Australian Broker Call

Shaw and Partners rates AD8 as Hold (3) -

A strong first half from Audinate Group, according to Shaw and Partners, with revenue and gross margins 20% and 18% ahead of the broker's forecasts respectively.

The broker points out the full year outlook suggests volume tailwinds that underpinned the first half result will not be repeated over the second half, but still assumes gross profit growth above 33%, which is the top end of historical growth range.

Momentum is building for the company's video segment, and Audinate Group continues to explore merger and acquisition opportunities. Shaw and Partners has lifted its earnings forecasts 12-14% between FY25 and FY27.

The Hold rating is retained and the target price increases to $17.90 from $14.70.

Target price is $17.90 Current Price is $19.26 Difference: minus $1.36 (current price is over target).
If AD8 meets the Shaw and Partners target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.71, suggesting upside of 1.3% (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

UBS rates AMP as Sell (5) -

Today's FY23 release by AMP marks a seldom witnessed event; the underlying net profit actually beat expectations, comment UBS analysts in a quick assessment.

The broker does believe capital management and funds flows are likely to disappoint the market today, with no further share buyback announced. Dividend declared of 4.5c is below the broker's 5c forecast.

The analysts admit further cost reductions might stabilise the earnings outlook, but their concerns have not dissipated. Sell Target 85c.

Target price is $0.85 Current Price is $0.97 Difference: minus $0.12 (current price is over target).
If AMP meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.07, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

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

Directors at Ansarada Group have unanimously recommended an offer of $2.50/share in cash via a Scheme of Arrangement, yet Morgans is not convinced shareholders will or should vote in favour.

The broker suggests investors with a four-year view, and who back management's aspirational targets, would be sacrificing share price upside by accepting the offer from Virtual Data Room operator Datasite.

The analyst arrives at an around $10/share valuation (in FY28) for shares of Ansarada, after applying appropriate market multiples to management's aspirational targets.

The target rises to $2.50 from $2.00 to align with the offer price, while the rating is downgraded to Hold from Add.

Target price is $2.50 Current Price is $2.43 Difference: $0.07
If AND meets the Morgans target it will return approximately 3% (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

UBS rates BPT as Buy (1) -

Beach Energy's interim performance disappointed, with UBS analysts identifying a likely mistreatment of the early LNG & one-off condensate cargo announced in January as the key culprit.

But confirmation that major projects Waisia stage 2 and offshore Otway remain on track is considered of greater importance.

The broker reminds investors execution has come with multiple missteps in years gone by, meaning it'll take time to rebuild confidence, but the new CEO's commitment to a strategy review is seen through a positive lens.

While short-term EPS forecast undergoes the chainsaw treatment (-20%), UBS has lifted EPS forecasts for the years ahead on stronger Cooper Basin production and lower royalties, as well as materially higher capex.

Valuation has increased by 5c to $1.95. Buy.

Target price is $1.95 Current Price is $1.83 Difference: $0.125
If BPT meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 8.8% (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

Macquarie rates BRG as Neutral (3) -

Breville Group's result featured a 160bps lift in gross profit margin year on year, as cost pressures eased and company spent less on promotion, but sales missed Macquarie by -5%.

Sales were impacted by cost-of living pressures and mean reversion, the broker suggests, which offset growth from new products, new markets and a continued coffee tailwind.

FY24 earnings growth guidance fell short of expectations. Macquarie believes the sales outlook looks incrementally positive with stabilising macro conditions, and that Breville is performing well in a difficult macro environment.

A roll-forward has target rising to 25.50 from $25.30, Neutral retained.

Target price is $25.50 Current Price is $25.00 Difference: $0.5
If BRG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.86, suggesting upside of 8.7% (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 BRG as Overweight (1) -

Breville Group's 1H revenue missed Morgan Stanley's forecast by-5%, yet earnings (EBIT) were a 2% beat on higher margins. Inaugural FY24 earnings guidance was considered a positive, coming in on par with expectation.

The broker also highlights the company's inventory is now at a more normalised level, which was achieved via slowing purchases, as opposed to aggressive discounting.

The analyst's concerns  include sales declines in the Americas and APAC region, reflects the exit of a US retailer and a weak consumer backdrop in Australia, respectively.

The target falls to $28 from $29. Overweight. Industry view: In-Line.

Target price is $28.00 Current Price is $25.00 Difference: $3
If BRG meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $26.86, suggesting upside of 8.7% (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 BRG as Hold (3) -

It appears to Morgans Breville Group's share price was punished upon the release of 1H results as the company, unlike peers, did not participate over the period in heavy discounting to stimulate sales. As a result, revenue fell short of the consensus forecast.

Apart from the revenue miss, the broker points out Breville exceeded market expectations for earnings (EBIT) and provided FY24 guidance within the range of consensus forecasts.

The analysts only slightly trim forecasts and the Hold rating and $26 target are unchanged.

Target price is $26.00 Current Price is $25.00 Difference: $1
If BRG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $26.86, suggesting upside of 8.7% (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

Ord Minnett rates BRG as Buy (1) -

Breville Group's December-half result broadly met forecasts, although Ord Minnett spies a tapering off in sales growth due to "subdued" trading in APAC and the Americas.

Earnings (EBIT) rose 8.2% thanks to a rise in operating margins and falling costs as working capital requirements fell. Inventories reduced. Global product revenue was greater than expected.

The broker is upbeat, predicting an acceleration in sales as trade recovers in FY25, and appreciates the company's long-term growth profile and lower net debt.

Rating is upgraded to Accumulate from Hold after the recent retreat in the share price. Target price eases to $26.50 from $27.

Target price is $26.50 Current Price is $25.00 Difference: $1.5
If BRG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.86, suggesting upside of 8.7% (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

UBS rates BRG as Buy (1) -

UBS reports Breville Group's disappointing interim performance, featuring all geographies in "softer" mode, comes as a suprise given recent industry feedback.

Gross profit and EBIT proved broadly in line with forecasts. The broker does note the result has been impacted by Bed Bath & Beyond, a major customer, going out of business.

UBS takes guidance from the impressive growth achieved over the past five years, and remains optimistic for FY25, and beyond. On the broker's numbers, EPS CAGR will be 15%-plus over FY24-FY27.

Buy. Target $28.30, down -30c.

Target price is $28.30 Current Price is $25.00 Difference: $3.3
If BRG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.86, suggesting upside of 8.7% (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 CAR as Neutral (3) -

On close examination of CAR Group's December-half result, Citi upgrades its target price to $34.70 from $34.30, observing resilience in the core Australian market, a beat from the international businesses, and stronger than forecast Trader Interactive margins.

Costs grew faster than expected, eroding Australian margins as the company invested in new initiatives, of which Citi approves, believing they will support revenue growth going forward. 

Citi spies operating leverage in the wings. The broker raises earnings (EBITDA) margin forecasts to 66.5% in FY26 from 64.8% in FY23.

Citi expects continued strength in international markets could deliver a stronger-than-forecast share price.

For now, a Neutral rating is retained.

Target price is $34.70 Current Price is $33.35 Difference: $1.35
If CAR meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $32.35, suggesting downside of -3.0% (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

Citi rates CBA as Sell (5) -

At first glance, CommBank's December-half earnings outpaced consensus but met Citi's forecasts.

Other metrics pleased: revenue rose on improved trading income, capital remained strong and the dividend rose, but Citi believes the outlook is worsening, observing deposit trends are not promising.

Net interest margins just missed forecasts as funding costs eroded lending margins, and deposit competition and switching proved challenging. Loan volumes weakened across the board, observed Citi.

All up, the broker believes earnings have yet to bottom, and puts the question: "how long can CBA sustain falling earnings and rising dividends?"

Sell rating and $84 target price retained.

Target price is $84.00 Current Price is $116.00 Difference: minus $32 (current price is over target).
If CBA meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.86, suggesting downside of -19.3% (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 CBA as Underweight (5) -

In anticipation of CommBank's 1H result published earlier today, Morgan Stanley forecasts pre tax operating profit of $7,080m and cash profit of $4,976m.

The rating for CommBank is Underweight. Target $94. Sector view is In-Line. 

Target price is $94.00 Current Price is $116.00 Difference: minus $22 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.86, suggesting downside of -19.3% (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

UBS rates CBA as Neutral (3) -

UBS believes, upon initial assessment, today's H1 release by CommBank marks a minor beat of market consensus, but the broker also believes it won't be enough to support recent share price outperformance.

In conclusion, UBS states CBA delivered $5bn in cash net profit at a time when the bank has endured extreme levels of pricing pressure in mortgages & deposits. If the mortgage market rationalises, CBA remains well placed in the broker's view.

UBS already sits 2.5% above market consensus on FY24 EPS and believes the rest of sector analysts will now follow its lead. Neutral. Target $105.

Target price is $105.00 Current Price is $116.00 Difference: minus $11 (current price is over target).
If CBA meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.86, suggesting downside of -19.3% (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

Citi rates CGF as Sell (5) -

On closer examination of yesterday's in-line December-half results (with a slight beat on profit), Citi upgrades Challenger's earnings and target price.

The broker feels the market may appreciate FY24 guidance, which is now expected to reach the top half of the original range based on continued momentum in Life, as well as an improved 2H for Funds Management.

Cash operating earnings (COE) for Life of $360m exceeded the consensus forecast for $355m.

Funds Management earnings (EBIT) of $29m were -7% below the analyst's $31m estimate, due mainly to a lower contribution from CIP Asset Management as margins fell, although late inflows indicate a better 2H result.

EPS forecasts rise 4% in FY24; and 5% in FY25 and FY26.

Sell rating retained, the broker expecting tighter interest rates will come home to roost. Target price rises to $6.65 from $6.05.

Target price is $6.65 Current Price is $7.13 Difference: minus $0.48 (current price is over target).
If CGF meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.16, suggesting upside of 1.2% (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

Macquarie rates CGF as Neutral (3) -

Responding to Challenger's result, Macquarie notes FY24 guidance for profit and cost-to-income have been improved. However the focus was on the announcement of a "transformation partnership" with Accenture, to deliver -$90m of cumulative savings over seven years.

The broker continues to like the long-term (ageing population) thematic but remains cautious on short-term investment markets given the sensitivity to Challenger's investment portfolio.

Target rises to $6.80 from $6.50, Neutral retained.

Target price is $6.80 Current Price is $7.13 Difference: minus $0.33 (current price is over target).
If CGF meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.16, suggesting upside of 1.2% (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

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

Higher rates are now assisting earnings for Challenger, a situation Morgan Stanley expects will continue for around the next 12 months.

The company's 1H normalised profit (PBT) beat forecasts by the broker and consensus by 1% and 2%, respectively, while management's FY24 normalised profit expectation was upgraded to the top half of the prior guidance range.

The normalised cash operating earnings margin of 3.04% in 1H24 was ahead of Morgan Stanley's estimate, and up by 28bps year-on-year.

The interim dividend of 13cps was 8% and 10% better than forecast by the analysts and consensus.

Equal-weight rating retained. Target rises to $7.20 from $6.80. Industry view: In-Line.

Target price is $7.20 Current Price is $7.13 Difference: $0.07
If CGF meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.16, suggesting upside of 1.2% (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

Morgans rates CGF as Add (1) -

While Challenger's 1H normalised profit only exceeded the consensus forecast by 1%, Morgans was impressed by strong return on equity (ROE) expansion and a solid cost-to-income performance.

The broker also highlights potential cost-out savings after management announced a value-add IT transformation program.

The Life business beat the consensus estimate, while Funds Management was a slight miss.

Challenger now expects normalised profit (NPBT) to be in the top half of the prior FY24 guidance range of $555-$605m.

An interim dividend of 13cps (fully franked) was declared.

Morgans raises its FY24 and FY25 EPS forecasts by 3% and 6%, respectively, and the target increases to $7.80 from $7.25. Add.

Target price is $7.80 Current Price is $7.13 Difference: $0.67
If CGF meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.16, suggesting upside of 1.2% (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

Ord Minnett rates CGF as Hold (3) -

Challenger's December-half result sharply outpaced consensus and slightly outpaced Ord Minnett's forecasts thanks to a big beat in the core life (annuities business).

Fund management earnings eased but not enough to seriously dent the company's performance and the broker spies an improvement from FY25.

The star of the show were margins, reflecting the company's diversification into higher-margin products, observes Ord Minnett. The cost-to-income ratio fell to 35% from 39% in FY23 - a sharp improvement.

Looking ahead, the broker expects an ageing population should support the company's retirement income products and its partnerships with superannuation funds, while simultaneously supporting the margin outlook.

Management guidance raised expectations for FY24. Hold rating retained. Target price edges up to $7.40 from $7.30.

Target price is $7.40 Current Price is $7.13 Difference: $0.27
If CGF meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.16, suggesting upside of 1.2% (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

UBS rates CGF as Neutral (3) -

A "generally positive" first half result from Challenger went some way to addressing UBS's concerns around low returns on capital. A 15% return on equity over the period showed progress towards internal targets and covering cost of capital.

Volumes were inconsistent across the group, and reliant on bulk deals from the Life and Funds segments. The Life segment in particular exceeded UBS's expectations, reporting a 2% earnings beat, and the broker has allowed for a continuation of this trend into the second half.

The Neutral rating is retained and the target price increases to $7.10 from $6.80.

Target price is $7.10 Current Price is $7.13 Difference: minus $0.03 (current price is over target).
If CGF meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.16, suggesting upside of 1.2% (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 CPU as Buy (1) -

At first glance, Computershare's December-half EPS fell -1% shy of consensus although EBIT was a tiny beat. Management reiterated EPS guidance, which satisfied Citi, although margin income guidance was softened due to rate curve changes and lower balances.

All up, the broadly in line result was struck on rising recurring fee revenue, a rebound in employee share plan and issuer services transactional revenues (thanks mainly to large transaction given numbers were down).

Citi expects the sale of US Mortgage Services should be earnings neutral in FY24, management advising lost earnings will be offset by declining interest costs.

Computershare's in-line dividend was 20% franked - a surprise to Citi.

Buy rating and $29 target price retained with reasonable conviction (barring sudden interest rate movements) heading into the company's presentation tomorrow.

Target price is $29.00 Current Price is $25.06 Difference: $3.94
If CPU meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.24, suggesting upside of 7.4% (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: 0.8

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

Morgan Stanley rates CPU as No Rating (-1) -

Computershare's 1H management EPS (MEPS) beat Morgan Stanley's estimate by 3%, though fell -1% short of the consensus forecast.

While margin income (MI) beat the broker and consensus forecasts by 6% and 2%, respectively, the broker feels the quality of the result was a touch soft, with EBIT ex MI missing the consensus and broker's estimates by -3%.

Management reiterated FY24 MEPS guidance of around 116cps.

The analysts highlight a strong balance sheet and the interim dividend beat forecasts by Morgan Stanley and consensus by 11% and 4%, respectively.

No target or rating are currently set by Morgan Stanley.

Current Price is $25.06. Target price not assessed.

Current consensus price target is $28.24, suggesting upside of 7.4% (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: 0.8

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

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

The combination of CSL112 trial failure and tempered growth expectations for Vifor, as signalled in yesterday's H1 release, has triggered a -$20 reduction in Citi's price target for CSL, to $305, and a downgrade to Neutral from Buy.

The reduction in target is the result of wiping out any potential benefits that might have been derived from the CSL112 development in years to come.

Citi analysts note CSL management has left full year guidance in constant currency unchanged, but FX is now estimated to become an -$85m headwind and Vifor forecasts needed to be re-calibrated.

The broker has adopted the view the shares should trade on pre-covid multiples, as reflected in the new price target. The H1 release itself proved slightly better-than-consensus.

Target price is $305.00 Current Price is $282.25 Difference: $22.75
If CSL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $316.73, suggesting upside of 13.3% (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: 0.8

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

Macquarie rates CSL as Outperform (1) -

CSL's first half gross profit was below Macquarie's expectations, but earnings were ahead on lower operating costs. Behring's profit rose 17% year on year, representing some 85% of group improvement, the broker notes.

The results for Seqirus and Vifor were below expectations.

Reduced immunisation rates and increased competition impacted on Seqirus. For Vifor, commercial and regulatory challenges have tempered management's near-term growth expectations.

Macquarie continues to see the medium-longer term outlook as favourable, supported by a base business/Behring recovery, contributions from new and pipeline products and operational efficiencies.

Target falls to $310.00 from $317.50, Outperform retained.

Target price is $310.00 Current Price is $282.25 Difference: $27.75
If CSL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $316.73, suggesting upside of 13.3% (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: 0.8

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley expected the negative market reaction to yesterday's 1H results for CSL based on a slower trajectory of gross margin recovery and Vifor performance.

Vifor sales fell by -19% in the period, an -8% miss against the broker's forecast, driven by a miss on both iron and dialysis. More positively, immunoglobulin sales grew by 27% compared to the 24% forecast by consensus.

Regarding Seqirus, management has guided to challenges in the market, so Morgan Stanley lowers its expectations.

Compared to the consensus forecast, revenue was in line supported by weaker opex, which delivered a 3% beat on profit (NPATA), explain the analysts.

The Overweight rating remains, while the target price eases to $310 from $318. Industry view: In-Line.

Target price is $310.00 Current Price is $282.25 Difference: $27.75
If CSL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $316.73, suggesting upside of 13.3% (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: 0.8

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

Morgans rates CSL as Add (1) -

CSL's 1H results were broadly in line with Morgans forecasts. Profit (NPATA) of US$2,017m rose by 11% to beat the consensus forecast for US$1,969m. 

The broker highlights strong plasma collections lifted Behring sales by 14% and the division's margin beat expectation, rising by 230bps to 50%. Operating cash flow was considered strong due largely to higher sales/profit, which supported an 11% increase in interim dividend.

While sales at Seqirus were soft, the analysts highlight sales still rose by 2% and beat reduced market expectation for immunisation rates. Near-term growth for Vifor was suppressed due to commercial/regulatory headwinds, but this is considered more a timing issue.

Morgans' target falls to $315.40 from $328.20 on slightly lower forecast earnings and after earnings from CSL112 are removed from the financial model following the recent trial failure.

Target price is $315.40 Current Price is $282.25 Difference: $33.15
If CSL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $316.73, suggesting upside of 13.3% (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: 0.8

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

Ord Minnett rates CSL as Accumulate (2) -

CSL's December-half result broadly met Ord Minnett's forecasts thanks to strong revenue growth following a recovery in global plasma supplies.

The broker is upbeat about the company's imnmunoglobulin portfolio's prospects and expects CSL Behring's gross margin to return to prepandemic leves by 2027 (they are slowly expanding each year).

This is consistent with company managament's guidance. EPS and dividend forecasts edge upward in FY24 but ease in FY25. 

Hold rating and $310 target price retained.

Target price is $310.00 Current Price is $282.25 Difference: $27.75
If CSL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $316.73, suggesting upside of 13.3% (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: 0.8

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

Morgans rates CU6 as No Rating (-1) -

Today's new 'Keeping Stock' research by Morgans, which assigns no target or rating, concerns clinical stage radiopharmaceutical company Clarity Pharmaceuticals.

Clarity develops products for use in prostate cancer, neuroblastomas and neuroendocrine tumours, and key clinical assets are Targeted Copper Theranostics (TCT), which pairs copper isotopes to bind and aggregate around specific tumours. 

Along with several upcoming catalysts for Clarity, the broker highlights investor interest in the space is high during a period of significant M&A activity.

Catalysts include seven clinical trials, including a Phase 3 trial for the company's prostate cancer diagnostic, which is expected to conclude in 2025.

Current Price is $2.64. Target price not assessed.

Market Sentiment: 1.0

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

Citi rates DHG as Neutral (3) -

Citi's first assessment is that Domain Holdings Australia's H1 performance missed the mark, even though underlying net profit went up by some 39% from a year earlier.

Weaker revenues have caused the EBITDA to fall short of market consensus by some -4%, the broker suggests.

After making some quick adjustments for capex, the analysts believe EBITDA was in line with their own estimate. Listing volumes are down and it looks like the numbers continue to lag those at REA Group ((REA)), the broker highlights, including in January.

Citi analysts ask whether there's a case to be made that Domain Holdings Australia is under-investing relative to its larger competitor?

Buy. Target $3.80.

Target price is $3.80 Current Price is $3.46 Difference: $0.34
If DHG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 3.8% (ex-dividends)

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 DHG as Neutral (3) -

Domain Holdings Australia released H1 results this morning and UBS, upon first glance, believes EBITDA has missed consensus by some -4% with volumes continuing to underwhelm.

As far as volumes are concerned, competitor REA Group ((REA)) is still performing better, the broker points out.

Management has left cost guidance unchanged. Neutral. Target $3.80.

Target price is $3.80 Current Price is $3.46 Difference: $0.34
If DHG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 3.8% (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 DOW as Neutral (3) -

Judging from UBS's initial commentary, it looks like Downer EDI's H1 EBITA has beaten market consensus by some 3% as the utilities segment returned to profitability during the half.

Further margin improvement is expected by company management, but no concrete guidance has been provided.

Labour market challenges remain, but have stabilised, according to management. UBS also observes with underlying EBITA margin at 2.6% (pro forma), getting it to the 4.5% target by FY25 still seems a long way off.

Neutral. Target $4.55.

Target price is $4.55 Current Price is $4.31 Difference: $0.24
If DOW meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting downside of -0.8% (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

UBS rates DXS as Neutral (3) -

On UBS's initial assessment, Dexus' H1 release earlier today was better than forecasts, but management has left dividend guidance for FY24 unchanged.

Stronger funds management and lower interest expenses have combined with 4% office rental growth in a strong performance overall, the broker concludes, though office rental growth is expected to slow in H2.

Buy. Target $8.70.

Target price is $8.70 Current Price is $7.94 Difference: $0.76
If DXS meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.63, suggesting upside of 10.4% (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

Citi rates FBU as Buy (1) -

Given an improving macroeconomic backdrop, today's 1H results for Fletcher Building (at first glace) were as poor as Citi has seen, and have cost the CEO and Chairman their respective jobs.

Reflecting the better economic conditions, suggests the analyst, revenues beat the consensus forecast by 7%, yet EBITDA and EBIT were misses of -9% and -16%, respectively.

The interim dividend was cut and some growth projects have also been adjusted,, notes Citi , and an equity raise is now potentially in prospect. 

Margins in Building products, Distribution and Construction were all materially below consensus, explains the broker.

Buy rating. Target price of NZ$5.70.

Current Price is $3.94. Target price not assessed.

Current consensus price target is $5.37, suggesting upside of 58.7% (ex-dividends)

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: 0.7

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

UBS rates GUD as Buy (1) -

Upon first glance, UBS thinks G.U.D. Holdings' H1 performance was broadly in line at the group level, but APG continues to underwhelm at the margin level as various disruptions impacted.

The broker thinks the market will be zooming in on what to expect from APG in the second half and beyond. Revenue growth for the acquired business is strong.

Buy. Target $13.

Target price is $13.00 Current Price is $12.01 Difference: $0.99
If GUD meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.08, suggesting upside of 18.4% (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

Bell Potter rates HCW as Buy (1) -

HealthCo Healthcare & Wellness REIT has reported a first half funds from operations per share result of 4.0c, in a beat to Bell Potter's expectations, and reiterated its full year guidance.

Spend has continued across projects on foot, noting HealthCo Healthcare & Wellness REIT's cost share to completion is $42m across more than five projects.

It is the broker's opinion that among the REIT sector, HealthCo Healthcare & Wellness REIT is one of the better value propositions.

The Buy rating is retained and the target price decreases to $1.70 from $1.75.

Target price is $1.70 Current Price is $1.34 Difference: $0.36
If HCW meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 20.5% (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 HCW as Outperform (1) -

HealthCo Healthcare & Wellness REIT's funds from operations were broadly in line with Macquarie and guidance is reaffirmed.

At 42%, look-through gearing at end-December offers limited capacity for deployment into developments, the broker notes, but progress on divestments will assist the REIT's capacity.

The earnings growth outlook remains attractive, Macquarie suggests, given a long WALE portfolio, CPI-linked leases and protection to changes in interest rates.

Easing its expectations for Camden stage 2, the broker cuts its target to $1.45 from $1.48. Outperform retained.

Target price is $1.45 Current Price is $1.34 Difference: $0.11
If HCW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 20.5% (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 HCW as Equal-weight (3) -

HealthCo Healthcare & Wellness REIT reported 1H funds from operations (FFO) of 4.0cpu compared to Morgan Stanley's 4.15cpu forecast.

Management reaffirmed FY24 guidance for FFO/dividend of 8.0cpu.

First half capitalisation rates expanded by 13bps to 5.16% for the REIT, highlights the broker, and overall values increased by 2.5%, with Healthscope driving 99% of the uptick. Some childcare and hospital assets saw minor devaluations.

The $1.70 target and Equal-weight rating are unchanged. Industry view: In-Line.

Target price is $1.70 Current Price is $1.34 Difference: $0.36
If HCW meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 20.5% (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 HCW as Add (1) -

Morgans highlights 1H portfolio metrics remained stable with cash collection of 100%, occupancy 99% and  a weighted average lease expiry (WALE) of 12 years. It's noted 75% of leases are linked to CPI.

Asset recycling was a focus during the period with further asset sales targeted for the 2H, explains the analyst.

Management reaffirmed FY24 guidance of 8cpu for both FFO and dividend.

The broker's target falls to $1.61 from $1.67 due to minor forecast changes. Add.

Target price is $1.61 Current Price is $1.34 Difference: $0.27
If HCW meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 20.5% (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 HLS as Underweight (5) -

Morgan Stanley still doubts Healius can achieve 2H EBIT guidance of $95-105m. First half results on February 27 will help reveal whether the broker, who forecasts $74m for the 2H, is correct.

Separately, the analysts note Medicare data reported 1H pathology ex-covid  benefits for Healius rose by 4% on the previous corresponding period compared to Morgan Stanley's 2% forecast.

The data suggest some upside risk relative to management's guidance for pathology revenue of $600m, explains the broker.

Underweight. Target $1.30. Industry view In-Line.

Target price is $1.30 Current Price is $1.45 Difference: minus $0.15 (current price is over target).
If HLS meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting upside of 20.8% (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 HSN as Buy (1) -

Hansen Technologies will acquire Germany-based software provider Powercloud for $49m.

Powercloud provides billing software to utilities and regional municpalities across Germany, where fundamentals appear strong observes the broker, given the mandated rollout of smart meters between 2025 and 2030.

Ord Minnett considers the acquisition (Hansen's first in five years) to be positive, expecting it will be strongly accretive, generating strong profits post integration (although the broker understands Powercloud was not profitable in the recent past).

The broker appreciates the company's balance sheet, believing it to be well placed to make the acquisition.

Buy rating and $6.80 target price retained.

Target price is $6.80 Current Price is $5.34 Difference: $1.46
If HSN meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 23.4% (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

Shaw and Partners rates HSN as Buy (1) -

Hansen Technologies has announced its acquisition of Powercloud for $49m. According to Shaw and Partners, Hansen Technologies is paying an attractive price that can be comfortably debt funded. 

The broker describes Powercloud as a good business. It is expected that Powercloud can generate revenue between $40-46m in FY25, and become earnings accretive in the same financial year, and the broker anticipates it will add $2m to earnings in FY26.

The Buy rating is retained and the target price increases to $6.90 from $6.30.

Target price is $6.90 Current Price is $5.34 Difference: $1.56
If HSN meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 23.4% (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

UBS rates HSN as Buy (1) -

After a long hiatus, UBS has returned with research on Hansen Technologies following the announcement of the acquisition of powercloud GmbH for EUR30m.

According to the broker's channel checks, powercloud's billing software is unique providing a more modern and flexible cloud native software solution versus legacy monolithic software of competitors.

Hansen Technologies is scheduled to release H1 financials next week and UBS is forecasting EBITDA of $49m, on 6% growth in revenues, and with management reiterating organic revenue growth of 5-7% on an EBITDA margin of at least 30%.

Buy. Target $6.75.

Target price is $6.75 Current Price is $5.34 Difference: $1.41
If HSN meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 23.4% (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

Bell Potter rates IPG as Buy (1) -

In a review of key market indicators ahead of IPD Group's first half result, Bell Potter points out a strong volumes exit rate for the period.

According to the broker, import volumes were down -3% year-on-year over the half, but up 5% and 9% year-on-year respectively in November and December, while import value was up 12% year-on-year over the half.

Bell Potter notes a trail through of volume and value rates could translate to 10-12% market growth over the second half. The broker sees potential for IPD Group to report a first half earnings result near the top end of guidance.

The Buy rating is retained and the target price increases to $5.90 from $5.75.

Target price is $5.90 Current Price is $4.87 Difference: $1.03
If IPG meets the Bell Potter 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: 1.0

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

Shaw and Partners rates JAN as Buy (1) -

Pre-announced first half results from Janison Education demonstrate ongoing growth in the company's core solutions, up 11% year-on-year, but Shaw and Partners points out this has been overshadowed by a lack of growth throughout the rest of the company.

The broker expects this growth drag to impact less in the second half, and forecasts 7% year-on-year revenue growth over the full year, while additional cost out initiatives should help offset.

The Buy rating and target price of 70 cents are retained.

Target price is $0.70 Current Price is $0.33 Difference: $0.375
If JAN meets the Shaw and Partners target it will return approximately 115% (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

Citi rates JHX as Buy (1) -

On closer examination of James Hardie Industries' December-quarter profit, Citi declares it an operational beat thanks to strong market share gains and cash flow generation.

Record marketing and SG&A expenditure remains a concern, says Citi, but management advises that the drag on near-term profits will be worth it and Citi appears to concur, for now.

The broker also expects seasonal improvements, observing an unusual cold start to the quarter in southern US states and observes Spring is traditionally strong.

Buy rating retained. Target price rises to $63 from $55.30, mainly to reflect higher market multiples.

Target price is $63.00 Current Price is $54.19 Difference: $8.81
If JHX meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $62.22, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

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

Macquarie rates JHX as Outperform (1) -

James Hardie Industries' results beat Macquarie's expectations despite increased selling, general & administrative expenses in positioning for the recovery in Renovate&Repair. The cash performance was exceptional, the broker suggests, and the group continues to lift real prices.

The group is well positioned to capture a recovery in US R&R activity, Macquarie believes, with heightened contractor and market engagement evidenced by brand lift. Guidance was otherwise a touch weaker than expected.

Target $65.60, Outperform retained.

Target price is $65.60 Current Price is $54.19 Difference: $11.41
If JHX meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $62.22, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

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

Morgan Stanley rates JHX as Overweight (1) -

Net income in the 3Q for James Hardie Industries beat the consensus expectation by 5%, notes Morgan Stanley. While FY24 guidance disappointed on volume and margins, the company has made a habit of beating volume guidance lately, points out the broker.

The analysts were surprised by the lack of a traditional seasonal volume pick-up in the 4Q. Management explained a change in the timing of the 2021 price (from April  1 to January 1) has reduced the traditional seasonality.

The broker anticipates ongoing growth as conditions improve further. Overweight rating and $65 target are retained. Industry View: In-Line.

Target price is $65.00 Current Price is $54.19 Difference: $10.81
If JHX meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $62.22, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

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 JHX as Hold (3) -

James Hardie Industries' December-quarter result appears to have met Ord Minnett's forecasts, the company posting a strong performance.

On the upside, the company is managing to steal significant market share, triggering a beat on revenue (the broker had expected revenues would fall) thanks to strong sales and volumes.

On the downside, the company reported lower operating margins due to higher costs.

The broker expects James Hardie Industries will romp home in the March quarter to post a solid FY24 performance.

Hold rating and $51 target price retained.

Target price is $51.00 Current Price is $54.19 Difference: minus $3.19 (current price is over target).
If JHX meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $62.22, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

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

UBS rates JHX as Buy (1) -

Despite fourth quarter volumes falling short of UBS's expectations, the broker feels the bar remains low for James Hardie Industries in FY25, finding the company's full year guidance conservative.

Following the company's third quarter result, UBS expects less fourth quarter seasonality but doesn't consider this an early sign of FY25 softness.

It was noted by the company that longer than expected lags around cement, which makes up 10-15% of the company's cost of goods sold, that have proved a tailwind in FY24, should be a headwind in FY25. 

The Buy rating is retained and the target price decreases to $66.50 from $67.70.

Target price is $66.50 Current Price is $54.19 Difference: $12.31
If JHX meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $62.22, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

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

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

Bell Potter initiates coverage on Lotus Resources, believe the company is in a position to restart the Kayelekera uranium project with uranium prices currently at elevated levels.

The broker values Kayelekera at $512m, and assumes restart capital of -US$87.5m. It considers the project highly leveraged to current elevated pricing.

The broker expects a decision on Kayelekera, as well as news of a binding offtake for uranium production and project funding, could all prove impending catalysts for the company.

The broker initiates with a Speculative Buy rating and a target price of 50 cents.

Target price is $0.50 Current Price is $0.33 Difference: $0.175
If LOT meets the Bell Potter target it will return approximately 54% (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

Citi rates MQG as Neutral (3) -

Macquarie Group's December-quarter trading was disappointing but expected, says Citi, given the extraordinarily strong result the previous year.

Guidance was tweaked but otherwise, it was pretty much steady as she goes.

Citi points to growing concern regarding the company's green/renewables realisations and a slowing transactional environment.

EPS forecasts are trimmed.

Neutral rating and $161 target price retained.

Target price is $161.00 Current Price is $186.25 Difference: minus $25.25 (current price is over target).
If MQG meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $181.16, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Overweight (1) -

Macquarie Group's 3Q update revealed a weaker FY24 outlook for Macquarie Asset Management (MAM), notes Morgan Stanley, but a stronger expectation by management for Macquarie Capital.

There was no change to the company's FY24 guidance for Banking and Financial Services (BFS) and Commodities and Global Markets (CGM).

The broker sees potential for a marginal downward revision to FY24 consensus forecasts, given the revised divisional commentary.

Overweight rating. Target $202. Industry view: In-Line.

Target price is $202.00 Current Price is $186.25 Difference: $15.75
If MQG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $181.16, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Hold (3) -

Macquarie Group's December-quarter trading update broadly met Ord Minnett's forecasts, profit declining sharply for the year on what the broker describes as largely timing-related issues and a cyclical slump in commodities and global markets earnings.

The broker appreciates Macquarie Group's balance sheet which allows it to hold assets during downturns to maximise sale value and expects its global infrastructure and renewables investment will pay off over the next five years, positioning it for further improvement.

The broker adds the company is well placed to deploy surplus capital to the pursuit of market share.

Hold rating and $175 target price retained.

Target price is $175.00 Current Price is $186.25 Difference: minus $11.25 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $181.16, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Neutral (3) -

UBS has described a weaker than expected third quarter update from Macquarie Group as disappointng at first glance.

With the company delivering $1.4bn in net profits in the first half, the market had been looking for a $2.2bn result in the second half, but the broker points out a sizeable fourth quarter would now be needed to meet this expectation. 

The broker sits -16% below market on full year net profit forecasts. The Neutral rating and target price of $185.00 are retained.

Target price is $185.00 Current Price is $186.25 Difference: minus $1.25 (current price is over target).
If MQG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $181.16, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in March.

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

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

Bell Potter initiates coverage on marine services business MMA Offshore, as current macroeconomic conditions drive increased investment in the offshore services market. 

The broker explains the company has gone through major transformation in recent years to transition to an integrated marine and subsea services business, from a pure vessel operator, now operating a fleet of twenty offshore support vessels.

It is expected -US$180bn will be invested in greenfield offshore services commitments by 2028, with -US$80bn within MMA Offshore's key markets of Australia, New Zealand and Asia Pacific. 

The broker initiates with a Buy rating and a target price of $2.55.

Target price is $2.55 Current Price is $1.95 Difference: $0.6
If MRM meets the Bell Potter target it will return approximately 31% (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

Morgan Stanley rates REA as Overweight (1) -

Morgan Stanley investigates the potential earnings impact on REA Group should US-based real estate data/analytics business CoStar ever come to Australia.

CoStar intends exploring other geopgraphies, having already begun investing aggressively to challenge the leading real estate portals in the US and the UK, explain the analysts.

The broker points out management has a long and successful track record of seeing off a range of digital challengers, and suggests any potential entrance by CoStar would only be incrementally negative for REA shares.

It may be difficult for the group to sustain the 19% price/yield compound annual growth rate (CAGR) over the last 15 years, suggests Morgan Stanley.

The Overweight rating and $210 target are maintained. Industry View: Attractive.

Target price is $210.00 Current Price is $183.33 Difference: $26.67
If REA meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $172.74, suggesting downside of -5.0% (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 RKN as Equal-weight (3) -

Reckon's FY23 results were in line with Morgan Stanley's expectations. It's anticipated improved leverage will be a catalyst for a share price re-rate.

A stronger subscription performance was offset by legacy products in the Business Division and transactional revenue in the Legal Division, explain the analysts.

The target rises to 65c from 60c, despite an EPS forecast downgrade. The broker lowers capex assumptions. Industry view: In-Line.

Target price is $0.65 Current Price is $0.62 Difference: $0.035
If RKN meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 RWC as Neutral (3) -

Reliance Worldwide has announced the acquisition of Holman Industries for -US$105m. At first glance, Citi expects the purchase will be 2% net-profit-after-tax accretive to FY25 consensus forecasts.

Holman has two major division - plumbing and watering.

Pending closer examination, a Neutral rating and $3.90 target price is retained.

Target price is $3.90 Current Price is $4.31 Difference: minus $0.41 (current price is over target).
If RWC 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 $4.16, suggesting downside 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: 0.3

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

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

The acquistion of Holman Industries for -$160m, which will be debt funded from existing committed facilities, appears to be in line with Reliance Worldwide's strategy, notes Morgan Stanley.

Holman is the leading manufacturer of PVC plumbing fittings in the Australian market, serving the Drain, Waste and Vent (DWV) water-out end market, explains the broker.

Based on Reliance's net sales in FY23, and Holman's sales over the same period, the analysts expect a doubling of annual net external sales in the APAC region to $360m.

Equal-weight. Target $4.20. Industry view: In-Line.

Target price is $4.20 Current Price is $4.31 Difference: minus $0.11 (current price is over target).
If RWC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.16, suggesting downside 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: 0.3

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

Morgans rates RWC as Hold (3) -

Morgans believes the deal to acquire Holman Industries in Australia for -$160m looks reasonable from both a financial and strategic perspective. Holman is a manufacturer and distributor of plumbing and watering products domestically.

The analyst points out Reliance Worldwide's first move into the ‘water-out’ market, complements the existing presence in the ‘water-in’ market in Australia.

The broker's target price rises to $4.20 from $3.56 on a financial model roll-forward and a slightly higher valuation multiple to reflect a stabilisation in the interest rate environment, with the potential for interest rate cuts.

First half results are due on February 19.

Target price is $4.20 Current Price is $4.31 Difference: minus $0.11 (current price is over target).
If RWC 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 $4.16, suggesting downside 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: 0.3

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

Ord Minnett rates RWC as Hold (3) -

Reliance Worldwide has purchased Holman industries for -$160m, to be funded from existing debt facilities. The deal is expected to be finalised in March.

Holman is an Australian wholesaler and retailer with two divisions: plumbing and watering. Ord Minnett observes the deal will improve Reliance Worldwide's domestic retail exposure.

Management expects the deal to be EPS accretive in its first year and for return on capital to outpace current levels.

While the purchase appears fine, Ord Minnett observes economic condition are less promising and expects lower FY24 revenue to be only partly offset by cost reductions.

Hold rating retained. Target price rises to $4.10 from $3.90.

Target price is $4.10 Current Price is $4.31 Difference: minus $0.21 (current price is over target).
If RWC meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.16, suggesting downside 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: 0.3

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

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

Seek's first half earnings were below Macquarie's expectations due to higher reinvestment and softer Asian volumes, leading to an FY24 guidance downgrade of -6%. The broker had been expecting a downward revision but the quantum surprised.

Macquarie is nevertheless more positive on the cycle and concurs with the company's expectation for listings to trough into the second half before growing into FY25.

A&NZ guidance to yield growth of 10% in 2H24 is conservative in the broker's view. Seek has already achieved 10-11% price increases from variable pricing. Any further price increases would provide upside from here.

The cyclical downgrade and cost reinvestment are now past for the group, Macquarie believes. Target rises to $29 from $26, upgrade to Outperform from Neutral.

Target price is $29.00 Current Price is $25.62 Difference: $3.38
If SEK meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.70, suggesting upside of 11.0% (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 SEK as Add (1) -

Seek's 1H revenue and earnings missed the consensus forecast by -3% and -7%, respectively, observes Morgans. The midpoints of lower guidance for revenue, earnings (EBITDA) and profit also missed consensus forecasts by -3%, -5% and -14%, respectively.

Management noted the seasonal rate of decline for job advertisement volumes into November/December was stronger than originally assumed.

More positively, highlights the broker, the company expects ongoing growth in yield in the 2H, with A&NZ expecting around 10% growth, with dynamic pricing a key driver. Seek Asia is also expected to grow by “mid-teens” compared to the previous corresponding period.

The target falls to $27.30 from $27.80. Add.

Target price is $27.30 Current Price is $25.62 Difference: $1.68
If SEK meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.70, suggesting upside of 11.0% (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

Ord Minnett rates SEK as Lighten (4) -

Seek's December-half result broadly met Ord Minnett's forecasts.

The broker has been forecasting a normalisation from pandemic levels (downward) in Seek's A&NZ business for some time and continues to view the share price as overvalued, believing there is still a way to go.

Add to the over-earning dilemma, sharp falls in paid job volumes (albeit cushioned by higher average yields per listing and gains in market share from LinkedIn) and the broker perceives an unsustainable position.

The broker expects add yields will be forced to fall as vacancies fall. FY24 and FY25 EPS forecasts fall from December levels. FY25 DPS forecasts rise.

Lighten rating and $19 target price retained.

Target price is $19.00 Current Price is $25.62 Difference: minus $6.62 (current price is over target).
If SEK meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.70, suggesting upside of 11.0% (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

UBS rates SEK as Buy (1) -

The key driver of a full year guidance downgrade from Seek, says UBS, is expectations of continued volume weakness in Australia, New Zealand and Asia over the second half.

UBS lowers its revenue and earnings forecasts by -4% and -9% respectively through to FY26 to reflect volume weakness, but longer-term has lifted earnings and earnings per share forecasts by 5%, anticipating margin benefits from greater yield growth in Asia. 

The Buy rating is retained and the target price increases to $29.20 from $27.40.

Target price is $29.20 Current Price is $25.62 Difference: $3.58
If SEK meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.70, suggesting upside of 11.0% (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 SHL as Overweight (1) -

Fourth quarter results for Sonic Healthcare's US competitor Quest Diagnostics matched Morgan Stanley's expectation for Sonic's base business and covid testing revenues.

Separately, the analysts note Medicare data reported 1H pathology ex-covid  benefits for Sonic rose by 4% on the previous corresponding period compared to Morgan Stanley's 7% forecast.

The data suggest some downside risk, though the company is likely to grow above market, notes the broker.

First half results are due on February 20.

Morgan Stanley's $35.55 target and Overweight rating are unchanged. Industry view is In-Line.

Target price is $35.55 Current Price is $32.36 Difference: $3.19
If SHL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $34.46, suggesting upside of 7.4% (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

Bell Potter rates STX as Buy (1) -

In a result not expected by Bell Potter, Strike Energy's South Erregulla 3 well has failed flow testing, with the company announcing no initial flow. Bell Potter explains there may be possible gas-water contact.

The company will now undertake resting of South Erregulla 2, with results expected in coming weeks.

Not only is the result disappointing, as per Bell Potter, but it also has potential to alter understanding of the project's reserve modeling and near-term development plan.

The Buy rating is retained and the target price decreases to 46 cents from 60 cents.

Target price is $0.46 Current Price is $0.32 Difference: $0.145
If STX meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 41.7% (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

Macquarie rates STX as Outperform (1) -

Strike Energy's South Erregulla-3 production test flowed water instead of gas, with the company assuming it intersected gas-water contact. A brutal reminder, Macquarie suggests, that paying up for level 2 contingent (2C) resources is risky.

The broker now takes a more conservative approach to the company's other pre-drill resources, but success poses upside.

A smaller South Erregulla represents a "material deterioration" in the investment case, and as such Macquarie believes the market reaction to yesterday's result (-25%) was largely justified based on the information at hand.

Target falls to 40c from 48c. Outperform retained.

Target price is $0.40 Current Price is $0.32 Difference: $0.085
If STX meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 41.7% (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

UBS rates SVW as Buy (1) -

It is UBS's initial assessment today's H1 result from Seven Group was a decisive "beat", with EBIT 21% above market consensus and WesTrac beating expectations by 25%.

Management has upgraded its FY24 guidance to "mid to high-teen growth". Margin improvement was just about everywhere, with UBS also pointing at solid operating cash flows, and de-leveraging of the balance sheet.

Buy. Target $34.50.

Target price is $34.50 Current Price is $36.35 Difference: minus $1.85 (current price is over target).
If SVW meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.40, suggesting downside of -13.8% (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

Macquarie rates SWM as Neutral (3) -

Seven West Media's first half earnings were largely in line with Macquarie. March quarter trends to date remain negative, but less so than the December quarter.

The broker's industry feedback suggests 2024 looks to be another tough year for TV, particularly linear, with ad markets expected to be
 down -10-15%.

Seven indicated it is in discussions with generative AI operators regarding commercialisation. Macquarie likens this to the digital platform payments the group received from Meta/Alphabet in 2021.

A big cut to FY25 forecasts nevertheless sees the target fall to 23c from 39c. Neutral retained.

Target price is $0.23 Current Price is $0.25 Difference: minus $0.015 (current price is over target).
If SWM meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.28, suggesting upside of 16.7% (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 SWM as Underweight (5) -

In a low-quality result, according to Morgan Stanley, Seven West Media's 1H revenue and earnings (EBITDA) missed consensus forecasts by -0.6% and -7%, respectively.

Morgan Stanley highlights the TV market is in decline. The total TV advertising market fell by -9% in 1H, with management noting Q2
was weaker-than-expected. The 3Q is expected to be negative as well, but at a lower percentage rate of decline.

Underweight rating retained. Target price falls to 23c from 26c. Industry view: Attractive.

Target price is $0.23 Current Price is $0.25 Difference: minus $0.015 (current price is over target).
If SWM meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.28, suggesting upside of 16.7% (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 SWM as Buy (1) -

Seven West Media's December-half result sharply disappointed Ord Minnett's forecasts, thanks to a -43% drop in earnings (EBIT).

The broker was further disappointed by management's decision to reduce disclosure, which meant the "high growth" broadcast video on demand segment could no longer be separated from free-to-air.

Ord Minnett observes management leaned heavily on its only available option - costs - but normalised expenses still rose 6%.

EPS forecasts fall roughly -25% and the broker cuts its five-year earnings (EBIT) compound annual growth rate to -5% from -1%.

Buy rating retained given the share price is trading at less than fair value. Target price falls -27% to 40c from 55c.

Target price is $0.40 Current Price is $0.25 Difference: $0.155
If SWM meets the Ord Minnett target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 16.7% (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 SWM as Neutral (3) -

The wait for macro recovery continues for Seven West Media, with UBS noting the free to air advertisement market declined -13% over the first half as industry visibility remains short.

The broker lifts its full year earnings and net profit forecasts for the company by 3% and 11% respectively, reflecting an improved TV share performance, albeit somewhat offset by lower expected metro free to air advertisement market growth.

The Neutral rating is retained and the target price decreases to 26 cents from 27 cents.

Target price is $0.26 Current Price is $0.25 Difference: $0.015
If SWM meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 16.7% (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 TPW as Upgrade to Buy from Neutral (1) -

On closer examination, Citi declares Temple & Webster's December-half result an 18% beat, the company posting strong revenue and earnings, and conversion rates appeared to rise.

The broker also observes the company's cost dynamics are improving and appear to be decoupling from revenue movements.

It is this observation that leads Citi to upgrade earnings (EBIT) forecasts by 14% in FY24 and 20% in FY25.

The company's next step is to steal market share from physical retailers, says Citi. Rating is upgraded to Buy from Neutral. Target price rises to $13 from $7.40.

Target price is $13.00 Current Price is $11.01 Difference: $1.99
If TPW meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.91, suggesting downside of -12.7% (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 TPW as Upgrade to Outperform from Neutral (1) -

Temple & Webster's sales have grown 35% in second half to date, Macquarie notes, having grown 23% in the first half. The company is gaining significant market share, with the overall market down -6% in the first half versus Temple & Webster up 23%.

Revenue growth year to date and record active customers support the broker's revenue upgrades to 24% compound to FY28, up from 22%. Early signs of AI-driven cost leverage is apparent, Macquarie notes, with fixed costs at 10.7% of sales in 1H24, down from 12% in FY23.

The broker continues to expect increased marketing to support sales growth, with earnings margin assumptions increased, particularly in outer years. Target rises to $12.30 from $7.35. Upgrade to Outperform from Neutral.

Target price is $12.30 Current Price is $11.01 Difference: $1.29
If TPW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.91, suggesting downside of -12.7% (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 TPW as Overweight (1) -

Morgan Stanley finds it hard to fault Temple & Webster's 1H results which revealed beats against consensus forecasts for revenue and earnings (EBITDA) of 1% and 23%, respectively.

The gross margin widened by 180ps to 33.3%.

Sales growth is tracking towards the top-end of revenue targets, notes the broker, while sales have grown by 35% year-on-year in the 2H, up to February 11. Management reiterated FY24 guidance and longer-term targets.

Overweight. Target $9.25. Industry View: In-Line.

Target price is $9.25 Current Price is $11.01 Difference: minus $1.76 (current price is over target).
If TPW meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.91, suggesting downside of -12.7% (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

UBS rates TPW as Neutral (3) -

UBS saw Temple & Webster releasing a strong interim performance, with revenue growth comfortably above expectations. The broker notes February to April comparisons look pretty easy to compare with in the quarters ahead.

UBS observes market consensus has penciled in $1bn in revenues by FY29. Given how strong the online retailer is outperforming currently, UBS thinks the date for reaching that milestone will likely be pulled forward.

Neutral rating with a price target of $7 (up from $6.20).

Target price is $7.00 Current Price is $11.01 Difference: minus $4.01 (current price is over target).
If TPW meets the UBS target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.91, suggesting downside of -12.7% (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

Ord Minnett rates URW as Buy (1) -

Unibail-Rodamco-Westfield's full-year result appears to have met Ord Minnett's forecast.

Earnings (EPS) growth continued in the face of $1bn asset sales and the broker expects this trend to continue in 2024 as the company continues its sharp reduction in European exposures (one-fifth of the entire property portfolio, says the broker).

While asset sales and higher rates are likely to dampen earnings growth, Ord Minnett believes the company's share price does not reflect the company's value (despite the recent 66% rally), which is likely to be supported by a better balance sheet.

Buy rating and $7.80 target price retained.

Target price is $7.80 Current Price is $5.88 Difference: $1.92
If URW meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

This company reports in EUR. 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 VSL as Add (1) -

As Morgans expected, 1H results for Vulcan Steel were weak, but management commentary was slightly more upbeat than anticipated. The broker feels earnings for this cyclical business are close to hitting the bottom.

The company noted sales activity is showing early signs of stabilising, and there have been increased customer inquiry levels in certain segments so far in the 2H.

The target falls to $8.60 from $9.00 as Morgans forecasts a weaker-than-originally-expected 2H earnings contribution. Add.

Target price is $8.60 Current Price is $7.38 Difference: $1.22
If VSL meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

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: 1.0

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

UBS rates VSL as Buy (1) -

Vulcan Steel's H1 performance marginally beat forecasts by UBS with the broker observing overall activity seems to be stabilising, but a lot needs to happen still to drive an earnings recovery in H2.

As per the broker's explanation, H2 offers seasonally weaker sales because it has less trading days.

Overall, it is the broker's assessment Vulcan Steel delivered a "solid" performance amidst tough trading conditions. Buy. Target $8.20.

Target price is $8.20 Current Price is $7.38 Difference: $0.82
If VSL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

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: 1.0

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