Australian Broker Call

Macquarie rates AIS as Neutral (3) -

Strong 4QFY24 copper production of 6.7kt for Aeris Resources was 14% higher than the Macquarie forecasts, and gold production of 14.3koz was 3% above the broker's expectations.

However, the analyst highlights processing issues at Mt Colin have resulted in weaker than expected copper FY24 production of 27.1kt, which is at the lower end of guidance.

Gold production of FY24 was 55.3koz was in line with guidance, and silver production exceeded Macquarie's expectations at 240.4koz.

The company increased its cash position to $24.8m by the end of 4QFY24. 

A Neutral rating and 26c target are retained.

Target price is $0.26 Current Price is $0.22 Difference: $0.04
If AIS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates ALL as Buy (1) -

Citi analysed bookings data for June with its Research Innovation Lab which revealed a 3% increase of RAID bookings over June, post the declines in May and April.

The improvement coincides with a -44% decline in revenue for competitor AFK Journey since its April peak, which the analyst suggests could be a possible switch back to Raid.

Despite a -5% decline in Social Casino bookings for June and the quarter, Citi highlights Aristocrat Leisure outperformed the broader genre, which was down -11%.

The broker upgrades the Interactive revenue forecast to US$900m by FY29, slightly below management's target of US$1bn.

Target price is raised to $59.00 from $53.00.  Buy rating unchanged.

Target price is $59.00 Current Price is $52.01 Difference: $6.99
If ALL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $54.05, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Morgans rates AOV as Add (1) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For Amotiv, the broker lowered its target to $13.15 from $13.75 as detailed in yesterday's Broker Call Report. Add.

Target price is $13.15 Current Price is $10.10 Difference: $3.05
If AOV meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

UBS rates AOV as Buy (1) -

UBS believes Amotiv's long-term story remains attractive and suggests the valuation is too cheap relative to market/peers, though investors may remain wary until Auto Pacific Group's (APG) earnings potential is proven.

Based on commentary at the recent investor day, the analyst considers APG has become more a FY26 story in terms of earnings approaching original business plan.

Buy. The target rises to $13 from $12.80.

Target price is $13.00 Current Price is $10.10 Difference: $2.9
If AOV meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Morgans rates APE as Add (1) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For Eagers Automotive, the broker maintains an Add rating and $14.35 target price.

Target price is $14.35 Current Price is $10.20 Difference: $4.15
If APE meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $12.28, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgans rates ARB as Hold (3) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For ARB Corp in the aftermarket, the broker maintains a Hold rating and $39.10 target price.

Target price is $39.10 Current Price is $38.99 Difference: $0.11
If ARB meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $39.48, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

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

Alcoa has pre-released 2Q results for the AWAC joint venture with Alumina Ltd. Overall, 1H refined production of 4.9Mt was 1% better than Morgan Stanley's 4.8Mt estimate, but slightly below consensus' 5Mt.

Implied cash costs of US$303/t were -3% worse than the broker was expecting. Management noted higher costs were due to higher seasonal maintenance and costs associated with Kwinana curtailment.

Target $1.60. Equal-weight. Industry view: Attractive. 

Target price is $1.60 Current Price is $1.69 Difference: minus $0.085 (current price is over target).
If AWC meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.66, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Morgans rates BAP as Add (1) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For Bapcor in the aftermarket, the broker maintains an Add rating and $4.95 target price.

Target price is $4.95 Current Price is $4.92 Difference: $0.03
If BAP meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates BHP as Buy (1) -

Citi highlights BHP Group announced the suspension of Nickel West and West Musgrave nickel operations from October 2024 and will review the decision by February 2027.

Some -US$300m p.a. in losses will be realised from January 2025 to support a possible restart of WA nickel, the broker observes, and BHP Group will book an EBITDA loss of -US$300m in FY24. which is higher than the broker's expectation.

Buy rating and $48.50 target retained.

Target price is $48.50 Current Price is $43.56 Difference: $4.94
If BHP meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $45.91, suggesting upside of 5.9% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Macquarie rates BHP as Neutral (3) -

Macquarie expects the suspension of BHP Group's Western Australia Nickel operations, effective from October 2024, will result in a --US$0.3bn non-cash impairment and a -US$0.3bn EBITDA reduction for FY24.

This decision, the broker believes, is influenced by an oversupplied nickel market and the company's strategic focus on copper and potash growth.

With a relatively negligible impact on the analyst's earnings forecasts, the target price is unchanged at $43.00. Buy.

Target price is $43.00 Current Price is $43.56 Difference: minus $0.56 (current price is over target).
If BHP 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 $45.91, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

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

By FY27, BHP Group intends to review yesterday's decision to temporarily suspend operations at WA Nickel (Nickel West and West Musgrave project) from this October.

Morgan Stanley was unsurprised by the news given the ongoing review process by management on the nickel business. The decision to suspend is considered wise, based on ongoing price/market volatility, largely driven by ramping Indonesian supply.

The $46.65 target and Equal-weight rating are maintained. Industry view: Attractive. 

Target price is $46.65 Current Price is $43.56 Difference: $3.09
If BHP meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $45.91, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Bell Potter rates CRN as Buy (1) -

Previewing 2Q results for Coronado Global Resources, Bell Potter believes enhancements at the operational level will be offset by a -21% quarter-on-quarter fall in the average quarterly hard coking coal (HCC) benchmark price.

For the quarter, the broker forecasts Curragh mining costs of circa US$100/t (Q1 US$127/t) and saleable production of 2.8Mt compared to 2.5Mt in Q1.

After raising long-term forecasts for HCC and thermal coal to US$180/t real (from US$160/t), and US$90/t real (from US$80/t), respectively, Bell Potter's target for Coronado Global Resources rises to $1.85 from $1.60. Buy.

Target price is $1.85 Current Price is $1.40 Difference: $0.45
If CRN meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Ord Minnett rates CTM as Buy (1) -

Centaurus Metals recently completed an analysis of its Jaguar nickel project in Brazil and Ord Minnett believes the analysis is a big positive for the project.

As per the broker, the feasibility study now shows a streamlined project that includes an open pit operation that feeds into a sulphide flotation circuit, ultimately producing a single nickel concentrate.

Equally important: the valuation of Centaurus Metals now depends on its capacity to secure a strategic partner and assemble finance for the development, comments the broker.

Buy. Target price shifts to 55c from 50c.

Target price is $0.55 Current Price is $0.44 Difference: $0.115
If CTM meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates DEG as Buy (1) -

The positive view held by UBS on De Grey Mining was reinforced after reviewing a scoping study for regional deposits near the Hemi project. Around 140kozpa of incremental gold production was added for six years.

The broker highlights the company's large and growing inventory with gold priced over A$3,500/oz.

The Buy rating and $1.80 target are retained.

Target price is $1.80 Current Price is $1.16 Difference: $0.645
If DEG meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 45.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates EBO as Initiation of coverage with Buy (1) -

Having said 'thanks, but no thanks' to Morningstar research, Ord Minnett has now initiated coverage of the Pharmaceutical Wholesaling Sector in Australia and New Zealand.

The three companies initiated are Sigma Healthcare, Ebos Group and Paragon Care, with recent market dynamics leaving each uniquely positioned, the broker believes, in terms of value propositions and key growth drivers.

Ord Minnett believes Ebos Group is one of the highest quality operators in the sector in terms of earnings delivery and capital management. Recent share price weakness is seen as an opportunity for investors to get on board.

The broker sees this company emerging from its lost Chemist Warehouse contract as a higher quality, more diversified business and expects FY26 EBITDA to exceed FY24's.

Ebos Group has started off with a Buy rating and price target of $33.50.

Target price is $33.50 Current Price is $30.04 Difference: $3.46
If EBO meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $36.38, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates ILU as Neutral (3) -

Macquarie previews the upcoming quarterly production results for rare earths/mineral sands and small-cap lithium miners.

The broker anticipates better than expected results from rutile and zircon, with its forecasts 9% and 4%, respectively, above consensus, whereas its synthetic rutile forecast is -9% below consensus for Iluka Resources.

Capital funding from the Federal government would be viewed as a positive by Macquarie to cover the funidng shortfall on Eneabba phase 3.

The broker's EPS forecasts are tweaked by 2% in FY24 and 1% in FY25.

A Neutral rating and $7 target price. The company's quarterly results are due out on August 23.

Target price is $7.00 Current Price is $6.64 Difference: $0.36
If ILU meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates IMD as Neutral (3) -

Citi continues to be cautious on Imdex post the June quarter results which revealed a further decline in the number of projects and drillholes, down -12% to -16%, compared to the previous three quarters.

While the broker sees the consensus 4% earnings growth estimate for FY25 as a "low hurdle", Citi wants more evidence of return of junior miners on or before the 2H25 or a greater commitment from the larger miners to the smaller miners' drilling programs.

Neutral rating.

Current Price is $2.22. Target price not assessed.

Current consensus price target is $2.22, suggesting upside of 3.1% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates IPL as Neutral (3) -

Citi has returned from a temporray Rating Suspended with a Neutral rating and $3 price target for Incitec Pivot.

Now the sale of the struggling fertilisers business won't go ahead, the broker assumes investors will remain concerned about the division that could not be sold and thus the shares look poised to continue trading at a relative discount vis a vis Orica ((ORI)).

Earnings estimates have been updated. Citi is looking forward to the Dyno Nobel Global Business Transformation to be announced at the September Investor Day and suggests this might be a positive catalyst for the stock.

Target price is $3.00 Current Price is $2.86 Difference: $0.14
If IPL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates LYC as Outperform (1) -

Macquarie previews the upcoming quarterly production results for rare earths/mineral sands and small-cap lithium miners.

The broker observes the rare earths market looks "stretched" with one of the two Chinese rare earth elements majors reporting a -230% decline in 1H2024 earnings to a loss of -$60m.

Lynas Rare Earths is expected to report improved production in the June quarter, but the analyst highlights its sales forecast is below consensus.

The broker adjusts EPS forecasts by -29% for FY24 and 1% for FY25 and suggests the Kalgoorie commissioning and ramp-up may disappoint the market.

The $7 target and Outperform rating unchanged.

Target price is $7.00 Current Price is $6.40 Difference: $0.6
If LYC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates LYC as Underweight (5) -

By FY27, BHP Group ((BHP)) intends to review yesterday's decision to temporarily suspending operations at WA Nickel (Nickel West and West Musgrave project) from this October.

This decision will likely result in higher operating costs for Lynas Rare Earths around Kalgoorlie Cracking and Leaching (C&L) when alternative sulphuric acid sources are needed

BHP's WA Nickel smelter in Kalgoorlie supplies Lynas Rare Earths with sulphuric acid, which is used in the C&L process undertaken at the new Kalgoorlie facility, explains Morgan Stanley.

At this point, it is unclear to Morgan Stanley how much impact the WA Nickel suspension will have on the ability for Kalgoorlie to operate the C&L process.

The Underweight rating and $4.85 target are unchanged. Industry View: Attractive.

Target price is $4.85 Current Price is $6.40 Difference: minus $1.55 (current price is over target).
If LYC meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.64, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates MND as Buy (1) -

Citi expects Monadelphous Group to provide "conservative" guidance for FY25 at the upcoming results, where the broker forecasts around 10% revenue growth for FY24, meeting guidance, and EBITDA of $123m, with unchanged margins from 1H24.

Iron ore continues to represent over 25% of the company's group revenue and Citi estimates the opportunities in WA could be as large as $51bn through to FY30.

Labour shortages are likely to be highlighted as an issue by management, although the broker observes the WA labour market is showing signs of easing.

Citi adjusts earnings forecast by -3% for FY25. Buy rating and $16.20 target price unchanged.

Target price is $16.20 Current Price is $12.69 Difference: $3.51
If MND meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $14.82, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans rates MTO as Hold (3) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For Motorcycle Holdings, the broker maintains a Hold rating and $1.40 target price.

Target price is $1.40 Current Price is $1.19 Difference: $0.21
If MTO meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates NWL as Sell (5) -

Citi believes the stronger than expected net flows for Netwealth Group could imply potential upside to FY25 flows, with the outlook remaining robust as transitions are only "getting started".

Custody net flows reached $3.6bn, up 19% year-over-year and were 12% ahead of the broker's expectations.

Funds under Administration rose 25% year-over-year to $88bn and were 1% ahead of the Citi forecast.

Despite the strong flow momentum, management cited potential weakness to revenue margins due to admin fee tiering and ancillary revenue not impacted by funds under administration growth.

Sell rating and $18.90 unchanged with profit taking into the FY24 results considered a likelihood.

Target price is $18.90 Current Price is $21.00 Difference: minus $2.1 (current price is over target).
If NWL meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.26, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates NWL as Overweight (1) -

Morgan Stanley anticipates upside risk to FY25 net inflows based on run-rate and positive outlook commentary when management at Netwealth Group released a 4Q trading update.

While funds under administration (FUA) for the quarter were in line with the broker's forecast and net inflows were a beat, negative market movements provided an offset.

Management stated: "a number of significant transitions have commenced in Q4 FY2024. Many of these transitions are in the early stages, which provides us with a high level of confidence in the net inflow outlook for FY2025".

The broker retains an Overweight rating with a $21.25 target. Industry view is In-Line.

Target price is $21.25 Current Price is $21.00 Difference: $0.25
If NWL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $20.26, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates NWL as Hold (3) -

Ord Minnett comments the 4Q24 update showed better-than-expected net flows, revealing the new business environment is improving and Netwealth Group is continuing to expand market share at a rapid rate.

Financial metrics were mostly in line with the broker's forecasts, but a positive undertone dominates.

Target shifts to $22 from $19 on increased forecasts. Hold rating retained (on valuation).

Target price is $22.00 Current Price is $21.00 Difference: $1
If NWL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $20.26, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates NWL as Buy (1) -

Netwealth Group's 4Q funds flows beat forecasts by UBS and consensus, while management commentary indicated strong flows into FY25. 

Funds under administration growth (FUA) was impacted by negative market movement reflecting the group's high allocation to domestic equities, as other asset classes were broadly positive in the quarter, explains the analyst.

The broker raises its target by $2.00 to $24.50 after raising FY25 and FY26 EPS forecasts by 3% and 4%, respectively. Buy.

Target price is $24.50 Current Price is $21.00 Difference: $3.5
If NWL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.26, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates PGC as Initiation of coverage with Accumulate (2) -

Having said 'thanks, but no thanks' to Morningstar research, Ord Minnett has now initiated coverage of the Pharmaceutical Wholesaling Sector in Australia and New Zealand.

The three companies initiated are Sigma Healthcare, Ebos Group and Paragon Care, with recent market dynamics leaving each uniquely positioned, the broker believes, in terms of value propositions and key growth drivers.

Ord Minnett believes Paragon Care has executed a game-changing merger with CH2 Holdings and now has a significant earnings growth opportunity at hand, albeit off a lower base, the broker acknowledges.

Ord Minnett has commenced coverage with an Accumulation rating and a 46c price target.

Target price is $0.46 Current Price is $0.44 Difference: $0.02
If PGC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates PLL as Outperform (1) -

Macquarie previews the upcoming quarterly production results for rare earths/mineral sands and small-cap lithium miners.

Piedmont Lithium is forecast to report revenue of US$22.6m for the June quarter, broadly in line with consensus estimates, however Macquarie expects EBITDA will come in -30% below the market forecasts due to the difference in reporting the NAL results.

The analyst is looking for a -$15m loss at NAL for 2Q2024, and EPS forecasts are adjusted by -5% for FY24.

Outperform rating and 25c target unchanged.

Target price is $0.25 Current Price is $0.16 Difference: $0.09
If PLL meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates PTM as Buy (1) -

Bell Potter updates its forecasts for Platinum Asset Management's June/FY24 funds under management update. While FUM are lower-than-expected, the lower level of distributions increases the broker's modeled FUM in future years.

Management noted progress on reducing costs, with FY24 implementation costs of around -$21m, while investment and other income (largely interest) is expected to be between $9-11m.

The broker's Buy rating and $1.10 target are unchanged.

Target price is $1.10 Current Price is $1.03 Difference: $0.065
If PTM meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Morgans rates PWR as Hold (3) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For Peter Warren Automotive, the broker maintains a Hold rating and $1.98 target price.

Target price is $1.98 Current Price is $1.87 Difference: $0.11
If PWR meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Ord Minnett rates SHV as Buy (1) -

Ord Minnett highlights both the US and Australian industries have been shipping at record rates, meaning the additional volume in 2024 will have little impact on almond availability as the US carry-out of 800m lbs in 2023 is reduced to circa 400m lbs in 2024 and the Australian carry-out is effectively eliminated following a particularly poor 2023 crop.

The broker believes the investment thesis for Select Harvests remains intact, but still lacks immediate catalysts. It is Ord Minnett's view patient investors will be rewarded as market fundamentals continue to improve year-on-year and the almond price finally enters an extended period of appreciation.

Buy. Price target $5.15.

Target price is $5.15 Current Price is $3.95 Difference: $1.2
If SHV meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates SIG as Initiation of coverage with Accumulate (2) -

Having said 'thanks, but no thanks' to Morningstar research, Ord Minnett has now initiated coverage of the Pharmaceutical Wholesaling Sector in Australia and New Zealand.

The three companies initiated are Sigma Healthcare, Ebos Group and Paragon Care, with recent market dynamics leaving each uniquely positioned, the broker believes, in terms of value propositions and key growth drivers.

Regarding Sigma Healthcare, Ord Minnett states the proposed merger with Chemist Warehouse Group would create the number one vertically integrated pharmacy group in Australia, with a capital light business model offering material growth optionality both domestically and internationally.

The broker has started with an Accumulate rating and $1.35 price target.

Target price is $1.35 Current Price is $1.27 Difference: $0.08
If SIG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in January.

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

Morgans rates SIQ as Hold (3) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For Smartgroup Corp, the broker maintains a Hold rating and $9.70 target price.

Target price is $9.70 Current Price is $8.25 Difference: $1.45
If SIQ meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $10.10, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates SUL as Add (1) -

Summing up the outlook for Auto & Parts players on the ASX, Morgans sees relatively challenging short-term industry dynamics for auto dealers, favourable conditions for Novated, and a mixed bag within Aftermarket segments.

For auto retailers, the broker is anticipating 1H pressure on the return on sales (ROS) metric. Novated lease settlements and earnings for the half are expected to be supported by a 12% increase in total electric vehicle deliveries.

For Super Retail in the aftermarket, the broker maintains an Add rating and $17.11 target price.

Target price is $17.11 Current Price is $13.99 Difference: $3.12
If SUL meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.00, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates SYA as Neutral (3) -

Macquarie previews the upcoming quarterly production results for rare earths/mineral sands and small-cap lithium miners.

The broker expects Sayona Mining to retain a mining rate of 343mt of ore and total concentrate production of 45.7kt, a rise of 13% on the quarter.

Shipments are forecast to be lower than the previous quarter at 45.7kt, as the March quarter was improved by shipment timing, Macquarie highlights.

The broker makes minor adjusts to EPS forecasts of 1% in FY24 and -1% in FY25. Neutral rating and 4c target price with the quarterly report due out on August 31.

Target price is $0.04 Current Price is $0.03 Difference: $0.007
If SYA meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates TCL as Hold (3) -

Morgans raises its free cashflow forecast for Transurban Group's revised free cashflow definition published at the investor day.

Management intends to pay 95-105% of this free cashflow as ordinary distributions to its investors, resulting in the broker's DPS forecasts for FY25 and FY26 rising by 1% and 7%, respectively.

The target rises to $12.31 from $12.18. Hold retained.

Target price is $12.31 Current Price is $12.66 Difference: minus $0.35 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.50, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Bell Potter rates TNE as Buy (1) -

Bell Potter suggests the main aim of TechnologyOne's inaugural investor day (later this month) is for management to demonstrate how net revenue retention (NRR) of around 115% or more can be maintained for the foreseeable future.

Should management convince investors, the broker anticipates a positive catalyst for the share price.

Buy rating, and the analysts' target is increased to $20.50 from $20.25 on a valuation roll-forward.

Target price is $20.50 Current Price is $18.72 Difference: $1.78
If TNE meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.77, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates WAF as Outperform (1) -

West African Resources met the Macquarie analyst's production expectations for the 2Q2024 production results, achieving 51.0koz of gold, although gold sales of 52.4koz were -10% below expectations due to an anticipated inventory sell-down.

The broker believes the company is on track to reach the upper end of its annual production guidance of 190-210koz, with 1H2024 production representing 54% of the guidance midpoint.

The development timing and cost control of the Kiaka project are viewed by Macquarie as critical for the company's outlook.

The analyst lowers FY24 EPS forecasts by -4%. The $1.90 target price and Buy rating remain unchanged.

Target price is $1.90 Current Price is $1.43 Difference: $0.475
If WAF meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Bell Potter rates WHC as Hold (3) -

Previewing 3Q operational results for Whitehaven Coal, Bell Potter expects improved production at Narrabri but also notes reports of escalated shipping delays in June 2024.

These delays will have impacted thermal coal sales and result in elevated product coal stockpiles, caution the analysts.

After raising long-term forecasts for HCC and thermal coal to US$180/t real (from US$160/t), and US$90/t real (from US$80/t), respectively, Bell Potter's target for Whitehaven Coal rises to $8.90 from $7.70. Hold.

Target price is $8.90 Current Price is $8.67 Difference: $0.23
If WHC meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.44, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Citi rates XRO as Buy (1) -

Citi believes Intuit's aggressive pricing for Quickbooks is unlikely to significantly impact Xero.

The broker does envisage an increase in churn at the lower end of the customer base, with a potential impact on subscriber growth in 1H25, while avoiding a material impact on monthly recurring revenue churn.

Intuit is also expanding its AI driven platform into Australia and the UK, as well as Money Solutions which includes Payments and Bill pay, also a product suite from Xero, the analyst notes.

Citi retains a Buy rating and $158.20 target price.

Target price is $158.20 Current Price is $141.50 Difference: $16.7
If XRO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $159.77, suggesting upside of 14.0% (ex-dividends)

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: 0.8

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