Australian Broker Call

Citi rates 29M as Neutral (3) -

Citi assesses 29Metals reported a good September quarter with lower base metal prices impacting on margins, despite growth in production and a fall in operating expenses.

Looking at the full year guidance, Citi views the company as in line with all costs except for zinc, and the FY22 zinc production of 55-65kt may be at risk, with the broker forecasting 53.3kt.

29Metals' cash burn was lower by -$39m on the previous quarter and debt was reduced by -$14m to $144m after a repayment.

A Neutral rating and a $2.50 target remain unchanged.

Target price is $2.50 Current Price is $2.21 Difference: $0.29
If 29M meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates 29M as Underperform (5) -

29Metals September-quarter copper nosed out consensus and Credit Suisse forecasts; but Zinc production fell -11% short of consensus (on par with Credit Suisse); and all-in-sustaining costs proved a beat.

Some costs did rise and the broker says costs have rebased higher and are likely to remain so for the foreseeable future.

Management guided to higher zinc production at Golden Grove in the December quarter, and the broker notes a record will be needed to hit guidance, but if it does, it could prove a tipping point.

Until then, the broker retains an Underperform rating and $1.60 target price.

Target price is $1.60 Current Price is $2.21 Difference: minus $0.61 (current price is over target).
If 29M meets the Credit Suisse target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.23, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

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 29M as Outperform (1) -

While Macquarie described a 15% copper production beat and a -29% zinc production miss from 29Metals in the third quarter a mixed result, the broker finds the company well placed to finish the year on a high. 

Capricorn Corn delivered a strong quarter, with copper output improving 37% quarter-on-quarter, while Golden Grove produced more copper but less zinc than forecast. Production and cost guidance for the year are maintained.

The Outperform rating is retained and the target price increases to $2.60 from $2.30.

Target price is $2.60 Current Price is $2.21 Difference: $0.39
If 29M meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates ACL as Neutral (3) -

Australian Clinical Labs' September-quarter trading update reveals a sharp fall in covid testing to 10% of revenue, below consensus forecasts of 15%, reports Credit Suisse, (down -63% over the past six months).

Non-covid revenue outpaced consensus by more than 5%, leading the broker to suspect that Healius ((HLS)) is losing market share.

All up, Credit Suisse suspects a slow-to-adjust cost base is likely to pressure margins in the December half, predicting a fall in margins to 26.6% from 30.8%.

The broker considers the stock to be inexpensive but suspects more clarity around covid will be needed to trigger a re-rate.

Neutral rating retained. Target price falls to $3.83 from $4.45.

Target price is $3.83 Current Price is $3.48 Difference: $0.35
If ACL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates AHL as Initiation of coverage with Add (1) -

Morgans initiates coverage on Adrad Holdings with an Add rating and $1.85 target price.

The company specialises in the design and manufacture of heat exchangers for industrial applications, and the manufacture, import, and distribution of automotive parts for the aftermarket in A&NZ and for Original Equipment Manufacturers (OEM) globally.

Morgans sees the current valuation as attractive for a good business with a strong position in A&NZ, long-standing customer relationships, and solid long-term growth opportunities, both domestically and internationally.

Target price is $1.85 Current Price is $1.38 Difference: $0.47
If AHL meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates ANZ as Hold (3) -

A reassessment of Morgans' bank valuations under a new analyst ahead of the upcoming reporting season, sees a Hold rating retained for ANZ Bank and a target price cut to $26.45 from $30.00.

Playing conservative, Morgans does not expect regulatory approval will be granted for the proposed Suncorp ((SUN)) bank acquisition, and that capital raised will be returned.

Target price is $26.45 Current Price is $25.83 Difference: $0.62
If ANZ meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $27.61, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in September.

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 BAP as Downgrade to Neutral from Outperform (3) -

Bapcor's AGM trading update reveals revenue is growing at a double-digit pace, and profit in the mid-single digits, and management guided to a solid FY23 result.

But Credit Suisse spies areas of concern (primarily higher costs in a bid to deliver on strategy) and lowers EPS forecasts -4.8% in FY23 and -5.9% in FY24.

The broker says investors are likely to want to see proof of strategic success to justify rising costs over the next year and the feeling is that may be slow in coming - although strong revenues remove some pressure.

Rating is downgraded to Neutral from Outperform. Target price falls to $6.60 from $7.50.

Target price is $6.60 Current Price is $6.34 Difference: $0.26
If BAP meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

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

Bapcor's AGM trading update broadly met consensus and Morgan Stanley's forecasts and implies a solid start to FY23, says the broker.

Margins and earnings appeared to soften, and the broker will be keeping a keen eye peeled, but expects a decline in working capital over FY23.

Equal weight rating and $7.20 target price retained. Industry view In-Line.

Target price is $7.20 Current Price is $6.34 Difference: $0.86
If BAP meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Ord Minnett rates BAP as Buy (1) -

Bapcor's September quarter sales growth of 12% is ahead of Ord Minnett's 8% FY23 forecast but the broker expects sales to moderate as the year progresses. Bapcor’s profit growth is running below the broker's expectation, given rising costs and slight margin erosion.

Ord Minnett expects earnings growth will be driven by underlying growth in the Burson Trade business, continued expansion of the store network in A&NZ, improvement in operating margins through own-brands and longer-term growth potential from Asian markets.

Buy retained, target falls to $8.50 from $8.60.

Target price is $8.50 Current Price is $6.34 Difference: $2.16
If BAP meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Credit Suisse rates BHP as Neutral (3) -

BHP Group's September-quarter trading update was weaker than Credit Suisse expected, iron ore production proving a slight beat and copper a -4% miss due to modifications at Olympic Dam.

Wet weather and labour challenges result in a -12% miss on met coal consensus forecasts.

FY23 guidance was reiterated but the broker notes coal volumes are under threat of potential strikes, poor weather and labour shortages and shaves earnings forecasts across FY23 to FY25 accordingly.

Management was mum on the company's OZ Minerals ((OZL)) intentions and the broker expects a lack of corporate interest could unnerve the latter's shareholders, making them more receptive to an improved BHP bid.

Neutral rating and Outperform rating retained.

Target price is $40.00 Current Price is $39.25 Difference: $0.75
If BHP meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $42.12, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Macquarie rates BHP as Outperform (1) -

Iron ore and copper volumes from BHP Group were in line with Macquarie's first quarter expectations, offsetting weaker coal and nickel. Impacted by weather and labour shortages, coking coal and energy coal volumes were -6% and -30% lower than estimated.

While BHP Group has reiterated full year production and costs guidance, Macquarie does see wet weather as presenting a near-term headwind to productivity.

The Outperform rating and target price of $45.00 are retained.

Target price is $45.00 Current Price is $39.25 Difference: $5.75
If BHP meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $42.12, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

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

BHP Group's September-quarter trading update disappointed consensus and Morgan Stanley's forecasts, both production and sales weakening, due mainly to weakness at Escondida, although the broker expects performance may improve over the balance of FY23.

Equal-weight rating and $43.20 target price retained. Industry view is Attractive.

Target price is $43.20 Current Price is $39.25 Difference: $3.95
If BHP meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $42.12, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Morgans rates BHP as Add (1) -

BHP Group reported a mixed quarterly, Morgans notes, with iron ore production ahead of forecast, copper and coal behind and nickel in line. No changes to production and cost guidance is encouraging given the difficult operating environment.

A large-scale renewable energy agreement with Alinta will help decarbonise the Pilbara, which is a lower profile but much more effective approach to ESG, the broker suggests. Jansen Stage 1 (potash) remains on track for 2026.

Add retained, with BHP well-placed if China recovers. Target falls to $47.00 from $47.40.

Target price is $47.00 Current Price is $39.25 Difference: $7.75
If BHP meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $42.12, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Ord Minnett rates BHP as Hold (3) -

Ord Minnett notes from BHP Group's quarterly that iron ore production was in line, while shipments were slightly below, copper was -8% short on lower grades, and met coal was -17% below forecast due to the weather.

Overall, it was the first soft quarterly from BHP for some time, but the broker notes there are three quarters to catch up to meet guidance. FY23 earnings forecast falls -8%, while the broker's valuation is slightly higher after factoring in iron ore growth to 330Mtpa, ramping up in FY28.

Target rises to $42 from $41, Hold retained. BHP is preferred over Rio Tinto ((RIO)).

Target price is $42.00 Current Price is $39.25 Difference: $2.75
If BHP meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $42.12, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

UBS rates BHP as Neutral (3) -

BHP Group reported September quarter production that came in line with UBS expectations.

Iron ore was in line at 72Mt but some -2Mt below consensus, however the company remains on track for the upper end of guidance at 278-290Mt versus UBS forecast of 287Mt.

The Copper division is improving and UBS expects the FY23 results to be in the mid-point of guidance (1.635-1.825Mt), while Coal was impacted by wet weather and Nickel was weaker than anticipated.

UBS remains cautious on the stock with risks to more downside in the iron ore and copper prices. Neutral rating and a $35.50 target are retained.

Target price is $35.50 Current Price is $39.25 Difference: minus $3.75 (current price is over target).
If BHP meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.12, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

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

UBS reviews the FY22 earnings result for Bank of Queensland and assesses the report as in line with expectations.

The bank benefited from higher than anticipated net interest margins (NIM) and a strong second half with management re-stating the ongoing digital investment program to create more "sustainable profitability".

UBS adjusts earnings forecasts by -1% and -6% for FY23 and FY24, reflecting higher cost assumptions, despite the upgrade in NIM forecasts.

Bank of Queensland is downgraded to Neutral from Buy. UBS views the stock as fairly valued.

An $8 target is retained.

Target price is $8.00 Current Price is $7.70 Difference: $0.3
If BOQ meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.79, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates BPT as Buy (1) -

Citi notes Beach Energy missed production for the September quarter by -3% and -7% for consensus estimates.

The lower than expected results were due to floods in the Cooper Basin, field declines and unplanned outages.

Citi points to the positive Western Flank oil discovery and the draw down in cash to $38m from $165m due to higher capex and other cashflow items including dividends and higher tax.

The broker adjusts earnings forecasts by -1% for FY23 and 2.2% for FY24. Buy rating and $2.10 target.

Target price is $2.10 Current Price is $1.53 Difference: $0.57
If BPT meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates BPT as Outperform (1) -

Beach Energy's September-quarter result missed Credit Suisse's forecasts by -5% due to flooding and outages.

Management reiterated guidance but the broker spies risk to the downside of the guidance range.

Costs blew out at Waitsia but a buoyant LNG price more than offset this, and the broker expects the company may have to fork out extra capital expenditure to complete on schedule (including potentially changing contractors) and forecasts a -20% blowout in costs at Waitsia given the cost of lost sales arising from late completion (the broker estimates Waitsia would return its investment in less than six months).

Outperform rating and $2.06 target price retained, thanks largely to a strong forecast LNG market. 

Target price is $2.06 Current Price is $1.53 Difference: $0.53
If BPT meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates BPT as Neutral (3) -

Beach Energy's base business continues to disappoint Macquarie, with first quarter production a -10% miss to the broker's estimates on quarterly declines from both Cooper Basin and Otway. The broker lowered its production forecast to 21.3m barrels equivalent. 

The company is set to commence Perth Basin exploration, and Macquarie feels the stock could prove more attractive to investors if successful. The broker expects a discovery could see the stock materially re-rate, and is increasingly attracted to the upside potential in the current stock price.

The Neutral rating and target price of $1.50 are retained.

Target price is $1.50 Current Price is $1.53 Difference: minus $0.03 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.82, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Beach Energy's production declined in the quarter across all basins bar Perth, due to either wet weather or natural field declines, Morgans notes. Sales revenue was -13% lower.

The broker expects declines to continue through this quarter and possibly the next until new well connections are made, having been held up by the weather.

The outlook for FY24 remains bright with spot LNG exposure and production increases but those are still some time away.

Upgrade to Add from Hold on valuation, target falls to $1.69 from $1.74.

Target price is $1.69 Current Price is $1.53 Difference: $0.16
If BPT meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates BPT as Accumulate (2) -

Beach Energy released a soft September quarter production report, with all key metrics below Ord Minnett's estimates. Oil production came in -8% below expectations. No guidance was provided, implying management remains comfortable with current targets.

Ord Minnett believes the challenge will likely be oil production with guidance implying significant increases in output, which will likely be reliant on improvements at the Western Flank operation.

Otherwise, growth projects remain on track and the company offers exposure to east coast gas markets. Accumulate retained, target rises to $1.90 from $1.85.

Target price is $1.90 Current Price is $1.53 Difference: $0.37
If BPT meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates BPT as Buy (1) -

Wet weather plagued Beach Energy's operation during the September quarter highlights UBS, with sales revenues of $405m coming in below both the broker's and consensus forecasts.

Flooding impacted the Western Flank/Cooper Basin assets and the decline in Otway was higher than expected and is not anticipated to improve until the Thylacine field is connected in the second half of 2023.

UBS adjusts earnings forecasts by -3% for FY23 and -10% for FY24 for the lower production results and the delay to the start-up, Waitsia Stage 2, while also acknowledging the downside risks to the current production guidance from ongoing wet weather.

The target is lowered to $1.95 from $2.00 and the Buy rating is retained.

Target price is $1.95 Current Price is $1.53 Difference: $0.42
If BPT meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates CBA as Upgrade to Hold from Reduce (3) -

A reassessment of Morgans' bank valuations under a new analyst, ahead of the upcoming reporting season, sees an upgrade to Hold from Reduce for CommBank and a target price increase to $94.57 from $77.00.

Morgans sees CommBank as the highest quality, with the strongest return of equity, but all priced in, and is forecasting a 0% total shareholder return over 12 months, inclusive of a 6% yield and franking.

Note CBA provides only a quarterly update in the season.

Target price is $94.57 Current Price is $100.48 Difference: minus $5.91 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $93.91, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Credit Suisse rates CGC as Upgrade to Outperform from Neutral (1) -

Credit Suisse upgrades Costa Group to Outperform from Neutral, expecting a recovery in citrus crops; and the target price falls to $2.50 from $2.90.

The disease and quality issues that have dogged the 2022 season's crops (resulting in a cut to guidance - EPS forecasts fall -33%), are expected to abate in 2023 and fruit production to rise against a backdrop of strong demand.

Meanwhile, the company's investor tour of its biggest mushroom farm appears to have pleased Credit Suisse, the farm proving a low-cost operation requiring one-third the labour, and the broker expects mushroom growth to continue to be a feature of the company going forward. 

Target price is $2.50 Current Price is $2.23 Difference: $0.27
If CGC meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates CHN as Outperform (1) -

A drilling update from Chalice Mining has confirmed the northern expansion of the Gonneville resource with drilling having intercepted multiple sulphide mineralisation zones, indicating Gonneville is only part of a large mineralised system. 

Chalice Mining has indicated it is considering a joint venture partnership to develop the project, aiming to find a strategic partner that would bring technical expertise, market relationships and balance sheet strength.  

The Outperform rating and target price of $7.50 are retained.

Target price is $7.50 Current Price is $4.17 Difference: $3.33
If CHN meets the Macquarie target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates COE as Neutral (3) -

Cooper Energy's first quarter production was in line with Macquarie's expectations.

Orbost remains lacklustre in Macquarie's view, and while a material uplift from the filtration unit would improve the outlook, commissioning of a unit won't take place until Cooper Energy takes ownership, likely in the fourth quarter.

With the company's CEO announcing his retirement in 2023, and the energy industry in a consolidation phase, Macquarie notes potential for succession planning to open acquisition discussions. 

The Neutral rating is retained and the target price decreases to $0.25 from $0.28.

Target price is $0.25 Current Price is $0.24 Difference: $0.01
If COE meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates COE as Add (1) -

Cooper Energy delivered on production in the quarter but sales revenue fell well short of Morgans' expectations due to -32% lower spot gas sales. The polishing unit at Orbost had to be taken back offline, lowering the broker's December quarter expectations for Sole.

Putting the slower than expected start to FY23 aside, Morgans sees Cooper Energy as holding upside risk with a dependable floor. What will drive the upside in the broker's view is Cooper demonstrating it can do a better job operating Orbost than APA Group ((APA)), once it has control.

A roll-forward of valuation sees a target increase to 30c from 29c, Add retained.

Target price is $0.30 Current Price is $0.24 Difference: $0.06
If COE meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates COE as Buy (1) -

Cooper Energy reported a strong September quarter compared with Ord Minnett's forecasts, with production, sales volumes, prices and revenue all ahead of expectations.

The performance from Orbost continues to improve, and further improvements are expected in 2023. Strong output is also impacting realised prices, the broker notes, with a greater component of sales gas directed to spot markets.

Buy retained, target rises to 34c from 33c.

Target price is $0.34 Current Price is $0.24 Difference: $0.1
If COE meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates CTM as Outperform (1) -

Centaurus Metals' September quarter results have included strong drilling reports from Jaguar. The company has reiterated a mineral resource update is close, expected by late October. 

Macquarie notes Centaurus Metals is well funded to continue drilling activities in the mid-term, with the company targeting a 500,000 tonne measured and indicated nickel resource at Jaguar, supporting a far greater mine life than outlined in the initial scoping study. 

The Outperform rating and target price of $1.30 are retained.

Target price is $1.30 Current Price is $0.97 Difference: $0.33
If CTM meets the Macquarie target it will return approximately 34% (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

Macquarie rates DRR as Outperform (1) -

Off the back of a strong first quarter, Macquarie is anticipating Deterra Royalties's royalty and capacity payments from BHP Group ((BHP)) to remain buoyant in this fiscal year. The broker is predicting royalty payments of $51m for the first quarter. 

Strong first quarter production from BHP Group's Mining Area C is a positive for Deterra Royalties, with production down -3% quarter-on-quarter but a 5% beat to the broker's expectations. Production results have driven a 1% increase to the broker's earnings forecast. 

The Outperform rating and target price of $4.60 are retained.

Target price is $4.60 Current Price is $4.27 Difference: $0.33
If DRR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates JIN as Overweight (1) -

Morgan Stanley raises Jumbo Interactive's EPS forecasts 1% to 2% following the completion of the Star Vale acquisition and the extrapolation of jackpots into consolidated assumptions.

Jumbo Interactive was one of the broker's preferred picks during the August reporting season and the broker expects pricing power will continue to drive take rates.

On the current trajectory, Morgan Stanley spies a potential 27% upgrade to FY25 earnings (EBITDA), although this is not included in current estimates given the difficulty in estimating timings.

Outperform rating retained. Target price steady at $17.40. Industry view is In-Line.

Target price is $17.40 Current Price is $12.75 Difference: $4.65
If JIN meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $17.01, suggesting upside of 37.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates MGH as Add (1) -

Maas Group recently presented at the Morgans' Noosa Conference, with management reiterating the continued tailwinds offered by regional infrastructure spend, jobs growth and population increases.

However in the short term, regional NSW remains heavily impacted by rain and Maas' first half is likely to suffer. Morgans anticipates  earnings at the bottom end of guidance.

Add retained, target falls to $4.20 from $5.60.

Target price is $4.20 Current Price is $2.60 Difference: $1.6
If MGH meets the Morgans target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates MP1 as Buy (1) -

Citi admits to being surprised by the reaction of the share price to Megaport's management call and considers in part the concerns center around the capital intensive nature of the business and the balance sheet.

Management's 1Q23 trading update pointed to a soft quarter with a seasonal bias and the impact of a lack of Chief Revenue Officer (CRO).

The broker notes the reference to the lack of the CRO is at odds with the strong 4Q22 results which were in the same situation.

The 2Q22 is showing an improvement, and capital expenditure is guiding to $38m, in line with FY22 and above Citi's expectations.

The target of $14 is retained with the Buy rating.

Target price is $14.00 Current Price is $6.61 Difference: $7.39
If MP1 meets the Citi target it will return approximately 112% (excluding dividends, fees and charges).

Current consensus price target is $10.50, suggesting upside of 79.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates MP1 as Neutral (3) -

Megaport's September-quarter revenue appears to have outpaced Credit Suisse's forecasts, but free cash flow proved a solid miss due to a blowout in capital expenditure

The broker observes a slowing in port services but an uptick in yield per port, and management guides to an increase in capital expenditure in FY23 to -$38m from -$30m. The broker projects a 17.5% rise in the capex-to-sales ratio to $54m from $51m in FY23.

Neutral rating retained. Target price falls to $7.10 from $8.10.

Target price is $7.10 Current Price is $6.61 Difference: $0.49
If MP1 meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.50, suggesting upside of 79.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates MP1 as Outperform (1) -

While noting Megaport's earnings remained positive in the first quarter, Macquarie found limited clarity could be gained from the company's results given currency and accounting changes and multiple one-offs. 

The broker found a delayed channel ramp up a negative, and cut its revenue forecasts -4-9% through to FY25 highlighting potential longer-term implications. 

The Outperform rating is retained and the target price decreases to $10.00 from $11.00.

Target price is $10.00 Current Price is $6.61 Difference: $3.39
If MP1 meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $10.50, suggesting upside of 79.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates MP1 as Hold (3) -

The September quarter trading update from Megaport highlighted to Ord Minnett a soft start to FY23 across several key operating metrics. The company did however maintain a second consecutive quarter of positive operating earnings and operating cash flows.

Net new ports and customer additions over the quarter were slow. Management attributed this to some turnover across the sales team and key decision-makers for clients being unavailable through the quarter.

Management also highlighted that capital expenditure in FY23 would remain elevated at higher than initial expectations due to ongoing supply chain disruption to networking hardware.

Ord Minnett retains Hold, cutting its target to $7.40 from $8.00.

Target price is $7.40 Current Price is $6.61 Difference: $0.79
If MP1 meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.50, suggesting upside of 79.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates NAB as Hold (3) -

A reassessment of Morgans' bank valuations under a new analyst ahead of the upcoming reporting season, sees a Hold rating retained for National Bank and a target price cut to $30.30 from $34.00.

Morgans forecasts a 12 month total shareholder return of 4%, inclusive of an 8% yield and franking.

Target price is $30.30 Current Price is $31.66 Difference: minus $1.36 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.00, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in September.

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 NST as Buy (1) -

Northern Star Resources September update delivered "no surprises", although the results came in below Citi's expectations as well as consensus and guidance.

The broker points to the second half weighting of production as the ramp up of Thunderbox Mill's expansion and Pogo flow through.

Northern Star Resources is 15% through the $300m buy-back and the KCGM mill expansion is expected in 2023 with an update in the second half of 2022.

The Buy rating is retained and the target is lowered to $10.50 from $10.90.

Target price is $10.50 Current Price is $8.03 Difference: $2.47
If NST meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates NST as Outperform (1) -

Northern Star Resources's September-quarter production missed consensus and Credit Suisse's forecasts and all-in-sustaining costs also proved a miss on consensus.

Management retained guidance but says upside will be skewed to the second half as Pogo grades improve and the Thunderbox mill gets under way.

Meanwhile, the new truck fleet has been deployed, saving on diesel costs which were previously cited as a contributor to higher FY23 capital expenditure guidance, says the broker.

Outperform rating retained. Target price eases to $9.40 from $9.50 a share.

Target price is $9.40 Current Price is $8.03 Difference: $1.37
If NST meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources has delivered a solid first quarter result according to Macquarie, with production, sales and costs all within 3% of the broker's estimates and full year guidance maintained.

The company commented that Pogo and Thunderbox wil be key drivers of a stronger second half, with ramp up delays and lower than expected grades to be recovered throughout the remainder of the year.

The Outperform rating and target price of $10.00 are retained.

Target price is $10.00 Current Price is $8.03 Difference: $1.97
If NST meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates NST as Buy (1) -

Northern Star Resources released a slightly softer quarterly production result relative to Ord Minnett's expectations, driven largely by lower grades at KCGM and Pogo, more than offsetting a better cost performance at Kalgoorlie Operations.

Management has retained FY23 guidance. Ord Minnett sees this as achievable on a stronger second half, with increasing throughput at
KCGM, Pogo and Thunderbox combining with higher grades at KCGM and Pogo.

Target falls to $11.00 from $11.10, Buy retained. Northern Star is the broker's preferred pick among large cap gold miners.

Target price is $11.00 Current Price is $8.03 Difference: $2.97
If NST meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates NST as Buy (1) -

UBS notes Northern Star Resources reported September production of 369koz at a cost of $1,788/oz, below the broker's expectations by some -5%.

The company reiterated the second half weighting of production and FY23 guidance of 1.56-1.68moz at a cost of $1,630-$1690/oz versus the UBS forecast of 1.65moz at a cost of $1,693/oz.

Looking ahead UBS expects management will focus on the shift to the KCGM mill expansion in the 2H23, with the Thunderbox mill expansion in hand, alongside increased confidence in Pogo to generate cash.

A Buy rating and $9.45 target price.

Target price is $9.45 Current Price is $8.03 Difference: $1.42
If NST meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates ORG as Outperform (1) -

Macquarie expects investor confidence in Origin Energy's earnings stability to improve given full year Energy Markets earnings guidance of $500-650m for the current fiscal year. 

Further Energy Market recovery in FY24, supported by electricity pricing resets, should ensure annual free cash generation of $1bn.  

The Outperform rating is retained and the target price increases to $7.53 from $7.42.

Target price is $7.53 Current Price is $5.64 Difference: $1.89
If ORG meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates ORG as Hold (3) -

On a lower than expected impact from higher fuel prices, Origin Energy's FY23 guidance for its Energy Markets division is well above Ord Minnett's forecast. Management also indicated that while electricity was expected to remain weak, the gas contribution will increase this year.

FY24 guidance is simply for "further growth", as the broker expects, but forecasts are lowered to include taxes on APLNG dividends.

Hold retained, target falls to $6.00 from $6.20.

Target price is $6.00 Current Price is $5.64 Difference: $0.36
If ORG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 17.5% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates PAN as Neutral (3) -

Panoramic Resources has secured a nine month extension to its US$15m Revolving Credit Facility, which Macquarie expects to reduce balance sheet pressure in the short-term.

The broker expects this will allow Panoramic Resources to focus on its Savannah North ramp up, but does drive earnings per share forecast declines of -3% and -2% in FY23 and FY24 respectively. 

The Neutral rating and target price of $0.17 are retained.

Target price is $0.17 Current Price is $0.16 Difference: $0.01
If PAN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates PDL as Neutral (3) -

Pendal Group's September-quarter funds under management and flows missed Credit Suisse's forecasts, and the broker downgrades EPS forecasts for outer years -10% accordingly.

But the focus remains on the company's merger with Perpetual, and the broker doubts the weaker-than-expected quarter will trigger a MAC or materially adverse change event.

EPS forecasts fall -1% in FY22; -11% in FY23 and -9% in FY24.

Neutral rating retained. Target price rises to $5.20 from $4.55, to reflect the higher likelihood of the completion of the merger.

Target price is $5.20 Current Price is $4.95 Difference: $0.25
If PDL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates PDL as No Rating (-1) -

Pendal Group has reported net flows of -$2.3bn in its September quarter, while assets under management declined -$6.2bn from market and foreign exchange movements. 

While the EUKA region delivered inflows of $1.4bn, this was offset by negative flows of -$0.3bn in Australia, and-$2.1bn in the US. Macquarie lowers its earnings per share forecasts -1.0% and -15.9% for FY22 and FY23, and around -14% in the following years. 

Due to research restrictions the broker cannot provide a price target or recommendation.

Current Price is $4.95. Target price not assessed.

Current consensus price target is $5.06, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates PDL as Hold (3) -

Pendal Group's shrinkage in funds under management of -5.9% for the quarter was impacted by investment performance and net outflows, offset by positive FX movements, Morgans notes.

From here price movements will be dominated by progress on the takeover by Perpetual ((PPT)). The broker is not pricing in the takeover in its $4.90 target (up from $4.80), and warns of a material share price fall if it fails.

Hold retained for now.

Target price is $4.90 Current Price is $4.95 Difference: minus $0.05 (current price is over target).
If PDL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.06, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates PDL as Buy (1) -

UBS reviews Pendal Group and Perpetual ((PPT)) post the September FUM and funds flow update.

Pendal Group reported net flows of -$2.3bn, in line with the broker's forecast and considerably better than the previous quarters net flow of -$4bn.

The European business benefited from a new UK institutional mandate of $1.4bn, while the growth equities and higher margin business of JOHCM US pooled funds reported a -$1.5bn outflow.

Post the update, UBS adjusts earnings by -2% for FY22 and -17% for FY23.

The target price is adjusted to $5.35 from $5.63 and the Neutral rating is retained.

Target price is $5.35 Current Price is $4.95 Difference: $0.4
If PDL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 5.2% (ex-dividends)

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

Morgans rates PPE as Add (1) -

Peoplein recently presented at Morgans' Noosa Conference, with management reiterating the defensive characteristics of the business, continuing to expand its offering across the three verticals of healthcare, industrial services and professional services.

Labour market conditions appear likely to remain buoyant, with Morgans noting the government’s skills priority list detailing the continued acute shortage of labour across 31% of occupations.

Management continues to deliver on earnings growth, with a commitment to organic growth of 10% pa and a target long-run industry-leading earnings margin of 7%-plus. Adjusting for the market multiple, target falls to $4.70 from $4.90, Add retained.

Target price is $4.70 Current Price is $2.97 Difference: $1.73
If PPE meets the Morgans target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates PPT as Buy (1) -

Citi continues to view the Pendal ((PDL)) acquisition as a positive for Perpetual with the completion date expected in January, 2023 and if successful the analyst considers the addition will be very earnings accretive to Perpetual.

Perpetual reported September fund flows and FUM with net outflows for both PAMA and PAMI of some -$1.2bn in total, although FUM for PAMI was less impacted due to favourable currency moves.

Barrow was impacted by continued outflows from US equities.

The broker adjusts earnings forecasts by -1.4% for FY23 and -3.1% for FY24, with forecasts assuming the acquisition in the 2H23.

A Buy rating is maintained and the target is lowered to $29.10 from $30.00.

Target price is $29.10 Current Price is $25.64 Difference: $3.46
If PPT meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Credit Suisse rates PPT as Outperform (1) -

Perpetual's September-quarter trading update fell a tad shy of Credit Suisse's forecasts with funds under management weakening and outflows rising, while the Corporate Trust business proved a slight beat.

EPS forecasts fall -2% to -3%. 

Outperform rating retained, the broker believes the company represents good value regardless of the merger. Target price falls to $29 from $30.50.

Target price is $29.00 Current Price is $25.64 Difference: $3.36
If PPT meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates PPT as No Rating (-1) -

Perpetual reported net flows of -$1.7bn in its first quarter, comprised a -$0.3bn outflow from Perpetual Asset Management Australia (PAMA) and a -$1.4bn outflow from Perpetual Asset Management International (PAMI). 

Macquarie notes this reflects a slowing of outflows from the -$4.0bn reported in the fourth quarter of FY22, and that US equities remain the challenge. Earnings per share forecasts decrease -8.0% and -9.8% in FY22 and FY23, and -9% for subsequent years. 

The broker is on research restriction.

Current Price is $25.64. Target price not assessed.

Current consensus price target is $30.44, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates PPT as Neutral (3) -

UBS assesses both Perpetual and Pendal Group ((PDL)) post the September FUM and funds flow updates.

Perpetual reported funds outflows of -$1.7bn compared to UBS estimates of an additional $1.0bn in funds, largely due to the miss for PAMI, while the growth in Trillium's ESG funds (up $0.5bn) were offset by a considerable -$1.7bn outflow from the value orientated Barrow Hanley.

Following the update, UBS downgrades earnings forecasts by -11% for FY23 and -12% for FY24.

The broker remains cautious regarding Perpetual's prospects post merger with Pendal Group and the forecast earnings accretion remains at 10%.

The target price is lowered to $26.60 from $29.50. A Neutral rating is retained.

Target price is $26.60 Current Price is $25.64 Difference: $0.96
If PPT meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 22.5% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates RMD as Hold (3) -

Clinical company Apnimed has unveiled compelling Phase 2b clinical data for its oral drug candidate for the treatment of sleep apnea.

Ord Minnett was impressed by the clinical outcomes data and sees a potential medium-term threat from a more convenient, potentially cheaper alternative to continuous positive airway pressure (CPAP) therapy.

At this stage the broker will wait to see the Phase 3 data expected at end-2023 before making forecast revisions for ResMed.

Hold and $36.50 target retained.

Target price is $36.50 Current Price is $34.63 Difference: $1.87
If RMD meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $36.83, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Ord Minnett rates TRJ as Buy (1) -

Trajan Group’s AGM commentary was reasonably muted in relation to the September quarter, Ord Minnett notes. While orders remain strong, supply chain delays remain unchanged with the capital equipment order backlog still growing.

The benefits of recent pricing uplifts are minor so far, with management noting it expects further benefits to phase in over the balance of FY23. But cost escalations experienced during FY22 now seem to have stabilised, management suggests.

Ord Minnett continues to see upside earnings risk from M&A and retains Buy with an unchanged target price of $2.50.

Target price is $2.50 Current Price is $1.95 Difference: $0.55
If TRJ meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates TRS as Overweight (1) -

Reject Shop's AGM update suggests all is steady as she goes, says Morgan Stanley, leading the broker to surmise the company, which experienced rising costs ahead of peers, is now ahead of the curve in managing those costs.

Overweight weighting retained. The broker's $5.70 target price compares with $5 in August. Industry view is In-Line.

Target price is $5.00 Current Price is $4.24 Difference: $0.76
If TRS meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 6.6% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates TRS as Hold (3) -

The Reject Shop’s trading update indicated the outlook remains challenged, Ord Minnett notes, with rising costs, changes in mix and FX
volatility creating pressure on margins.

That said, implemented price increases will partly offset, while consumer behaviour is normalising in the lead-up to the critical Christmas shopping period, the broker notes, and the store optimisation strategy remains on track.

Hold and $4.30 target retained.

Target price is $4.30 Current Price is $4.24 Difference: $0.06
If TRS meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

The Thrills acquisition by Universal Store is considered as positive assesses Citi, as the accretive earnings may offset the more challenging macro environment.

Citi views the retail expertise of Universal Store management should assist the existing Thrill's stores as well as the two new stores in November.

Citi adjusts earnings estimate by -13% in FY24 while FY23 remains largely unchanged.

The rating is downgraded to Neutral from Buy due to concerns over the consumer outlook as well as lower earnings and a lower valuation. 

Accordingly, the target is adjusted to $4.55 from $5.75.

Target price is $4.55 Current Price is $4.40 Difference: $0.15
If UNI meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates WBC as Overweight (1) -

Westpac has confirmed that it is in preliminary discussions to purchase Tyro Payments ((TYR)) reflecting the growing importance of payments in business banking.

Morgan Stanley believes a purchase would prove a good strategic fit given Westpac lacks a compelling offering of its own and other banks have been active in improving their ability to attract merchants. The broker estimates an acquisition would require 15-30 basis points of capital.

Morgan Stanley's base and bull case valuations for Tyro are $1.40 a share and $2.50 a share respectively, implying a likely bidding range between $770m and $1.37bn, says the broker. 

Overweight rating and $24.40 target price retained for now. Industry view is In-Line.

Target price is $24.40 Current Price is $23.65 Difference: $0.75
If WBC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $25.66, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in September.

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

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

A reassessment of Morgans' bank valuations under a new analyst ahead of the upcoming reporting season sees an upgrade to Add from  Hold for Westpac and a target price increase to $26.71 from $24.00.

Morgans sees Westpac as the greatest value on a medium term view, forecasting a 12 month total shareholder return of 22%, inclusive of a 9% yield with franking.

Target price is $26.71 Current Price is $23.65 Difference: $3.06
If WBC meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $25.66, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates WHC as Sell (5) -

Extreme wet weather impacted on Whitehaven Coal's September quarter results with both production and sales coming in lower than expected, according to Citi.

Of note the adverse weather resulted in higher prices and the September quarter realised a record US$581/t coal price compared to US$514/t in the June quarter.

The company had net cash of $1.93bn at the end of the quarter and have bought back 102.9m shares for US$584.5m with 318k shares remaining in the initial 10% buyback. The upcoming Oct 26, AGM is expected to increase the buyback to 240m shares.

Citi adjusts earnings per share for the additional buyback by 12% in FY23 and 31% in FY24. A Sell rating is maintained and target is adjusted to $8.50 from $8.30.

Target price is $8.50 Current Price is $10.52 Difference: minus $2.02 (current price is over target).
If WHC meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.89, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Credit Suisse rates WHC as Outperform (1) -

Whitehaven Coal's September-quarter production and sales fell -23% and -17% short of Credit Suisse's forecasts but the quality of its coal mix improved after the longwall step around, more than offsetting the production dip, says the broker.

Management retains FY23 guidance.

The broker trims production forecasts to the low end of guidance to be on the safe side given weather and labour issues remain.

Outperform rating retained. Target price rises to $12.30 from $11.20.

Target price is $12.30 Current Price is $10.52 Difference: $1.78
If WHC meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.89, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates WHC as Outperform (1) -

A soft operational performance from Whitehaven Coal was offset by strong realised prices. First quarter saleable coal production was in line with Macquarie's estimates, but shipments were weaker and coal sales a -15% miss. 

Despite this, the company has maintained guidance, which looks to be heavily weighted to the second half. Compositionally, Maules Creek volumes are tracking towards the lower end of guidance, while Narrabri looks to exceed guidance range. 

The Outperform rating is retained and the target price increases to $14.00 from $12.00.

Target price is $14.00 Current Price is $10.52 Difference: $3.48
If WHC meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $10.89, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgan Stanley rates WHC as Overweight (1) -

Whitehaven Coal's September-quarter production disappointed Morgan Stanley by -26%, although sales weakened less (down -9%) thanks to a stock drawdown at Maules.

On the upside, an improved coal-mix more than offset the production loss, says the broker.

Overweight weighting retained. Target price rises to $11.55 from $11.20. Industry view Attractive.

Target price is $11.55 Current Price is $10.52 Difference: $1.03
If WHC meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.89, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates WHC as Buy (1) -

Whitehaven Coal’s quarterly result was notably weaker on production than Ord Minnett forecast, due to abnormal wet weather. But realised  prices positively surprised, leading to record cash flow.

The broker maintains its thesis that coal prices can stay higher for longer and believes investors should maintain their positions ahead of next week’s AGM buyback decision.

Target rises to $10.40 from $9.00, Buy retained.

Target price is $10.40 Current Price is $10.52 Difference: minus $0.12 (current price is over target).
If WHC meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.89, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates WTC as Initiation of coverage with Buy (1) -

UBS initiates coverage on WiseTech Global with a Buy rating and a $65.90 target price.

The broker highlights the out-of-consensus Buy rating and is positive on the growth prospects for the company over the next three years, despite the potential slowdown in global trade volumes.

Upon investigation and review, UBS considers the market is failing to appreciate the resilience of the business model.

The continued growth in the CargoWise product to new customers is estimated at 33% on a compound rate between FY23 and FY25; the growth in electronic Bills of Lading, including the scale up of the Bolero acquisition, estimated at $2-$4bn, and the potential EBITDA margin expansion. 

Buy rating and target of $65.90.

Target price is $65.90 Current Price is $57.74 Difference: $8.16
If WTC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $59.92, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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