Australian Broker Call

Citi rates A2M as Buy (1) -

Citi believes a2 Milk Co may have performed well with infant milk formula sales during the June 18 shopping festival, considering it was a top seller on Tmall and Pinduoduo. It's felt IMF was a hot category during this year's event.

Target $7.85. Buy.

Target price is $7.85 Current Price is $6.64 Difference: $1.21
If A2M meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.54, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Ord Minnett rates ABG as Accumulate (2) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Abacus Group is now rated Accumulate with a price target of $1.20.

Target price is $1.20 Current Price is $1.19 Difference: $0.01
If ABG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 9.1% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Ord Minnett rates ASK as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Abacus Storage King is now rated Buy with a price target of $1.35.

Target price is $1.35 Current Price is $1.19 Difference: $0.16
If ASK meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.35, suggesting upside of 15.4% (ex-dividends)

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

Citi rates BBN as Neutral (3) -

In a trading update prior to yesterday's strategy day hosted by Baby Bunting, management reiterated FY24 underlying net profit guidance.

Today, Citi decides to maintain its $1.59 target and Neutral rating.

Citi's first impressions (yesterday) were reasonably positive with like-for-like (LFL) sales coming in above expectations (albeit still negative) and management tapping bank support to assist with a turnaround.

Also, a medium-term gross margin target was set well above the consensus estimate, observe the analysts, suggesting significant potential upside to medium-term forecasts.

In the period May 1 to June 24, LFL sales momentum has improved to -0.7% from -7.7% for the period January to April 2024 and has been -5.6% for the 2H-to-date due to product, customer acquisition, and promotional changes, according to management.

Target price is $1.59 Current Price is $1.47 Difference: $0.12
If BBN meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgan Stanley rates BBN as Overweight (1) -

In a trading update by Baby Bunting, management reiterated FY24 net profit  guidance for between $2-4m but was more positive on the FY25 outlook. Morgan Stanley had anticipated an uplift and moved to an Overweight rating back in March.

Stabilising sales in FY25 were mentioned, along with the opening of six new stores and three refurbishments, suggesting to the broker greater confidence in deploying capital and earning a return on new store formats.

Management is anticipating a 40% gross margin, compared to the 37.6% expected by the analysts, and a long-term target of 42% compared to the 5% for FY24.

The latter is expected to be driven by a host of items, including simplified pricing and better supplier terms. The Overweight rating and $1.70 target are unchanged. Industry view: In Line.

Target price is $1.70 Current Price is $1.47 Difference: $0.23
If BBN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgans rates BBN as Add (1) -

Baby Bunting reaffirmed its FY24 net profit guidance and management pointed to a focus on stabilising sales and margin improvement as key priorities for FY25, Morgans notes.

The signing of the new exclusive supply agreements with Nuna Baby and Bugaboo and a touted upgrade in its stores with a new smaller format starting in FY25, is highlighted by the broker.

Accounting for an improved outlook for margins, the analyst lifts the earning forecast by 40% for FY25, and accordingly raises the target price to $1.80 from $1.60. Add rating.

Target price is $1.80 Current Price is $1.47 Difference: $0.33
If BBN meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates BBN as Hold (3) -

The new CEO has come with an updated strategy, but Ord Minnett remains sceptical about the targeted 40% gross profit margin in FY25, calling it "unrealistic".

The updated strategy included the ambition to increase market share, boost profitability and lift the return on invested capital.

The broker's forecasts for FY25 assume sales growth of 3.5% and a gross profit margin of 38%. The analyst highlights the trading environment remains highly uncertain. Hold. Target $1.60.

Target price is $1.60 Current Price is $1.47 Difference: $0.13
If BBN meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Bell Potter rates BIO as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage on Biome Australia with a Buy rating and 73c target price.

The company specialises in evidence-based live biotherapeutics and nutraceuticals under the ‘Activated Probiotics’ brand and the broker believes it offers a unique microencapsulation technology which assists in better efficacy.

Strong growth potential through product differentiation, efficient delivery systems, and a training-focused sales model with international expansion into the UK and Canada, are highlighted as key positive factors.

Buy rating and 73c target price.

Target price is $0.73 Current Price is $0.52 Difference: $0.21
If BIO meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Citi rates CHC as Buy (1) -

Based on recent asset sales by Dexus ((DXS)), Citi anticipates further downside to office valuations across some listed REITs, including Charter Hall, resulting in downward earnings pressure.

In the longer-term, the broker believes Charter Hall represents an attractive opportunity in the sector due to a strong record of funds management, and leverage to recovering broader commercial real estate markets over the next 12-18 months.

The analysts also see potential for a strategic pivot into alternative asset classes like private credit and infrastructure.

Target $13.40. Buy.

Target price is $13.40 Current Price is $11.69 Difference: $1.71
If CHC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.69, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates CHC as Accumulate (2) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Charter Hall is now rated Accumulate with a price target of $12.30.

Target price is $12.30 Current Price is $11.69 Difference: $0.61
If CHC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.69, suggesting upside of 22.0% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates CIP as Accumulate (2) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Centuria Industrial REIT is now rated Accumulate with a price target of $3.30.

Target price is $3.30 Current Price is $3.05 Difference: $0.25
If CIP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 18.1% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates CNI as Accumulate (2) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Centuria Capital is now rated Accumulate with a price target of $1.80.

Target price is $1.80 Current Price is $1.71 Difference: $0.09
If CNI meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 4.9% (ex-dividends)

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

Ord Minnett rates CQE as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Charter Hall Social Infrastructure REIT is now rated Buy with a price target of $3.00.

Target price is $3.00 Current Price is $2.42 Difference: $0.58
If CQE meets the Ord Minnett target it will return approximately 24% (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

Ord Minnett rates DXS as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Dexus is now rated Buy with a price target of $7.50.

Target price is $7.50 Current Price is $6.44 Difference: $1.06
If DXS meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.98, suggesting upside of 23.6% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Shaw and Partners rates ERD as Initiation of coverage with Buy, High Risk (1) -

Shaw and Partners initiates coverage on Eroad with a Buy, High Risk rating. The company provides telematics products and technology primarily to customers in the trucking industry.

Telematics (which offers 12% market growth) has several structural tailwinds, in particular through the digitisation of road user charge payments, explains the broker. Cash EBITA margins (including capex) are forecast to grow to 7% by FY27 from around -9% in FY24.

The analysts highlight the company has a refreshed strategy in the US, new leadership and is targeting verticals with a demonstrated ability to win. A target of $1.50 is set.

Target price is $1.50 Current Price is $0.94 Difference: $0.56
If ERD meets the Shaw and Partners target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

This company reports in NZD. 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

Ord Minnett rates GMG as Lighten (4) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Goodman Group is now rated Lighten with a price target of $31.75.

Target price is $31.75 Current Price is $34.48 Difference: minus $2.73 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.59, suggesting downside of -0.4% (ex-dividends)

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

Ord Minnett rates GOZ as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Growthpoint Properties Australia is now rated Buy with a price target of $2.70.

Target price is $2.70 Current Price is $2.18 Difference: $0.52
If GOZ meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 18.7% (ex-dividends)

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 GPT as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

GPT Group is now rated Buy with a price target of $4.55.

Target price is $4.55 Current Price is $4.01 Difference: $0.54
If GPT meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 18.7% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Bell Potter rates GTK as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage on Gentrack Group with a Buy rating and a target price of $10.90.

Gentrack Group specialises in billing and customer relations management solutions for energy, water, and airport industries, with a predominant exposure to energy, water utilities and airport/adjacent industries, the broker highlights.

The analyst points to the company's modernised g2.0 platform, which integrates Salesforce and offers cloud-native capabilities, at a time when utilities need to invest in their platforms and infrastructure.

The broker expects 15% compound average revenue growth for FY24-26, and EBITDA margins are expected to improve to 17.8% by FY26 from 13% in FY24. EPS estimates are forecast to compound at 65% from FY24 to FY28.

Target price is $10.90 Current Price is $9.33 Difference: $1.57
If GTK meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Morgans rates HLS as Hold (3) -

Another day, another earnings downgrade for Healius, with Morgans being the latest broker to adjust earnings forecasts for management's lower-than-expected FY24 earnings guidance.

The broker points to a -5% downgrade at the mid-point for FY24 EBITDA, observing  an improvement in the 2H24 pathology volumes, with restructuring cost savings as slightly above targets, but lower average GP fees and inflationary pressures continuing to impact margins.

Lumus Imaging and Agilex Biolabs are performing in line with expectations. Morgans lowers its earnings forecasts by -12.7% for FY24 and -10.8% for FY25.

Hold rating maintained and target adjusted to $1.28 from $1.32.

Target price is $1.28 Current Price is $1.48 Difference: minus $0.195 (current price is over target).
If HLS meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.57, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates HMC as Lighten (4) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

HMC Capital is now rated Lighten with a price target of $6.15.

Target price is $6.15 Current Price is $7.32 Difference: minus $1.17 (current price is over target).
If HMC meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.29, suggesting upside of 0.8% (ex-dividends)

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

UBS rates IGO as Sell (5) -

UBS believes lithium markets will remain "well-to-over supplied" and expect prices to remain lower for longer.

The broker has reduced lithium price forecasts by -10% and -7% for 2024 and 2025, respectively, alongside -4% in 2026 and -10% for 2027.

Compared to consensus UBS sits at -20% below market forecasts, and remains Underweight the sector with China/Africa supply additions and a lack of transparency in the market.

The broker's EPS forecasts for IGO are -1.9% for FY24 and -16.5% for FY25.

UBS lowers the target price to $5.95 from $7.35 and retains a Sell rating.

Target price is $5.95 Current Price is $5.87 Difference: $0.08
If IGO meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.87, suggesting upside of 21.1% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates LLC as Accumulate (2) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Lendlease Group is now rated Accumulate with a price target of $6.10.

Target price is $6.10 Current Price is $5.41 Difference: $0.69
If LLC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 19.5% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates LTR as Downgrade to Neutral from Buy (3) -

UBS believes lithium markets will remain "well-to-over supplied" and expect prices to remain lower for longer.

The broker has reduced lithium price forecasts by -10% and -7% for 2024 and 2025, respectively, alongside -4% in 2026 and -10% for 2027.

Compared to consensus UBS sits at -20% below market forecasts, and remains Underweight the sector with China/Africa supply additions and a lack of transparency in the market.

Liontown Resources is downgraded to Neutral from Buy and the target price cut to $1 from $1.40.

Target price is $1.00 Current Price is $0.93 Difference: $0.075
If LTR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 32.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Bell Potter rates LYC as Buy (1) -

Lynas Rare Earths announced the upgrade to its Malaysia Plant to separate heavy rare earth elements, which is expected to be completed by mid-2025 and within the existing budget of some $25m.

Bell Potter adjusts the EPS forecasts by -17% for FY24 and -2% for FY25, and the analyst highlights the "hoped for" turnaround in NdPr prices is yet to transpire, but there remains potential for higher prices due to the Chinese market dynamics.

Buy rating unchanged with a lift in the target price to $7.80 from $7.55.

Target price is $7.80 Current Price is $5.95 Difference: $1.85
If LYC meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates LYC as Underweight (5) -

Morgan Stanley doesn't anticipate addition of separated HRE volumes will have material impact on achieved rare earth oxide (REO) prices for Lynas Rare Earths.

This view follows management's announcement the Malaysia solvent extraction circuits are being reconfigured to facilitate production of separated HRE Dysprosium (Dy) and Terbium (Tb), which are currently sold as a mixed HRE compound (SEGH).

The company also announced progress on pre-construction activities for a planned US rare earths (RE) Processing Facility with both Malaysia and US facilities designed to accept third party feedstock.

The Underweight rating is unchanged. Industry View: Attractive.

Target price is $4.85 Current Price is $5.95 Difference: minus $1.1 (current price is over target).
If LYC meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.64, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates LYC as Buy (1) -

Ord Minnett only initiated coverage on Lynas Rare Earths in late May with a Buy rating and $8 price target. Both remain unchanged.

The company is adding Dy+Tb separation circuits to the Malaysian rare earth refinery for capex of -$25m, but the broker is left "confused" about implications and how the Seadrift refinery in Texas will be fed.

Ord Minnett's Buy rating rests on the expectation that beaten-down prices for rare earths must eventually recover. But given too much confusion and uncertainty, the target price is left untouched.

Target price is $8.00 Current Price is $5.95 Difference: $2.05
If LYC meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates MGR as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Mirvac Group is now rated Buy with a price target of $2.10.

Target price is $2.10 Current Price is $1.81 Difference: $0.29
If MGR meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 18.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates MIN as Sell (5) -

UBS highlights the upgrade of Onslow Iron is proceeding faster than expected, with 35Mtpa by June 2025 as possible for Mineral Resources.

The analyst also notes significant capital expenditure will be required for future growth, estimated at -$1.9bn in FY25.

Accounting for Onslow's ramp and lower lithium prices forecasts, UBS lowers earnings estimates for Mineral Resources by -36% and -82% for FY24 and FY25, respectively.

Accordingly, the target price is changed to $56 from $58 and a Sell rating maintained.

Target price is $56.00 Current Price is $55.92 Difference: $0.08
If MIN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $69.93, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates MPL as Neutral (3) -

Macquarie concludes the private health sector is a "relative safe haven" considering the challenging macro economic environment and what the broker views as increasingly negative announcements for the industry.

The broker points to multiple changes in the health sector with possible impacts on the funding model, and affecting affordability without changing patient outcomes.

Also, the analyst believes there is a mismatch between public and private health infrastructure and patient needs, 

A Neutral rating on Medibank Private is retained with a $3.60 target price.

Target price is $3.60 Current Price is $3.78 Difference: minus $0.18 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.81, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates NHF as Neutral (3) -

Macquarie concludes the private health sector is a "relative safe haven" considering the challenging macro economic environment and what the broker views as increasingly negative announcements for the industry.

The broker points to multiple changes in the health sector with possible impacts on the funding model, and affecting affordability without changing patient outcomes.

Also the analyst believes there is a mismatch between public and private health infrastructure and patient needs, 

The Neutral rating and $7.30 target are retained.

Target price is $7.30 Current Price is $7.35 Difference: minus $0.05 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.07, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates NSR as Hold (3) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

National Storage REIT is rated Hold with a price target of $2.30.

Target price is $2.30 Current Price is $2.30 Difference: $0
If NSR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates PDN as Buy (1) -

FY25 production guidance by Paladin Energy was in line with Citi's forecast, but sales guidance was a minor miss. Cost of production guidance of US$28-31/lb was around -20% worse than the broker's expectation.

Separately, the potential Fission Uranium Corp transaction looks attractive to uranium bulls (like the broker) and could provide internal rate of return (IRR) accretion of 15% and add around $1.2bn to Paladin's net present value (NPV).

The deal is not yet included in the broker's forecasts, with the analysts noting the target's PLS project is subject to a range of regulatory permitting and construction risks.

The Buy rating is unchanged and the target reduced to $16 from $17.

Target price is $16.00 Current Price is $12.42 Difference: $3.58
If PDN meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $16.19, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in June.

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: 1.0

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

Morgan Stanley rates PDN as Overweight (1) -

FY25 guidance for Paladin Energy's Langer Heinrich mine, released by management yesterday, was broadly in line with Morgan Stanley's forecasts.

The broker had mining recommencing in the 2H of FY25 (actually FY26), while 6mlb per annum of nameplate production by the end of 2026 implies a slightly slower ramp-up than Morgan Stanley had forecast.

The broker's target remains at $16.65. Overweight rating. Industry view: Attractive.

Target price is $16.65 Current Price is $12.42 Difference: $4.23
If PDN meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $16.19, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in June.

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: 1.0

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

Citi rates PLS as Sell (5) -

Following further updates by Pilbara Minerals, Citi refreshes its financial model to include the P2000 Pilgangoora expansion project, but only at the net asset value (NAV) level with a 75% risk weighting.

The project is at pre-feasibility stage and management notes the market environment needs to be supportive to execute production in 2028.

It is too soon to turn positive on the lithium market, suggests the broker. The Sell rating and $3.60 target are unchanged.

Target price is $3.60 Current Price is $3.26 Difference: $0.34
If PLS meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.4

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

UBS rates PLS as Sell (5) -

UBS believes lithium markets will remain "well-to-over supplied" and expect prices to remain lower for longer.

The broker has reduced lithium price forecasts by -10% and -7% for 2024 and 2025, respectively, alongside -4% in 2026 and -10% for 2027.

Compared to consensus UBS sits at -20% below market forecasts, and remains Underweight the sector with China/Africa supply additions and a lack of transparency in the market.

UBS retains a Sell rating and the target price drops to $2.50 from $2.70.

Target price is $2.50 Current Price is $3.26 Difference: minus $0.76 (current price is over target).
If PLS meets the UBS target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.35, suggesting upside of 8.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.4

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

UBS rates PMT as Buy (1) -

UBS believes lithium markets will remain "well-to-over supplied" and expect prices to remain lower for longer.

The broker has reduced lithium price forecasts by -10% and -7% for 2024 and 2025, respectively, alongside -4% in 2026 and -10% for 2027.

Compared to consensus UBS sits at -20% below market forecasts, and remains Underweight the sector with China/Africa supply additions and a lack of transparency in the market.

The rating is unchanged at Buy and the target price lowered to $1 from $1.30.

Target price is $1.00 Current Price is $0.56 Difference: $0.435
If PMT meets the UBS target it will return approximately 77% (excluding dividends, fees and charges).

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 PXA as Outperform (1) -

Macquarie considers the competitive pressures for Pexa Group have been stalled with the pause of the e-conveyancing interoperability program, thereby reducing market share loss assumptions, and supporting the company's monopoly position.

The broker highlights the completion of the integration of PEXA Go and Optima Legal workflows, although the NatWest launch has been delayed.

Some slight adjustments are made to the analyst's forecast with EPS tweaked by -3.9% for FY25 with an increase in the target price to $16.80 from $15.45.

Overweight rating retained.

Target price is $16.80 Current Price is $13.90 Difference: $2.9
If PXA meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $15.61, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates PXA as Hold (3) -

Morgans observe the ARNECC ministerial forum announced the pause in the e-conveyancing interoperability program, which is viewed as a positive development by the analyst for Pexa Group 

The broker highlights the delay will most likely postpone competition in the property settlement space initially anticipated for late 2025.

The recent deal with Natwest is also a positive for the company's overall outlook, according to Morgans.

FY24 earnings estimates are lowered by -10% as the analyst views the previous forecast as too upbeat.

The broker rates the stock as Hold and the target price is adjusted to $13.99 from $13.50.

Target price is $13.99 Current Price is $13.90 Difference: $0.09
If PXA meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.61, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates RGN as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Region Group is now rated Buy with a price target of $2.45.

Target price is $2.45 Current Price is $2.11 Difference: $0.34
If RGN meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 17.3% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Ord Minnett rates SCG as Accumulate (2) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Scentre Group is now rated Accumulate with a price target of $3.40.

Target price is $3.40 Current Price is $3.11 Difference: $0.29
If SCG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 6.0% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates SGP as Accumulate (2) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Stockland is now rated Accumulate with a price target of $4.45.

Target price is $4.45 Current Price is $4.20 Difference: $0.25
If SGP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.87, suggesting upside of 16.6% (ex-dividends)

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

Bell Potter rates TNE as Buy (1) -

The Bell Potter analyst believes there is scope for the acceleration in the rate of growth in profit before tax for TechnologyOne to continue.

The broker points to the previous four years of earnings growth of respectively 13%, 14%, 15% and 16%, and envisages 17% or 18% growth in FY24, settling for the midpoint at 17.5%.

On balance, Bell Potter expects the company to exceed guidance when it reports its full year results in November. Consensus currently forecasts 16% growth.

No changes to earnings forecasts which were recently upgraded, Bell Potter states. Buy rating and $20.25 target unchanged.

Target price is $20.25 Current Price is $18.45 Difference: $1.8
If TNE meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

Multiple factors including a -15% decline in the share price have underpinned a rerating in Universal Store by UBS to Buy from Neutral.

The broker points to a slower store rollout, a strong balance sheet with an improved medium term growth outlook as contributing factors to make the company more attractive to investors at the current price-to-earnings valuation.

UBS highlights the resilience of the youth consumer and effective merchant execution, which are expected to offset the slower store growth in the near term.

Earnings estimates are adjusted downward by -1% for FY24 and -6% for FY25. Buy rating with a lowered target to $6 from $6.25.

Target price is $6.00 Current Price is $4.96 Difference: $1.04
If UNI meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.75, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Ord Minnett rates VCX as Buy (1) -

Following changes reported in terms of coverage of technology and mining stocks, Ord Minnett today has communicated broad changes to its coverage of A-REITs.

Vicinity Centres is now rated Buy with a price target of $2.20.

Target price is $2.20 Current Price is $1.87 Difference: $0.33
If VCX meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 10.2% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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