Australian Broker Call

Macquarie rates 29M as Neutral (3) -

Macquarie notes the phased recovery for 29Metals' Capricorn Copper is progressing with initial re-start planned for August. The phase 2 early works for the Esperanza South sub-level cave are progressing with a re-start in mid 2024 anticipated.

Macquarie adjusts its production profile for Golden Grove and the recovery cost profile for Capricorn Copper which drives a -35% decrease in EPS estimates for 2023 while 2024 estimates increase 6%. Target is reduced to $0.80 from $0.90. Neutral maintained.

Target price is $0.80 Current Price is $0.86 Difference: minus $0.055 (current price is over target).
If 29M meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.89, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates 3PL as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley shuffles the cards in its software coverage based on a new preference for stocks with an ability to meaningfully scale, but are also ideally free cash flow positive, or at least transitioning that way.

The broker struggles to see 3P Learning meeting these requirements and lowers its rating to Equal-weight from Overweight.

The analyst makes little change to either near-term forecasts or longer term revenue estimates but allows for the persistence of cost inflation in outer years of the forecast period.

The target falls to $1.20 from $1.40. Industry view: In-Line.

Target price is $1.20 Current Price is $1.15 Difference: $0.05
If 3PL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates AD8 as Overweight (1) -

Morgan Stanley shuffles the cards in its software coverage based on a new preference for stocks with an ability to meaningfully scale, but are also ideally free cash flow positive, or at least transitioning that way.

The analyst feels Audinate Group meets both of these requirements and raises its target to $11 from $10 on a roll-forward of multiples. Overweight. Industry view is In-Line.

The broker's sum-of-the-parts valuation increases to $11.68 from $9.50. This method takes into account the company's software-like characteristics and economics, as well as dominant market position and longevity of growth.

Target price is $11.00 Current Price is $9.00 Difference: $2
If AD8 meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting upside of 19.5% (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 AIA as Outperform (1) -

Auckland International Airport has updated on the pricing schedule for new PSE5 airline charges after the NZ Commerce Commission's draft input methodologies report. The report supports an airport sector weighted average cost of capital of 7.19% - a pricing benchmark - which is below the airport's target of 8.73% for PSE4.

Under several scenarios Macquarie assesses only very modest adjustments are likely for the outer years in aeronautical pricing should the airport elect to deliver to the targeted return. Outperform maintained. Target is NZ$9.56.

Current Price is $7.80. Target price not assessed.

Current consensus price target is $7.05, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Citi rates AMP as Neutral (3) -

The Federal Court of Australia's ruling in favour of those advisers challenging certain changes made by AMP to its buyer of last resort program in 2019 add a further obstacle to the investment case, Citi asserts.

At this stage the broker does not rule out material implications. On the positive side, details of cost reductions and capital plans are expected at the first half result, although this latest issue highlights why the company needs to be conservative with capital.

Neutral rating and $1.15 target.

Target price is $1.15 Current Price is $1.07 Difference: $0.08
If AMP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

Macquarie rates APE as Neutral (3) -

Eagers Automotive is increased its interest in the BYD retail joint venture for $70m, adding 6% to Macquarie's medium-term earnings forecasts and taking the stake to 80%.

The main risk, in the broker's view, is if the JV does not maintain exclusive rights after the initial five-year period. The broker also believes volumes need to accelerate further in order to meet market expectations. Neutral retained. Target is $15.

Target price is $15.00 Current Price is $14.41 Difference: $0.59
If APE meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.56, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Ord Minnett rates APE as Buy (1) -

Ord Minnett assesses the recent acquisition of an increased interest in the BYD retail joint venture adds more exposure for Eagers Automotive to the electric vehicle segment in Australia. The JV accounted for around 14% of all EV sales in the first half of 2023.

The broker notes the deal builds upon the recent investment in McMillan Shakespeare ((MMS)) as both deals increase exposure to the tailwinds in the shift towards EVs. Ord Minnett reiterates a Buy rating and raises the target to $16.20 from $15.25.

Target price is $16.20 Current Price is $14.41 Difference: $1.79
If APE meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.56, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates ARB as Downgrade to Underperform from Neutral (5) -

ARB Corp may have several long-term growth options but Macquarie assesses structural differences reduce its addressable market in the US. Hence, the pace of growth there is likely to be "slow and steady".

The US market is skewed to different products, has a fragmented distribution network and more competing brands, which positions ARB is an enthusiast brand compared with its market-leader position in Australia.

Moreover, rising consumer headwinds create downside risk to FY24 earnings and Macquarie downgrades to Underperform from Neutral. Target is reduced to $25.70 from $32.09.

Target price is $25.70 Current Price is $30.11 Difference: minus $4.41 (current price is over target).
If ARB meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.36, suggesting upside of 5.5% (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

Ord Minnett rates ARB as Buy (1) -

Ord Minnett notes new vehicle sales increased 25% in June, representing the strongest monthly increase for five years amid a surge in back-ordered delivery. Sales for the six months to June increased 8.2%.

The broker observes there have been challenges for ARB Corp's aftermarket sales because of global and domestic supply chain bottlenecks and persistent labour shortages.

Yet vehicle supply and availability are stabilising and the longer term prospects remain favourable. Buy rating and $34 target price maintained.

Target price is $34.00 Current Price is $30.11 Difference: $3.89
If ARB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $30.36, suggesting upside of 5.5% (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

Bell Potter rates AZS as Speculative Buy (1) -

Bell Potter suggests prospects for the flagship 60%-owned Andover Project (involving lithium, nickel, copper and cobalt deposits) have been enhanced as Azure Minerals has increased the granted tenure by 22%.

The new exploration licence hosts abundant pegmatites prospective for lithium mineralisation, and the tenure is prospective for both lithium-rich pegmatites and nickel-copper-cobalt sulphide mineralisation.

Moreover, the analyst points out other companies looking to participate in lithium mining in the region may have to do so via Andover, if the company's granted tenements do cover all pegmatites in the area.

The Speculative Buy rating and $3.00 target are maintained.

Target price is $3.00 Current Price is $1.60 Difference: $1.405
If AZS meets the Bell Potter target it will return approximately 88% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BGL as Outperform (1) -

Bellevue Gold has signed a toll treatment deal with Genesis Minerals ((GMD)) which will mean its ore is processed at the Gwalia plant, 170km to the south.

Treatment of early ore will allow the company to generate cash flow in the first quarter of FY24, ahead of the process plant commissioning which is on track for the second quarter of FY24.

This will be predominantly from the Vanguard open pit and was previously scheduled to be stockpiled. Macquarie considers this agreement positive for the company as it brings forward cash flows and bolsters the balance sheet.

Outperform. Targets raised to $1.80 from $1.70.

Target price is $1.80 Current Price is $1.40 Difference: $0.4
If BGL meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates BGL as Neutral (3) -

Bellevue Gold will use the Genesis Minerals' ((GMD)) Gwalia plant to treat 100,000t of around 3G/t grade ore ahead of first production at Bellevue in the December quarter. Underground development, construction and commissioning are all on schedule.

UBS observes the Australian gold sector is increasingly beset by production downgrades, with costs rising and making free cash flow hard to obtain. This is largely a function of mature mines and tight labour and cost environments.

As a new high-grade mine, the broker assesses Bellevue will be less affected by those pressures, while exploration and resource conversion remain a key driver of value. Neutral rating and $1.40 target maintained.

Target price is $1.40 Current Price is $1.40 Difference: $0
If BGL meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates BPT as Add (1) -

Morgans suspects shares of Beach Energy have been ignored due to the company's chequered past and the market will need to price in a strong rebound in production and free cash flow growth over FY24-25.

The broker is encouraged by strong production from the Otway plant in late-June and suggests Victorian growth will be strong next year with two additional wells to be tied in. A price reset is also due on the key Origin Energy ((ORG)) contract in early-FY24.

Moreover, the analyst expects steady progress towards commissioning Waitsia in the current half.

The target rises to $1.72 from $1.67. Add.

Target price is $1.72 Current Price is $1.39 Difference: $0.335
If BPT meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.86, suggesting upside of 33.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Bell Potter rates CTT as Buy (1) -

Given recent trading updates by peers and after revisiting Cettire's mid-May trading update, Bell Potter suggests the global online luxury goods retailer should obtain market share growth off a low base and outperform those peers.

As a result of this view, revised FY24 and FY25 forecasts and increased multiples, the broker raises its target to $3.90 from $2.50.

Bell Potter reminds investors Cettire has less than 1% market share in a large and growing market, which is expected to remain more resilient than other discretionary product categories.

Target price is $3.90 Current Price is $3.44 Difference: $0.46
If CTT meets the Bell Potter target it will return approximately 13% (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 DTC as Underweight (5) -

Morgan Stanley shuffles the cards in its software coverage based on a new preference for stocks with an ability to meaningfully scale, but are also ideally free cash flow positive, or at least transitioning that way.

For Damstra Holdings, the analyst highlights uncertainty around recent de-scoping of a large and key customer and suggests an onerous reinvestment profile limits upside.

The broker assumes lower top line growth of around 4%, compared to circa 6% previously and lowers its target to 6c from 9c.  Underweight. Industry view: In-Line.

Target price is $0.06 Current Price is $0.08 Difference: minus $0.022 (current price is over target).
If DTC meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates DXI as Add (1) -

Morgans notes strong rental growth across Dexus Industria REIT's circa 90 properties has helped offset a cap rate expansion of 25bps. Unaudited asset revaluations at June 30 resulted in a -$28.3m, or -1.3%, decrease in asset value.

The REIT also announced asset sales of around $90m in value and proceeds will help pay down debt.

As the outlook is positive for rental growth, the analyst notes Dexus Industria REIT's portfolio remains robust, despite the likelihood of further near-term cap rate expansion.

The target falls to $3.30 from $3.37. Add.

Target price is $3.30 Current Price is $2.70 Difference: $0.6
If DXI meets the Morgans target it will return approximately 22% (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 GNP as Buy (1) -

Bell Potter incorporates into its forecasts the recent award of contracts with both Fortescue Metals ((FMG)) and Rio Tinto ((RIO)) for design, supply and installation activities of electrical equipment and infrastructure.

The broker highlights GenusPlus Group's long and successful relationships with both companies, which have been an important source of repeat work.

The analyst's margin growth assumptions for the group are dependent upon the likely normalisation of labour market conditions and inflation over FY24.

To reflect the contract wins, the broker's target rises to $1.30 from $1.18. Buy.

Target price is $1.30 Current Price is $1.14 Difference: $0.16
If GNP meets the Bell Potter target it will return approximately 14% (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 JLG as Buy (1) -

Johns Lyng will acquire Project Safety Holdings and 70% of Link Fire Holdings for $61.8m. Citi notes the acquisitions set the base for the company to provide a more comprehensive offering, expanding capabilities to fire, electrical and gas compliance testing and maintenance.

Both the businesses have annuity-style models with subscription-based revenue. The combined businesses are expected to generate 21% in EBITDA margins. Buy rating and $6.50 target maintained

Target price is $6.50 Current Price is $5.43 Difference: $1.07
If JLG meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.98, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates JLG as Outperform (1) -

Johns Lyng has acquired Smoke Alarms Australia and 70% of Linkfire for a combined $61.8m, with earn-outs of up to $17.25m. Macquarie assesses the two businesses set the foundation for the company's new "fifth strategic pillar", Essential Home Services.

Linkfire will also expand geographically via Bright & Duggan and be the preferred supplier to the Johns Lyng strata services.

The broker considers the stock exposed to attractive markets with a model that delivers consistent business performance and retains an Outperform rating, raising the target to $7.70 from $7.50.

Target price is $7.70 Current Price is $5.43 Difference: $2.27
If JLG meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $6.98, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates JLG as Add (1) -

Forming the basis of a fifth long-term growth pillar, in Morgans view, Johns Lyng has announced the acquisition of two fire safety and compliance companies for -$61.8m, plus an earn-out of up to -$17.2m.

The broker considers this entry into the essential home services market is a positive strategic move enabling capture of greater wallet share in the near-term within the strata market.

The transactions will be funded via a fully underwritten institutional placement for $65m at a floor price of $5/share as well as a $5m share purchase plan.

The Add rating is unchanged and the target rises to $7.80 from $7.70.

Target price is $7.80 Current Price is $5.43 Difference: $2.37
If JLG meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $6.98, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Bell Potter rates NUF as Buy (1) -

Bell Potter believes Nufarm will attain its FY26 revenue targets through the omega3 and carinata opportunities and continued over indexing in ag-chem.

Since FY19, the company's revenue growth in the ag-chem business has outpaced the peer group by an average of around 300bps per annum. Should this rate of growth hold, explains the analyst, the FY26 revenue target for ag-chem will be met.

The broker's forecasts slip on a dry June in the US and interest rates. The target falls to $7.20 from $7.35. Buy.

Target price is $7.20 Current Price is $5.25 Difference: $1.95
If NUF meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $7.10, suggesting upside of 37.5% (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

Macquarie rates PMT as Outperform (1) -

Macquarie asserts results from metallurgical test work for Patriot Battery Metals' CV13 pegmatite mineralisation are encouraging, with strong recoveries using a range of samples.

The results indicate ore from both CV5 and CV13 could be processed jointly, a significant positive as there is potential for fewer infrastructure requirements, reducing the overall footprint of the operations.

A maiden resource for CV5 pegmatite is expected this month and presents a material catalyst for Patriot Battery Metals, the broker adds.

Target is steady at $2.30. Outperform maintained.

Target price is $2.30 Current Price is $1.87 Difference: $0.435
If PMT meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates QBE as Outperform (1) -

In the first half results on August 10 Macquarie expects growth in gross written premium of 10.6%, ahead of the guidance provided by QBE Insurance, prior to a -120 basis points headwind from FX.

The forecast also includes six months of the loss of the ANZ Bank ((ANZ)) contract, which the broker estimates at $250m per annum.

Macquarie observes the stock is trading at a significant premium to weighted international peers, which compares to a three-year average discount of -2.1%, although this reflects peers being more affected by global economic challenges.

Outperform maintained. Target is raised to $16.90 from $16.00.

Target price is $16.90 Current Price is $15.84 Difference: $1.06
If QBE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.53, suggesting upside of 5.2% (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

Morgan Stanley rates RKN as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley shuffles the cards in its software coverage based on a new preference for stocks with an ability to meaningfully scale, but are also ideally free cash flow positive, or at least transitioning that way.

The broker struggles to see Reckon meeting these requirements and lowers its rating to Underweight from Equal-weight.

The analyst makes little change to either near-term forecasts or longer term revenue estimates but allows for the persistence of cost inflation in outer years of the forecast period.

The target falls to 45c from 65c. Industry view: In-Line.

Target price is $0.45 Current Price is $0.53 Difference: minus $0.075 (current price is over target).
If RKN meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Morgan Stanley rates SDR as Initiation of coverage with Equal-weight (3) -

Morgan Stanley begins research coverage on SiteMinder with an Equal-weight rating after balancing up high quality recurring revenues against a demanding valuation, high cash burn and lack of leverage to a travel recovery.

SiteMinder's software initially helped hotel's manage rates and occupancy (and avoid double-bookings) and then evolved to include a property management system for small hotels. Separate modules provide payments, marketing and guest communication tools.

In the broker's bull case scenario the company would add more features to its offerings, become the distribution platform of choice for smaller hotel operators and show an accelerated path to free cash flow. A $2.90 target is set.

Target price is $2.90 Current Price is $3.02 Difference: minus $0.12 (current price is over target).
If SDR meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting upside of 60.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates SEK as Outperform (1) -

Macquarie's tracker has shown that Seek has implemented two price rises in the last two months leading to confidence that the business can achieve its 9% Australasian yield assumption for FY24.

The quick pace of executing on dynamic pricing within the Australian business is welcomed, particularly given a softening listings environment. The broker's investment view is unchanged and an Outperform rating is maintained. Target is lowered to $31.10 from $33.30.

Target price is $31.10 Current Price is $22.65 Difference: $8.45
If SEK meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $27.92, suggesting upside of 23.4% (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

Citi rates WES as Sell (5) -

Citi envisages significant downside to expectations for Wesfarmers in FY24 and its EBIT forecast is -9% below consensus, factoring in flat sales assumptions and margin compression.

The broker suspects the update at the results announcement is likely to reflect the weaker trading environment and could lead to downgrades in consensus expectations, putting these more in line with other discretionary retailers.

The Sell rating is maintained. Target is $40.

Target price is $40.00 Current Price is $49.80 Difference: minus $9.8 (current price is over target).
If WES meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.75, suggesting upside of 0.5% (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 WGX as Outperform (1) -

Westgold Resources delivered fourth quarter production that was better than expected, at 68,400 ounces. This was supported by record output from the Meekatharra process plant.

FY23 costs are expected to be in the middle of the $1900-2100/oz range. While cash, bullion and liquid asset build over the quarter were slightly behind Macquarie's expectations this still represented continued positive momentum in terms of cash flow.

The Outperform rating and $1.90 target are unchanged.

Target price is $1.90 Current Price is $1.61 Difference: $0.295
If WGX meets the Macquarie target it will return approximately 18% (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