Australian Broker Call

Morgan Stanley rates ABY as Overweight (1) -

Adore Beauty Group has provided March quarter numbers, without commentary, the highlights of which were a 9% increase in year on year sales, cycling 26% a year ago, and a 47% increase in returning customers.

Morgan Stanley notes these numbers are a little below consensus, thus Adore will need 23% sales growth in the December quarter to catch up, but the numbers get easier to cycle from here. Overweight and $4.00 target retained.

Industry View: In-Line.

Target price is $4.00 Current Price is $1.69 Difference: $2.31
If ABY meets the Morgan Stanley target it will return approximately 137% (excluding dividends, fees and charges).

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

UBS rates ABY as Buy (1) -

To better reflect the current risk-free rate environment, UBS increases its weighted average cost of capital to 10% from 8%, which contributes to a -28% fall in target price for Adore Beauty to $3.40. A 3Q trading update also weighed.

After the update, the broker lowers its FY22 sales estimate by -4%. For FY23-25, forecasts are also lowered by -5-6%. Management highlighted supply chain disruptions are impacting the ability for brand partners to source stock out of China.

Nonetheless, UBS considers the stock is oversold and sees a medium-term growth opportunity. The Buy rating is maintained.

Target price is $3.40 Current Price is $1.69 Difference: $1.71
If ABY meets the UBS target it will return approximately 101% (excluding dividends, fees and charges).

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 AIM as Add (1) -

As 3Q results for Ai-Media Technologies were broadly in-line with Morgans forecasts, the $1.09 target price is unchanged. Management reiterated FY22 guidance.

The broker, while happy with the smooth SaaS transition, highlights sectoral risk and feels shares may face some tax-loss selling near term. Nonetheless, the Add rating is retained for long-term investors.

Target price is $1.09 Current Price is $0.48 Difference: $0.61
If AIM meets the Morgans target it will return approximately 127% (excluding dividends, fees and charges).

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 AMP as No Rating (-1) -

AMP will sell the remaining Collimate Capital business, with the domestic infrastructure equity business going to Dexus ((DXS)) and the infrastructure equity business being sold to DigitalBridge.

Credit Suisse updates earnings estimates to reflect the asset sales and expected stranded costs. AMP will receive cash proceeds of $892m including $518m up front. AMP will retain $265m in interests, with scope to monetise these in due course.

Credit Suisse does not factor in any buybacks but notes there is significant excess capital which management has earmarked for a mix of capital returns or buybacks. The broker is restricted on providing a rating or target.

Current Price is $1.16. Target price not assessed.

Current consensus price target is $1.11, suggesting downside of -4.0% (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

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

Morgan Stanley believes the proposed sale of AMP's global infrastructure funds clears a path to a new AMP, and combined with domestic infrastructire & real estate sale could unlock more than $1bn of capital.

While some of that will be used to pay down debt, the broker suggests some capital has to be reivested to make the company competitive in the new digital banking world, and to improve the wealth management business.

Equal-weight and $1.12 target retained. Industry View: Attractive.

Target price is $1.12 Current Price is $1.16 Difference: minus $0.04 (current price is over target).
If AMP meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -4.0% (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 AMP as Hold (3) -

AMP will sell its Collimate Capital real estate platform and its domestic infrastructure funds management platform to Dexus ((DXS)), while the international equity infrastructure business will be sold to Digital Bridge.

The broker raises its target price to $1.25 from $1.10 though makes no changes to its earnings forecasts as the timing of receipt of sale proceeds and their use is unclear.

Further consolidation in the sector by AMP was not ruled out, though management will seek shareholder approval before acting.

Target price is $1.25 Current Price is $1.16 Difference: $0.09
If AMP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.11, suggesting downside of -4.0% (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

Citi rates ARB as Buy (1) -

ARB Corp's competitor Polaris' March quarter result showed a -9% decline in trans-American sales amid supply chain challenges affecting the Polaris aftermarket business.

Citi notes exports remain the driver of revenue growth and, therefore, any slowing in the US could represent downside risk to its sales forecast for the second half.

Polaris expects inventory will remain elevated in second half and supply issues continue. Buy rating and $48.15 target maintained for ARB Corp.

Target price is $48.15 Current Price is $40.23 Difference: $7.92
If ARB meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $48.99, suggesting upside of 22.7% (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

Morgans rates AUA as Speculative Buy (1) -

Covid impacts and flooding in NSW and QLD impacted Audeara's 3Q cashflow results. Sales were described as 'disappointing' by Morgans though a 4Q recovery is in prospect.

Nonetheless, as a result of the 3Q, the analyst lowers long-run clinic sales assumptions to reflect a slower clinic sales maturity profile. The target price falls to $0.22 from $0.33.

Once the overseas expansion develops and gathers momentum, the broker expects significant upside.The Speculative Buy rating is maintained.

Target price is $0.22 Current Price is $0.08 Difference: $0.14
If AUA meets the Morgans target it will return approximately 175% (excluding dividends, fees and charges).

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

Morgan Stanley rates AX1 as Overweight (1) -

At first glance, Accent Group's March quarter update indicated sales remain subdued, albeit up from a -10% contraction a year ago, and gross margins are ahead year on year. Supply delays remain ongoing.

The company will restrcuture into three groups -- retail, distribution and vertical & apparel brands. Morgan Stanley sees the changes as incremental, but believes the positive thesis of store rollouts, reopening leverage and structural growth in active-wear remains intact.

With valuation attractive, Overweight and $2.70 target retained. Industry View: In-Line

Target price is $2.70 Current Price is $1.45 Difference: $1.25
If AX1 meets the Morgan Stanley target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 53.6% (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 AX1 as Hold (3) -

Morgans feels the brand rationalisation flagged by Accent Group, as part of a wider strategy modification, doesn't go far enough, though the focus upon profit and scalability is encouraging.

Second half trading has been more subdued than the analyst had expected. Concerns are also held around inflation and a more bearish outlook for discretionary expenditure in Australia. The target price falls to $1.60 from $2.30. Hold.

Target price is $1.60 Current Price is $1.45 Difference: $0.15
If AX1 meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 53.6% (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

UBS rates AX1 as Buy (1) -

Following Accent Group's business and trading update, UBS increases its FY22 and FY23 EPS forecasts by 6.4% and 1.7% after sales came in better than expected. A focus on full price and full margin sales is thought to have aided gross margins.

The broker now forecasts less of a decline in like-for-like sales growth, though still maintains its $2.50 target price. The Buy rating is also retained.

Target price is $2.50 Current Price is $1.45 Difference: $1.05
If AX1 meets the UBS target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 53.6% (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

Morgan Stanley rates BTH as Overweight (1) -

Bigtincan Holdings' March quarter update noted a 181% increase in receipts year on year, and a target of more than $119m annual recurring revenue was reiterated. Morgan Stanley sees the company as well positioned to deliver.

Operating cash flow was down, but cash burn decreased to -$4.5m in the March Q from -$5.8m in December, and the cash balance is healthy at $45.5m. Management highlighted new customer wins, 50 new product releases and improving cross-selling and up-selling.

Overweight and $1.80 target retained. Industry View: In-Line.

Target price is $2.10 Current Price is $0.62 Difference: $1.48
If BTH meets the Morgan Stanley target it will return approximately 239% (excluding dividends, fees and charges).

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 CBL as Speculative Buy (1) -

Third quarter results for Control Bionics were in-line with Morgans expectations and the broker's Speculative Buy rating and $1.32 target price are retained.

Management is excited by the opportunity that arises after a successful launch into the Japanese market in early April. Meanwhile, the analyst notes continued sales progression in Singapore.

Target price is $1.32 Current Price is $0.36 Difference: $0.96
If CBL meets the Morgans target it will return approximately 267% (excluding dividends, fees and charges).

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 CIA as Buy (1) -

March quarter production was in line with expectations and Citi considers the cost pressures are modest at this stage. Expansion tonnage from phase 2 is on track for the end of 2022.

The broker rolls through revised commodity prices, with 2022 and 2023 benchmark iron ore prices raised 9% and 38% to US$149/t and US$110/t, respectively. As a result the target is raised to $9.00 from $7.30. Buy rating retained.

Target price is $9.00 Current Price is $7.34 Difference: $1.66
If CIA meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates CIA as Outperform (1) -

March quarter production was largely in line with forecasts. Macquarie notes operating cash flow remains strong as is the growth outlook. The Bloom Lake expansion is expected to double production over the next two years.

Amid buoyant iron ore prices and high-grade premiums, Macquarie retains an Outperform rating. Target is raised to $8.60 from $8.00.

Target price is $8.60 Current Price is $7.34 Difference: $1.26
If CIA meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates COL as Buy (1) -

Sales in the March quarter were in line with expectations and Citi found no sign of trading down or lower volumes in response to higher food inflation.

As case numbers in the pandemic subside, the broker expects availability and local shopping trends will normalise and this will be positive for Coles Group. Supermarkets are also expected to benefit from higher food inflation. Buy rating and $19.30 target retained.

Target price is $19.30 Current Price is $18.47 Difference: $0.83
If COL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $18.95, suggesting upside of 1.3% (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

Credit Suisse rates COL as Neutral (3) -

Coles Group performed ahead of expectations in the March quarter and Credit Suisse expects further improvement as consumers return to major centres.

The broker believes the business is well-positioned for the rising cost of living, with its "value" network differentiation and high penetration of the Coles brand.

Inflation is accelerating. Yet, with increased media coverage of the cost-of-living pressures, the broker suspects there is less room for margin expansion than the market may be anticipating. Neutral maintained. Target rises to $18.81 from $18.32.

Target price is $18.81 Current Price is $18.47 Difference: $0.34
If COL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.95, suggesting upside of 1.3% (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 COL as Outperform (1) -

Sales growth for supermarkets and liquor was 3.9% and 2.9%, respectively, in the March quarter. Meat was a significant contributor to shelf inflation of 3.3%.

Macquarie believes staples will outperform the broader market in the current environment. The expected increases to interest rates should lift discount rates and as a result the broker prefers those stocks with a lower PE, such as Coles Group.

Outperform maintained. Target is $19.70.

Target price is $19.70 Current Price is $18.47 Difference: $1.23
If COL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.95, suggesting upside of 1.3% (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 COL as Hold (3) -

Following March quarter sales results for Coles Group, Ord Minnett lowers its earnings forecasts by -3.5%, -2.9% and -2.5%, respectively for FY22-24. The broker expects higher inflation over the next six months, which will weigh on volumes and gross margins.

The analyst points to modest gross margin dilution as the company implements supplier price rises. The Hold rating is maintained as the current valuation is considered full. The target price is lowered to $18.20 from $18.60.

Target price is $18.20 Current Price is $18.47 Difference: minus $0.27 (current price is over target).
If COL 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 $18.95, suggesting upside of 1.3% (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

UBS rates COL as Neutral (3) -

UBS assesses in-line 3Q Coles Group results for Supermarkets and Liquor, while Express was a miss. Supermarket sales growth was thought to be driven by accelerating inflation.

Management noted supply availability pressures evident in the 3Q are rising. The company intends to hold back some price increases with gross margins at best flat (though often declining), but managed by strategic sourcing and the Smarter Selling program.

The broker raises its target price to $18 from $17.25, noting shares are trading at a -15% discount to the ASX200. The Neutral rating is unchanged.

Target price is $18.00 Current Price is $18.47 Difference: minus $0.47 (current price is over target).
If COL meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.95, suggesting upside of 1.3% (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

Morgan Stanley rates DMP as Reinitiation of coverage with Overweight (1) -

Morgan Stanley has "initiated" coverage of Domino's Pizza Enterprises despite last updating in March last year. The new analysts believe Domino's is a quality offshore earner, expected to deliver long-term upside.

Growth potential, which implies doubling of the global footprint, is being overshadowed by short-term concerns about receding from the lockdown boost and current food inflation, the broker suggests.

Overweight rating and a $100 target.

Target price is $100.00 Current Price is $78.56 Difference: $21.44
If DMP meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $99.11, suggesting upside of 31.6% (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 DXC as Downgrade to Hold from Accumulate (3) -

Ord Minnett believes the main risk to service station A-REITs is softening capitalisation rates. The company is well-positioned in this regard, the broker adds, because of the location of assets. as well-located assets with exposure to high vehicle traffic continue to be well bid.

Still, taking a more conservative stance in light of current market conditions the broker downgrades Dexus Convenience Retail REIT to Hold from Accumulate. Target is reduced to $3.73 from $3.90.

Target price is $3.73 Current Price is $3.45 Difference: $0.28
If DXC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

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 DXS as Buy (1) -

Ord Minnett believes the binding agreement for Dexus to acquire AMP's ((AMP)) Collimate Capital real estate platform for -$28bn and its domestic infrastructure funds management platform (around -$950m) is a favourable transaction.

Favourable because the transaction will double external assets under management (AUM) at a relatively low price, explains the analyst. Also, earnings are estimated to rise by 5% on a stabilised basis.

The broker raises its target price to $13.00 from $12.50 and maintains its Buy rating.

Target price is $13.00 Current Price is $11.19 Difference: $1.81
If DXS meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 9.6% (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

Macquarie rates FCL as Outperform (1) -

FY22 guidance is unchanged for revenue of EUR125-130m which implies 17.7% growth at the mid point. Macquarie notes no new client gains were announced at the update and growth is being driven by the expansion of existing clients.

A lack of new clients is the main downside risk the broker envisages over the medium term. Outperform rating and $3.59 target maintained.

Target price is $3.59 Current Price is $2.29 Difference: $1.3
If FCL meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgans rates FCT as Hold (3) -

Morgans assesses FirstWave Cloud Technology's 3Q results showed management is executing and the business is heading in the right direction. Nonetheless, the current technology selloff is expected to continue to weigh.

The Hold rating and $0.08 target price are maintained and the analyst expects material medium-term value creation. The integration of the Opmantek merger is thought to be progressing well.

Target price is $0.08 Current Price is $0.07 Difference: $0.01
If FCT meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Morgans rates FDV as Add (1) -

Morgans assesses Zameen was the main driver of sequential revenue growth in the 1Q for Frontier Digital Ventures, which helped offset a weaker performance by other businesses. The underperformance was due to seasonality, explained management.

While a new analyst at the brokerage is attracted to the company's long-term growth profile, forecasts are lowered. The Add rating is maintained as shares are trading at an around -40% discount to the $1.56 target, reduced from $1.82.

Target price is $1.56 Current Price is $1.09 Difference: $0.47
If FDV meets the Morgans target it will return approximately 43% (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

Credit Suisse rates FMG as Underperform (5) -

Shipments in the March quarter were higher than Credit Suisse expected while realised prices were broadly in line. FY22 shipment guidance has been upgraded to 185-188mt.

Inflation pressure has started to increase, and while no update was provided on costs, management signalled there is the possibility of a potential upward revision.

Credit Suisse believes the premium in the stock versus peers is too early to justify or quantify and considers the balance of risks remains towards the downside. Hence, Underperform maintained. Target is raised to $15 from $14.

Target price is $15.00 Current Price is $21.73 Difference: minus $6.73 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.28, suggesting downside of -20.1% (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

Macquarie rates FMG as Neutral (3) -

March quarter shipments were in line with expectations and affected by weak realised prices and cost pressures. Macquarie notes lower net debt due to favourable working capital movements.

Strong iron ore prices continue to underpin upgrade momentum, in the broker's view, with the stock trading at spot prices on FY23 and FY24 free cash flow yields of 18%.

Neutral rating maintained. Target is reduced to $20.00 from $20.50.

Target price is $20.00 Current Price is $21.73 Difference: minus $1.73 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.28, suggesting downside of -20.1% (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

Morgan Stanley rates FMG as Underweight (5) -

Fortescue Metals' March Q shipments beat Morgan Stanley's forecast by 9%, and FY shipment guidance was upgraded. Revenue realisation was better than expected, and the broker suspects lower levels of low grade iron ore from Rio Tinto ((RIO) helped lift prices.

Iron Bridge capex guidance has been raised, but by no more than the broker assumed, and the project delayed due to WA labour shortages and inflation, which again the broker had anticpated.

The broker nevertheless remains Underweight on a $15.95 target. Industry View: Attractive.

Target price is $15.95 Current Price is $21.73 Difference: minus $5.78 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.28, suggesting downside of -20.1% (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

Morgans rates FMG as Hold (3) -

Following mixed 3Q results for Fortescue Metals, Morgans points out strong shipments lifted revenue in the face of rising input costs. Management downgraded cost guidance largely due to energy, labor and services, with FY23 expected to be worse.

Iron Bridge, the company's key development project, experienced a further blowout in schedule and budget, notes the analyst. Also, in a well-supplied low-grade market, the company's product is considered to be struggling.

The broker lowers its target price to $17.90 from $19.10. Hold.

Target price is $17.90 Current Price is $21.73 Difference: minus $3.83 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.28, suggesting downside of -20.1% (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 FMG as Hold (3) -

Following Ord Minnett's March quarter production report, Ord Minnett trims its target price to $19 from $20 and maintains its Hold rating, with shares trading near the broker's valuation estimate.

The quarter revealed revenue of US$100/t, a miss versus the broker's US$112/t estimate, while cash costs were in-line, though management increased FY22 cost guidance.

First production at Iron Bridge has been delayed by a quarter to March 2023, but Ord Minnett feels this was already anticipated by the market.

Target price is $19.00 Current Price is $21.73 Difference: minus $2.73 (current price is over target).
If FMG 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 $17.28, suggesting downside of -20.1% (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

Macquarie rates GEM as Neutral (3) -

Operating earnings (EBIT) were lower in the March quarter and occupancy -2.1 percentage points below 2021 levels amid higher staffing costs and sick leave. Macquarie notes a lack of government support during the pandemic has aggravated an uncertain outlook.

The broker reduces estimates for FY22 by -9% to capture inflationary pressure and the potential risk to performance attributable to the ongoing covid outbreak. Neutral maintained. Target is reduced to $1.20 from $1.30.

Target price is $1.20 Current Price is $1.10 Difference: $0.1
If GEM meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

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 GOZ as Outperform (1) -

Growthpoint Properties has reaffirmed guidance, for a distribution of 20.8c and free funds from operations of at least 27c. Guidance is not factoring in the acquisition of 2-6 Bowes Street and 141 Camberwell Road, which Macquarie estimates will add a further 0.4c to the latter in FY22.

The broker considers the portfolio solid and resilient in the face of the pandemic. Outperform retained. Target rises to $4.63 from $4.45.

Target price is $4.63 Current Price is $4.40 Difference: $0.23
If GOZ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 2.5% (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

Morgans rates IPD as Speculative Buy (1) -

Impedimed's 3Q cashflow result was in-line with prior management guidance and Morgans maintains its Speculative Buy rating and $0.25 target price.

By incorporating existing cash reserves, the company is outlining a pathway to breakeven, and the analyst expects this to occur in FY24.

Target price is $0.25 Current Price is $0.12 Difference: $0.13
If IPD meets the Morgans target it will return approximately 108% (excluding dividends, fees and charges).

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

Macquarie rates KAR as Outperform (1) -

Production was in line with expectations in the March quarter. Macquarie observes higher oil prices have been a boon to Karoon Energy as the company prepares for major capital expenditure.

Moreover, prices post the intervention at Bauna will be even more important during periods of peak production rates. The main issue going forward, explains the broker, is the outcome of Atlanta deal as the terms of the bid are yet to be divulged.

Outperform maintained. Target rises to $2.70 from $2.65.

Target price is $2.70 Current Price is $2.06 Difference: $0.64
If KAR meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 21.8% (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) -

Morgans makes only minor adjustments to FY22 estimates following 3Q results from Karoon Energy and lifts its target price to $2.70 from $2.60.

The broker highlights a consistent underlying operating performance at Bauna and notes progress on due diligence for Atlanta, the potential acquisition in Brazil. 

The current share price doesn't reflect upcoming production growth, in the analyst's opinion. Add.

Target price is $2.70 Current Price is $2.06 Difference: $0.64
If KAR meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 21.8% (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

Macquarie rates LTR as Outperform (1) -

Macquarie updates forecasts to incorporate the third quarter report. Two spodumene offtake agreements were signed with LG Energy Solutions and Tesla.

The broker expects one more offtake partner for stage 1 production from Kathleen Valley before a final investment decision is made in the fourth quarter.

Funding is in place to bring this stage to production and first production is expected to occur in early FY25. Outperform retained. Target is unchanged at $2.50.

Target price is $2.50 Current Price is $1.43 Difference: $1.07
If LTR meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

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

Macquarie rates MGR as Outperform (1) -

Mirvac Group has reaffirmed FY22 guidance, with residential settlements expected to be more than 2500 lots despite wet weather delaying settlements. There may be additional delays but Macquarie believes these should be viewed as deferred to FY23 rather than lost earnings.

The broker also expects any delays in residential will be more than offset by a recovery in office and retail. Outperform maintained. Target is steady at $2.89.

Target price is $2.89 Current Price is $2.39 Difference: $0.5
If MGR meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 26.0% (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

Morgan Stanley rates MGR as Overweight (1) -

Mirvac Group's trading update included unchanged FY earnings and dividend guidance.

Residential sales have somewhat slowed as apartment momentum has softened, but FY settlement guidance has been maintained albeit some lots have been delayed into FY23 due to rain.

FY guidance will be achieved, Morgan Stanley notes, via stronger rent collections in retail. Mirvac provides a development update today.

Overweight and $3.30 target retained. Industry View: In-Line.

Target price is $3.30 Current Price is $2.39 Difference: $0.91
If MGR meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 26.0% (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 MGR as Hold (3) -

Mirvac Group has reiterated FY22 guidance which Ord Minnett notes disappointed the market when issued back in December. Apartment sales activity was muted and office leasing modest in the quarter. The broker notes retail is improving, with cash collections up to 87%.

There was some progress on potential commercial developments although all these are subject to pre-lease. The broker finds the stock screens cheap, although faces headwinds from slowing residential sales and rising construction costs.

While there is value longer term, Ord Minnett expects the stock will trade at a discount in the short term. Hold rating and $2.90 target maintained.

Target price is $2.90 Current Price is $2.39 Difference: $0.51
If MGR meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 26.0% (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

Macquarie rates MVF as Outperform (1) -

Macquarie continues to find the outlook for the IVF market attractive. A pause in Victoria's elective surgeries in January 2022 is likely to mean some pent-up demand is reflected in March procedures.

The broker believes Monash IVF is well-placed to grow its market share into FY23. There is also flexibility on the balance sheet for growth options. Outperform rating retained. Target is steady at $1.20.

Target price is $1.20 Current Price is $1.24 Difference: minus $0.04 (current price is over target).
If MVF meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.25, suggesting upside of 0.5% (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 NCM as Outperform (1) -

March quarter gold production of 480,000 ounces, while up 10% quarter on quarter, was lower than Credit Suisse expected. Copper production was up 17%.

The broker notes, relative to peers, Newcrest Mining has not emphasised the disruptions caused by the pandemic when discussing the underperformance relative to expectations. Regardless, a material increase in production is required to meet guidance for FY22.

Credit Suisse retains an Outperform rating and unchanged target of $30.

Target price is $30.00 Current Price is $26.72 Difference: $3.28
If NCM meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting upside of 10.3% (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

Macquarie rates NCM as Outperform (1) -

FY22 gold and copper production was weaker than Macquarie expected although costs were also lower than forecast. The initial contribution from Brucejack was also weaker than anticipated while Red Chris underperformed estimates.

Nevertheless, strong earnings upgrade momentum is expected on the back of buoyant copper and gold prices. Copper guidance has been maintained while gold production guidance has increased. The broker retains an Outperform rating and $33 target.

Target price is $33.00 Current Price is $26.72 Difference: $6.28
If NCM meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting upside of 10.3% (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

Morgans rates NCM as Add (1) -

Both gold production and production costs for Newcrest Mining in the 3Q were misses versus forecasts by Morgans. Cadia and Lihir production was lower than anticipated, while Lihir’s recently unreliable production record is considered a risk.

Management is guiding to strong 4Q production, and the analyst suggests Cadia and Lihir will need to up performance if the company is to achieve FY22 gold production guidance.

Guidance is also thought to depend upon 100koz of production from the new Brucejack mine. The target price slips to $25.53 from $27.10, while the Hold rating is maintained.

Target price is $25.53 Current Price is $26.72 Difference: minus $1.19 (current price is over target).
If NCM 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 $29.68, suggesting upside of 10.3% (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

Ord Minnett rates NCM as Buy (1) -

Newcrest Mining's 3Q gold production was a -7% miss compared to Ord Minnett's forecast, largely due to a slower ramp-up at Cadia and maintenance at Lihir. Despite lower volumes, costs were in-line with the analyst's forecast.

The broker points out a weak share price performance versus peers in April, and likes the current valuation as well as the promising project pipeline. The Add rating is retained, while the target price slips to $30 from $31.

Target price is $30.00 Current Price is $26.72 Difference: $3.28
If NCM meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting upside of 10.3% (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 NCM as Neutral (3) -

Newcrest Mining's 3Q gold production was a -12% miss versus the forecast by UBS, while all-in sustaining costs (AISC) were a -19% miss. It's estimated a 28% quarter-on-quarter improvement in gold production is needed to reach guidance.

While the broker lowers its FY22 earnings forecast by -22%, the price target only falls to $26.50 from $27.10 due to the long-life nature 
of the assets.

Lihir is expected to hit the bottom end of FY22 guidance. The analyst stresses the importance of Lihir meeting targets going forward to help fill the lower expected production from Cadia.

Target price is $26.50 Current Price is $26.72 Difference: minus $0.22 (current price is over target).
If NCM meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.68, suggesting upside of 10.3% (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

Citi rates NIC as Buy (1) -

Citi asserts the ramp up of the company's third project is well timed, given nickel pig iron contract prices for April are at a record US$21,000/t or more.

The broker expects nickel prices will moderate and conviction beyond the June quarter is challenged by the lockdowns in China and the status of HPAL projects in Indonesia. Still, countering this is very low inventory.

The Buy rating and target price of $1.90 are retained.

Target price is $1.90 Current Price is $1.23 Difference: $0.67
If NIC meets the Citi target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 24.0% (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: 0.8

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

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

Margins and earnings were ahead of expectations in the March quarter following small price increases and slightly reduced cash costs. Specifically, Credit Suisse had expected higher smelting and reductant costs following a significant rise in the benchmark coal price.

Having been concerned about costs and counterparty risk at Tsingshan, the resilience reflected in the results means thee concerns have dissipated and Credit Suisse upgrades to Outperform from Neutral. Target is raised to $1.50 from $1.35.

Target price is $1.50 Current Price is $1.23 Difference: $0.27
If NIC meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 24.0% (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: 0.8

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

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

March quarter results revealed lower cash costs which drove a beat to Macquarie's expectations for operating earnings (EBITDA). The broker incorporates lower costs into the medium term, partially offset by reduced price realisations.

Nickel Mines is expected to almost triple production over the next several years and, supported by the impressive cost performance, the broker upgrades to Outperform from Neutral. Target is raised to $1.50 from $1.30.

Target price is $1.50 Current Price is $1.23 Difference: $0.27
If NIC meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 24.0% (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: 0.8

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

Macquarie rates ORA as Outperform (1) -

The investor briefing appeared incrementally positive to Macquarie with more details around the operating performance and growth prospects. The company has signalled earnings momentum is continuing in the second half.

An investment of $85m has been made in another canning line at Revesby to meet customer demand, in addition to the expansion in Dandenong.

Macquarie notes the expansions represent a 20% increase in can capacity. Revesby is not yet included in estimates. Macquarie retains an Outperform rating and raises the target to $4.05 from $3.90.

Target price is $4.05 Current Price is $3.92 Difference: $0.13
If ORA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting downside of -2.4% (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

UBS rates ORA as Neutral (3) -

Orora has reiterated FY22 earnings (EBIT) are expected to be higher than the previous corresponding period, in-line with the 13% growth expected by both UBS and consensus.

Management highlighted cost inflation in the US and Australia has been managed via price increases. Also, organic growth capex will be prioritised, along with a dividend payout ratio of between 60-80%, alongside funding capex opportunities (including M&A) for growth.

The company intends to then return any surplus capital to shareholders. The broker retains its Neutral rating and $3.80 target price.

Target price is $3.80 Current Price is $3.92 Difference: minus $0.12 (current price is over target).
If ORA meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.89, suggesting downside of -2.4% (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

Ord Minnett rates ORG as Hold (3) -

Ord Minnett, in a preliminary note, flags a positive March quarter from APLNG where more than 20% of cargoes were sold at spot prices.

On the other hand, energy markets were below expectations as mass-market retail sales volumes were lower and Eraring output was affected by coal availability.

The broker notes electricity sales volumes have increased 7% from the prior corresponding quarter and, while a net positive, this was lower margin business volumes that more than offset higher margin retail.

The broker has a Hold rating and $6.10 target.

Target price is $6.10 Current Price is $6.71 Difference: minus $0.61 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.43, suggesting downside of -5.8% (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

Macquarie rates PDN as Outperform (1) -

Paladin Energy has completed a $250m placement and share purchase plan, with first production from Langer Heinrich expected in 2024. A recovery in uranium prices is the main catalyst for a final investment decision and re-start.

Macquarie notes the capital raising has now de-risked the funding requirements while the outlook for a 17-year mine life producing 78.5mlb is unchanged. Outperform retained. Target is $1.

Target price is $1.00 Current Price is $0.77 Difference: $0.23
If PDN meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

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: 1.0

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

Citi rates PLS as Buy (1) -

Citi's key take from the March quarter report were the expectations for June quarter pricing, with the company expecting this to be more than US$4000/t. The broker notes BMX pricing implies US$6000/t and the market remains tight.

The company has indicated production is 2-3 months behind where it would like it to be, but has reaffirmed its target of a 580,000tpa run rate for both plans by the end of the September quarter.

Citi models a slower ramp up, at 530,0000tpa by the end of 2022. The broker retains a Buy rating with a $3.60 target.

Target price is $3.60 Current Price is $2.69 Difference: $0.91
If PLS meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 37.9% (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 PLS as Upgrade to Outperform from Neutral (1) -

March quarter production results have underscored the continued momentum in price. Credit Suisse believes there is further upside to the current industry average contract prices that management signalling are ranged between US$4300-4700/dmt.

The broker notes the share price has declined along with the global macro sell-off and upgrades to Outperform from Neutral on valuation grounds.

The prospect for dividends in the next 12 months has been flagged which the broker suggests could attract yield investors onto the register. Target is reduced to $3.70 from $3.90.

Target price is $3.70 Current Price is $2.69 Difference: $1.01
If PLS meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 37.9% (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

Macquarie rates PLS as Outperform (1) -

March quarter results were firm and cash costs -19% lower than Macquarie expected. The fourth BMX sale realised a spodumene price of US$5650/t, in line with expectations.

Pilbara Minerals is set to more than double spodumene production over the next couple of years and has an ultimate target of more than 1.0mtpa. Macquarie retains an Outperform rating and $4 target.

Target price is $4.00 Current Price is $2.69 Difference: $1.31
If PLS meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 37.9% (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

Ord Minnett rates PLS as Buy (1) -

Following Pilbara Minerals' 3Q production report, Ord Minnett notes costs were -9% lower than its forecast, and should decline further in the 4Q. The Buy rating and $4.25 target price are maintained.

The analyst feels the stock is set for a turnaround with the operational impact of covid largely priced in, while spodumene prices continue to hit record highs.

Near-term prices are expected to be supported following another positive pricing result at the latest Battery Metal Exchange auction, suggests the broker.

Target price is $4.25 Current Price is $2.69 Difference: $1.56
If PLS meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 37.9% (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

Ord Minnett rates PLY as Buy (1) -

Ord Minnett highlights the company's continued success in building a platform for upcoming game releases. There was significant improvement in free cash flow over the March quarter.

Playside Studios has a net cash position of $40m and cash generation is expected to improve considerably as additional titles begin to be monetised. Speculative Buy rating retained with a $0.95 target.

Target price is $0.95 Current Price is $0.84 Difference: $0.11
If PLY meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

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 RED as Add (1) -

A 3Q update by Red 5 confirms to Morgans the King of the Hills (KOTH) project remains on schedule and within budget, with first gold due in weeks.

Management advised that during the 4Q processing at the Darlot operations will be placed into care and maintenance and ore will be sent to KOTH.

The broker maintains its Add rating and $0.48 target price.

Target price is $0.48 Current Price is $0.42 Difference: $0.06
If RED meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

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

Ord Minnett rates RED as Speculative Buy (1) -

While March quarter production at Darlot was slightly weaker, Ord Minnett notes the focus is on KOTH which is on track for first gold in the June quarter.

The asset appears to be developing on time and within budget, which Ord Minnett lauds in the face of the current labour challenges.

The broker suggests the developer discount in the stock should unwind as de-risking occurs with first gold, and thereafter commercial production and the ramp up to nameplate. Speculative Buy rating maintained. Target edges down to $0.46 from $0.47.

Target price is $0.46 Current Price is $0.42 Difference: $0.04
If RED meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

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 RRL as Neutral (3) -

March quarter production was weaker than Citi expected with the company affected by absenteeism and labour availability problems. Guidance has been maintained although, unsurprisingly, cost pressures bring risks.

Hence, Citi remains Neutral/High Risk rated, pending more consistency in operations and confidence in the ability of Duketon to generate  free cash. A stronger June quarter is expected from both Duketon and Tropicana. Target is $2.40.

Target price is $2.40 Current Price is $2.03 Difference: $0.37
If RRL meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates RRL as Outperform (1) -

Production in the March quarter missed Credit Suisse expectations, driven by Garden Well and Tropicana. Plant modifications at Duketon were also affected by the delays in the reopening of the border.

Guidance is unchanged although the company has signalled the top end of costs guidance, at $1500/oz, is at risk. Credit Suisse forecasts $1535/oz.

Outperform rating unchanged. Target is lowered to $2.50 from $2.60 to reflect slightly lower cash generation over the short term.

Target price is $2.50 Current Price is $2.03 Difference: $0.47
If RRL meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates RRL as Hold (3) -

Lower grades processed at Tropicana were largely responsible for 3Q production at Regis Resources slightly missing Morgans forecast. Nonetheless, these grades are expected to improve over 2022. 

Management anticipates a strong 4Q from the Duketon operations, but also noted group costs are being impacted by the currently high diesel price. The target rises to $2.05 from $1.98 and the Hold rating is unchanged.

Target price is $2.05 Current Price is $2.03 Difference: $0.02
If RRL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates SFR as Buy (1) -

March quarter EBITDA was US$213m and Citi flags a "healthy" margin of 64%. The broker considers the sell-off since March is overdone and retains a Buy rating, reducing the target to $8.00 from $8.30.

While the broker acknowledges the market is not forgiving regarding asset turnarounds and Sandfire Resources has challenging operations across three jurisdictions there should be value embedded in the scope.

Meanwhile, Citi observes copper is still structurally challenged globally while zinc is being traded as a play on the European energy  shortage being sustained.

Target price is $8.00 Current Price is $5.82 Difference: $2.18
If SFR meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $7.24, suggesting upside of 27.5% (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: 0.6

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

Credit Suisse rates SFR as Neutral (3) -

Credit Suisse notes all three mines at Matsa have delivered improvements since Sandfire Resources took control two months ago. A record month was obtained in March with 4.9mtpa throughput achieved, more than enough to fill the mill.

Credit Suisse considers this a positive sign that demonstrates the infrastructure can handle increased rates, although the company has signalled mining rates and grades will fluctuate over the short term. Neutral rating retained. Target is raised to $6.10 from $5.90.

Target price is $6.10 Current Price is $5.82 Difference: $0.28
If SFR meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.24, suggesting upside of 27.5% (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: 0.6

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

Macquarie rates SFR as Outperform (1) -

Production in the March quarter beat Macquarie's estimates with Matsa the highlight. The upgrade to cost guidance was largely expected, given industry trends.

Construction of Motheo is on track and the company is expected to deliver resource updates for Matsa in the June quarter.

Sandfire Resources is producing strong cash flow amid buoyant copper and zinc prices, which in turn delivers material upside to the broker's forecasts. Outperform rating retained. Target is $9.50, unchanged as the bulk of earnings changes are non-cash.

Target price is $9.50 Current Price is $5.82 Difference: $3.68
If SFR meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $7.24, suggesting upside of 27.5% (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: 0.6

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

Morgan Stanley rates SFR as Overweight (1) -

The highlight of Sandfire Resources' trading update for Morgan Stanley is production ahead of expectation at Matsa and costs in line. The result takes some pressure off and more clarity should emerge in July when the five-year guide is provided.

The broker thinks the market has been overly negative and retains Overweight and a $7.35 target. Sandfire remains one of the broker's top three picks in the space.

Industry View: Atractive.

Target price is $7.35 Current Price is $5.82 Difference: $1.53
If SFR meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.24, suggesting upside of 27.5% (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: 0.6

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

Morgans rates SFR as Add (1) -

Morgans likes the signs of productivity improvement at Matsa, revealed by Sandfire Resources' 3Q report. FY22 cost guidance was also better than the market had feared.

Upgrades to the broker's base metals price forecasts are offset by higher forecast net direct cash (C1) costs for FY22-24 and the target falls to $7.50 from $7.81. Add.

Target price is $7.50 Current Price is $5.82 Difference: $1.68
If SFR meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.24, suggesting upside of 27.5% (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: 0.6

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

Ord Minnett rates SFR as Sell (5) -

Copper and zinc grades at the Matsa operation were ahead of Ord Minnett's forecasts amid solid output over the past two months of the company's ownership.

Despite this, the broker highlights another round of cost increases which have reduced its earnings forecasts by -11% in FY22 and -1% in FY23.

This leads to a reduction in the target to $4.80 from $5.00. Ord Minnett maintains a Sell rating and continues to believe the stock is trading above fair value.

Target price is $4.80 Current Price is $5.82 Difference: minus $1.02 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.24, suggesting upside of 27.5% (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: 0.6

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

UBS rates SFR as Buy (1) -

March quarter copper production for Sandfire Resources was 9% ahead of expectations held by UBS, while net direct cash (C1) costs of US$1.12/lb were in-line. It's thought the stronger result came from improved throughput and grades at Matsa.

The broker lifts its target price by 1% to $7.45. Only 8% higher C1 guidance is thought to highlight potential. It's noted Motheo remains on schedule and budget for first production in the June quarter of 2023. Buy.

Target price is $7.45 Current Price is $5.82 Difference: $1.63
If SFR meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.24, suggesting upside of 27.5% (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: 0.6

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

Morgans rates SLH as Add (1) -

Morgans sees a potential 45% return on Silk Logistics shares over 12 months. The broker lifts its target price to $3.43 from $3.25 after reassessing the Kemps Creek site arrangement which should result in increased growth from additional warehouse capacity.

The company has novated the land purchase contract for the 11 hectare greenfield site in NSW. As a result, the land purchase cost and warehouse development risk falls to the developer in exchange for a 10 year lease for purpose built warehouses.

The Add rating is maintained.

Target price is $3.43 Current Price is $2.44 Difference: $0.99
If SLH meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

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

Ord Minnett rates SLR as Buy (1) -

The March quarter was softer than Ord Minnett expected amid unprecedented labour and pandemic impacts. FY22 guidance has been  withdrawn and the broker believes the company is being conservative, anticipating the lower end of prior production guidance.

Mount Monger drove the softer result as grade and throughputs were reduced while the contribution from lower grade stockpiles increased. Ord Minnett maintains a Buy rating and reduces the target to $2.25 from $2.35.

Target price is $2.25 Current Price is $1.88 Difference: $0.37
If SLR meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 19.6% (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

Morgans rates SOM as Add (1) -

Morgans believes SomnoMed's reiterated FY22 guidance is achievable in light of ongoing sales momentum, particularly in the US. This comes as the 3Q cashflow report was assessed as showing steady improvements to patient activity and engagement.

The broker maintains its Add rating and $2.51 target and awaits announcements leading up to launch of the new technology enabled device, which is seen as a potential game-changer for treatment.

Target price is $2.51 Current Price is $1.86 Difference: $0.65
If SOM meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

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

Macquarie rates STX as Outperform (1) -

Strike Energy is on track for commissioning the Walyering field in the Perth Basin over the next 6-9 months. Flow testing will begin in  South Erregulla with the three-well appraisal campaign. Meanwhile, first gas from West Erregulla has been delayed to late 2024.

Macquarie considers Strike Energy a top performer and envisages substantial upside in the stock. The transition to producer status at Walyering is considered significant and the recent discovery at South Erregulla material to valuation. Outperform retained. Target is $0.50.

Target price is $0.50 Current Price is $0.33 Difference: $0.17
If STX meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

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

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

Morgan Stanley has updated its valuation numbers to account for Syrah Resources' 2021 earnings result and March Q update, in which production and costs were in line. Recoveries were below forecast due to several reasons, including maintenance.

The result is a target increase to $1.40 from $1.35. Equal-weight retained.

Industry View: Attractive.

Target price is $1.40 Current Price is $1.99 Difference: minus $0.59 (current price is over target).
If SYR meets the Morgan Stanley target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 TCL as Outperform (1) -

Macquarie takes account of the latest CPI numbers and March quarter traffic data. Sydney traffic shows a delayed recovery back to 2019 levels which the broker attributes to wet weather.

As weather improves and air travel resumes, the June quarter should mean many roads return to growth. Macquarie acknowledges the headwinds from rising fuel costs and interest rates but considers, historically, the trend so far is mild.

The broker assesses the upside for Transurban Group is a broader tolling approach or a move to peak hour tolling. Outperform retained. Target is raised to $14.91 from $14.86.

Target price is $14.91 Current Price is $14.19 Difference: $0.72
If TCL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.43, suggesting upside of 0.3% (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

Morgan Stanley rates TLS as Overweight (1) -

Morgan Stanley believes the performance of T-Mobile in the US provides a read-through to Telstra given both are 5G leaders in their markets. T-Mobile's March Q result showed beats in revenue and earnings.

Fixed wireless broadband is gaining traction in the US faster than expected, and there is no evidence of customer demand being impacted by inflation and rising US rates.

Overweight and $4.60 target retained for Telstra. Industry View: In-Line.

Target price is $4.60 Current Price is $3.97 Difference: $0.63
If TLS meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 10.2% (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 WPR as Accumulate (2) -

Ord Minnett believes the main risk to service station A-REITs stems from softening capitalisation rates. The company is well-positioned in this regard, the broker adds, because of the location of assets, as well-located assets with exposure to high vehicle traffic continue to be well bid.

The broker prefers Waypoint REIT to Dexus Convenience REIT ((DXC)) as its earnings are more resistant to interest rate rises and the portfolio quality is improving because of asset sales. Liquidity is also more able to support capital management initiatives.

Accumulate maintained. Target is $3.

Target price is $3.00 Current Price is $2.69 Difference: $0.31
If WPR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 8.3% (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