. Management's FY23 production guidance is considered to be on-track though AISC guidance may be a stretch.

The broker's $2.10 target is unchanged, despite a decline of -19% for the FY23 EPS forecast on a declining cash balance as Duketon costs and a very out-of-the-money hedge book weigh. Neutral.

Target price is $2.10 Current Price is $2.27 Difference: minus $0.17 (current price is over target).
If RRL meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting downside of -6.5% (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

Citi rates SBM as Neutral (3) -

St Barbara's Dec quarter production was softer than Citi expected on absenteeism, with costs implying a margin loss.

The stock erased most of its post-merger announcement gains yesterday, the broker notes, on market concerns that the merger may not complete, but St Barbara is confident of staying within the net debt buffer required for deal execution.

Citi assumes some goodwill for the Genesis Minerals ((GMD)) merger plans but visibility on the outlook for earnings post-merger is not clear. Neutral/High Risk retained, target falls to 85c from 90c.

Target price is $0.85 Current Price is $0.70 Difference: $0.15
If SBM meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.95, suggesting upside of 28.4% (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) -

St Barbara's Dec quarter was softer than Macquarie expected with the delay of high-grade stopes at Gwalia the key drag. FY guidance is retained but expectation is for production and costs at the weaker end of ranges.

The company has announced plans to merge with Genesis Minerals ((GMD)) with the combined entity to be named Hoover House.

Macquarie is currently under research restriction.

Current Price is $0.70. Target price not assessed.

Current consensus price target is $0.95, suggesting upside of 28.4% (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 SBM as Hold (3) -

Ord Minnett lowers its target for St. Barbara to 75c from $1.00 following a soft 2Q result as production and costs underperformed across each company asset.

The key asset, Gwalia, missed on production (-14%), while all-in sustaining costs (AISC) were 19% above the analyst's forecast due to delays in accessing high-grade stopes. Performance at the Atlantic and Simberi operations were also considered poor.

After incorporating the result and adjusting the outlook for Gwalia, Simberi and Atlantic, the FY23 earnings forecast falls by -51%. Other valuation adjustments also contribute to the -25% reduction in target price. Hold.

Target price is $0.75 Current Price is $0.70 Difference: $0.05
If SBM meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.95, suggesting upside of 28.4% (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

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

In a review of the Australian Real Estate sector, UBS expects ongoing volatility on bond yield moves but feels the range of outcomes for interest rates has diminished. On average price targets are raised by 6% across the sector.

The broker forecasts a peak of 3.35% for the cash rate (market expects 3.8%) on normalising unemployment and inflation.

Rate cuts in the 2H will close valuation discounts in the Real Estate sector, according to the analysts, and the sub-sector of Logistics is preferred given traditionally high rent growth and record low vacancy levels.

While structural factors favour Residential, UBS moves to underweight from overweight for the Retail sector on a weaker consumer. Caution is retained on Office, while it's considered too early to overweight Funds Management due to subdued transaction volumes.

UBS lowers its rating for Scentre Group to Neutral from Buy on a lack of positive upcoming catalysts and forecasts for a weaker consumer spend. The target increases to $3.20 from $3.10.

Target price is $3.20 Current Price is $3.08 Difference: $0.12
If SCG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Citi rates SDR as Buy (1) -

Citi expects another strong trading update next week from SiteMinder, underpinned by a pick-up in subscription growth and ongoing strength in transaction revenue, and sees upside risk to consensus first half revenue.

While a slowing macro environment could impact on growth, the broker sees the reopening of China as an offset, noting Siteminder’s Asia-Pacific revenue still hasn’t recovered to pre-covid  levels.

Citi's analysis shows that hiring activity is slowing, which should help reduce cash burn. That all said, target falls to $4.50 from $4.75. Buy retained.

Target price is $4.50 Current Price is $3.60 Difference: $0.9
If SDR meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 35.4% (ex-dividends)

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 SNL as Accumulate (2) -

Unaudited 1H results for Supply Network suggest a 4% profit beat compared to Ord Minnett's forecast. An interim dividend of 20cps was declared, well ahead of the 15cps expected, on a 65% dividend payout ratio, up from 53% in the 1H of FY22.

The broker increases its FY23 and FY24 EPS forecasts by around 2% and 1%, respectively, and maintains its Accumulate rating and $12.90 target.

Management expects demand will grow for automotive parts (commercial vehicles) in the 2H, though profit growth may moderate mainly due to higher costs associated with further investment in the branch network.

Target price is $12.90 Current Price is $12.32 Difference: $0.58
If SNL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

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 STG as Speculative Buy (1) -

A third quarter update by Straker Translations revealed to Ord Minnett slowing global trading conditions and delayed timing for the IBM initiative.

While management downgraded FY23 revenue guidance by -9%, it remained positive on the earnings (EBITDA) outlook and expects 4Q earnings will be in the black.

Ord Minnett highlights gross margins of 59% for the quarter were an increase on the prior quarter (56%) and the previous corresponding period (54%).

The Speculative Buy rating is retained, while the target falls to $1.46 from $1.87.

Target price is $1.46 Current Price is $0.93 Difference: $0.53
If STG meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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

Citi rates UNI as Neutral (3) -

In Citi's view, this week’s strong trading updates from Accent ((AX1)) and Myer ((MYR))  suggest Universal Store is also experiencing positive trading trends and in the broker's view the likelihood of the company releasing a positive update, ahead of or at its result next month, is increasing.

The company is also cycling undemanding comparables to Jan-Feb 2022.

Neutral and $5.29 target retained.

Target price is $5.29 Current Price is $5.80 Difference: minus $0.51 (current price is over target).
If UNI meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.81, suggesting downside of -1.4% (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

UBS rates VCX as Downgrade to Sell from Neutral (5) -

In a review of the Australian Real Estate sector, UBS expects ongoing volatility on bond yield moves but feels the range of outcomes for interest rates has diminished. On average price targets are raised by 6% across the sector.

The broker forecasts a peak of 3.35% for the cash rate (market expects 3.8%) on normalising unemployment and inflation.

Rate cuts in the 2H will close valuation discounts in the Real Estate sector, according to the analysts, and the sub-sector of Logistics is preferred given traditionally high rent growth and record low vacancy levels.

While structural factors favour Residential, UBS moves to underweight from overweight for the Retail sector on a weaker consumer. Caution is retained on Office, while it's considered too early to overweight Funds Management due to subdued transaction volumes.

UBS lowers its rating for Vicinity Centres to Sell from Neutral on valuation, a weaker forecast for consumer spending and a slowing development pipeline. The target rises to $1.89 from $1.73.

Target price is $1.89 Current Price is $2.09 Difference: minus $0.2 (current price is over target).
If VCX meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Citi rates WDS as Downgrade to Neutral from Buy (3) -

Taking into account Woodside Energy's 70% share price rise since Jan’22, Citi’s flat oil outlook for 2023, optimism on Browse but increased regulatory uncertainty on Scarborough delivery, it’s not clear to the broker how the stock can outperform from here.

To that end Citi downgrades to Neutral from Buy. Target falls to $37.55 from $38.50.

Target price is $37.55 Current Price is $37.31 Difference: $0.24
If WDS meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $38.19, suggesting upside of 4.9% (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

Macquarie rates WDS as Neutral (3) -

Woodside Energy reported another solid quarter, Macquarie notes, with production and revenue both slightly ahead of expectations and 2023 guidance maintained.

Woodside’s results have become more resilient and predictable, the broker highlights, as operations have been performing reliably in a solid price environment.

The first half 2023 will nonetheless see lower earnings versus the prior half due to several planned outages and lower, albeit still solid, commodity prices, Macquarie warns. Target falls to $37 from $38, Neutral retained.

Target price is $37.00 Current Price is $37.31 Difference: minus $0.31 (current price is over target).
If WDS 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 $38.19, suggesting upside of 4.9% (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

Morgans rates WDS as Hold (1) -

Production for the 4Q exceeded Morgans forecasts and guidance, while sales only slightly missed the analyst's estimate. A solid and consistent performance by both Pluto and the North West Shelf was highlighted.

The broker expects Woodside Energy will deliver more positives when it reports on FY22 (February 22) and provides a strong FY23 outlook. It's felt this view is already encapsulated in the current share price. Hold. The target falls to $34.20 from $34.50.

Target price is $34.20 Current Price is $37.31 Difference: minus $3.11 (current price is over target).
If WDS 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 $38.19, suggesting upside of 4.9% (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

Ord Minnett rates WDS as Hold (3) -

Woodside Energy's 4Q production beat Ord Minnett's forecast and translates to a record full year output that beats management guidance. However, no longer-term implication are drawn from the result.

Despite a -12% fall in 4Q revenue, the broker's forecast was exceeded, with the company selling a higher-than-anticipated percentage of LNG volumes into gas hub indexes.

Higher-than-expected 4Q exploration write-downs outweighed the production and pricing beats, leading to a marginally lower FY22 forecast by the analyst.

An ongoing rollercoaster for earnings and dividends is expected, courtesy of the Russia/Ukraine war and Ord Minnett sits with its Hold rating.

Ord Minnett has switched to whitelabeling research by Morningstar. The target rises to $43.00 from the last entry of $36.20 (by JP Morgan) in the FNArena database in early-December last year.

Target price is $43.00 Current Price is $37.31 Difference: $5.69
If WDS meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $38.19, suggesting upside of 4.9% (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

UBS rates WDS as Neutral (3) -

UBS praises a strong 4Q operational result, yet feels shares of Woodside Energy are currently pricing-in perfection. Shares are trading at an implied US$77/bbl oil price compared to Santos ((STO)) and Beach Energy ((BPT)) at US$65bbl and US$61/bbl, respectively.

Stronger 4Q production means FY22 guidance was exceeded, while sales revenue was softer than expected from lower third party sales and weaker realised LNG prices on traded volumes, explains the analyst.

The broker raises its 1H FY23 margins to recognise a strong trading performance in prior quarters, which outweighs the impact of lower forecast trading volumes.

The target rises to $34 from $33.40. Neutral.

Target price is $34.00 Current Price is $37.31 Difference: minus $3.31 (current price is over target).
If WDS meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.19, suggesting upside of 4.9% (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

Macquarie rates WGX as Neutral (3) -

Westgold Resources' Dec quarter was slightly softer than Macquarie expected, with a solid quarter at Murchison more than offset by weakness at Bryah.  FY guidance ranges have been retained, with the company tracking toward the upper end of production and the upper half of cost guidance. 

Continued momentum in the cost-cutting strategy remains important near term, Macquarie suggests, along with the execution of longer-term growth projects.

Neutral and $1.25 target retained.

Target price is $1.25 Current Price is $1.20 Difference: $0.05
If WGX meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

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 WTC as Accumulate (2) -

Following a change of analyst and after a switch to whitelabeling research by Morningstar, Ord Minnett raises its target for WiseTech Global to $88.00 from the last entry of $64 (by JP Morgan) in the FNArena database in late-August last year.

The broker increases its target mainly because of an increased understanding of the market opportunity available to the company and an increased chance of that opportunity being seized. The Accumulate rating is maintained.

An increased adoption of WiseTech's products by the largest global freight-forwarders is increasing network effects, according to the analyst.

Target price is $88.00 Current Price is $56.10 Difference: $31.9
If WTC meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $64.72, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

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