Australian Broker Call

Macquarie rates 29M as No Rating (-1) -

Macquarie is restricted on 29Metals, but the EPS estimates are adjusted for changes to commodity price forecasts.

Macquarie lifts EPS estimates by 4% in 2024 and 45% in 2025.

Current Price is $0.25. Target price not assessed.

Current consensus price target is $0.35, suggesting upside of 29.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Macquarie rates A11 as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades Atlantic Lithium to Outperform from Neutral on valuation grounds. Target price unchanged at 30c.

Macquarie remains cautious on the short-term outlook for lithium and reduces the price forecast by -6% for 2025 for spodumene, which is -5% below consensus. Price forecasts are also lowered for 2026-2028 by -4%, -2%, and -3%, respectively.

Longer term, the broker retains a price of US$1300/t.

Macquarie highlights increased spodumene production and shipments in 2025. Updated lithium price forecasts result in a decline in EPS estimates by -9% to -10% for FY25-FY28.

Target price is $0.30 Current Price is $0.23 Difference: $0.075
If A11 meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates AEF as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage on Australian Ethical Investment, a fund manager and superannuation fund operator, with a Buy rating.

The company invests in renewable energy, environmentally sustainable, healthcare, and technology sectors, while restricting investments in fossil fuels, nuclear energy, and tobacco.

The broker highlights a strong growth runway for funds under management (FUM), supported by compulsory superannuation contributions and an average investor age of 39 years.

A prime position in the socially responsible investment (SRI) market, strong management, and a revamped administrative structure are expected to drive FUM growth into increased revenue, explains the broker. Ord Minnett sets a target price of $6.70.

Target price is $6.70 Current Price is $5.60 Difference: $1.1
If AEF meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates AIS as Outperform (1) -

Macquarie's commodities team has updated base metal price forecasts.

The broker lifts EPS estimates for Aeris Resources by 59% in FY25 and 35% in FY26 for forex assumption changes and positive movement in the gold price.

Outperform rating unchanged. Target price rises 8% to 27c.

Target price is $0.27 Current Price is $0.17 Difference: $0.1
If AIS meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 72.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 AL3 as Initiation of coverage with Buy, High Risk (1) -

Provider of 3D printing services and machinery, AML3D, is well-positioned for the re-shoring of US manufacturing, strengthening supply chains, and expanding domestic industrial production capabilities, according to Shaw and Partners.

While clients include the US Navy, Boeing, and Oak Ridge National Laboratory, the broker highlights the Manufacturing License Agreement with Blue Forge Alliance as a key opportunity, enabling 3D printing of metal parts for the US Navy's submarine fleet.

The analyst expects further growth for AML3D in Europe, which accounts for 20% of global Additive Manufacturing demand, second only to the US at 50%.

Shaw and Partners initiates coverage on AML3D with a Buy, High Risk rating and a 40c target.

The broker highlights optimism for additive manufacturing growth is supported by incoming President Trump's policies.

Target price is $0.40 Current Price is $0.21 Difference: $0.19
If AL3 meets the Shaw and Partners target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates AMI as Outperform (1) -

Macquarie's commodity team has updated base metal price forecasts.

Macquarie raises EPS forecasts for Aurelia Metals by 23% in FY25 and 25% in FY26.

Target price rises 8% to 26c. Outperform rating unchanged.

Target price is $0.26 Current Price is $0.18 Difference: $0.085
If AMI meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates BBT as Add (1) -

BlueBet Holdings' trading update revealed "strong" margins during the Spring Racing Carnival, according to Morgans.

The company noted at the AGM a net win margin of 15.8% during racing days and November's net win margin of 12.8%. Morgans highlights 2Q25 margin year-to-date at 11.5%.

The broker expects 1H25 underlying earnings of $0.5m and a net loss of -$2.2m for FY25. Earnings forecasts for FY25-FY26 rise by 3.5%.

The target price lifts to 36c from 35c. The Add rating is retained.

Target price is $0.36 Current Price is $0.33 Difference: $0.035
If BBT meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for Bellevue Gold remains at $1.90. Outperform.

Target price is $1.90 Current Price is $1.36 Difference: $0.54
If BGL meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates BHP as Outperform (1) -

Macquarie updates its commodity price outlook and remains underweight on iron ore, copper, lithium, zinc, manganese, and thermal coal in the medium term. In the short term, the iron ore price forecast is lifted by 5% to US$96/t in 2025.

Longer term, the broker is more positive on copper and lithium. Met coal price forecasts are cut by -17%.

Forex assumptions are lowered by -6% for 2025 and -4% for 2026.

The broker lowers BHP Group's EPS forecasts by -1% and -5% for FY25/FY26 due to the change in met coal assumptions.

The Outperform rating is retained, with BHP Group remaining the preferred major. The target price slips to $42 from $44.

Target price is $42.00 Current Price is $40.70 Difference: $1.3
If BHP meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $45.13, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Citi rates BPT as Sell (5) -

First things first: Citi analysts have reiterated their Sell rating for Beach Energy. On December 10th, they will participate in a site trip to Waitsia when management is expected to reiterate guidance of first gas in "early CY2025" and a 3-4 month ramp-up, without much in terms of specific details.

Citi analysts believe the share price already reflects guidance and short term risk asymmetry might be skewed to the downside.

The broker recommends investors wait for execution and in the meantime get a free look on commodity price weakness into 2025. 

Target price is $1.10 Current Price is $1.31 Difference: minus $0.205 (current price is over target).
If BPT meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.45, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates BRG as Accumulate (2) -

Ord Minnett believes FY24 will represent the cyclical low for Breville Group's returns, supported by improving sales momentum, innovative product development, and benefits from recent strategic acquisitions.

The broker expects significant sales growth in the company’s key markets, including the Americas and EMEA, which is anticipated to drive an improvement in return on capital employed (ROCE) from the decline to 13.9% in FY24, down from 23.7% in FY19.

Ord Minnett raises the target price to $38 from $33 and maintains an Accumulate rating.

Target price is $38.00 Current Price is $36.06 Difference: $1.94
If BRG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $34.56, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates CAR as Buy (1) -

Thor Industries, the largest RV manufacturer in North America, reported its 1Q (October ending) result and Citi's US analyst hosted a call with management afterwards.

While Thor's 1Q RV sales were weaker than expected, the broker highlights management was increasingly confident about an inflection in mid-2025 which is consistent with the broker's thoughts post recent catch up with management at Car Group.

The risk is that the pick-up in growth in TI in 2H25 could be pushed out, though Citi analysts expect lower cost growth would be an offset. Buy. Target $39.50.

Target price is $39.50 Current Price is $40.03 Difference: minus $0.53 (current price is over target).
If CAR meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.67, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates CIA as Outperform (1) -

The Macquarie commodities team has raised the price forecast for iron ore in 2025 by 5% to US$96/t and remains "bearish" on iron ore.

The broker retains its medium-to-long-term outlook and maintains an underweight stance on the sector.

On the back of  higher iron ore price forecasts for 2025, Macquarie raises EPS forecasts for Champion Iron by 15% for FY25 and 19% for FY26.

Target price lifts 3% to $70 and an Outperform rating is retained.

Target price is $7.00 Current Price is $5.98 Difference: $1.02
If CIA meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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 CMM as Downgrade to Neutral from Outperform (3) -

Macquarie downgrades Capricorn Metals to Neutral from Outperform as the stock price has achieved expectations. Target price $7.10, up 1%.

The broker's gold price forecasts are above consensus by 4% in 2025 but on average below 2026-2028 consensus forecasts by -4%. 

Long term gold price remains at US$2000oz (real). The analyst's EPS forecasts lift by 6% and 10% for FY25/FY26, respectively.

Target price is $7.10 Current Price is $6.86 Difference: $0.24
If CMM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.38, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates CRN as Outperform (1) -

Macquarie's commodity team has downgraded forecasts for coking coal by double digits over the next four years, while thermal coal prices have been upgraded by 8%-10% in the short to medium term, with a 13% lift in the long-term price.

The broker lowers EPS forecasts for Coronado Global Resources by -108% and -73% for 2025/2026, respectively.

Target price falls -33% to $1 from $1.50. No change to Outperform rating.

Target price is $1.00 Current Price is $0.83 Difference: $0.17
If CRN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 69.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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 CSC as Outperform (1) -

Capstone Copper remains Macquarie's key copper producer, set to benefit from organic brownfield and greenfield growth, the broker explains.

Macquarie forecasts production rising to around 405kt by 2029 from 164kt in 2023, with all-in-sustaining costs falling to US$2.79/lb in 2025 from US$3.55/lb in 2024.

The broker's EPS forecasts decline by -18% in 2024 and -32% in 2025 due to lower copper price assumptions.

Macquarie's commodity team has reduced the copper price forecast by -6% for 2025 to US$3.92/lb from US$4.16/lb. There is no change to the long-term price forecast.

The target price slips -6% to $12. The Outperform rating is maintained.

Target price is $12.00 Current Price is $10.33 Difference: $1.67
If CSC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates CSL as Buy (1) -

UBS has slightly scaled back its EPS forecasts due to less favourable market dynamics for vaccines, but the broker retains a positive view overall as CSL's story is all about plasma collection and restoration of profit margins to pre-covid level.

UBS doesn't think consensus forecasts, which are largely above its own forecasts, are at risk and they continue to look achievable. Apart from vaccines, updated FX assumptions are equally responsible for reduced forecasts.

Buy rating retained. Price target falls to $330 from $340.

Target price is $330.00 Current Price is $280.82 Difference: $49.18
If CSL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $334.13, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates CTM as Outperform (1) -

Macquarie has updated its commodity price outlook.

The broker has not changed copper forecasts, but the outlook for Centaurus Metals declines because of the weaker near-term nickel price outlook.

Macquarie forecasts have been downgraded. Centaurus Metals is Outperform rated with a 65c target price.

Target price is $0.65 Current Price is $0.42 Difference: $0.235
If CTM meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates CXO as Upgrade to Neutral from Underperform (3) -

Core Lithium is upgraded to Neutral from Underperform. No change to 9c target price.

Macquarie remains cautious on the short-term outlook for lithium and reduces the price forecast by -6% for 2025 for spodumene, which is -5% below consensus. Price forecasts are also lowered for 2026-2028 by -4%, -2%, and -3%, respectively.

Longer term, the broker retains a price estimate of US$1300/t.

Target price is $0.09 Current Price is $0.09 Difference: $0
If CXO meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Macquarie rates DEG as No Rating (-1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The broker remains under reserach restriction for Northern Star Resources.

Current Price is $1.91. Target price not assessed.

Current consensus price target is $2.12, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates DRR as Outperform (1) -

The Macquarie commodities team has raised the price forecast for iron ore in 2025 by 5% to US$96/t and remains "bearish" on iron ore.

The broker retains its medium-to-long-term outlook and maintains an underweight stance on the sector.

Macquarie lifts EPS forecasts for Deterra Royalties by 8% and 9% for FY25 and FY26, respectively. The target price rises 2% to $4.30.

The Outperform rating is retained.

Target price is $4.30 Current Price is $3.89 Difference: $0.41
If DRR meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates EVN as Neutral (3) -

Macquarie makes moderate upgrades to mid-term US$ gold price forecasts but its long-term gold price assumption of US$2,000/oz (real) is unchanged.

A softening in the outlook for the Australian dollar drives increases to the analyst's EPS estimates for gold stocks under coverage.

The target for Evolution Mining rises to $5.20 from $5.00. No change to Neutral rating.

Target price is $5.20 Current Price is $5.08 Difference: $0.12
If EVN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates FCL as Outperform (1) -

Macquarie highlights the 1Q25 results for Fineos Corp's peer Guidewire for any read-through indications.

Guidewire reported better-than-expected results, exceeding guidance due to nine cloud deals, including five with tier-one insurers.

The analyst notes the Guidewire share price has risen 62% in the last six months compared to Fineos Corp's share price, which has risen 21% and trades at a -84% discount.

The target price is lifted to $2.44 from $2.11 due to a rise in the valuation multiple for Guidewire. Outperform rating remains unchanged.

Target price is $2.44 Current Price is $1.91 Difference: $0.53
If FCL meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Macquarie rates FMG as Underperform (5) -

Macquarie updates its commodity price outlook and remains underweight on iron ore, copper, lithium, zinc, manganese, and thermal coal in the medium term. In the short term, the iron ore price forecast is lifted by 5% to US$96/t in 2025.

The broker is overweight on alumina and met coal.

Longer term, the broker is more positive on copper and lithium. Met coal price forecasts are cut by -17%.

Forex assumptions are lowered by -6% for 2025 and -4% for 2026.

Target price for Fortescue is raised to $15.25 from $14.50. No change to Underperform rating.

Target price is $15.25 Current Price is $19.49 Difference: minus $4.24 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.36, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates GL1 as Underperform (5) -

Macquarie believes the lithium price is stabilising, with the impact of lower price forecasts partially offset by favourable adjustments to the broker's currency assumptions.

The broker reduces nickel price forecasts by -10% for 2025, -12% for 2026-2028, and -9% for 2030, noting the 2025 projection is -3% below consensus. The long-term price of US$20,000/t remains unchanged.

For Global Lithium Resources, the Underperform rating and 21c target are maintained.

Target price is $0.21 Current Price is $0.23 Difference: minus $0.015 (current price is over target).
If GL1 meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.24, suggesting upside of 488.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates GLN as Neutral (3) -

Macquarie believes the lithium price is stabilising, with the impact of lower price forecasts partially offset by favourable adjustments to the broker's currency assumptions.

The broker reduces nickel price forecasts by -10% for 2025, -12% for 2026-2028, and -9% for 2030, noting the 2025 projection is -3% below consensus. The long-term price of US$20,000/t remains unchanged.

For Galan Lithium, the Neutral rating and 14c target are maintained.

Target price is $0.14 Current Price is $0.12 Difference: $0.02
If GLN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates GMD as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for Genesis Minerals increases to $3.10 from $3.00. Outperform.

Target price is $3.10 Current Price is $2.62 Difference: $0.48
If GMD meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates GOR as No Rating (-1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The broker remains under research restriction for Gold Road Resources.

Current Price is $2.09. Target price not assessed.

Current consensus price target is $2.33, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates GQG as Outperform (1) -

Macquarie observes the funds under management update for November from GQG Partners, rising 0.1% month-on-month and up 41.7% year-on-year.

US equity received fund inflow growth of 8.9% month-on-month, while emerging markets and international funds reported monthly declines of -3.8% and -1.9%, respectively. Global equity reported a rise of 3.8% month-on-month.

Macquarie forecasts US$10.2bn in net flows for 2H24, implying US$0.8bn in net flows for December.

The target price is retained at $3.15 with an Outperform rating.

Target price is $3.15 Current Price is $2.08 Difference: $1.07
If GQG meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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 IGO as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades IGO Ltd to Outperform from Neutral, with the target price rising to $5.90 from $5.60 due to the company's exposure to Greenbushes. IGO Ltd is the broker's top lithium stock pick.

Macquarie remains cautious on the short-term outlook for lithium and reduces the price forecast by -6% for 2025 for spodumene, which sits below consensus by -5%. Price forecasts are also lowered for 2026-2028 by -4%, -2%, and -3%, respectively.

Longer term, the broker retains a price estimate of US$1300/t.

Target price is $5.90 Current Price is $5.03 Difference: $0.87
If IGO meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.83, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates ILU as Buy, High Risk (1) -

Citi observes that the announcement on Iluka Resources' Eneabba rare earths refinery added some clarity around funding and the project’s costings, re-confirmed at $1.7bn-$1.8bn, with the Australian government providing an additional $400m in non-recourse loans.

The company expects a further contribution of around $300m, including working capital, during the commissioning phase.

Citi views the expected refining costs of $37/kg for NdPr, with the spot price at US$50/kg, as challenging for a "decent" valuation for the project.

At current share prices, the analyst believes the stock offers value. The target price falls to $6.10 from $7.00.

The rating is moved to Buy, High Risk from Buy, as question marks remain over whether the refinery will add any value.

Target price is $6.10 Current Price is $4.93 Difference: $1.17
If ILU meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.52, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

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

While Iluka Resources has secured an additional $400m in funding from Export Finance Australia for the Eneabba Refinery, Morgan Stanley notes questions remain over the rates of return for the refinery.

The broker highlights projected annual operating costs are approximately -10% worse than those outlined in the 2022 study. Additionally, project economics do not account for any costs incurred by the refinery for stockpiled ore provided by Iluka.

Morgan Stanley maintains an Equal-weight rating and a $6.70 target. The industry view remains Attractive.

Target price is $6.70 Current Price is $4.93 Difference: $1.77
If ILU meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $6.52, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Ord Minnett rates ILU as Buy (1) -

Ord Minnett notes the Federal Government has increased the loan for the Eneabba refinery by $400m to $1.65bn, as anticipated, enabling Iluka Resources to proceed with construction.

The broker lowers its target price to $6.00 from $6.30 due to a slower-than-expected refining start by 2027. The valuation of the refinery remains uncertain, given its dependence on throughput amid substantial fixed costs.

Ord Minnett maintains a Buy rating.

Target price is $6.00 Current Price is $4.93 Difference: $1.07
If ILU meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.52, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

UBS rates ILU as Neutral (3) -

While citing an additional $400m contribution by the Australian Government to Iluka Resources' Critical Mineral Facility Loan as a positive, UBS is unsure about the economics of the Eneabba rare earths project. 

The broker's funding concerns are heightened by the current  NdPr price of circa $50/kg and Iluka's extra $214m cash equity contribution to the project.

The Neutral rating and $6.70 target are maintained.

Target price is $6.70 Current Price is $4.93 Difference: $1.77
If ILU meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $6.52, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Ord Minnett rates INR as Speculative Buy (-1) -

Ord Minnett has recommenced coverage of ioneer following the clearance of the final major regulatory hurdle for a final investment decision (FID) after a favourable decision by the US Bureau of Land Management (BLM).

Management is now set to prepare an updated mine plan and cost estimates for Rhyolite Ridge to finalise funding negotiations with joint venture partner Sibanye-Stillwater and the US Department of Energy.

Ord Minnett assigns a Speculative Buy rating with a target price of 28c.

Target price is $0.28 Current Price is $0.18 Difference: $0.105
If INR meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

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

Macquarie rates JMS as Outperform (1) -

Macquarie retains manganese price forecasts but changes to forex assumptions have resulted in EPS downgrades for Jupiter Mines of -19% to -24% for FY25/FY26.

Target price declines by -5% to 21c from 22c. Outperform rating retained.

Target price is $0.21 Current Price is $0.14 Difference: $0.065
If JMS meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates LTM as Neutral (3) -

Macquarie believes the lithium price is stabilising, with the impact of lower price forecasts partially offset by favourable adjustments to the broker's currency assumptions.

The broker reduces nickel price forecasts by -10% for 2025, -12% for 2026-2028, and -9% for 2030, noting the 2025 projection is -3% below consensus. The long-term price of US$20,000/t remains unchanged.

Arcadium Lithium's target price of $8.70 remains unchanged, matching the implied share price under Rio Tinto's ((RIO)) takeover offer, explains Macquarie. Neutral.

Target price is $8.70 Current Price is $7.94 Difference: $0.76
If LTM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.94, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates MGX as Downgrade to Neutral from Outperform (3) -

Mount Gibson Iron is downgraded to Neutral from Outperform by Macquarie. The target price slips -6% to 34c.

The broker remains "bearish" on iron ore relative to both spot prices and consensus over the medium term and adopts an underweight position, with price forecasts of US$80/t, US$80/t, and US$75/t for 2026-2028, which are below consensus by -12%, -9%, and -14%, respectively.

Price expectations are derived from supply growth of 130mtpa versus demand growth of around 10mtpa.

Long-term price forecasts remain at US$80/t.

Macquarie cuts EPS forecasts for Mount Gibson by -25% in FY25 and -9% in FY26.

Target price is $0.34 Current Price is $0.33 Difference: $0.015
If MGX meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates MIN as Neutral (3) -

Macquarie believes the lithium price is stabilising, with the impact of lower price forecasts partially offset by favourable adjustments to the broker's currency assumptions.

The broker reduces nickel price forecasts by -10% for 2025, -12% for 2026-2028, and -9% for 2030, noting the 2025 projection is -3% below consensus. The long-term price of US$20,000/t remains unchanged.

Thanks to a valuation roll-forward, the analyst's target for Mineral Resources rises to $38 from $35. Neutral.

Target price is $38.00 Current Price is $34.76 Difference: $3.24
If MIN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $43.86, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates NEM as Outperform (1) -

Macquarie notes Newmont Corp's sale of the Cripple Creek & Victor operations in Colorado to SSR Mining ((SSR)) for US$275m.

Total sale proceeds from asset divestments have reached US$3.9bn, the analyst highlights, which is above the initial target of US$2bn, with most of the cash received upfront.

Macquarie now views the likelihood of a full share buyback, amounting to US$3bn, by October 2026 as high.

The broker makes moderate upgrades to mid-term US$ gold price forecasts but its long-term gold price assumption of US$2,000/oz (real) is unchanged.

A softening in the outlook for the Australian dollar drives increases to the analyst's EPS estimates for gold stocks under coverage.

The target for Newmont Corp rises to $86 from $85.

Target price is $86.00 Current Price is $64.03 Difference: $21.97
If NEM meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

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

Macquarie upgrades New Hope to Outperform from Neutral. The target price rises 48% to $6.20.

The broker upgrades thermal coal prices by 8%-10% over the short to medium term and 13% over the long term.

Macquarie lifts EPS forecasts for New Hope by 22% in FY25 and 46% in FY26.

Target price is $6.20 Current Price is $4.87 Difference: $1.33
If NHC meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates NIC as Downgrade to Neutral from Outperform (3) -

Macquarie downgrades Nickel Industries to Neutral from Outperform. The target price declines by -9% to 95c due to lower earnings forecasts.

The broker cuts nickel price forecasts by -10% for 2025, -12% for 2026-2028, and -9% for 2030. The 2025 forecast is -3% below consensus. The long-term price of US$20,000/t remains unchanged.

Macquarie lowers EPS forecasts for Nickel Industries by -8% for 2024 and -10% for 2025.

Target price is $0.95 Current Price is $0.89 Difference: $0.065
If NIC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.7

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

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

Macquarie upgrades Piedmont Lithium to Outperform from Neutral on valuation grounds. The target price remains unchanged at 21c.

Macquarie remains cautious on the short-term outlook for lithium and reduces the price forecast by -6% for 2025 for spodumene, which is -5% below consensus. Price forecasts are also lowered for 2026-2028 by -4%, -2%, and -3%, respectively.

Longer term, the broker retains a price estimate of US$1300/t.

Macquarie highlights increased spodumene production and shipments in 2025. Updated lithium price forecasts result in a decline in EPS estimates by -9% to -10% for FY25-FY28.

Target price is $0.21 Current Price is $0.18 Difference: $0.03
If PLL meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates PLS as No Rating (-1) -

Macquarie believes the lithium price is stabilising, with the impact of lower price forecasts partially offset by favourable adjustments to the broker's currency assumptions.

The broker reduces nickel price forecasts by -10% for 2025, -12% for 2026-2028, and -9% for 2030, noting the 2025 projection is -3% below consensus. The long-term price of US$20,000/t remains unchanged.

Macquarie is currently on research restriction for Pilbara Minerals and offers no rating or target price.

Current Price is $2.25. Target price not assessed.

Current consensus price target is $2.90, suggesting upside of 34.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates PMT as Outperform (1) -

Macquarie believes the lithium price is stabilising, with the impact of lower price forecasts partially offset by favourable adjustments to the broker's currency assumptions.

The broker reduces nickel price forecasts by -10% for 2025, -12% for 2026-2028, and -9% for 2030, noting the 2025 projection is -3% below consensus. The long-term price of US$20,000/t remains unchanged.

For Patriot Battery Metals, the Outperform rating and 70c target are maintained.

Target price is $0.70 Current Price is $0.32 Difference: $0.385
If PMT meets the Macquarie target it will return approximately 122% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting upside of 160.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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 PRU as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for Perseus Mining increases to $3.70 from $3.60.

Target price is $3.70 Current Price is $2.74 Difference: $0.96
If PRU meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

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

Morgan Stanley notes the board of Pacific Smiles has accepted Genesis Capital’s $1.95/share offer, prompting the broker to lower its target to $1.95 and downgrade the rating to Equal-weight from Overweight.

With a high likelihood of deal completion, the broker sees limited potential for the stock to reflect improving fundamentals.

Genesis Capital is set to take three board seats from December 16. The industry view remains In-Line.

Target price is $1.95 Current Price is $1.95 Difference: $0
If PSQ meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates PTM as Downgrade to Sell from Hold (5) -

Bell Potter lowers its target for Platinum Asset Management to 74c from $1.21 and downgrades the rating to Sell from Hold following a challenging November for fund flows, even excluding the loss of an institutional mandate.

Funds under management (FUM) fell by -10% during the month, with outflows equating to -6.9% of opening FUM, including the -$571m institutional mandate loss.

Given the recent direction of net flows (-10% over the past two months), the broker expresses uncertainty over the viability of Regal Partners' ((RPL)) $1.30/share acquisition offer for Platinum Asset Management.

The latter has been proven apposite as Regal has now abandoned its interest.

Target price is $0.74 Current Price is $1.05 Difference: minus $0.305 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Bell Potter rates RDG as Downgrade to Hold from Buy (3) -

Bell Potter lowers its target for Resource Development to 2.7c from 3.4c and downgrades the rating to Hold from Buy. The broker's forecasts now factor in a 12% WACC, up from 11%, and a one-year delay in the production ramp-up for the Lucky Bay expansion project.

The broker expresses caution regarding management's ability to service borrowings while pursuing growth opportunities across upstream and downstream manganese assets and the red mud pilot plant.

As of June 30, Resource Development had drawn $117.1m of its $125m secured loan with Mineral Resources ((MIN)), which holds a 64.3% stake.

Governance issues at Mineral Resources have recently weighed on Resource Development's share price, according to the broker.

Target price is $0.03 Current Price is $0.02 Difference: $0.003
If RDG meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates RIO as Neutral (3) -

Macquarie updates its commodity price outlook and remains underweight on iron ore, copper, lithium, zinc, manganese, and thermal coal in the medium term. In the short term, the iron ore price forecast is lifted by 5% to US$96/t in 2025. 

The broker is overweight on alumina and met-coal.

Longer term, the broker is more positive on copper and lithium. Met coal price forecasts are cut by -17%.

Forex assumptions are lowered by -6% for 2025 and -4% for 2026.

Macquarie lifts Rio Tinto's target price to $121 from $119. Neutral rating unchanged. The broker lifts EPS forecasts for higher alumina prices.

Target price is $121.00 Current Price is $119.78 Difference: $1.22
If RIO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $127.17, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

UBS rates RIO as Neutral (3) -

UBS observes Rio Tinto signaled more muted production growth in the short term while providing a more defined outlook of around 3% volume growth at a compound rate in the medium to longer term, underpinned by lithium, copper, and to a more modest degree, iron ore.

Iron ore shipments are below consensus for 2025, with no change to medium-term guidance. The ramp-up of Oyu Tolgoi is as expected, and capex was highlighted by management to come in above consensus in 2025 by circa US$1.5bn.

Neutral rating maintained with a $124 target price. The broker updated Rio Tinto on 5 December.

No change to the analyst's earnings forecasts.

Target price is $124.00 Current Price is $119.78 Difference: $4.22
If RIO meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $127.17, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

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

The Macquarie Commodities Strategy team has updated the mid-term outlook for gold, forecasting an average quarterly cycle peak of US$2,800/oz in 2Q 2025.

The long-term gold price assumption is US$2,000/oz (real). Macquarie highlights that these changes result in slight EPS upgrades across the broker's sector coverage, with target prices rising by an average of 5%.

Macquarie upgrades Ramelius Resources to Outperform from Neutral due to share price weakness. Target price lifts to $2.70 from $2.60.

Target price is $2.70 Current Price is $2.27 Difference: $0.43
If RMS meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates RRL as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for Regis Resources increases to $3.30 from $3.10.

Target price is $3.30 Current Price is $2.73 Difference: $0.57
If RRL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates RSG as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for Resolute Mining increases to 60c from 58c. Outperform.

Target price is $0.60 Current Price is $0.43 Difference: $0.17
If RSG meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

Macquarie rates S32 as Outperform (1) -

Macquarie updates its commodity price outlook and remains underweight on iron ore, copper, lithium, zinc, manganese, and thermal coal in the medium term. In the short term, the iron ore price forecast is lifted by 5% to US$96/t in 2025.

The broker is overweight on alumina and met coal.

Longer term, the broker is more positive on copper and lithium. Met coal price forecasts are cut by -17%.

Forex assumptions are lowered by -6% for 2025 and -4% for 2026.

Macquarie lifts South32's EPS forecast for FY25 by 59% and lowers the FY26 estimate by -6%. The target price rises 10% to $4.40.

The Outperform rating is maintained.

Target price is $4.40 Current Price is $3.63 Difference: $0.77
If S32 meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 SBM as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for St. Barbara increases to 54c from 53c.

Target price is $0.54 Current Price is $0.34 Difference: $0.2
If SBM meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates SCG as Overweight (1) -

Morgan Stanley anticipates a sustained strong share price performance for Scentre Group, with interest rates expected to act as a tailwind over 2025-27, mirroring the dynamics observed during 2015-17.

The broker highlights the REIT's current implied cap rate and net operating income (NOI) growth offer a wider spread relative to 10-year bond yields compared to the 2015-17 period.

Morgan Stanley raises its target price to $4.44 from $4.35 and retains an Overweight rating. The industry view remains In-Line.

Target price is $4.44 Current Price is $3.67 Difference: $0.77
If SCG meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates SFR as Neutral (3) -

Macquarie's commodity team has lowered the copper price forecast by -6% for 2025 to US$3.92/lb from US$4.16/lb. There is no change to the long-term price forecast.

The broker's EPS forecasts for Sandfire Resources are lowered by -19% in FY25 and FY26.

Target price slips -4% to $9.80. No change to Neutral rating.

Target price is $9.80 Current Price is $10.23 Difference: minus $0.43 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.72, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Morgans rates SUL as Add (1) -

Super Retail reported a softer-than-expected trading update for 1Q25, with increased promotional activity in spare parts resulting in lower margins for the industry.

Morgans highlights that the latest November auto and parts data suggest the industry remains challenged in the short term.

Morgans lowers EPS forecasts by -3.9% for FY25 and -4.2% for FY26 for Super Retail.

The target price falls to $18.55 from $19.79. No change to the Add rating.

Target price is $18.55 Current Price is $15.22 Difference: $3.33
If SUL meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $17.38, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Sayona Mining is upgraded to Outperform from Neutral on valuation grounds, with spodumene production ramping up and increased shipments from North American Lithium.

Macquarie remains cautious on the short-term outlook for lithium and reduces the price forecast by -6% for 2025 for spodumene, which sits below consensus by -5%. Price forecasts are also lowered for 2026-2028 by -4%, -2%, and -3%, respectively.

Longer term, the broker retains a price estimate of US$1300/t.

The target price remains at 4c. Macquarie cuts EPS forecasts by -8% in FY25 and -2% in FY26.

Target price is $0.04 Current Price is $0.03 Difference: $0.01
If SYA meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 TTT as Initiation of coverage with Buy, High Risk (1) -

Shaw and Partners initiates coverage on Titomic with a Buy, High Risk rating and a 30c target. Titomic focuses on addressing key challenges faced by manufacturers in aerospace, defence, and industrial markets.

The company provides technology solutions for metal additive manufacturing, metal coatings, and repairs using its patented Titomic Kinetic Fusion cold spray technology.

This technology enables rapid production of large-scale, complex metal components while minimising waste and reducing costs, according to the broker. The analyst notes that the ability to use cost-effective unrefined powders enhances Titomic's competitive advantage.

Shaw and Partners highlights optimism for additive manufacturing growth is supported by incoming President Trump's policies.

Target price is $0.30 Current Price is $0.18 Difference: $0.12
If TTT meets the Shaw and Partners target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates TUA as Buy (1) -

It is Citi's view Tuas has made a solid start to the year, with mobile subscriber base continuing to grow with market share at 11.4% based on the broker's own estimate.

Broadband subscriber base has surprised to the upside and Citi sees the ingredients in place to further accelerate growth. Broadband subscriber growth run-rate implies Tuas is capturing 3-4% of users that are coming off lock-in contracts offered by its competitors, the broker highlights.

The broker is of the view Tuas is poised to continue to outpace market in both Broadband and Mobile. Target price lifts to $7.10. Buy.

Target price is $7.10 Current Price is $6.08 Difference: $1.02
If TUA meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in August.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates TUA as Overweight (1) -

Noting a margin beat at the AGM trading update, supported by ongoing subscriber growth, Morgan Stanley sees a significant growth runway for Tuas through expansion into new product and customer segments.

Mobile subscribers increased by 60,000 in Q1 to 1,113,000, equating to 240,000 annualised, exceeding the broker's FY25 forecast of 187,000 mobile net additions. Capex guidance remains unchanged.

The broker anticipates continued revenue growth and market share gains.

Morgan Stanley raises the target to $6.70 from $5.50 and retains an Overweight rating. The industry view remains In-Line.

Target price is $6.70 Current Price is $6.08 Difference: $0.62
If TUA meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in August.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates VAU as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for Vault Minerals increases to 57c from 54c.

Target price is $0.57 Current Price is $0.35 Difference: $0.22
If VAU meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates WAF as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for West African Resources increases to $2.20 from $2.10. Outperform.

Target price is $2.20 Current Price is $1.61 Difference: $0.595
If WAF meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates WDS as Hold (3) -

Ord Minnett notes the final investment decision (FID) for the Louisiana LNG project (formerly Driftwood LNG) is scheduled for March 2025 and anticipates approval following a new contract award.

Woodside Energy has entered a revised engineering, procurement, and construction (EPC) contract with US construction group Bechtel to advance the project.

Management estimates total expenditure on the project between December and March will reach up to -US$1.3bn.

Ord Minnett maintains a Hold rating and a $26.50 target.

Target price is $26.50 Current Price is $24.06 Difference: $2.44
If WDS meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $27.80, suggesting upside of 16.9% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Macquarie rates WGX as Outperform (1) -

Macquarie moderately raises its mid-term US$ gold price forecasts, while maintaining its long-term assumption of US$2,000/oz (real).

A weaker outlook for the Australian dollar drives upward revisions to the broker's EPS estimates for covered gold stocks.

The target price for Westgold Resources increases to $3.90 from $3.70.

Target price is $3.90 Current Price is $2.91 Difference: $0.99
If WGX meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates WHC as Outperform (1) -

Whitehaven Coal is Macquarie's top stock pick in the coal sector, with a diversified portfolio of both energy and coking coal. The sell-down of Blackwater is viewed as a short-term positive catalyst.

The broker's forecasts for coking coal have been downgraded by double digits over the next four years, while thermal coal price forecasts have been upgraded by 8%-10% in the short to medium term, with a 13% lift in the long-term price estimate.

Macquarie's earnings forecasts for Whitehaven Coal decline by -10% in FY25 and rise by 6% in FY26.

The target price is raised 16% to $9. The Outperform rating is retained.

Target price is $9.00 Current Price is $6.38 Difference: $2.62
If WHC meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $8.83, suggesting upside of 40.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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