Australian Broker Call

UBS rates ABC as Neutral (3) -

Leading into Adbri's full year results on February 25, UBS leaves FY21 EPS and earnings forecasts unchanged.

However, UBS's least preffered exposures in the Building Materials sector are Adbri and Boral ((BLD)).

While there may be early positive signs for construction materials volumes, the broker feels cost pressures continue to outweigh earnings upside potential.

UBS lowers its target price to $3.10 from $3.50. The Neutral rating is unchanged.

Target price is $3.10 Current Price is $2.99 Difference: $0.11
If ABC meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates ALL as Outperform (1) -

Following the disappointing outcome of Aristocrat Leisure's Playtech bid, Macquarie has reviewed the company's outlook and noted strong momentum remains in the core business. 

The company remains committed to its merger and acquisition strategy, and while Aristocrat Leisure is precluded from making another full takeover bid for Playtech without specific approval it appears to have increased interest in the real money gambling market. 

Aristocrat Leisure retains its strong position following its capital raise, with expected cash balance exceeding 3.5bn by the end of FY22. Macquarie expects it will retain that liquidity given its acquisition focus.

The Outperform rating and target price of $46.00 are retained.

Target price is $46.00 Current Price is $41.09 Difference: $4.91
If ALL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $48.77, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in September.

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 ALL as Accumulate (2) -

Ord Minnett points out that while the Playtech acquisition is no longer a possibility, Aristocrat Leisure did raise $1.3bn in November, and there are now plenty of alternative M&A options with share prices in general cheaper.

Accumulate rating retained. Target $51 (unchanged).

The broker points out recent share price weakness has removed the traditional premium Aristocrat shares tend to trade at.

Target price is $51.00 Current Price is $41.09 Difference: $9.91
If ALL meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $48.77, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates AMP as Sell (5) -

On balance UBS expects a supportive set of results for the Australian Insurance sector and the Diversified Financial sector during the upcoming reporting season.

While expectations appear to be low for AMP as the consensus estimate is revised lower, the broker's forecasts are still well below consensus. The Sell rating and $0.90 target price are retained.

Target price is $0.90 Current Price is $0.94 Difference: minus $0.04 (current price is over target).
If AMP meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.05, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

UBS rates APE as Buy (1) -

Feedback suggests to UBS that auto production has started to recover and dealer order book growth continues to outpace deliveries.

In the lead up to Eagers Automotive's full year results on Thursday 24 February, the analyst cuts the 2021 profit (PBT) estimate (pre-AASB16) by -1% to $390m This is in-line with the consensus forecast and at the bottom of $390-395m guidance range.

The Buy rating and $18.35 target price are unchanged.

Target price is $18.35 Current Price is $12.40 Difference: $5.95
If APE meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 41.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates ASG as Buy (1) -

Feedback suggests to UBS that auto production has started to recover and dealer order book growth continues to outpace deliveries.

In the lead up to Autosports Group's 1H results on Friday 25 February, the analyst maintains its Buy rating and $3.15 target price after moving some estimated 1H profits to the 2H due to delayed deliveries.

Target price is $3.15 Current Price is $1.89 Difference: $1.26
If ASG meets the UBS target it will return approximately 67% (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 ASX as Sell (5) -

On balance UBS expects a supportive set of results for the Diversified Finanacials sector during the upcoming reporting season.

The broker retains its Buy rating and $70 target price for ASX. The company has flagged elevated transaction volumes in the first half which is expected to drive solid earnings.

Target price is $70.00 Current Price is $84.31 Difference: minus $14.31 (current price is over target).
If ASX meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $80.21, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.4

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

UBS rates BLD as Neutral (3) -

Leading into the reporting season, UBS's least preferred exposures in the Building Materials sector are Boral and Adbri ((ABC)).

While there may be early positive signs for construction materials volumes, the broker feels cost pressures continue to outweigh earnings upside potential.

UBS raises its target price for Boral to $6.25 from $6.10. The Neutral rating is unchanged. Key drivers are considered to be in the area of 
commercial and multi-family, rather than infrastructure.

Target price is $6.25 Current Price is $6.53 Difference: minus $0.28 (current price is over target).
If BLD meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.53, suggesting upside of 71.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates CAR as Buy (1) -

In a review of the Media sector leading into the reporting season, UBS sees downside risk to the 2H outlook for Carsales. A longer than expected impact from the omicron variant is expected to delay any recovery in volumes.

The analyst also sees valuation risk from rising interest rates. The target price falls to $25 from $27, while the Buy rating is unchanged.

Target price is $25.00 Current Price is $22.52 Difference: $2.48
If CAR meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.21, suggesting upside of 9.2% (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

UBS rates CGF as Neutral (3) -

On balance UBS expects a supportive set of results for the Diversified Financials sector during the upcoming reporting season.

The broker retains its Neutral rating and $6.25 target price for Challenger. There's thought to be potential for management to lift guidance for the financial year.

Target price is $6.25 Current Price is $5.91 Difference: $0.34
If CGF meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.27, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

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

While Centuria Office REIT has reported a -13% funds from operation half-on-half decline, Credit Suisse notes this accounts for a large surrender payment received in the prior half and the company largely performed better than expected in the first half. 

While the company received $2m in lease surrender payments in the half this will largely be offset by second half vacancies, with new tenancies to drive FY23 normalisation. Portfolio occupancy was up to 94.3% from 93.1% in the previous half, full year guidance retained. 

The rating is upgraded to Outperform from Neutral and the target price decreases to $2.42 from $2.48. 

Target price is $2.42 Current Price is $2.21 Difference: $0.21
If COF meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 12.0% (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

Morgan Stanley rates COF as Overweight (1) -

Centuria Office REIT posted first half funds from operations of 9.8c versus Morgan Stanley's 8.9c forecast but left FY guidance of 18.3c unchanged despite a second half contribution to come from new assets. The broker was confused until it realised there was a twist in the tale.

It turns out that this anomaly, previously undisclosed, was due to a few departing tenants paying their 2H rent in the 1H, making the 1H/2H split messy. The broker has hence left its FY22 FFO forecast unchanged at 18.4c, and we'll call it an "in line" result.

Pleasingly, occupancy rose to 94% from 91% in the pandemic trough and while there are upcoming expiries to deal with, it looks like the worst is over, the broker suggests. Target falls to $2.60 from $2.70, Overweight retained. Industry view: In-Line.

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

Current consensus price target is $2.44, suggesting upside of 12.0% (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 CPU as Buy (1) -

On balance UBS expects a supportive set of results for the Diversified Financials sector during the upcoming reporting season.

The broker retains its Buy rating and $22.50 target price for Computershare and notes its estimate is above the consensus forecast, due to higher assumptions for capital markets activity.

Target price is $22.50 Current Price is $20.29 Difference: $2.21
If CPU meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.44, suggesting downside of -0.3% (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: 0.3

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

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

Japan's version of CSL, Takeda, reported strong immunoglobulin sales in the December quarter but an -11% fall in plasma collection.

Morgan Stanley estimates CSL's collections were down -20% in FY21 but forecasts a return to FY19 levels this March quarter.

The broker expects CSL's Ig sales to be below Takeda in FY22, as was the case in FY21.

Equal-weight and $280 target retained.

Target price is $280.00 Current Price is $257.46 Difference: $22.54
If CSL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $321.54, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Macquarie rates CTD as Outperform (1) -

The omicron outbreak has continued to cause a drag on domestic and international airline activity, but Macquarie finds Corporate Travel Management well placed for recovery given its high exposure to essential travel. 

Sector outlook is subdued, with Serko ((SKO)) and Qantas ((QAN)) both issuing recent forecast downgrades, but an uplift in bookings following the announcement of testing relaxation in the UK for fully vaccinated travelers suggests other markets will rebound similarly. 

Earnings per share forecasts are downgraded -5% and -2% for FY22 and FY23.

The Outperform rating is retained and the target price decreases to $22.75 from $24.70.

Target price is $22.75 Current Price is $20.33 Difference: $2.42
If CTD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $25.99, suggesting upside of 27.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Morgans rates CTP as Hold (3) -

Central Petroleum's December-quarter sales volume missed Morgans' estimates. Price target has lost another -1c to $0.11. Hold rating retained.

The broker observes results so far from the Range pilot program have disappointed, adding exploration and appraisal activities at Range CSG, Palm Valley and Dingo remain key to long-term upside.

Target price is $0.11 Current Price is $0.11 Difference: $0
If CTP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates DHG as Buy (1) -

In a review of the Media sector leading into the reporting season, UBS raises its forecasts for Domain Holdings. It's thought a stronger-than-expected listings environment will have led to higher volumes towards the end of 2021.

However, the target price falls to $5.60 from $5.80 due to the broker's higher bond yield assumptions.

The current macro environment is expected to benefit real estate, believes UBS. The Buy rating is unchanged.

Target price is $5.60 Current Price is $4.84 Difference: $0.76
If DHG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.52, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates EHL as Outperform (1) -

Despite some weather impacts Emeco has delivered a first half trading update largely in line with Macquarie's expectations, and is guiding to full year earnings of $259-260m. 

Workforce constraints also impacted on results given a tight labour market in the west and covid-driven absenteeism in the east, and while stabilisation looks to be occurring in some eastern regions the eventual opening of the WA hard border presents some risk. 

Given potential risks, particularly in WA, Macquarie has updated its FY22 outlook. Earnings per share decrease -8%, -2% and -2% through to FY24.

The Outperform rating is retained and the target price decreases to $1.21 from $1.27.

Target price is $1.21 Current Price is $0.95 Difference: $0.26
If EHL meets the Macquarie target it will return approximately 27% (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 FLT as Neutral (3) -

The omicron outbreak has continued to cause a drag on domestic and international airline activity, but while Macquarie expects Flight Centre Travel Group's targeted return to monthly profitability will be impacted in FY22 it expects a strong recovery from FY23.

Sector outlook is subdued, with Serko ((SKO)) and Qantas ((QAN)) both issuing recent forecast downgrades, but an uplift in bookings following the announcement of testing relaxation in the UK for fully vaccinated travelers suggests other markets will rebound similarly. 

Earnings per share forecasts are downgraded -264%, -10% and -6% for FY22, FY23 and FY24. 

The Neutral rating is retained and the target price decreases to $17.85 from $19.15.

Target price is $17.85 Current Price is $17.55 Difference: $0.3
If FLT meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.59, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates GUD as Buy (1) -

Feedback suggests to UBS that auto production has started to recover and dealer order book growth continues to outpace deliveries.

In the lead up to G.U.D. Holdings 1H results, the broker maintains its Buy rating and $13.80 target price.

After the recent purchase of AutoPacificGroup, the analyst estimates around 30% of FY22 proforma earnings (EBIT) are exposed to new SUV/Light commercial vehicles.

Target price is $13.80 Current Price is $12.56 Difference: $1.24
If GUD meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.84, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates IAG as Sell (5) -

On balance UBS expects a supportive set of results for the Australian Insurance sector during the upcoming reporting season.

For Insurance Australia Group, the analyst's key focus will be on Direct claims inflation relative to pricing trends.

The Sell rating and $4.20 target price are unchanged.

Target price is $4.20 Current Price is $4.37 Difference: minus $0.17 (current price is over target).
If IAG meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.06, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

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

A flash update from Morgan Stanley has Janus Henderson's December quarter earnings beating the broker by 2%, despite outflows being greater than forecast.

The fund manager has announced the sale of its INTECH funds which the broker sees as a sound decision, although there are no details as yet.

Equal-weight and $54.40 target retained. Industry view: Attractive.

Target price is $54.40 Current Price is $52.40 Difference: $2
If JHG meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $59.58, suggesting upside of 15.4% (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: 0.3

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

UBS rates JHX as Buy (1) -

Leading into the reporting season, UBS prefers James Hardie and Reliance Worldwide ((RWC)) in the Building Materials sector. It's believed pent-up demand (supported by structural covid tailwinds) will ensure positive housing and remodelling volumes.

Feedback suggests to the broker US Repair & Remodel (R&R) is likely to moderate, though unlikely to go negative.

James Hardie's target price falls to $55.50 from $60.70, largely due to the broker's new valuation approach. The Buy rating is unchanged.

Target price is $55.50 Current Price is $46.37 Difference: $9.13
If JHX meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $56.95, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in March.

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 MFG as Sell (5) -

On balance UBS expects a supportive set of results for the Diversified Financial sector during the upcoming reporting season.

For Magellan Financial Group the broker feels the market is being too optimistic around mid-term fee rates and flows.

The Sell rating and $17 target price are retained.

Target price is $17.00 Current Price is $18.46 Difference: minus $1.46 (current price is over target).
If MFG meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.22, suggesting upside of 20.8% (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

Morgan Stanley rates MQG as Overweight (1) -

Ahead of Macquarie Group's trading update next week, Morgan Stanley has cut its target to $235 from $245 to reflect lower peer PE multiples, while noting private markets and commodities have been particularly strong.

On the subject of the impact of higher interest rates, the broker notes impacts are in either direction for the different parts of the business. Overweight retained given structural tailwinds in private markets, infrastructure and green energy.

Industry view: Attractive.

Target price is $235.00 Current Price is $189.46 Difference: $45.54
If MQG meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $214.00, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates NCK as Outperform (1) -

Supply chain delays have driven Nick Scali's unfulfilled orders to around $210m in January, compared to $174.7m in December. 

Macquarie notes the company's order book now represents more than 85% of its second half sales forecast, but delivery will be key to targets.

Despite headwinds Nick Scali delivered first half sales in line with the broker's forecast. Expect supply chain pressure to persist and shipping costs to remain elevated in the coming half, although the company expects to pass on some costs to the consumer.

The Outperform rating and target price of $15.50 are retained. 

Target price is $15.50 Current Price is $14.54 Difference: $0.96
If NCK meets the Macquarie target it will return approximately 7% (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 NEC as Buy (1) -

Leading into the reporting season, UBS continues to see traditional media names, such as Nine Entertainment Co as being relatively conservatively priced, particularly relative to the online classifieds names.

The valuations for classified names are more exposed to rising yields, explains the analyst.

The broker expects Facebook and Google deals to drive earnings for the company. The price target falls to $3.80 from $3.90 and the Buy rating is unchanged.

Target price is $3.80 Current Price is $2.67 Difference: $1.13
If NEC meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 28.6% (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

Citi rates NUF as Buy (1) -

Citi reports Nufarm, at its investor day, provided clarity around longer-term aspirations, including growth drivers, and the analysts have subsequently grown more confident in the company's growth profile for the coming five years.

The Q1 trading update was equally seen as a positive, further supporting growth forecasts for the quarters ahead.

Citi has increased estimates by sonme 2%. Buy rating retained. Target price gains 50c to $6.50.

Target price is $6.50 Current Price is $5.59 Difference: $0.91
If NUF meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.18, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates NUF as Neutral (3) -

Nufarm has announced an underlying earnings target of $600m in FY26, providing an early suggestion as to the size of its Carinata oil opportunity according to Credit Suisse and driving the broker to upgrade outer year earnings forecasts.

Credit Suisse finds Carinata conservatively modeled, noting it offers earnings benefits in excess of $100m per annum. The company also updated on crop protections, expecting $0.8-0.9bn net revenue growth in the segment by FY26 will benefit the earnings target. 

The Neutral rating is retained and the target price increases to $6.14 from $5.01.

Target price is $6.14 Current Price is $5.59 Difference: $0.55
If NUF meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.18, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates NUF as Outperform (1) -

Macquarie notes a strong first quarter from Nufarm, with weather conditions and customer demand for crop protection driving a 36% revenue increase on the previous comparable period. First half weighting should support full year targets according to Nufarm.

The company is targeting annual turnover exceeding $4bn by 2026, a more than 4.5% compound annual growth rate, as well as revenue of $600-700m from the Seeds segment by the same year. Earnings per share increase 15%, 7% and 8% through to FY24. 

The Outperform rating is retained and the target price increases to $6.29 from $5.45.

Target price is $6.29 Current Price is $5.59 Difference: $0.7
If NUF meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.18, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

Nufarm has provided a trading update limited on detail, but more detail was provided on the company's longer term plans. A first quarter revenue increase of 36% is well ahead of Morgan Stanley's forecast, but there was no update on costs.

The broker suspects earnings improvement nonetheless, and increases forecasts. The five-year target makes strategic sense to the broker, but execution is key, not to mention seasonal conditions over the period.

Target rises to $5.40 from $4.90, Equal-weight retained. Industry view: In-Line.

Target price is $5.40 Current Price is $5.59 Difference: minus $0.19 (current price is over target).
If NUF 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 $6.18, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates NUF as Add (1) -

Nufarm's aspirational growth targets, as communicated at its investor day, are significantly above market forecasts, points out Morgans.

Adding more positive energy for the stock, the Q1 trading update revealed, in the broker's words, "an extremely strong start", with management at the company confident of further earnings growth.

Morgans continues to see the stock as undervalued. Add rating retained. Forecasts increased. Price target shifts to $7.20 from $6.35.

Target price is $7.20 Current Price is $5.59 Difference: $1.61
If NUF meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.18, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates NUF as Buy (1) -

Following Nufarm's strong trading update, according to UBS, the analyst upgrades FY22 and FY23 EPS forecasts by 11% and 13%. The target price rises to $6.73 from $6.15 and the Buy rating remains.

The broker attributes the strong performance to favourable weather conditions and continued strength in soft commodity prices, which drives demand for the company's products.

Positive pricing is currently more than offsetting logistics pressures and higher raw material cost, explains UBS. It's thought margins will have improved in the March quarter.

Target price is $6.73 Current Price is $5.59 Difference: $1.14
If NUF meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.18, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates NWS as Buy (1) -

Leading into the reporting season, UBS continues to see traditional media names, such as News Corp, as being relatively conservatively priced, particularly relative to the online classifieds names. The company is considered one of the top sector picks.

The valuations for classified names are more exposed to rising yields, explains the analyst.

The broker expects Facebook and Google deals to drive earnings for News Corp. The Buy rating is retained though the target price falls to $41.50 from $45.

Target price is $41.50 Current Price is $31.57 Difference: $9.93
If NWS meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $39.88, suggesting upside of 19.5% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates OML as Outperform (1) -

oOh!media has reported a strong 24% revenue beat on Macquarie's full year forecast. The broker noted the continuing digital transition saw digital account for 58.8% of total revenue, up from 55.2% in the previous comparable period. 

The broker noted that its forecasts assume commute, office and fly advertising volumes only reach 80% of pre-covid levels, but a return to pre-covid levels would drive material upside risk to valuation. 

The Outperform rating is retained and the target price decreases to $2.00 from $2.10.

Target price is $2.00 Current Price is $1.69 Difference: $0.31
If OML meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.72, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

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

Covid challenges and industry cost pressures dominated OZ Minerals' quarterly update and Morgans sees rising execution risks. The broker has nevertheless kept a small premium in its valuation calculation, because of the company's quality.

Morgans has downgraded to Hold from Add on valuation but suspects macro-inspired selling might provide a buying opportunity in the shares.

Price target has increased to $25.80 from $24.45.

Target price is $25.80 Current Price is $24.77 Difference: $1.03
If OZL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $24.99, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Ord Minnett rates PNI as Accumulate (2) -

Ord Minnett found Pinnacle Investment Management's interim result well ahead of forecasts. The broker continues to see a healthy growth outlook, irrespective of share market volatility.

The broker points out its forecast  is for 18% EPS CAGR over the next two years, while M&A remains a possibility as the company retains $135m of dry powder.

Accumulate rating retained. Target falls to $15 from $17.

Target price is $15.00 Current Price is $11.47 Difference: $3.53
If PNI meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $15.45, suggesting upside of 36.7% (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

UBS rates PTM as Sell (5) -

On balance UBS expects a supportive set of results for the Australian Insurance sector and the Diversified Financial sector during the upcoming reporting season.

While expectations appear to be low for Platinum Asset Management as the consensus estimate is revised lower, the broker's forecasts are still well below consensus.The Sell rating and $2.25 target price are retained.

Target price is $2.25 Current Price is $2.55 Difference: minus $0.3 (current price is over target).
If PTM meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.76, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.6

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

UBS rates PXA as Buy (1) -

On balance UBS expects a supportive set of results for the Diversified Financials sector during the upcoming reporting season.

The broker retains its Buy rating and $20.50 target price for Pexa Group. Management has flagged elevated transaction volumes in the first half which is expected to drive solid earnings.

Target price is $20.50 Current Price is $19.12 Difference: $1.38
If PXA meets the UBS target it will return approximately 7% (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 QBE as Buy (1) -

On balance UBS expects a supportive set of results for the Australian Insurance sector during the upcoming reporting season.

For QBE insurance Group, the analyst believes a favourable global insurance pricing cycle is a major tailwind for margins. An 
upside earnings surprise alongside reserve strengthening is expected.

The Buy rating and $15 target price are unchanged.

Target price is $15.00 Current Price is $12.03 Difference: $2.97
If QBE meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $14.84, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.9

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

Citi rates REA as Buy (1) -

REA Group released interim financials overnight and Citi, in an initial assessment, notes core financials proved above its and market expectations.

Citi analysts had prior to today's release anticipated the result would be strong.

Revenue beat expectations by some 2% and keeping a lid on cost growth delivered the second ingredient for the upward surprise, if Citi's comments are anything to go by.

The analysts expect the share price to likely outperform on the back of the results beat and strong listings growth to start 2H22. Target $172.65. Buy.

Target price is $172.65 Current Price is $144.03 Difference: $28.62
If REA meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $167.41, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

UBS rates REA as Neutral (3) -

In a review of the Media sector leading into the reporting season, UBS raises its forecasts for REA Group. It's thought a stronger-than-expected listings environment, will have led to higher volumes towards the end of 2021.

However, the target price falls to $155  from $170 due to the broker's higher bond yield assumptions.

The current macro environment is expected to benefit real estate, believes UBS. The Neutral rating is unchanged.

Target price is $155.00 Current Price is $144.03 Difference: $10.97
If REA meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $167.41, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

UBS rates RWC as Buy (1) -

Leading into the reporting season, UBS prefers Reliance Worldwide and James Hardie ((JHX)) in the Building Materials sector. It's believed pent-up demand (supported by structural covid tailwinds) will ensure positive housing and remodelling volumes.

Feedback suggests to the broker US Repair & Remodel (R&R) is likely to moderate, though unlikely to go negative.

Reliance Worldwide's target price falls to $5.80 from $6.20. The broker's forecast EPS changes are largely to adjustments to the valuation model, following a change in reporting currency to USD from AUD. The Buy rating is unchanged.

Target price is $5.80 Current Price is $5.19 Difference: $0.61
If RWC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

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

UBS rates SDF as Buy (1) -

On balance UBS expects a supportive set of results for the Diversified Finanancials sector during the upcoming reporting season.

The broker retains its Buy rating and $5.10 target price for Steadfast Group. There's thought to be potential for management to lift guidance for the financial year.

Target price is $5.10 Current Price is $4.71 Difference: $0.39
If SDF meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.42, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

UBS rates SEK as Neutral (3) -

In a review of the Media sector leading into the reporting season, UBS raises its forecasts for Seek. It's thought a stronger-than-expected listings environment will have led to higher volumes towards the end of 2021.

While the broker sees upside to Seek's earnings guidance (issued last November), this is more than offset by an increase in the broker's discount rate applied to those earnings. The raised discount rate is to reflect higher bond yields.

As a result, the target price falls to $32 from $36 and the Neutral rating is unchanged. The analyst's operational view of the company remains the same.

The 1H result is due on 15 February.

The current macro environment is expected to benefit real estate, believes UBS. The Buy rating is unchanged.

Target price is $32.00 Current Price is $29.44 Difference: $2.56
If SEK meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $34.80, suggesting upside of 23.8% (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 SKO as Buy (1) -

Ord Minnett believes Serko's trading update, including a downwardly adjusted guidance, shows just how badly omicron has impacted on business/corporate travel.

However, industry feedback and international trends suggest the industry might be picking up. The broker believes the future of Serko is now closely aligned with the company's deal with Booking.com.

Since that deal was announced, Ord Minnett believes Serko is increasingly attracting attention from large global corporates. Buy rating retained against a background of falling estimates.

Price target declines to $7.93 from $8.10.

Target price is $7.93 Current Price is $4.50 Difference: $3.43
If SKO meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgans rates SLH as Add (1) -

 Silk Logistics has announced its maiden acquisition post-IPO, e-commerce B2C warehousing business Contract Logistics, and Morgans sees a boost to the overall growth outlook.

Despite obvious sector challenges, the broker continues to view the stock as undervalued in light of the company's "significant growth potential".

Add rating retained. Target lifts to $3.26 from $3.19.

Target price is $3.26 Current Price is $2.12 Difference: $1.14
If SLH meets the Morgans target it will return approximately 54% (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 SUN as Buy (1) -

On balance UBS expects a supportive set of results for the Australian Insurance sector during the upcoming reporting season.

For Suncorp Group, the analyst is expecting a positive earnings surprise from the banking business, whilst reinsurance should protect against elevated weather events.

The Buy rating and $13.85 target price are unchanged.

Target price is $13.85 Current Price is $11.29 Difference: $2.56
If SUN meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $13.24, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates SWM as Buy (1) -

Leading into the reporting season, UBS continues to see traditional media names, such as Seven West Media, as being relatively conservatively priced, particularly relative to the online classifieds names.

The valuations for classified names are more exposed to rising yields, explains the analyst.

The broker expects Facebook and Google deals to drive earnings for Seven West Media. The Buy rating and $0.95 target price are unchanged.

Target price is $0.95 Current Price is $0.67 Difference: $0.28
If SWM meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Citi rates SYD as Neutral (3) -

With approximately 96% of votes cast in favour of the scheme, Citi repeats its confidence that Sydney Airport's days as a listed entity are numbered and the take-over by Sydney Aviation Alliance will succeed.

The Neutral rating is maintained. Target $8.75.

Target price is $8.75 Current Price is $8.72 Difference: $0.03
If SYD meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.70, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates TNE as Upgrade to Neutral from Sell (3) -

UBS upgrades its rating for TechologyOne to Neutral from Sell on recent share price weakness. Despite a rising interest rate environment, the analyst has comfort around near-term earnings.

Cash generation is increasingly important in such an environment, and with $112m net cash on hand the broker also sees options for inorganic growth.

The Neutral rating is unchanged. For UBS to become more positive a material acceleration in net revenue retention (NRR) is required. Given lower sector multiples, the target price falls to $10.60 from $11.90.

Target price is $10.60 Current Price is $10.14 Difference: $0.46
If TNE meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.83, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates TWE as Buy (1) -

UBS highlights recent export data showing the luxury/premium category for wine is growing well in the US and Asia-ex China. This is considered a positive for Treasury Wine Estates which has recently skewed its own export volumes towards this category.

Strengthening prices are particularly good news for the Penfolds brand, according to the broker. The Buy rating and $13.50 target price are maintained.

Target price is $13.50 Current Price is $10.80 Difference: $2.7
If TWE meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting upside of 26.7% (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

Macquarie rates VNT as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage on essential infrastructure services provider Ventia Services Group, offering services in operations and maintenance, facilities management and minor capital works. 

The company offers diversified market exposure to defence and social infrastructure, infrastructure services, telecommunications and transport, and expects to grow revenue 10% in FY22 given recent contract wins, government demand outlook and infrastructure spend.

The broker highlights a capital light model and exposure to growing markets as positives. 

The broker initiates with an Outperform rating and a target price of $2.80.

Target price is $2.80 Current Price is $2.14 Difference: $0.66
If VNT meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates WBC as Neutral (3) -

Performance from treasury and markets performance was the headline of Westpac's first quarter update, adding 9 basis points to net interest margins, but Credit Suisse notes despite strength in this area underlying product interest margins were down -10 basis points.

Westpac expects mortgage and business lending competition to drive further net interest margin declines in FY22, and the broker has updated its first half forecasts accordingly and lowered FY22 net interest margin estimate by -5 basis points. 

The Neutral rating is retained and the target price decreases to $23.00 from $25.20.

Target price is $23.00 Current Price is $21.07 Difference: $1.93
If WBC meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $24.64, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates WBC as Neutral (3) -

Macquarie notes Westpac's first quarter trading was marginally ahead of expectations, and while the broker expects this suggests underlying recovery the result was supported by elevated trading income that is expected to normalise. 

Less positively, margins were down -10 basis points and revenue growth was down -4%. Macquarie finds Westpac's trading discount to peers justified, and expects this to persist until underlying trends improve. 

The Neutral rating is retained and the target price decreases to $22.50 from $23.00.

Target price is $22.50 Current Price is $21.07 Difference: $1.43
If WBC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $24.64, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

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

While Westpac's December quarter margin decline of -8 basis points was better than Morgan Stanley's -11bp forecast, there was a 9bp boost from volatile treasury and market income. Net of that implies -16bp.

The broker found progress on the beginning of the bank's "cost re-set" encouraging, but warns of a still uncertain outlook for revenues and margins.

Target falls to $22.20 from $22.70. Equal-weight retained. Industry view: Attractive.

Target price is $22.20 Current Price is $21.07 Difference: $1.13
If WBC meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $24.64, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgans rates WBC as Add (1) -

Morgans has taken the view that Westpac's quarterly trading update has negated the view it could be a value trap. The broker says the shares should no longer be priced as such.

While pressure on the net interest margin (NIM) continues, Morgans thinks the outlook looks less concerning. Westpac, in its opinion, has also proven it can cut costs.

Add rating retained. Price target $29.50. Westpac is Morgans' preferred pick in the sector.

Target price is $29.50 Current Price is $21.07 Difference: $8.43
If WBC meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $24.64, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates WBC as Hold (3) -

Ord Minnett found the quarterly trading update a rather mixed affair and the broker remains concerned about downward pressure on the net interest margin (NIM).

On the positive side, the result was better-than-expected with cost savings one of the major standouts. The broker sees value support emerging.

Hold rating retained with an unchanged price target of $23.30. Earnings estimates slightly raised for this financial year and next. DPS forecasts remain untouched.

Target price is $23.30 Current Price is $21.07 Difference: $2.23
If WBC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.64, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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