Australian Broker Call

Citi rates A2M as Buy (1) -

Synlait Milk ((SM1)) has indicated the onsite audit for a2 Milk Co's China label registration renewal will be delayed to June/July from March/April, for a final decision by year end, with Citi noting registration renewal is not guaranteed. 

The registration allows access to the mother and baby store and domestic online channels which accounted for 40% of infant milk formula sales in the first half. The broker notes non-renewal of the registration would not only cease China label sales, but impact the reputation of English label product.

The Buy rating and target price of $7.02 are retained.

Target price is $7.02 Current Price is $5.20 Difference: $1.82
If A2M meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.19, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

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

Following Abacus Property's mid-March capital raising shares have underperformed to the extent they are now trading at a -24% discount to peers, according to Macquarie. The rating is lifted to Outperform from Neutral.

After the raising and the sale of 464 St Kilda Rd, the broker is more comfortable with near-term funding capacity. A continuation of the strong performance in self storage is seen as key. The target rises by 1% to $3.65.

Target price is $3.65 Current Price is $3.30 Difference: $0.35
If ABP meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates AKE as Outperform (1) -

Allkem expects its Olaroz to command carbonate prices of US$35,000 per tonne in the June quarter, up from previous guidance of US$25,000 per tonne, driving material upgrades to the Credit Suisse's outlook.

The broker notes expiration of lower-priced contracts likely drove the increase, and anticipates a strong price jump in the June quarter to be followed by further increases in the September quarter. The broker considers the net cash position provides ample room for shareholder returns.

The Outperform rating is retained and the target price increases to $15.30 from $14.70.

Target price is $15.30 Current Price is $12.40 Difference: $2.9
If AKE meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Macquarie rates AKE as Outperform (1) -

Allkem expects to deliver 50kt of spodumenes concentrate in the June quarter, which is 58% above Macquarie's estimate. Management also estimates spodumene concentrate pricing for that period around 25% higher than the broker's prior forecast.

The average realised price in the 3Q was broadly in-line with Macquarie's forecast.

The analyst lifts its price target by 4% to $16.90. While the June quarter guidance suggests to the analyst a solid performance from Olaroz, materially higher than expected pricing and shipments from Mt Cattlin were a key highlight.

Outperform retained.

Target price is $16.90 Current Price is $12.40 Difference: $4.5
If AKE meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Morgans rates AKE as Add (1) -

Allkem upgraded guidance for June quarter lithium prices by 40% for carbonate and also doubled Morgans expectations for spodumene. 

The broker notes that while the company is a pure-play in lithium, geographical and type of lithium diversification makes the company more attractive than most ASX-listed peers.

The company produces spodumene concentrate, lithium carbonate and soon to be lithium hydroxide. The analyst retains the Add rating and lifts the target price to $15.24 from $14.83, while also allowing for a moderation in long-term prices.

Target price is $15.24 Current Price is $12.40 Difference: $2.84
If AKE meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Ord Minnett rates AKE as Buy (1) -

Ord Minnett is very positive on the lithium outlook and doubles its prior 2023 price forecast for spodumene to US$5,000/t, while hydroxide and carbonate estimates have lifted 50% and 60%, respectively. Meanwhile, the long term forecast rises by 18%.

The broker lifts its price target for Allkem to $17.50 from $12.50 and maintains its Buy rating.

Target price is $17.50 Current Price is $12.40 Difference: $5.1
If AKE meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Credit Suisse rates ALL as Outperform (1) -

With data suggesting revenue from Aristocrat Leisure's Raid game was down -28% in March compared to the previous comparable period, Credit Suisse has lowered its casual games revenue forecast and decreased earnings per share forecasts -3% through to FY24.

Longer-term, the broker retains its view that 20%, or US$400m, of digital revenue will come from new games in FY25, but notes lack of certainty in the new game pipeline. 

The Outperform rating is retained and the target price decreases to $43.50 from $45.00.

Target price is $43.50 Current Price is $36.19 Difference: $7.31
If ALL meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $47.10, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Credit Suisse rates AMP as No Rating (-1) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

Credit Suisse considers specialist platforms to be benefiting from larger inflows, and institutional platforms to be benefiting from lower outflows. 

Marking to market for AMP  Credit Suisse's earnings per share forecasts increase 5%, 3% and 3% for FY22, FY23 and FY24 respectively. 

Credit Suisse remains research restricted and cannot provide a rating or target for AMP.

Current Price is $0.96. Target price not assessed.

Current consensus price target is $1.08, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Ord Minnett rates AWC as Buy (1) -

Following rising metal prices due to the Russia/Ukraine conflict, Ord Minnett increases its 2023 price forecast for aluminium and alumina by around 20%. Longer term forecast prices rise by 19% for aluminium and 23% for alumina.

The broker lifts its target price for Alumina Ltd to $2.60 from $2.30. Buy.

Target price is $2.60 Current Price is $2.03 Difference: $0.57
If AWC meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 10.3% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Ord Minnett rates BHP as No Rating (-1) -

Ord Minnett has raised its price forecast for iron ore by 22% to US$139/t in 2022 and by 14% to US$115/t in 2023. Strong steel output from China and lackluster supply from the iron ore majors in Australia and Brazil due to weather, covid and labour costs contributed.

The broker increases its FY23 thermal and metallurgical coal price forecasts by 68% and 38%. For the long term estimates rise by 27% and 29%.

Along with iron ore and coal, the broker is very positive on the lithium outlook and also notes higher prices for base metals and coal from supply disruptions from the Russia/Ukraine conflict.

Ord Minnett is on rating restriction for BHP Group.

Current Price is $52.39. Target price not assessed.

Current consensus price target is $49.56, suggesting downside of -5.5% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

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

Ord Minnett sees Bank of Queensland's recent net interest margin (NIM) outperformance potentially reversing and lowers its rating to Hold from Accumulate, while the target falls to $8.90 from $9.80.

The broker attributes the potential reversal partly to a greater reliance upon term deposits (spreads are worsening). Additionally, 78% of the bank's lending is exposed to mortgages, which is currently considered a highly competitive space.

Target price is $8.90 Current Price is $8.50 Difference: $0.4
If BOQ meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.17, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates BSL as Buy (1) -

Ord Minnett raises its target price for BlueScope Steel to $28 from $25 as part of an overall review of both the iron ore and wider mining sector. The broker estimates ongoing strong steel demand from China.

The broker retains its Buy rating for BlueScope Steel.

Target price is $28.00 Current Price is $21.16 Difference: $6.84
If BSL meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $25.56, suggesting upside of 20.2% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates BXB as Buy (1) -

While not suggesting Brambles is worthy of its prior significant growth premium, UBS feels an around -25% discount to the ASX Industrials ex Financials and Healthcare index is overdone. This is especially the case given leverage to more stable trading post-covid.

A stabilisation of conditions should see the cost of lumber come down, according to the analyst, which would drive lower loss rates and lower maintenance capex. The Buy rating is maintained and the target slips to $13 from $13.35.

Target price is $13.00 Current Price is $9.82 Difference: $3.18
If BXB meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $11.53, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Ord Minnett rates CHN as Buy (1) -

Following rising metal prices due to the Russia/Ukraine conflict, Ord Minnett increases its FY23 and longer term price base metals forecasts.

The broker lifts its target price for Chalice Mining to $10 from $9.00. The Buy rating is maintained.

Target price is $10.00 Current Price is $7.08 Difference: $2.92
If CHN meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

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 Buy (1) -

In Citi's opinion, Domain Australia's acquisition of Realbase is in line with its marketplace strategy and strengthens the Agent Solution business, despite a purchase price 20.5x earnings appearing expensive to the broker.

Citi expects Domain Australia will need to prove the acquisition can strengthen its core listing business to dismiss purchase price concern. 

The Buy rating and target price of $6.15 are retained.  

Target price is $6.15 Current Price is $4.01 Difference: $2.14
If DHG meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 28.9% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates DHG as Neutral (3) -

Domain Australia has agreed to acquire tech platform Realbase for $180m, as well as up to $50m in contingent consideration. Credit Suisse notes the move is consistent with company strategy to create a property marketplace, but considers the price a little high. 

The broker notes growth in the coming year could justify the acquisition price.

The Neutral rating is retained and the target price decreases to $4.50 from $4.85.

Target price is $4.50 Current Price is $4.01 Difference: $0.49
If DHG meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates DHG as Upgrade to Buy from Hold (1) -

Following an encouraging, though in-line trading update, Ord Minnett upgrades its rating for Domain Australia to Buy from Hold largely due to a recently weak share price. The target price of $4.80 is unchanged.

The analyst is cautious around aspects of both the Realbase acquisition and the company’s wider marketplace strategy. Realbase is the largest campaign management technology platform across Australasia.

The broker reminds investors the company's record of integrations points to the difficulty, and greater-than-expected expense, of stitching together ‘proptech’ businesses.

Target price is $4.80 Current Price is $4.01 Difference: $0.79
If DHG meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates FMG as Hold (3) -

Ord Minnett has raised its price forecast for iron ore by 22% to US$139/t in 2022 and by 14% to US$115/t in 2023. Strong steel output from China and lackluster supply from the iron ore majors in Australia and Brazil due to weather, covid and labour costs contributed.

The broker also notes higher prices for base metals from the Russia/Ukraine conflict.

The target price for Fortescue Metals falls to $20 from $21 and the Hold rating is unchanged.

Target price is $20.00 Current Price is $21.06 Difference: minus $1.06 (current price is over target).
If FMG 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 $17.45, suggesting downside of -19.6% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.4

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

Morgans rates GQG as Add (1) -

Morgans expects market volatility and investor caution to have impacted fund flows for ASX-listed fund managers through the 1Q of 2022 and then carry over into the 2Q.

After a mark-to-market exercise, the broker downgrades FY22-24 EPS forecasts for GQG Partners by around -1.7%. Nonetheless, the stock is the broker's most preferred across its coverage of fund managers due to an attractive valuation and strength for flows.

The Add rating is maintained, while the target slips to $2.15 from $2.27.

Target price is $2.15 Current Price is $1.38 Difference: $0.77
If GQG meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates HUB as Outperform (1) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

Credit Suisse considers specialist platforms to be benefiting from larger inflows, and institutional platforms to be benefiting from lower outflows. 

Hub24 has grown its market share to 5% from 1% in the last five years, and the broker expects best in class product to support further gains. Marking to market Credit Suisse's earnings per share forecasts decrease -1%, -4% and -4% for FY22, FY23 and FY24 respectively. 

The Outperform rating and target price of $37.00 are retained.

Target price is $37.00 Current Price is $27.02 Difference: $9.98
If HUB meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $34.21, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates HUB as Add (1) -

Morgans views the structural environment as supportive for flows into specialist platforms like Hub24, which should provide resilience through periods of market volatility. Flows from new adviser growth is thought to provide lagged and more stable flows.

The broker prefers Hub24 over Netwealth Group ((NWL)) due to a more compelling valuation when taking into account the growth potential of each company.

The Add rating and $32.85 target are retained.

Target price is $32.85 Current Price is $27.02 Difference: $5.83
If HUB meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $34.21, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IFL as Outperform (1) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

Credit Suisse considers specialist platforms to be benefiting from larger inflows, and institutional platforms to be benefiting from lower outflows. 

Insignia Financial management's confidence and demonstrated ability to build on flow improvement suggests significant potential value according to the broker. Marking to market Credit Suisse's earnings per share forecasts decrease -1%, -6% and -6% for FY22, FY23 and FY24 respectively. 

The Outperform rating and target price of $5.40 are retained.

Target price is $5.40 Current Price is $3.64 Difference: $1.76
If IFL meets the Credit Suisse target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 41.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates JHG as Neutral (3) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

While currently trading at a -45% discount to the market, a 15 year low in Credit Suisse's coverage, the broker expects flows for asset managers to improve in the first quarter of 2022. 

The broker struggles to see positive catalysts for Janus Henderson in the coming months, although the INTECH sale offers medium-term opportunity. Marking to market, Credit Suisse's earnings per share forecasts decline -7%, -8% and -8% for FY22, FY23 and FY24 respectively. 

The Neutral rating is retained and the target price decreases to $37.50 from $40.00.

Target price is $37.50 Current Price is $46.32 Difference: minus $8.82 (current price is over target).
If JHG meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.70, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Macquarie rates JMS as Neutral (3) -

Following 4Q results for Jupiter Mines, Macquarie notes higher realised pricing offset lower operational volumes, as production and sales were -6% and -9% below expectations.

The broker's price target jumps by 25% to $0.25 on a valuation roll forward and due to higher spot price forecasts. Manganese prices have started to rally and the analyst notes this pricing is the big swing factor for share price upside or downside.

Target price is $0.25 Current Price is $0.26 Difference: minus $0.01 (current price is over target).
If JMS meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in February.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates KAR as Outperform (1) -

Responding to media reports, Karoon Energy confirmed a proposal to acquire 50% of the Atlanta oilfield in Brazil's Santos basin was submitted. Macquarie notes another oil acquisition in the area had been previously flagged and the price paid will be the key.

The broker makes no changes to earnings forecasts or the price target of $2.65. The Outperform rating is maintained.

Target price is $2.65 Current Price is $2.19 Difference: $0.46
If KAR meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates KAR as Add (1) -

In a transaction yet to be finalised, Karoon Energy will potentially acquire a 50% stake in the Atlanta field, an existing oil field in Brazil that has growth options, explains Morgans. Like the company's existing Bauna field, Atlanta is also located in the Santos Basin.

The broker likes the potential move which is consistent with the company's inorganic strategy. It's anticipated the acquisition and full-field development will receive solid support from debt markets. The Add rating and $2.60 target are maintained.

Target price is $2.60 Current Price is $2.19 Difference: $0.41
If KAR meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates MFG as Neutral (3) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

While currently trading at a -45% discount to the market, a 15 year low in Credit Suisse's coverage, the broker expects flows for asset managers to improve in the first quarter of 2022. 

Despite Barrenjoey offering upside risk for Magellan Financial, the broker expects further negative near-term catalysts. Flow stabilisation could improve outlook. Marking to market, Credit Suisse's earnings per share forecasts increase 2% for FY22, remaining flat in FY23 and FY24. 

The Neutral rating and target price of $14.40 are retained.

Target price is $14.40 Current Price is $15.35 Difference: minus $0.95 (current price is over target).
If MFG meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.67, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.7

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

Morgans rates MFG as Hold (3) -

Morgans expects market volatility and investor caution to have impacted fund flows for ASX-listed fund managers through the 1Q of 2022 and then carry over into the 2Q.

After a mark-to-market exercise, the broker upgrades the FY22 EPS forecast for Magellan Financial by 1% and then by around 6% for FY23 onwards. The target rises to $16.73 from $15.78. Nonetheless, further significant outflows are expected. 

The analyst believes the risk reward balance is unfavourable and retains a Hold rating.

Target price is $16.73 Current Price is $15.35 Difference: $1.38
If MFG meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.7

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

Ord Minnett rates MIN as Upgrade to Hold from Sell (3) -

Ord Minnett has raised its price forecast for iron ore by 22% to US$139/t in 2022 and by 14% to US$115/t in 2023. Strong steel output from China and lackluster supply from the iron ore majors in Australia and Brazil due to weather, covid and labour costs contributed.

Along with iron ore, the broker is very positive on the lithium outlook and also notes higher prices for base metals and coal from supply disruptions from the Russia/Ukraine conflict.

Ord Minnett raises its rating for Mineral Resources to Hold from Sell and lifts its price target to $59 from $45.

Target price is $59.00 Current Price is $54.59 Difference: $4.41
If MIN meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $60.89, suggesting upside of 7.8% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates MQG as Buy (1) -

Citi anticipates further surges in oil and gas markets may see Macquarie Group deliver a stronger full year result than suggested in its last market update in early February on the back of a strong contribution from its Commodities and Global Markets (CGM) segment. 

The broker has lifted its profit estimate 6% to $4.61bn, noting the company has already revised CGM profit guidance up 120% since last May. 

The Buy rating and target price of $226.00 are retained.

Target price is $226.00 Current Price is $206.00 Difference: $20
If MQG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $221.60, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates MTS as Buy (1) -

Due to an investment in stores and changed consumer shopping habits, UBS believes the dissipation of market share gained by Metcash during covid will be less than expected.

The broker likes the opportunity from hardware, which is a key growth driver and believes the risk reward balance suggests a higher share price. The $5 target price and Buy rating are retained.

Target price is $5.00 Current Price is $4.47 Difference: $0.53
If MTS meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates NCM as Buy (1) -

Following rising metal prices due to the Russia/Ukraine conflict, Ord Minnett increases its 2023 price forecast for copper by 8% to US$4.61/lb, while the long term price rises by 6% to US$3.50/lb. The long term gold price forecast remains at US$1,600/oz.

The broker lifts its target price for Newcrest Mining to $31 from $29 and retains its Buy rating.

Target price is $31.00 Current Price is $26.93 Difference: $4.07
If NCM meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

UBS rates NEC as Buy (1) -

Looking at valuations for both Nine Entertainment Co and Domain Holdings ((DHG)), UBS estimates the latter comprises 27% of the valuation of the former.

The remainder of Nine Entertainment Co is valued by the market at $2.16/share versus the value of $2.79 ascribed by the broker. The Buy rating and $3.90 target are unchanged.

Target price is $3.90 Current Price is $2.91 Difference: $0.99
If NEC meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates NWL as Outperform (1) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

Credit Suisse considers specialist platforms to be benefiting from larger inflows, and institutional platforms to be benefiting from lower outflows. 

Netwealth Group has grown its market share to 5% from 1% in the last five years, and the broker expects best in class product to support further gains. Marking to market Credit Suisse's earnings per share forecasts decrease -1%, -2% and -2% for FY22, FY23 and FY24 respectively. 

The Outperform rating and target price of $17.00 are retained. 

Target price is $17.00 Current Price is $14.83 Difference: $2.17
If NWL meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates NWL as Hold (3) -

Morgans views the structural environment as supportive for flows into specialist platforms like Netwealth Group, which should provide resilience through periods of market volatility. Flows from new adviser growth is thought to provide lagged and more stable flows.

The broker prefers Hub24 ((HUB)) over Netwealth Group due to a more compelling valuation when taking into account the growth potential of each company.

The Hold rating and $15.25 target are retained.

Target price is $15.25 Current Price is $14.83 Difference: $0.42
If NWL meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates NWS as Buy (1) -

Looking at valuations for both News Corp and REA Group ((REA)), UBS estimates the latter comprises 61% of the former's market value.

This calculation implies a valuation of around $11 per share for all of News Corp's other assets, well shy of the $20.03 valuation the analyst ascribes. The Buy rating and $42.50 target are unchanged.

Target price is $42.50 Current Price is $30.09 Difference: $12.41
If NWS meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $41.88, suggesting upside of 41.3% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Credit Suisse rates PDL as Outperform (1) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

While currently trading at a -45% discount to the market, a 15 year low in Credit Suisse's coverage, the broker expects flows for asset managers to improve in the first quarter of 2022. 

While softening of Pendal Group's key inflow driver fund, International Select, is a concern, retail flows appear to be outperforming the sector and ESG exposure could drive flow improvement. Marking to market, Credit Suisse's earnings per share forecasts decline -7%, -13% and -13% for FY22, FY23 and FY24 respectively. 

The Outperform rating is retained and the target price decreases to $5.40 from $6.85. 

Target price is $5.40 Current Price is $4.48 Difference: $0.92
If PDL meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.53, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates PDL as Add (1) -

Morgans expects market volatility and investor caution to have impacted fund flows for ASX-listed fund managers through the 1Q of 2022 and then carry over into the 2Q.

After a mark-to-market exercise, the broker downgrades the FY22 EPS forecast for Pendal Group by -8% and then by -12.5% for FY23 onwards. The target price falls to $5.65 from $6.85. It's thought flows need to stabilise for a sustained re-rating of the shares. Add.

Target price is $5.65 Current Price is $4.48 Difference: $1.17
If PDL meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.53, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates PLS as Neutral (3) -

Credit Suisse anticipates Pilbara Minerals will achieve a realised spodumene price in the June quarter near the US$5,000 per tonne indicated by Allkem ((AKE)), and adjusts forecasts accordingly. 

While the broker prefers Allkem, it notes that Pilbara Minerals should enjoy a premium over Allkem given a strong track record and management. 

The Neutral rating is retained and the target price increases to $3.90 from $3.20.

Target price is $3.90 Current Price is $3.43 Difference: $0.47
If PLS meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates PLS as Outperform (1) -

Macquarie points out spot lithium prices underpin strong earnings upgrade momentum for Pilbara Minerals. Also, a positive scoping study at the Mid-Stream Project highlights an opportunity to capture more value along the lithium value chain.

The broker sees a key near-term catalyst resulting from a potential spot sale on its battery material exchange (BMX) platform. The price target rises 8% to $4.30 and the Outperform rating is unchanged.

Target price is $4.30 Current Price is $3.43 Difference: $0.87
If PLS meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates PLS as Upgrade to Buy from Hold (1) -

Ord Minnett is very positive on the lithium outlook and doubles its prior 2023 price forecast for spodumene to US$5,000/t, while hydroxide and carbonate estimated have lifted 50% and 60%, respectively. Meanwhile, the long term forecast rises by 18%.

The broker lifts its rating for Pilbara Minerals to Buy from Hold and raises its target price to $4.50 from $2.90.

Target price is $4.50 Current Price is $3.43 Difference: $1.07
If PLS meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates PNI as Add (1) -

Morgans expects market volatility and investor caution to have impacted fund flows for ASX-listed fund managers through the 1Q of 2022 and then carry over into the 2Q.

After a mark-to-market exercise, the broker downgrades FY22-24 EPS forecasts for Pinnacle Investment Management by -1%, -6.5% and -4.5%.

While the analyst retains an Add rating on a long-term view, the stock remains susceptible to near term market volatility due to a premium valuation. The target price falls to $13.25 from $14.45.

Target price is $13.25 Current Price is $10.66 Difference: $2.59
If PNI meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $14.79, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Credit Suisse rates PPT as Outperform (1) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

While currently trading at a -45% discount to the market, a 15 year low in Credit Suisse's coverage, the broker expects flows for asset managers to improve in the first quarter of 2022. 

With a higher Australian exposure than some peers, impact on Perpetual has been limited. Marking to market, Credit Suisse's earnings per share forecasts for Perpetual decline -1%, -6% and -7% for FY22, FY23 and FY24 respectively. 

Perpetual remains the broker's preferred asset management pick. The Outperform rating is retained and the target price decreases to $42.00 from $43.00. 

Target price is $42.00 Current Price is $34.23 Difference: $7.77
If PPT meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $39.44, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates PTM as Neutral (3) -

Asset managers with greater exposure to the US and European markets, which were outperformed by the Australian market in the first quarter, look to suffer larger downgrades from Credit Suisse, noting a preference for the more insulated platforms over managers.

While currently trading at a -45% discount to the market, a 15 year low in Credit Suisse's coverage, the broker expects flows for asset managers to improve in the first quarter of 2022.

Following three years of outflows from Platinum Asset Management the broker considers further large outflows to be factored into the share price. Marking to market, Credit Suisse's earnings per share forecasts for Platinum Asset Management decline -4%, -18% and -19% for FY22, FY23 and FY24 respectively.

The Neutral rating is retained and the target price decreases to $2.20 from $2.70.

Target price is $2.20 Current Price is $2.13 Difference: $0.07
If PTM meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.4

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

Citi rates RHC as Buy (1) -

Citi analysts are valuing Ramsay Health Care on the basis of FY24 forecasts as this is considered the first 'normal' period for the private hospital operator since the disruptions from covid.

Apart from remaining confident the projected normalisation will occur, Citi also expresses concern about Ramsay's financial discipline (or the lack thereof) when opting for acquisitions.

It is this concern, suggest the analysts, that has been weighing down on the share price to date. Buy rating retained while the target price loses -$1 to $74.00.

Target price is $74.00 Current Price is $64.45 Difference: $9.55
If RHC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $69.52, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Ord Minnett rates RIO as Hold (3) -

Ord Minnett has raised its price forecast for iron ore by 22% to US$139/t in 2022 and by 14% to US$115/t in 2023. Strong steel output from China and lackluster supply from the iron ore majors in Australia and Brazil due to weather, covid and labour costs contributed.

The broker increases its FY23 thermal and metallurgical coal price forecasts by 68% and 38%. For the long term estimates rise by 27% and 29%.

Along with iron ore and coal, the broker is very positive on the lithium outlook and also notes higher prices for base metals and coal from supply disruptions from the Russia/Ukraine conflict.

Ord Minnett increases its target price for Rio Tinto to $118 from $105. Hold.

Target price is $118.00 Current Price is $120.34 Difference: minus $2.34 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $121.36, suggesting upside of 0.6% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Ord Minnett rates S32 as Buy (1) -

Ord Minnett has raised its price forecast for iron ore by 22% to US$139/t in 2022 and by 14% to US$115/t in 2023. Strong steel output from China and lackluster supply from the iron ore majors in Australia and Brazil due to weather, covid and labour costs contributed.

The broker also notes higher prices for base metals and coal from supply disruptions from the Russia/Ukraine conflict.

The target price for South32 rises to $6.30 from $5.00 and the Buy rating is unchanged.

Target price is $6.30 Current Price is $5.31 Difference: $0.99
If S32 meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.91, suggesting upside of 12.1% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Ord Minnett rates SDF as Buy (1) -

While Steadfast Group has commissioned a review into the strata market, Ord Minnett estimates any changes in the market would only affect earnings modestly.

The broker estimates around 10% of earnings (EBITDA) derive from underwriting agencies writing strata insurance. As a result, the $5.50 target price and Buy rating are left unchanged.

Target price is $5.50 Current Price is $4.74 Difference: $0.76
If SDF meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates SDR as Initiation of coverage with Neutral (3) -

Citi initiates coverage on hotel tech software as a service provider SiteMinder. The broker notes SiteMinder's products are considered best in class, and coupled with travel industry recovery should drive strong near-term growth. 

The company suffered a -10% revenue decline in the last financial year, but given leisure travel exposure Citi expects a faster return to pre-pandemic. The broker sees potential for SiteMinder in the small hotel segment, and considers increased penetration a key growth driver.

The broker initiates with a Neutral rating and a target price of $5.00.

Target price is $5.00 Current Price is $4.56 Difference: $0.44
If SDR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.38, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates SFR as Sell (5) -

Following rising metal prices due to the Russia/Ukraine conflict, Ord Minnett increases its 2023 price forecast for copper by 8% to US$4.61/lb, while the long term price rises by 6% to US$3.50/lb.The long term gold price forecast remains at US$1,600/oz.

The broker retains its $5 target price and Sell rating for Sandfire Resources.

Target price is $5.00 Current Price is $5.72 Difference: minus $0.72 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.39, suggesting upside of 27.4% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Ord Minnett rates SGM as Buy (1) -

Ord Minnett raises its target price for Sims to $27 from $20 as part of an overall review of both the iron ore and wider mining sector. The broker estimates ongoing strong steel demand from China.

The broker retains its Buy rating for Sims.

Target price is $27.00 Current Price is $21.56 Difference: $5.44
If SGM meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $21.85, suggesting upside of 0.5% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates SKO as Initiation of coverage with Buy (1) -

Citi initiates coverage on travel and expense management solutions provider Serko. The broker notes Serko's products are considered best in class, and coupled with travel industry recovery should drive strong near-term growth. 

The company suffered a -51% revenue decline in the last financial year, and given higher corporate travel exposure Citi expects core business will not return to pre-pandemic levels until FY24. The broker considers Serko's Booking.com partnership as a key growth driver. 

The broker initiates with a Buy rating and a target price of $5.75.

Target price is $5.75 Current Price is $4.31 Difference: $1.44
If SKO meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.84, suggesting upside of 55.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates TAH as Outperform (1) -

Macquarie believes The Lottery Corporation (soon-to-be-demerged) business within Tabcorp is undervalued considering the infrastructure-like qualities and growth outlook. As a result, there is considered to be material share price upside leading into the demerger.

At the same time, there may be capital adequacy concerns within Wagering & Gaming due to the potential capital required for licence opportunities, cautions the analyst.

The broker increases its target price  to $6.10 from $5.95 following the release of the demerger scheme booklet. Outperform retained.

Target price is $6.10 Current Price is $5.50 Difference: $0.6
If TAH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.83, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates TLS as Buy (1) -

Despite rising interest rates, Ord Minnett points to sustained demand for telecommunications assets as indicated by Australian Tower Networks' recent acquisition of Axicom (tower assets).

Australian Tower Network is a joint venture between AustralianSuper and Singtel.

The broker suggests the transaction has positive ramifications for Telstra which will be attempting to monetise some tower assets over the next 12 months. The Buy rating and $4.50 target are retained.

Target price is $4.50 Current Price is $3.93 Difference: $0.57
If TLS meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates TPG as Buy (1) -

Despite rising interest rates, Ord Minnett points to sustained demand for telecommunications assets as indicated by Australian Tower Networks' recent acquisition of Axicom (tower assets).

Australian Tower Network is a joint venture between AustralianSuper and Singtel.

The broker suggests the transaction has positive ramifications for TPG Telecom which will be attempting to monetise some tower assets over the next 12 months. The Buy rating and $7.25 target are retained.

Target price is $7.25 Current Price is $6.01 Difference: $1.24
If TPG meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.87, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates WAF as Outperform (1) -

Higher finance costs for West African Resources associated with the now fully repaid Taurus facility were responsible for a -16% miss versus Macquarie's expectation for FY21 profit. Management made no change to its 2022 guidance.

As a result, the broker makes no changes to its EPS estimates and retains its $1.50 target and Outperform rating.

Target price is $1.50 Current Price is $1.25 Difference: $0.25
If WAF meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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