Australian Broker Call

Shaw and Partners rates 5GG as Buy (1) -

Pentanet has issued $6.1m in a placement and will issue up to a further $2.5m via a share purchase plan. The intention is to expand fixed wireless and the cloud gaming service.

Shaw and Partners revises forecasts to incorporate the capital raising and March quarterly update, which showed an increase in revenue of 16%.

The broker notes the company is nearing break even on an operating cash flow basis. Target is reduced to $0.20 from $0.30 as a result of the additional shares on issue. Buy rating maintained.

Target price is $0.20 Current Price is $0.08 Difference: $0.12
If 5GG meets the Shaw and Partners target it will return approximately 150% (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

Bell Potter rates A4N as Speculative Buy (1) -

Alpha HPA's technologies have received recognition (bronze medal rating) from independent sustainability ratings agency EcoVadis. The rating is a key pre-condition to finalising offtake contracsts for the HPA First project, explains Bell Potter.

The company's high purity aluminium and high purity alumina (HPA) products have value-adding application across lithium ion battery, micro-LED and semiconductor manufacturing.

The broker anticipates imminent announcements relating to product offtake agreements in support of debt financing and a final investment decision for the full scale HPA First project.

The target rises to $1.31 from $1.02 for a variety of reasons including a lower discount rate (in line with peers) and updates to government grants and the capital structure.

Target price is $1.31 Current Price is $1.00 Difference: $0.31
If A4N meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 ABY as Equal-weight (3) -

Following a 3Q trading update by Adore Beauty, Morgan Stanley feels the business is running in line with consensus expectations.

The broker feels inflationary/margin pressures have peaked and earnings visibility is set to improve from Q4 as comparisons to lockdown periods no longer apply.

The Equal-weight rating and $1.15 target are unchanged. Industry view: In-Line.

Target price is $1.15 Current Price is $0.96 Difference: $0.19
If ABY meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 14.5% (ex-dividends)

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

UBS rates ABY as Neutral (3) -

Adore Beauty's March-quarter sales outpaced UBS's forecasts by 2%, as Omicron imposts subsided.

Management has reiterated its expectation for a tough period for retail and no commentary was provided, leaving the broker to surmise that the company is on track to meet guidance.

UBS considers the company's margin ambitions to be, well, ambitious.

Neutral rating retained. Target price falls to $1.15 from $1.25 to reflect the challenging macro environment and rising risks to earnings.

Target price is $1.15 Current Price is $0.96 Difference: $0.19
If ABY meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 14.5% (ex-dividends)

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

Macquarie rates AGY as Outperform (1) -

Argosy Minerals has now produced over 13t of battery grade lithium carbonate at the Rincon lithium project. Commissioning is nearing completion for the pilot plant.

The ramp up to 2000tpa lithium carbonate production will take less than six months and Macquarie notes securing the outstanding approvals from the Argentinian government presents a material catalyst. Outperform and $0.80 target maintained.

Target price is $0.80 Current Price is $0.41 Difference: $0.395
If AGY meets the Macquarie target it will return approximately 98% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 AMC as Neutral (3) -

Heading into Amcor's March-quarter results, UBS estimates the company is likely to be trading at the low end of FY23 guidance and expects guidance to be retained.

Meanwhile, March-quarter fast moving consumer goods figures point to weakening volumes in Europe and North America, albeit stronger than expected.

The broker tinkers with EPS forecasts, expecting EPS growth to moderate.

Neutral rating and $18 target price retained.

Target price is $18.00 Current Price is $16.50 Difference: $1.5
If AMC meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.82, suggesting upside of 2.0% (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: -0.2

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

Ord Minnett rates ARB as Buy (1) -

Ord Minnett notes the first half was challenging and headwinds seem to be persisting into the second half amid delays in new vehicle sales into Australia and constraints on labour availability. This is likely to mean some risk to near-term earnings.

Nevertheless, over the longer term the broker remains attracted to ARB Corp's fundamentals. Buy rating and $34.80 target maintained.

Target price is $34.80 Current Price is $32.38 Difference: $2.42
If ARB meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $32.78, suggesting upside of 0.9% (ex-dividends)

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

Bell Potter rates BCI as Buy (1) -

In the 3Q, BCI Minerals reported a beat for Iron Valley earnings (EBITDA) compared to Bell Potter's forecast due to higher iron ore prices.

The broker estimates spending of -$44m on the Mardie Salt and SOP project in WA during the quarter. An independent review of the project is in its final stages. 

Despite current capital cost inflation pressures, Bell Potter expects current debt providers and key stakeholders will continue to support the project.

The target falls to 32c from 35c. Buy.

Target price is $0.32 Current Price is $0.24 Difference: $0.08
If BCI meets the Bell Potter target it will return approximately 33% (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

Bell Potter rates CBO as Buy (1) -

Following a crop and trading update by Cobram Estate Olives, Bell Potter notes Q3 sales in Australia and the US have exceeded levels attained in Q1 and Q2.

Adverse weather conditions result in the broker lowering its FY23 crop forecast. Separately, the broker continues to see high levels of import parity pricing

The Buy rating and $1.75 target are retained.

Target price is $1.75 Current Price is $1.33 Difference: $0.425
If CBO meets the Bell Potter target it will return approximately 32% (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

Shaw and Partners rates CLG as Buy (1) -

Close The Loop has announced the accretive acquisition of ISP Tek, a US-based re-seller of consumer electronics, intending to use the international footprint to expand its refurbishment expertise.

Integrating the acquisition into estimates results in Shaw and Partners forecasting net profit of $22m in FY24. The broker retains conservative assumptions relative to historical performance including flat revenue in FY24 and no additional revenue from the geographic expansion which is likely to commence in the next 12 months.

Buy rating maintained. Target rises to $0.70 from $0.64.

Target price is $0.70 Current Price is $0.37 Difference: $0.333
If CLG meets the Shaw and Partners target it will return approximately 91% (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 CPU as Buy (1) -

Computershare's market update, released earlier today at the Macquarie conference, seems to have been both positive and negative with management reiterating FY23 guidance but also flagging softer margin income for FY24.

Citi analysts take the guidance reiteration as a clear positive against a background of uncertainties and softer conditions, but the FY24 preview is also clearly a negative.

The analysts suggest part of lower margin income in FY24 had already been priced-in, but management's guidance for US$860m is significantly lower than the earlier guided US$990m, with the disappointment largely relating to lower client balances rather than lower rates, explain the analysts.

Target price $27.30. Buy. Citi retains a positive view on the thesis that with US$2bn-plus in balance sheet capacity, Computershare has substantial capital deployment options to drive future growth.

Target price is $27.30 Current Price is $22.53 Difference: $4.77
If CPU meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $26.61, suggesting upside of 24.1% (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: 0.8

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

Macquarie rates DRR as Outperform (1) -

Deterra Royalties has received MAC royalties of $59.8m in the March quarter, beating Macquarie's expectations on the back of higher sales volumes and prices.

The broker expects receipts in the second half will grow 67% on the first half and drive an increase in the dividend to $0.20 a share. The broker's forecasts has free cash flow and dividend yields of more than 7% from FY23 onwards.

Outperform and $5.00 target retained.

Target price is $5.00 Current Price is $4.67 Difference: $0.33
If DRR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Macquarie rates GLN as Outperform (1) -

Galan Lithium has upgraded the resource estimate for Hombre Muerto West in Argentina by 13%.

Macquarie notes variance in the South American lithium carbonate prices and the Australian dollar rate present the key risk to its base case forecasts.

Outperform rating and $1.70 target maintained.

Target price is $1.70 Current Price is $1.03 Difference: $0.67
If GLN meets the Macquarie target it will return approximately 65% (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

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

Bell Potter points out the GrainCorp share price has lost -35% over the last year (as El Nino rears its head) and feels the current level ignores upcoming likely cash releases.

The broker's rating is upgraded to Buy from Hold, despite the prospect El Nino events can undermine near term earnings (i.e. FY24), and the $8.00 target is unchanged.

Target price is $8.00 Current Price is $6.95 Difference: $1.05
If GNC meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.55, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in September.

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

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

UBS upgrades to G.U.D. Holdings to Buy from Neutral and raises the target price to $10.50 from $8.80, believing risks to earnings are subsiding, while also observing strength in the company's listed peers.

UBS says industry feedback suggests core demand remains strong and margins have held; order books remain elevated; and gearing is improving.

The broker considers gearing to be the key to a re-rate with peers, and expects easing costs should offset any potential weakness in volumes.

EPS forecasts are steady in FY23; and rise 2% in FY24; and 3% in FY25.

Target price is $10.50 Current Price is $9.53 Difference: $0.97
If GUD meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.03, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Citi rates JDO as Buy (1) -

In its trading update, Judo Capital revealed a pre-tax profit for the nine months to March of $87m. This was ahead of Citi's expectations.

The company has reiterated longer-term assumptions. Despite the headwinds to interest margins and asset quality through FY24, Citi is of the view the stock is inexpensive and retains a Buy rating with a $1.65 target.

Target price is $1.65 Current Price is $1.25 Difference: $0.395
If JDO meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 23.1% (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 JDO as Outperform (1) -

Judo Capital has upgraded guidance, which implies 10-15% upside to FY23 consensus forecasts. Yet the upgrade appears to be driven by timing and Macquarie continues to anticipate challenges in the company meeting its CTI target.

Large swings in the margin and significant volume growth are required to meet cost targets and remain a concern for the broker. Outperform rating maintained. Target is reduced to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.25 Difference: $0.345
If JDO meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 23.1% (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

Morgan Stanley rates JDO as Overweight (1) -

Profit before tax for Judo Capital in the 3Q exceeded Morgan Stanley's forecast by more than 30% and management guidance for the 2H underlying margin has been upgraded by 20bps.

However, longer-term margin guidance is unchanged due to "significant" deposit competition and higher costs for new term deposits, explains the analyst.

The broker upgrades its FY23 estimates, but lowers its outlook for FY24 and FY25.

The Overweight rating is kept as Morgan Stanley likes the differentiated customer proposition and believes management is building a profitable business. Industry View: In-Line. Target $1.70.

Target price is $1.70 Current Price is $1.25 Difference: $0.445
If JDO meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 23.1% (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

Shaw and Partners rates MMI as Buy (1) -

Metro Mining is shipping into a strengthening bauxite market, Shaw and Partners observes. Shipments from Indonesia are winding down as that country implements its export ban. The broker forecasts EBITDA of $52m in 2023 and $123m in 2024.

Shaw and Partners notes the market is sceptical about the company's ability to deliver on its promise, given a difficult time over the past three years. Yet, in its favour, a range of operating improvements has been implemented while the customer base has diversified.

The Buy rating and target price of $0.06 are retained.

Target price is $0.06 Current Price is $0.02 Difference: $0.043
If MMI meets the Shaw and Partners target it will return approximately 253% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 MMS as Hold (3) -

Ord Minnett found the focus of the recent investor briefing centred on the shift towards decarbonisation of vehicles, which is a significant tailwind for the novated lease business as well as the asset management division.

McMillan Shakespeare has also indicated supply is starting to stabilise. The plan management business is continuing to benefit from the rolling out of the NDIS. The broker retains a Hold rating and raises the target to $14.50 from $14.40.

Target price is $14.50 Current Price is $15.53 Difference: minus $1.03 (current price is over target).
If MMS meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.13, suggesting downside of -2.7% (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 MP1 as Neutral (3) -

Megaport has identified cost savings of -$18m and has repriced VXC which is expected to deliver $12m in revenue benefit as well. Macquarie found the update positive, with the business able to weather a softer sales period without raising capital.

Longer-term demand appears resilient although limited sales personnel at present remains a headwind to growth, in the broker's opinion. Neutral retained. Target moves up to $6 from $5.

Target price is $6.00 Current Price is $5.55 Difference: $0.45
If MP1 meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 63.4% (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 MP1 as Buy (1) -

Megaport's March-quarter result missed UBS forecasts, due to lower than expected customer port additions, but guidance sharply outpaced, and the broker observes the company delivered on pricing and cost-outs.

UBS says upgraded guidance should alleviate market fears, management seeing no need for a capital raising (outside of strategic reasons), and the company closed the quarter with a $48m cash balance.

Meanwhile, the broker believes the company is addressing the miss on port additions by reinvesting in its sales team.

Buy rating retained. Target price eases to $11.40 from $12.30.

Target price is $11.40 Current Price is $5.55 Difference: $5.85
If MP1 meets the UBS target it will return approximately 105% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 63.4% (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

Citi rates MPL as Neutral (3) -

Today's trading update, provided at the Macquarie conference, includes higher costs to remediate that infamous cyber attack and fall-out but also strong operational momentum.

Updated guidance suggests Q4 will be strong, with momentum to continue into FY24, Citi analysts point out.

The insurer has also flagged a new JV with Aurora Healthcare to deliver an integrated mental health model investing -$31m in three hospitals.

All in all, Citi thinks today's update is mildly positive. Target $3.45. Neutral.

Target price is $3.45 Current Price is $3.51 Difference: minus $0.06 (current price is over target).
If MPL meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.43, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates ORG as No Rating (-1) -

Origin Energy's trading update reveals a greater than 60% rise to FY23 midpoint earnings (EBITDA) for Energy Markets, in line with UBS forecasts.

Management has revised guidance sharply upward to $950m to $1.2bn from $600m to $740m, thanks largely to a strong performance from Octopus Energy.

Government reimbursement for the difference between capped coal prices and price paid for coal delivered after December 23 was also a contributor, and UBS expects this is likely paired with a commitment to bid lower electricity prices from Eraring Power into the NSW pool.

UBS expects this, along with an extension on capped wholesale gas prices, will weigh on 2023 to 2025 baseload futures, bringing them closer to the broker's estimate.

Origin's commitment to build Stage 1 of its Eraring battery comes at a higher cost than the broker forecast but overall, UBS expects the battery will still yield a post-tax asset internal rate of return of 12%.

FY23 EPS forecasts rise 120%; and rise 5% and 16% for FY24 and FY25 to reflect cheaper coal and a re-rate to Octopus earnings forecasts.

UBS is on rating restriction.

Current Price is $8.38. Target price not assessed.

Current consensus price target is $8.71, suggesting upside of 4.0% (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 PNI as Outperform (1) -

Pinnacle Investment Management sustained positive net flows in the March quarter with funds under management up 7.2%. Macquarie finds the organic growth outlook attractive amid potential to add accretive acquisitions.

Profit is expected to be negatively affected by accelerated Horizon 2 investments as well as the Metrics Payright investment. The broker reduces the target to $10.95 from $11.05 and retains an Outperform rating.

Target price is $10.95 Current Price is $8.54 Difference: $2.41
If PNI meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $9.88, suggesting upside of 8.6% (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 PNI as Hold (3) -

Growth in funds under management was favourable in the March quarter despite the investment market volatility. Ord Minnett expects the Horizon 2 investments will constrain margins in the short term and the outlook for performance fees remains challenging.

The broker assesses Pinnacle Investment Management is offering 5.7% growth in earnings per share over the next three years and a 3.5% fully franked dividend yield.  Hold maintained. Target is reduced to $9.00 from $9.50.

Target price is $9.00 Current Price is $8.54 Difference: $0.46
If PNI meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.88, suggesting upside of 8.6% (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 PNI as Upgrade to Neutral from Sell (3) -

Pinnacle Investment Management's March-quarter trading update outpaced UBS funds-under-management (FUM) forecast by 4%, thanks to strong share markets and improved net flows.

Net inflows rose $1.9bn, compared with UBS's forecast $0.5bn; a figure struck on lower average fee margins.

The company's Metrics business will assume Pinnacle's 35% associate share in Payright (and the latter's losses), which is likely to weigh on an otherwise good result, says UBS.

EPS forecasts rise 5% in FY23; and 6% in FY24 to reflect strong March-quarter FUM and flows, and an expectation of higher performance fees. 

Rating upgraded to Neutral from Sell, after the company's sharp -20% share-price retreat and the solid March quarter result. Target price rises to $8.80 from $8.60.

Target price is $8.80 Current Price is $8.54 Difference: $0.26
If PNI meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.88, suggesting upside of 8.6% (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 PPT as Neutral (3) -

Perpetual's March-quarter trading update revealed stronger headline flows but UBS observes the flows mix was revenue decretive and expense growth guidance of 37% to 39% suggests sharply higher costs.

Highlights included a $20m upgrade to Pendal's synergy target to $80m; a $50m fall in gross debt since the February result; and an easing in net outflows to -$0.1bn.

Net, EPS forceasts fall -5% in FY23; and rise 4% in FY25.

Neutral rating retained. Target price falls to $27 from $29.

Target price is $27.00 Current Price is $24.90 Difference: $2.1
If PPT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $30.33, suggesting upside of 23.6% (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

Ord Minnett rates QBE as Downgrade to Lighten from Hold (4) -

As the share price of QBE Insurance has moved through the trigger level Ord Minnett downgrades to Lighten from Hold. Target is $13.

The broker expects higher interest rates will benefit the business in the medium term although the competitive landscape means some of the upside will be eroded through competition.

Target price is $13.00 Current Price is $15.47 Difference: minus $2.47 (current price is over target).
If QBE meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

UBS rates QBE as Buy (1) -

UBS raises QBE Insurance's target price to $18.50 from $18 heading into the March-quarter trading update and May 12 AGM, to reflect a positve tax rate on improved US profits.

UBS expects a brisk start to QBE's year, (excluding difficult to forecast catastrophe figures) and predicts solid core margin trends. On  the downside, capital markets are forecast to weigh on the result given a strong US dollar, a slide in risk-free rates in March, and larger credit spreads.

The broker observes the company has bought less reinsurance cover for 2023, suggesting higher catastrophe risk has been retained.

Buy rating retained, UBS believing the company compares favourable with global peer multiples and against consensus returns on equity forecasts for 16% to 18%.

Target price is $18.50 Current Price is $15.47 Difference: $3.03
If QBE meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $16.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Citi rates QUB as Buy (1) -

Citi asserts investors could do no worse in the current environment than focus on growth that is not dependent on the macro environment. Hence, the two acquisitions Qube Holdings has announced could add 3-5% growth to FY24 net profit.

The company has acquired a 50% stake in Pinnacle, which provides container storage, handling and transport services across nine locations in New Zealand, and full ownership of Kalari, specialising in bulk haulage in the Australian mining industry.

Consideration for both transactions is -$145m. Citi retains a Buy rating and $3.75 target.

Target price is $3.75 Current Price is $3.08 Difference: $0.67
If QUB meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 10.0% (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 QUB as Buy (1) -

Qube Holdings has acquired two businesses for -$145m, 50% of Pinnacle in New Zealand and 100% of Kalari in Australia. Ord Minnett considers the former a profitable and strategic foothold in a growing market.

Kalari represents expansion within the existing bulk haulage vertical. The acquisitions are expected to be accretive from FY24. The broker upgrades estimates for FY24 by 3% and raises the target to $3.61 from $3.58. Buy rating retained.

Target price is $3.61 Current Price is $3.08 Difference: $0.53
If QUB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 10.0% (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

Citi rates TCL as Neutral (3) -

Transurban Group has upgraded FY23 dividend guidance to $$0.58 from $0.57 and confirmed construction for ongoing projects is continuing as previously outlined.

Citi suspects the company's participation in the potential bid to acquire a stake in EastLink, if successful, may involve a capital raising that could limit share price upside in the short term. Neutral rating and $16.20 target maintained.

Target price is $16.20 Current Price is $14.92 Difference: $1.28
If TCL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.65, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates TCL as Outperform (1) -

Macquarie observes strong population growth is translating into traffic growth and ultimately a dividend recovery for Transurban Group. Moreover, capital intensity is easing as government priorities shift from roads and towards the energy transition/public transport

 The company has lifted its dividend to $0.58 from $0.57 which is a mild positive in the broker's opinion. More significant is the upbeat commentary regarding the macro environment. Outperform maintained. Target is steady at $14.65.

Target price is $14.65 Current Price is $14.92 Difference: minus $0.27 (current price is over target).
If TCL 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 $14.65, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

Transurban Group has raised its FY23 DPS guidance by 1c to 58c at its investor day.

Key takeaways from the day for Morgan Stanley include commentary on a lower committed growth capital requirement as a function of project progress. The remaining pipeline is now more weighted to brownfield compared to previous years.

Management also reaffirmed an interest in acquiring a majority equity stake in EastLink, if that sale process proceeds.

While hard to model, the analyst sees more opportunity for the company to create customer value from new sources including low emissions vehicle incentives.

Morgan Stanley retains its Equal-weight rating and $14.88 target.

Target price is $14.88 Current Price is $14.92 Difference: minus $0.04 (current price is over target).
If TCL meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.65, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates TCL as Buy (1) -

Transurban has upgraded dividend guidance to 58c from 57c, reflecting the company's confidence in traffic momentum and financing costs.

The reveal was part of the company's investor day, which revealed a sharp acceleration in operating expenditure (UBS suggest 17% annual cost growth, in line with the December half) and compares with previous guidance of an 11% rise.

UBS observes the dividend figure includes 2c to 3c of capital releases in line with guidance and doubts conditions have changed much from the February result.

Meanwhile, it appears greenfield projects are on the wane, and the skew is towards brownfield projects, says UBS; the Rozelle interchange completion is on track for the December quarter; and management has reiterated its desire to sell Melbourne's East Link stake.

Buy rating and $15.45 target price retained.

Target price is $15.45 Current Price is $14.92 Difference: $0.53
If TCL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.65, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Ord Minnett rates TPG as Downgrade to Accumulate from Buy (2) -

As the share price of TPG Teleccom has moved through the trigger level Ord Minnett downgrades to Accumulate from Buy. Target is $7.40.

Target price is $7.40 Current Price is $5.50 Difference: $1.9
If TPG meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.43, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in December.

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

Shaw and Partners rates TSI as Buy (1) -

Shaw and Partners believes Top Shelf International continues to trade well below the intrinsic value, given the renewed focus on profitability, cost reductions and further potential in its range.

Sales in the March quarter were "robust" and the company has commenced contract packaging for a multinational beverage producer which is increasing operating efficiency and asset utilisation of the Campbellfield production site.

The broker envisages potential for further large agreements given brand penetration. Buy rating maintained. Target is reduced to $1.46 from $1.58.

Target price is $1.46 Current Price is $0.47 Difference: $0.995
If TSI meets the Shaw and Partners target it will return approximately 214% (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 VVA as Buy (1) -

Citi is comfortable with its Buy rating following the latest trading update. Assuming no change to monthly revenue run rates, Viva Leisure is expected to deliver revenue at the top end of FY23 guidance. Yet the broker envisages upside is increasingly likely.

EBITDA is forecast to more than double by FY25 underpinned by the roll-out of greenfield sites, acquisitions and franchise buybacks. The main risks are a weaker consumer that leads to increased churn. The $2.15 target is maintained.

Target price is $2.15 Current Price is $1.23 Difference: $0.92
If VVA meets the Citi target it will return approximately 75% (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

Ord Minnett rates WPR as Accumulate (2) -

Ord Minnett calculates less than 3% of Waypoint REIT will be at risk of being consolidated or assigned to another operator in the wake of the Viva Energy Australia ((VEA)) acquisition of OTR.

Instead, the broker expects an increased focus on convenience retail and fast food and assesses 76% of the Waypoint REIT sites could be suitable for complementary quick service restaurant offerings.

Ord Minnett retains an Accumulate rating and $2.97 target.

Target price is $2.97 Current Price is $2.61 Difference: $0.36
If WPR meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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