Australian Broker Call

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

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Abacus Group, the target falls to $1.16 from $1.21 and the rating is downgraded to Neutral from Outperform largely due to 50bps of cap rate expansion in office, explains the broker.

Target price is $1.16 Current Price is $1.16 Difference: $0
If ABG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

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

Adore Beauty's FY24 trading update revealed unaudited sales and earnings (EBITDA) in line with consensus forecasts.

The metric for active customers improved by 1.6% year-on-year to 814,000, including 519,000 returning customers, while the broker notes the iKOU acquisition is on track for completion on July 31.

Appointment of a new CEO continues to progress. FY24 results are due on August 26.

Equal-weight. Target $1.32. Industry view: In-Line.

Target price is $1.32 Current Price is $0.91 Difference: $0.41
If ABY meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 43.3% (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

UBS rates ABY as Neutral (3) -

Despite a 4Q trading update slightly ahead of expectation, UBS cuts its target for Adore Beauty by -19% to $1.05 on a more conservative view on margin expansion for the core business due to uncertainty. Neutral.

The broker lowers its terminal sales forecast by -4% and decreases EBITDA margins to 8% from 10% as the CEO departure from September adds uncertainty to the strategic direction, and the iKOU acquisition adds execution risk.

The execution risk increases as management extends the business to brand ownership and a physical store presence compared to being an online retailer previously.

Target price is $1.05 Current Price is $0.91 Difference: $0.14
If ABY meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 43.3% (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 ADH as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Add rating retained. Target price is steady at $2.20.

Target price is $2.20 Current Price is $2.04 Difference: $0.16
If ADH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 7.2% (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

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

Management's FY24 underlying NPAT guidance is in the range of NZ$260-280m compared to Morgan Stanley's NZ$268m forecast.

On August 22, the broker will be looking for a further recovery in passengers and non-aeronautical revenue including retail and rental.

The Equal-weight rating and NZ$8.68 target price are maintained. Industry view is Cautious.

Current Price is $7.01. Target price not assessed.

Current consensus price target is $8.25, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

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

Following two depressed years, UBS now anticipates a recovery in global mineral exploration activity and raises its target for ALS Ltd to $17 from $14.55. The rating is also upgraded to Buy from Neutral.

The broker highlights increasing exploration by major miners and an an increase in miner equity raisings over the past quarter.

The analyst reminds investors, EPS growth for ALS Ltd is leveraged to global TIC (Testing, Inspection, and Certification) megatrends such as increasing regulation (i.e. environmental, EPA) and outsourcing.

Target price is $17.00 Current Price is $14.38 Difference: $2.62
If ALQ meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.20, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Arena REIT, the target rises to $4.09 from $3.96 but the rating is downgraded to Neutral from Outperform on valuation.

Target price is $4.09 Current Price is $3.94 Difference: $0.15
If ARF meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 1.3% (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

Morgans rates AX1 as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Following Accent Group's recent trading update, the broker revises down earnings by -11%, which includes the -$14.2m charge for the closure of 17 Glue stores. After account for the benefits of closure, the broker's EPS forecasts are largely unchanged.

Add rating retained. Target price rises to $2.40 from $2.30 based on peer multiples.

Target price is $2.40 Current Price is $2.22 Difference: $0.18
If AX1 meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.40, suggesting upside of 7.0% (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

Morgan Stanley rates AZJ as Underweight (5) -

For August 12 FY24 results for Aurizon Holdings, Morgan Stanley forecasts earnings (EBITDA) of $1.65bn compared to management's guidance for between $1.59-1.68bn.

The Underweight rating and target price of $3.77 are retained. Industry view: Cautious.

Target price is $3.77 Current Price is $3.63 Difference: $0.14
If AZJ meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Morgans rates BBN as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Add rating and $1.80 target price retained for Baby Bunting.

Target price is $1.80 Current Price is $1.40 Difference: $0.405
If BBN meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.66, suggesting upside of 18.4% (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

Morgan Stanley rates BEN as Overweight (1) -

The combination of an enhanced digital deposits capability and the initial roll-out of Bendigo & Adelaide Bank's new mortgage lending platform has improved volume growth and the margin outlook, explains Morgan Stanley.

The broker feels management may contemplate a share buyback given a healthy level of surplus capital and improved profitability.

The broker upgrades its EPS forecasts, and the target rises to $12.20 from $11.10. Overweight. Industry View: In-Line.

Target price is $12.20 Current Price is $12.02 Difference: $0.18
If BEN meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.6

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

Morgans rates BLX as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Morgans expects Beacon Lighting's retail sales will have struggled in the June quarter and revises forecasts accordingly. While trade sales are expected to have risen 20% in FY24, the broker cuts revenue forecasts for FY24 and FY25 to sit below consensus.

Add recommendation retained. Target price falls to $3.05 from $3.20.

Target price is $3.05 Current Price is $2.25 Difference: $0.8
If BLX meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

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

Bell Potter rates BPT as Buy (1) -

Beach Energy's June-quarter production report outpaced Bell Potter's forecasts thanks to strong sales and production from Otway Basin.

Guidance was unchanged from last month's strategic review.

The broker observes a tipping point as capital expenditure starts falling and production grows, yielding a strong improvement in free cash flow from FY26. Bell Potter appreciates the company's dividend-supportive balance sheet.

EPS forecasts rise 10% in FY24; 12% in FY25; and are steady in FY26.

Buy rating retained. Target price rises to $1.85 from $1.75.

Target price is $1.85 Current Price is $1.56 Difference: $0.295
If BPT meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 11.8% (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

Macquarie rates BPT as Neutral (3) -

Beach Energy's 4Q production missed Macquarie's forecast by -3% due to lower Cooper Basin/Western Flank volumes, which was partly offset by stronger Otway production.

Revenue for the quarter exceeded the broker's estimate by 7% as the second spot LNG cargo brought forward revenue, largely settled from Waitsia gas in FY25-FY26.

Ex-LNG, the result missed forecasts by the analyst and consensus by -7% and -3%, respectively, as a greater proportion of gas meant average dollars per barrels of oil fell by - 2% quarter-on-quarter.

The target falls by -3% to $1.45. Neutral.

Target price is $1.45 Current Price is $1.56 Difference: minus $0.105 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.70, suggesting upside of 11.8% (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

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

Morgan Stanley anticipates a cautiously positive market reaction to Beach Energy's 4Q report (following recent negative forecast EPS revisions) showing production in line with forecasts by the broker and consensus.

FY24 production was also within management's guidance range. FY25 guidance of between 17.5-21.5mmboe is heavily dependent on Waitisa first gas, note the analysts.

Management is still anticipating first gas for Waitsia Stage 2 in early-2025 with a three-to-four-month ramp-up period.

Equal-weight rating. Target $1.45. Industry view: Attractive. 

Target price is $1.45 Current Price is $1.56 Difference: minus $0.105 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.70, suggesting upside of 11.8% (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

Ord Minnett rates BPT as Buy (1) -

Beach Energy's results met Ord Minnett's forecasts and June guidance was retained.

June quarter production disappointed the broker by -15% due to poor weather and natural field decline in the Cooper Basin, but sales appear to have outpaced, rising 12% (partly offset by timing of gas liquids uptake and the realised gas price also proved a 7% beat, reflecting new gas sale agreements and better spot prices.

Capital expenditure fell a tad shy of consensus forecasts.

EPS forecasts rise 4% in FY24; 3% in FY25 and 1% in FY26.

Buy rating and $1.85 target price retained.

Target price is $1.85 Current Price is $1.56 Difference: $0.295
If BPT meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 11.8% (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

UBS rates BPT as Buy (1) -

Fourth quarter production and sales revenue were in line with consensus forecasts after last month's outcomes from Beach Energy's strategic review have reset expectations materially lower, explains UBS.

As legacy gas supply expires and the East coast gas market tightens, the analyst anticipates upside to the consensus forecast for realised gas prices. It's felt the company's free cash flows (FCF's) can support both an attractive dividend profile and growth.

The Buy rating and $1.75 target are maintained.

Target price is $1.75 Current Price is $1.56 Difference: $0.195
If BPT meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 11.8% (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

Macquarie rates CHC as Outperform (1) -

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Charter Hall, the target falls to $13.67 from $15.54 driven by the broker's earnings downgrades and softer growth outlook. Outperform.

Target price is $13.67 Current Price is $12.55 Difference: $1.12
If CHC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.28, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

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

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

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Centuria Industrial REIT, the target falls by -12% to $3.22 and the rating is downgraded to Neutral from Outperform due to a challenging funds from operations (FFO) outlook over the next three years, explains the broker.

Target price is $3.22 Current Price is $3.19 Difference: $0.03
If CIP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 9.4% (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 COE as Add (1) -

Cooper Energy's June-quarter production and sales met consensus' and Morgans' forecasts.

The broker observes a rise in production at Otway was partly offset by pipeline problems at Orbost (now fixed).

Management estimated the final abandonment expenditure for BMG (completed in May) will be -$270m, which compares with Morgans' forecast of-$280m. Morgans says the company is now derisked and it's steady as she goes.

The broker observes good progress is being made on the Orbost Improvement Project, which has helped push ut the runtime between absorber cleans, nearly doubling absorber run-time.

Add rating and 30c target price retained.

Target price is $0.30 Current Price is $0.22 Difference: $0.085
If COE meets the Morgans target it will return approximately 40% (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: 0.5

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

Ord Minnett rates COH as Hold (3) -

Heading into Cochlear's FY24 results on Thursday, Ord Minnett expects a small beat and a $2.24 dps (a payout ratio of 71%).

Hold rating and $298.60 retained.

Target price is $298.60 Current Price is $323.80 Difference: minus $25.2 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $270.85, suggesting downside of -17.5% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates CWY as Overweight (1) -

At Cleanaway Waste Management's FY24 results on August 21, Morgan Stanley is anticipating FY25 EBIT guidance will incorporate earnings normalisation. 

Updates for growth projects and returns on IT investment are also expected by the broker.

Target $3.00. Overweight. Industry view: Cautious.

Target price is $3.00 Current Price is $2.79 Difference: $0.21
If CWY meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates CXO as Sell (5) -

Ord Minnett observes a reopening of Core Lithium's Northern Territory Finniss mine will rely on a recovery in demand for and price of spodumene (all-in-sustaining costs currently outpace the spodumene price).

The broker expects the appointment of Paul Brown as CEO, previously Hastings Technology Metals ((HAS)) should improve focus on assets, and the broker observes the company's cash burn has been reduced.

Sell rating and 9c target price are retained.

Target price is $0.09 Current Price is $0.11 Difference: minus $0.015 (current price is over target).
If CXO meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.09, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates CY5 as Buy, High Risk (1) -

Shaw and Partners highlights Cygnus Metals had pro-forma cash of $6.1m on June 30, and management will commence due diligence on potential project opportunities in battery metals, including copper.

The broker points to significant growth potential at Pegasus where recent drilling suggested the pegmatite trend extends for 1.7km and remains open in all directions.

Pegasus is part of the Auclair Project, one of the company's three key lithium projects in the James Bay lithium district of Quebec, Canada.

The Buy, High Risk rating and 30c target are maintained.

Target price is $0.30 Current Price is $0.06 Difference: $0.237
If CY5 meets the Shaw and Partners target it will return approximately 376% (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

Citi rates DMP as Neutral (3) -

Citi likes the greater focus on profitability by management as shown by store closures in France and Japan and raises its target for Domino's Pizza Enterprises to $45.35 from $44.50. Neutral.

As sales will likely be redirected to remaining stores, the broker also anticipates better franchisee profitability.

Overall, the analysts expect a positive share price catalyst from greater same store sales in FY25 from both the store closures and re-investment into marketing in Japan. Growth is expected to resume from FY26 as the net store roll-out increases.

Target price is $45.35 Current Price is $33.73 Difference: $11.62
If DMP meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $40.48, suggesting upside of 20.6% (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 DMP as Hold (3) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Hold rating and $37 target price retained for Domino's Pizza Enterprises, the broker doubting the company will return to its 3% to 5% target for sames sales growth until FY26, and 7% to 9% network growth  until FY28, following its recent disappointing trading update.

Target price is $37.00 Current Price is $33.73 Difference: $3.27
If DMP meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $40.48, suggesting upside of 20.6% (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

UBS rates DMP as Neutral (3) -

UBS highlights from 2Q results by US-listed Domino's Pizza Inc (parent company of Domino's Pizza Enterprises) a partnering relationship with the latter as it works through the recently announced store closure process in France and Japan.

Domino's Pizza Inc's 1,100 net store growth guidance was temporarily suspended due to challenges currently facing Domino's Pizza Enterprises, observes the broker.

Unchanged Neutral rating and target of $36.50.

Target price is $36.50 Current Price is $33.73 Difference: $2.77
If DMP meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $40.48, suggesting upside of 20.6% (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 DRR as Buy (1) -

Ord Minnett has drawn June-quarter Mining Area C (MAC) numbers from BHP Group ((BHP)) into its Deterra Royalties model, resulting in only minor changes to forecasts.

The broker expects a roughly 7.8% fully franked dividend.

Buy rating and $4.80 target price is retained. FY24 EPS forecasts fall -1%.

Target price is $4.80 Current Price is $3.88 Difference: $0.92
If DRR meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 12.4% (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 EVN as Buy (1) -

Citi particularly likes the Bert (EH1402) deposit at Ernest Henry which is becoming a priority for Evolution Mining. It is the best gold intercept over 40 metres the broker has seen on the ASX this year.

The analysts highlight the deposit's higher grade, and notes it sits outside the cave subsidence profile - so may be mined concurrently with the cave.

Buy and $4.50 target retained.

Target price is $4.50 Current Price is $4.00 Difference: $0.5
If EVN meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates GMD as Outperform (1) -

Macquarie's main takeaway from slightly weaker-than-expected 4Q results for Genesis Minerals was management's aim to accelerate its growth plan above the March 2024 base case.

This acceleration will be driven by an earlier Laverton re-start and a faster underground ramp-up at the Ulysses operation, explains the broker. As a result, Macquarie's FY25-30 EPS forecasts increase by between 8-29%.

Despite weaker 4Q numbers, the analyst highlights inventory stocks grew by circa 140kt to total 314kt by quarter's-end, which is key to de-risking upcoming production.

The target rises to $2.40 from $2.10. Outperform.

Target price is $2.40 Current Price is $2.15 Difference: $0.25
If GMD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

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

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Goodman Group, the target rises to $36.51 from $36.57 and the rating is downgraded to Neutral from Outperform on valuation.

Target price is $36.51 Current Price is $37.10 Difference: minus $0.59 (current price is over target).
If GMG meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.06, suggesting downside of -3.5% (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

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

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Growthpoint Properties Australia the broker's target falls to $2.24 from $2.50 mainly due to 50bps of cap rate expansion in the Office portfolio.

The rating is downgraded to Neutral from Outperform as outlook remains challenging as cost of debt rises and the outlook for Office remains under pressure, explain the analysts.

Target price is $2.24 Current Price is $2.32 Difference: minus $0.08 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.51, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates IFL as Sell (5) -

Today's 4Q update by Insignia Financial surprised the market with a cost-driven profit upgrade, suggests Citi. Management expects profit in the range of $212-218m, beating prior forecasts by the broker and consensus for $199.1m and $197.5m, respectively.

In an early assessment of the update, the broker notes net flows ex pension payments returned to positive territory -$162m- yet funds under administration (FuA) fell due to pension payments of -$994m and negative market movements of -$585m.

Despite better above-the-line costs, a further $135m after tax was added to the remediation provision, along with a further $11m associated with an enforceable undertaking with APRA, explains Citi.

Rating Sell. Target $2.20.

Target price is $2.20 Current Price is $2.38 Difference: minus $0.18 (current price is over target).
If IFL meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.60, suggesting upside of 4.0% (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 JBH as Hold (3) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Morgans tinkers with JB Hi-Fi's estimates, predicting a small increase in sales.

Hold rating retained. Target price rises to $62 from $61.

Target price is $62.00 Current Price is $65.10 Difference: minus $3.1 (current price is over target).
If JBH 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 $56.72, suggesting downside of -14.2% (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

Citi rates LIC as Buy (1) -

Following recent media coverage on the business model for Lifestyle Communities (largely around exit fees), management has provided new FY24 profit guidance missing prior forecasts of consensus and Citi by -8% and -14%, respectively.

In reaction, Lifestyle's share price fell materially, which the broker attributes to the unexpected withdrawal of all other forward-looking guidance.

The analysts now identify signs of peak shareholder fear (suggesting more chance of share price upside than downside) and retain a Buy rating.

A share price recovery will be aided by clarity on the sales outlook and the VCAT complaint around deferred management fees, according to Citi. The $17.20 target is unchanged.

Target price is $17.20 Current Price is $9.51 Difference: $7.69
If LIC meets the Citi target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $14.22, suggesting upside of 48.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates LIC as Accumulate (2) -

Lifestyle Communities' brief trading update has not included guidance given the difficulty in quantifying the affect of recent media coverage, which queried the company's use of Deferred Management Fees (DMF).

Given the company's recent guidance misses, this is perhaps a moot point but Ord Minnett's base case caps DMF at 10% (half its previous figure) from FY26 onward. The broker also lowers settlements assumptions for FY24 to FY26.

Accumulate rating retained to reflect perceived long-term valuation upside. Target price falls to $12.60 from $15.80.

Target price is $12.60 Current Price is $9.51 Difference: $3.09
If LIC meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $14.22, suggesting upside of 48.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

Bell Potter initiates coverage of cross-platform games company Light & Wonder with a Buy rating and $180 target price.

Light & Wonder operates in three segments: land-based games, Sciplay; and iGaming and earns 67% of its revenue from the US.

The broker observes the company is a top-three supplier of slot machines and the No.1 supply of casino table products and management system; is a top-three developer and publisher of social casino games on mobile and web platforms; and supplies real money online gaming content and aggregation platforms to online casinos.

The broker believes the company is poised for "robust" earnings growth following a recent transformation and board and management rejig, which resolved challenges relating to high debt, asset portfolio streamlining and "unbalanced equity ownership".

Bell Potter expects the company to steal market in premium North American gaming markets; expand into adjacent slot sales; post above-market average player monetisatoin in SciPlay and log a forecast 26% compound annual growth rate in US igaming gross revenue out to 2028.

Target price is $180.00 Current Price is $154.78 Difference: $25.22
If LNW meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $169.60, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgans rates LOV as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Morgans observes a recent CEO social media post suggested the store network comprises 900 stores, a touch below the broker's 914 estimate. The broker trims revenue forecasts accordingly.

The broker says Lovisa Holdings is executing well, expects the CEO transition will result in lower employee costs and observes the company has the capacity to fund its ambitious global expansion plans, which could yield "stellar" returns.

Add rating retained. Target price rises to $37 from $35.

Target price is $37.00 Current Price is $33.85 Difference: $3.15
If LOV meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.09, suggesting downside of -5.2% (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

Morgans rates LTR as Hold (3) -

Morgans reviews lithium miners, revising down its lithium price forecasts expecting an extended malaise into FY25 as lithium supplies continue to surge out of China, Africa, Argentina and Australia into a stable demand environment. 

The broker now expects a recovery will be delayed to FY26 as demand for EVs and batteries accelerates.

On the upside, the broker believes the recent market retreat has exposed value. The broker may be bearish on lithium in the near-term but holds a positive view for the longer term. The broker believes it will be worth the wait, expecting the turnaround will be faster than expected.

Given China's 10-year technology lead in the battery market, it expects it will retain its dominance over the US and EU.

While Liontown Resources is largely derisked after its refinancing removed its reliance on bank covenants, the broker is not counting its chickens, preferring to wait until the risky ramp-up of Kathleen Valley is complete.

Hold rating retained. Target price falls to $1.00 from $1.30.

Target price is $1.00 Current Price is $1.00 Difference: minus $0.005 (current price is over target).
If LTR meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.13, suggesting upside of 18.1% (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

Macquarie rates MGR as Outperform (1) -

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Mirvac Group, the target falls to $2.19 from $2.26. Outperform.

Target price is $2.19 Current Price is $2.05 Difference: $0.14
If MGR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 5.6% (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

Citi rates MHJ as Neutral (3) -

Michael Hill's pre-reported FY24 revenue of $641m missed Citi's forecast by -3%, while earnings guidance implies a loss of between -$5-6m, when the broker had anticipated no loss.

While heavy promotions in the 2H drove around -370bps of gross profit margin contraction, the broker expects a rebound in FY25 on lower clearance activity.

Despite a -33% downgrade to the broker's FY24 earnings (EBIT) forecast (small numbers involved exaggerated the percentage change), the Neutral rating and 66c target are unchanged.

Target price is $0.66 Current Price is $0.59 Difference: $0.075
If MHJ meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates MHJ as Outperform (1) -

Following a trading update by Michael Hill, Macquarie lowers its FY25 EPS forecast by circa -18%, reflecting current operating headwinds (largely a weak consumer) and a delay to previously anticipated rate cuts.

Canada remains the most resilient economy for the company's exposure, observes the analyst, while expected rate cuts in New Zealand may help stimulate their economy.

Macquarie forecasts a relatively material improvement in 2H FY25 profitability (admittedly off a very low base).

The target eases to 81c from 85c. The broker's Outperform rating is supported by an expected recovery in gross profit margins and management's targeted multi-channel growth initiatives.

Target price is $0.81 Current Price is $0.59 Difference: $0.225
If MHJ meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

Morgans reviews lithium miners, revising down its lithium price forecasts expecting an extended malaise into FY25 as lithium supplies continue to surge out of China, Africa, Argentina and Australia into a stable demand environment.

The broker now expects a recovery will be delayed to FY26 as demand for EVs and batteries accelerates.

On the upside, the broker believes the recent market retreat has exposed value. The broker may be bearish on lithium in the near-term but holds a positive view for the longer term. The broker believes it will be worth the wait, expecting the turnaround will be faster than expected.

Given China's 10-year technology lead in the battery market, it expects it will retain its dominance over the US and EU.

This is a positive for Mineral Resources, says Morgans, given it sells into China. The broker believe the company's valuation to be attractive despite high trading multiples, which it attributes to the lithium mining cycle, and expects its production profile to growth sharply in the next three years, a distinguished position it shares only with Pilbara Minerals. 

The broker observes the company is also expected to raise its iron-ore production sharply.

Rating is upgraded to Add from Hold. Target price rises to $69 from $66.

Target price is $69.00 Current Price is $55.94 Difference: $13.06
If MIN meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $69.93, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgan Stanley rates MQG as Overweight (1) -

A multi-year upgrade cycle beckons for Macquarie Group, suggests Morgan Stanley, noting indications of improved conditions in all divisions in Q1 of FY25, with the possible exception of Banking and Financial Services (BFS).

US banks have reported double-digit investment banking fee growth (off a low base), while the broker's tracking of the group's completed M&A deals (advisory) suggests a 23% year-on-year rise for the 1Q.

The broker's target rises by 9% to $234 on higher peer multiples and the Overweight rating is kept. Industry view: In-Line.

Target price is $234.00 Current Price is $210.06 Difference: $23.94
If MQG meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $196.88, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates NUF as Neutral (3) -

To help grow and solidify Nufarm's Seed Technologies business, according to Citi, Yield10 Bioscience has granted the company a commercial license involving camelina for -US$5m.

Camelina complements canola and carinata and has potential to provide further upside to management's $600-700m Seed Technologies revenue aspiration by FY26, explains the broker.

More negatively, the analysts highlight Yield10 has not generated sales revenue as yet, spends circa -US$8m per year on R&D, and has generated negative operating cash flow for the last decade. It's hoped Nufarm's scale and expertise can make the operational difference.

The Neutral rating and $4.80 target are unchanged.

Target price is $4.80 Current Price is $4.59 Difference: $0.21
If NUF meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.69, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in September.

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 ORA as Overweight (1) -

Morgan Stanley expects shares of Orora will re-rate as the market gains confidence in the Saverglass business and as consumer demand and destocking normalise. Unfortunately, the broker sees no tangible evidence for these outcomes in the run up to August results.

The analysts lower the FY25 EBIT forecast by circa -5% and the target falls to $2.70 from $2.90. Industry view: In Line. It's felt the board will decide against announcing a FY24 final dividend as management has noted the lowering of borrowings is a priority.

The Overweight rating is maintained.

Target price is $2.70 Current Price is $2.05 Difference: $0.65
If ORA meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 25.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Citi rates PDN as Buy (1) -

In an early look at today's 4Q activities report by Paladin Energy, Citi noted U3O8 production of 517,597lb up to 30 June  beat the broker's estimate for 206,000lb.

The first customer shipment of 319,229lb departed Namibia on July 12. Operational knowledge gained underpins FY25 production guidance of between 4.0-4.5mlb, suggests the broker, which currently forecasts 4.1mlb.

Buy rating. Target $16.00.

Target price is $16.00 Current Price is $12.65 Difference: $3.35
If PDN meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $16.29, suggesting upside of 31.0% (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: 1.0

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

Morgans rates PLS as Hold (3) -

Morgans reviews lithium miners, sharply revising down its lithium price forecasts in expectation of an extended malaise into FY25 as lithium supplies continue to surge out of China, Africa, Argentina and Australia into a stable demand environment. 

The broker now expects a recovery will be delayed to FY26 as demand for EVs and batteries accelerates.

On the upside, the broker believes the recent market retreat has exposed value. The broker may be bearish on lithium in the near-term but holds a positive view for the longer term. The broker believes it will be worth the wait, expecting the turnaround will be faster than expected.

Given China's 10-year technology lead in the battery market, it expects it will retain its dominance over the US and EU.

This is a positive for Pilbara Minerals , says Morgans, given it sells into China. The broker believe the company's valuation to be attractive despite high trading multiples, which it attributes to the lithium mining cycle, and expects its production profile to growth sharply in the next three years, a distinguished position it shares only with Mineral Resources. 

The broker appreciates the company's strong balance sheet. Hold rating retained. Target price is downgraded to $3.50.

Target price is $3.50 Current Price is $2.99 Difference: $0.51
If PLS meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 9.0% (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

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

Materially below the market's long-term forecasts for the lithium price, Shaw and Partners highlights the Patriot Battery Metals share price is factoring in US$1,050/t 6% Spodumene price into perpetuity.

The broker's long-term price forecast is US$1,487/t. The analysts believe consensus is currently around US$1,188/t.

This disparity demonstrates the extreme leverage available via Patriot shares to higher lithium prices over the medium-term, according to the analysts.

The Buy, High Risk rating and $1.80 target are unchanged.

Target price is $1.80 Current Price is $0.52 Difference: $1.28
If PMT meets the Shaw and Partners target it will return approximately 246% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 152.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Macquarie rates QAL as Outperform (1) -

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Qualitas, the target rises to $3.09 from $2.89 on the broker's higher funds under management (FUM) forecast. Outperform.

Target price is $3.09 Current Price is $2.25 Difference: $0.84
If QAL meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

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

Macquarie rates RGN as Upgrade to Outperform from Neutral (1) -

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Region Group, the target rises to $2.42 from $2.30 on a favourable adjusted funds from operations (AFFO) outlook, explains the broker. The rating is upgraded to Outperform from Neutral.

Target price is $2.42 Current Price is $2.23 Difference: $0.19
If RGN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 13.1% (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

Citi rates S32 as Neutral (3) -

In an initial review of Q4 operational results, Citi suggests the market's focus will be on impairment expenses for South32's flagship asset Worsley Alumina. Saleable production at Worsley decreased by -2% in FY24, only achieving 94% of guidance.

Management note conditions imposed by the Western Australian Environmental Protection Authority create "significant operating challenges... and impact its long-term viability".

The broker believes a miss for copper production won’t surprise the market given KGHM has earlier published monthly data for April and May. Apart from copper, production was broadly in-line with management guidance, notes the analyst.

Neutral. Target $4.00.

Target price is $4.00 Current Price is $3.42 Difference: $0.58
If S32 meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 41.3% (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: 0.7

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

Macquarie rates SCG as Outperform (1) -

During the upcoming reporting season, Macquarie suggests FY25 guidance will be key for most ASX-listed stocks in the Property sector. Near-term outperformance is expected from groups with a more favourable growth outlook.

Initially, the broker anticipates the REIT sector will be supported over the remainder of 2024 by a US rate cut in September and a US market cycle shift to a slowdown.

Later on, the analysts forecast accelerating Australian GDP growth and RBA rate cuts will help offset the risk of a US market cycle downturn.

Macquarie likes the Residential sector the most and Office the least. Mirvac Group, Scentre Group and Charter Hall are preferred among large caps and Qualitas, Region Group and HMC Capital among the small/mid caps.

For Scentre Group, the target rises to $3.45 from $3.37. Outperform.

Target price is $3.45 Current Price is $3.25 Difference: $0.2
If SCG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.34, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in December.

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 SGP as Accumulate (2) -

Ord Minnet reviews Stockland's Masterplanned Communities division (MPC).

The broker observes the company is struggling with a reduction in average lot sized and a restricted recovery of settlements for its core communities.

 Nonethless, Ord Minnett believes the company is well positioned to benefit from sharp growth in land prices due to limited supply.

The broker estimates that Stockland is likely to have transferred 9 MPC sites into its partnerships and is likely to transfer another 10 over the next four years, freeing margin for its Land Lease Communities development business.

Accumulate rating and $4.55 target price.

Target price is $4.55 Current Price is $4.51 Difference: $0.04
If SGP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Bell Potter rates SHV as Hold (3) -

Bell Potter observes the US Department of Agriculture's almond crop estimates has fallen -7% from its subjective May forecast and expects this should play to Select Harvests' hand.

As at March 31, Select Harvests advised it had contracted 45% of its crop when it published its FY24 pricing expectations at $7.57kg, and the broker expects this figure will now rise.

The broker expects the Australian 2025 crop may also be threatened by the prospect of above average rainfall in southeastern Australia, the broker observing the last five La Nina events resulted in an average -16% fall in orchard yields. But the flipside to this is that prices rise further in a globally constrained market.

Hold rating retained. Target price rises to $4.40 from $3.75.

Target price is $4.40 Current Price is $4.38 Difference: $0.02
If SHV meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 4.5% (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

Morgan Stanley rates SLC as Overweight (1) -

Superloop is one of Morgan Stanley's key small/mid cap ideas where the broker holds conviction on earnings into FY24 results (on August 21) and out into FY25 based on contracted revenue and the scaling-up of the Origin Energy ((ORG)) contract.

The company's strong value proposition should result in outsized market share gains given a 3.8% NBN share versus the incumbent Telcos collective share of 82%. Incumbents are Telstra Group ((TLS)), TPG Telecom ((TPG)), and Optus.

Target $1.85. Overweight. Industry view: In-line.

Target price is $1.85 Current Price is $1.45 Difference: $0.405
If SLC meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

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

Morgans rates STO as Hold (3) -

Santos' June-quarter production report broadly met consensus' and Morgans's forecasts, the company making steady ground on Barossa and Pikka.

Morgans observes the company's capital expenditure is progressing well and that Santos is approaching the shift into free cash flow generation, which it expects will result in swift deleveraging and growth in shareholder returns.

While this is a positive, the broker is cautious, observing Gladstone LNG's long-term position, and suspects the company could be a bidder for east coast gas assets.

EPS and DPS forecasts fall sharpy for 2024 and 2025.

Hold recommendation retained on valuation. Target price eases to $7.60 from $7.80.

Target price is $7.60 Current Price is $8.02 Difference: minus $0.42 (current price is over target).
If STO 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 $8.34, suggesting upside of 4.9% (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: 0.4

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

Morgans rates STP as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Morgans believes Step One Clothing's growth prospects are compelling, particularly after its impressive recent trading update which revealed a sharp improvement in sales momentum and operating margins.

The broker tinkers with FY24 EPS and DPS forecasts.

Add rating and $2.25 target price retained.

Target price is $2.25 Current Price is $1.71 Difference: $0.545
If STP meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

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

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

Bell Potter initiates coverage on Southern Cross Electrical Engineering with a Buy rating and $2.10 target price.

The company's portfolio includes: Southern Cross Electrical, Datatel, Heyday Group, SJ Electric, SEME Solutions, Trivantage Manufacturing and MDE Group.

The broker appreciates the company's diverse blue-chip customer base, which includes: Woolworths ((WOW)), Coles ((COL)), BHP Group ((BHP)), Rio Tinot ((RIO)), Multiplex and CPB Contractors; as well as the fact that recurring business comprised roughly 37% of FY23 group revenue.

Bell Potter also takes a shine to the company's acquisition track record; its strong balance sheet; net cash position of $55.8m as at December 31, 2023; record order book; and impressive tender pipeline.

The broker expects the company to benefit from emerging and structural themes such as data centre construction, decarbonisation, electrification of industries and the build-out of large scale critical infrastructure.

Target price is $2.10 Current Price is $1.70 Difference: $0.405
If SXE meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

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

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

While maintaining a $3.26 target for Southern Cross Gold, Shaw and Partners' valuation rises to $6.28 under the analysts' updated gold price forecasts and a development scenario at Sunday Creek.

The broker now forecasts US$3,000/oz for gold in 2025 and 2026. Recent drilling at Sunday Creek has identified significant mineralisation outside of the 1.6moz gold equivalent exploration target released by the company, explains the broker.

Unchanged Buy, High risk rating.

Target price is $3.26 Current Price is $2.19 Difference: $1.07
If SXG meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

For FY24 results on August 8, Morgan Stanley is expecting steady traffic and toll escalation, along with growth project updates (i.e. for the Rozelle Interchange, Fredericksburg Extension, M7 Widening, and West Gate Tunnel).

Guidance for FY24 and FY25 dividends is 62cps and 65cps, respectively.

Target $13.33. Equal Weight. Industry View: Cautious.

Target price is $13.33 Current Price is $12.83 Difference: $0.5
If TCL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.54, suggesting upside of 6.0% (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 TRS as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

Add rating and $4.65 target price retained for Reject Shop.

Target price is $4.65 Current Price is $3.10 Difference: $1.55
If TRS meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 33.2% (ex-dividends)

The company's fiscal year ends in June.

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 UNI as Add (1) -

Morgans reviews the Consumer Discretionary sector and spins a tale of two retail groups.

The broker observes the February reporting season pointed to an uptick in company fortunes, with stronger gross margins (thanks to freight and pricing improvements), sales resilience and stronger consumer sentiment featuring but notes risks have since risen.

The cost of living continues to feature as rate cuts have been delayed and inflation continues and Australian retail sales statistics keep falling.

The broker expects this will create a split among retailers with those that are building market and share, store networks and tight cost control, emerging victorious. Lovisa, Step One and Universal Store are the broker's preferred picks.

The broker appreciatives the fundamental long-term prospects of Universal Store. Add rating and $6.50 target price retained.

Target price is $6.50 Current Price is $5.75 Difference: $0.75
If UNI meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 3.7% (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

Ord Minnett rates UNI as Upgrade to Buy from Accumulate (1) -

Universal Store's FY24 trading update sharply outpace Ord Minnett's forecasts, earnings (EBIT) outpacing by 18% as the company increased market share and held costs in.

EPS forecasts rise 6%in FY24; 11% in FY25; and 10% in FY26.

Rating is upgraded to Buy from Accumulate. Target price rises to $6.60 from $5.90.

Target price is $6.60 Current Price is $5.75 Difference: $0.85
If UNI meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 3.7% (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

UBS rates UNI as Buy (1) -

UBS upgrades its EPS forecasts for Universal Store over FY24 and FY25 by 6% and 8%, respectively, due to stronger-than-expected margins within a better-than-expected trading update.

The underlying FY24 EBIT margins expanded by around 77bps to 16.1% (consensus 15.2%) due to gross margin expansion and strong cost management, explains the broker.

Management's guidance for underlying earnings (EBIT) was 7% ahead of forecasts by the analyst and consensus. FY24 sales were in line with consensus as a slower roll-out was offset by strong 2H like-for-like sales, explains the broker.

The valuation for Universal Store is undemanding, according to UBS, and the Buy rating is retained, while the target price is raised to $6.50 from $6.00.

Target price is $6.50 Current Price is $5.75 Difference: $0.75
If UNI meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 3.7% (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

Morgan Stanley rates WBC as Underweight (5) -

In an unsurprising move (though six months earlier-than-expected), according to Morgan Stanley, APRA has halved the operational risk overlay imposed on Westpac due to "the bank's progress in improving its risk governance, culture and risk management".

The reduction of $500m in capital add-on will increase the bank's CET1 ratio by around 18bps, suggest the analysts, supporting ongoing capital management options.

The other half of the capital add-on will be removed when management "completes its transition work and APRA undertakes further validation work to assess the sustainability of improvements made in risk governance, culture and accountability practices and outcomes".

Target price of $24.50. Underweight. Industry View: In-Line.

Target price is $24.50 Current Price is $28.22 Difference: minus $3.72 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.40, suggesting downside 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

Citi rates WDS as Neutral (3) -

In what appears (at first glance) to be a good price (to Citi), Woodside Energy has today announced an agreement to acquire US-based Tellurian at book value for around -US$900m in cash.

Woodside Energy will gain exposure to the target's fully permitted five train 27.6mtpa Driftwood LNG project in the US Gulf Coast, explain the analysts. 

The broker highlights material growth optionality from the transaction, and points to a simultaneous reduction in concentration risk attached to the Scarborough project.

Target price is $28.00 Current Price is $29.21 Difference: minus $1.21 (current price is over target).
If WDS meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.36, suggesting upside of 13.4% (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: 0.5

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

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

Whitehaven Coal's June-quarter production sharply outpaced Bell Potter's forecasts.

While Queensland production was strong, rail issues hurt sales, cost guidance proved a miss due to labour inflation, and realised pricing was struck at a -26% discount to the PLV HCC index, dragging on the FY24 result, but all up it was a solid performance, observes the broker.

The company closed the quarter with net debt of $1.3bn and Bell Potter estimates available cash liquidity to be roughly $490m.

The broker expects the real kick to come in the latter half of the year as rising met coal demand provides a windfall to the company as Daunia's sales strengthen. A Blackwater selldown of up to 30% is expected in August.

EPS forecasts fall -13% in FY24; rise 12% in FY25 and are steady for FY26.

Rating is upgraded to Buy from Hold. Target price jumps to $9.90 from $8.90.

Target price is $9.90 Current Price is $8.32 Difference: $1.58
If WHC meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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

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

Following 4Q results by Whitehaven Coal, Citi lowers its FY24 earnings (EBITDA) forecast by -15% due to lower-than-expected realised pricing and sales.

Leading into FY24 results, the broker is cautious on risks of higher FY25 unit cost guidance for the Queensland operations.

The target falls to $8.90 from $9.20 and the rating is downgraded to Neutral from Buy following an around 15% share price rally over the last three months.

Target price is $8.90 Current Price is $8.32 Difference: $0.58
If WHC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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

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

The 4Q realised price of $236/t for Whitehaven Coal matched Macquarie's forecast but missed the consensus estimate by -9% due
to product mix differences.

Overall, there were beats for run-of-mine production and saleable coal of 9% and 12%, respectively, compared to the broker's forecasts.

Providing a potential deleveraging event this year, notes the analyst, management guided to a sell down of the Blackwater assets of between -20-30%. However, it's felt FY25 guidance remains a risk.

As Whitehaven's share price has rallied by 10% since April, Macquarie downgrades its rating to Neutral from Outperform. The broker's target falls to $8.75 from $9.00.

Target price is $8.75 Current Price is $8.32 Difference: $0.43
If WHC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates WHC as Buy (1) -

UBS describes a "strong" finish to FY24 by Whitehaven Coal, noting FY25 guidance (at results on August 22) and a potential sell-down at Blackwater are the next share price catalysts.

Rail at Daunia resulted in 300kt of delayed sales into the September quarter, notes the broker, while Blackwater run-of-mine (ROM) production was strong. Importantly, Queensland assets are performing after a quarter of integration, highlights the analyst.

The Buy rating is maintained, and the target falls to $9.40 from $9.65. on lower EPS forecasts due to the sales delays at Daunia and higher costs, explains the broker.

Target price is $9.40 Current Price is $8.32 Difference: $1.08
If WHC meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

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