Australian Broker Call

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

Citi assigns a lower multiple to Adore Beauty to reflect higher risks following the iKOU acquisition, but simultaneously notes twin positives of an expanded private label offering and entry into physical retailing.

On the one hand, the broker recognises iKOU's growth potential as the brand is underpenetrated in states outside of NSW, but also points to a high acquisition price, which increases balance sheet risk.

The Buy, High Risk rating is maintained and the target is reduced to $1.50 from $1.70.

Target price is $1.50 Current Price is $0.85 Difference: $0.65
If ABY meets the Citi target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 61.6% (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

Shaw and Partners rates ACF as High Risk Buy (1) -

June has been a cracker of a month for Acrow in terms of secured hire contract wins and sales pipeline growth, highlights the analyst at Shaw and Partners.

The broker emphasises the 17% growth in total secured hire contracts for FY24 on the previous year, with a record $12.3m in new hire contracts in June, including a $2.5m order for Meriton projects.

With the record FY24 pipeline sales of $189m, up 33% year-over-year, the broker retains a High Risk Buy rating.

$1.35 target unchanged.

Target price is $1.35 Current Price is $1.11 Difference: $0.245
If ACF meets the Shaw and Partners target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.34, suggesting upside of 22.1% (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 ALD as Buy (1) -

In the ongoing transition from whitelabelling Morningstar to in-house research, and after updating for a reduction in refining volumes and a slight decrease in refining margins, Ord Minnett sets a $36.50 target and Buy rating for Ampol.

The broker lowers forecast refining margins for 2024 to US$11.8 per barrel from US$12.1 per barrel. More modest Fuel & Ingredients (F&I) International trading activity is also anticipated, which typically yields low margins, explains the analyst.

Target price is $36.50 Current Price is $32.66 Difference: $3.84
If ALD meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $36.98, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates ALU as Hold (3) -

Another one looks set to bite the dust of delisted companies.

Bell Potter states Altium has received all necessary regulatory approvals for the proposed acquisition by Renesas, with the next step being a shareholder vote scheduled for 12 July.

Assuming approval, the broker expects the scheme to be implemented on 1 August, leading to the delisting of Altium before the FY24 result is reported.

Hold rating maintained and target price increased to $68.50 from $66.75 as no competing bids are anticipated.

Target price is $68.50 Current Price is $68.14 Difference: $0.36
If ALU meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $66.52, suggesting downside of -2.4% (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: 0.2

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

Ord Minnett rates ANN as Hold (3) -

Ord Minnett sets a $24.30 target and Hold rating for Ansell after transitioning from whitelabeling Morningstar research.

The broker highlights a significant shift in strategic direction from the acquisition of Kimberly-Clark’s Personal Protective Equipment business (effective on July 1). The related institutional placement and share purchase plan are also factored into forecasts.

The transaction enhances Ansell's presence in the Scientific verticals, explains Ord Minnett.

The company's product portfolio will now be balanced across Scientific/Industrial segments and geographic presence, as the new business is skewed towards North America, explains the analyst.

Target price is $32.00 Current Price is $25.96 Difference: $6.04
If ANN meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $27.43, suggesting upside of 5.4% (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: 0.2

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

Shaw and Partners rates AVL as High Risk Buy (1) -

Shaw and Partners observes the completion of the first phase of the feasibility study on the downstream plant location and mining areas for Australian Vanadium, with the next phase to concentrate on the mine plans and infrastructure.

The analyst highlights the combined resource estimate with the recently merged Technology Metals at 395mt at 0.77% vanadium oxide with a 173.2mt at a higher concentration and believes the company has crossed a "milestone".

High risk Buy rating and 8c target price retained. No change in forecasts.

Target price is $0.08 Current Price is $0.02 Difference: $0.065
If AVL meets the Shaw and Partners target it will return approximately 433% (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 BEN as Sell (5) -

Following the very recent appointment of Vicki Carter as the new Chair of Bendigo & Adelaide Bank, Citi suspects investors will be surprised by yesterday's announcement CEO Marnie Baker will step down.

The new appointment of current Chief Customer Officer Richard Fennell is untimely, in the broker's opinion, given the transformation agenda (and in particular the financial objectives) remains unfinished.

The Sell rating and $9.50 target are unchanged.

Target price is $9.50 Current Price is $11.31 Difference: minus $1.81 (current price is over target).
If BEN 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 $9.72, suggesting downside of -12.8% (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

Ord Minnett rates BEN as Lighten (4) -

Bendigo & Adelaide Bank announced what Ord Minnett describes as the "surprise" resignation of Marnie Baker post a 35-year career at the bank, highlighted by her investment in technology and a digital transformation.

Richard Fennell will become CEO and MD, formerly having held the CFO and head of Consumer Banking roles with the broker expecting a smooth transition with limited strategic or financial impacts.

Ord Minnett points to the lingering problem for small regional banks like Bendigo & Adelaide Bank to boost return on equity in the face of heavy competition from the four major banks.

The stock has rallied since 16% since May 1 and is rated Lighten with a $10 target price.

Target price is $10.00 Current Price is $11.31 Difference: minus $1.31 (current price is over target).
If BEN meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.72, suggesting downside of -12.8% (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

UBS rates BEN as Sell (5) -

UBS considers Richard Fennell a capable replacement for Marnie Baker at Bendigo & Adelaide Bank as CEO and Managing Director. It's felt the market will take the announcement in its stride.

Separately, a better-than-expected recent trading update combined with strong industry metrics from the May APRA industry data, suggest to the broker good operating momentum.

The Sell rating and $8.75 target are maintained.

Target price is $8.75 Current Price is $11.31 Difference: minus $2.56 (current price is over target).
If BEN 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 $9.72, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates BHP as Neutral (3) -

Macquarie reviews expectations for the upcoming quarterly reports for the diversified miners which commences the week starting July 15.

The analyst anticipates "mixed results", with BHP Group and Fortescue to beat consensus forecasts and Rio Tinto to come in below market estimates, and South32 is anticipated to report in line.

Macquarie expects BHP's iron ore performance will exceed consensus by 4% but be below on coal by -9%.

South32 is the overall preferred stock in the ASX large cap coverage in this sector.

The Neutral rating and $43 target are retained with BHP Group a preferred exposure over Rio Tinto.

Target price is $43.00 Current Price is $43.16 Difference: minus $0.16 (current price is over target).
If BHP meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $46.08, suggesting upside of 5.6% (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: 0.4

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

Ord Minnett rates BPT as Accumulate (2) -

Ord Minnett downgrades EPS forecasts for Beach Energy across FY24-26 by -13%, -31% and -5%, respectively,  after adjustments to oil and LNG price estimates.

Changes in costs and production guidance in the company's June investor update are also reflected in the broker's new forecasts.

After also transitioning to in-house research from whitelabeling Morningstar, the new target is $1.85. Buy.

Target price is $1.85 Current Price is $1.49 Difference: $0.36
If BPT meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 13.0% (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 CBO as Buy (1) -

Ord Minnett assesses the recent trading update from Cobram Estate Olives as positive, although the Australian yield harvest at 10.1ml of olive oil was lower than the broker's expectation of 10.5ml.

Management's FY24 EBITDA guidance was higher than the analyst had forecast and resulted in an EBITDA upgrade to around the guidance level.

Ord Minnett is anticipating a record FY25 for the company with a favourable US outlook in 2024 and local pricing boosted by the high price of imported oil and global supply shortages.

Buy rating unchanged and the target is raised to $1.97 from $1.86.

Target price is $1.97 Current Price is $1.69 Difference: $0.285
If CBO meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting upside of 17.8% (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

Citi rates CHC as Buy (1) -

In a survey conducted by Citi, over 70% of respondents agree with the broker Charter Hall would benefit from a strategic pivot into managing private credit and infrastructure assets.

The analysts had previously noted several upsides including the large future growth potential and diversification for the core real estate business.

A Buy rating and $13.50 target are retained.

Target price is $13.50 Current Price is $10.90 Difference: $2.6
If CHC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $13.71, suggesting upside of 24.4% (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

Shaw and Partners rates CY5 as High Risk Buy (1) -

Shaw and Partners views the latest drilling results for Cygnus Metals as another positive step in the progress at its gold exploration projects.

As noted by the broker, management is focusing on expanding its resource base and advancing towards a preliminary economic assessment.

The target is lowered to 30c from 50c as peer valuations have receded. High Risk Buy rating remains.

Target price is $0.30 Current Price is $0.04 Difference: $0.258
If CY5 meets the Shaw and Partners target it will return approximately 614% (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 FMG as Underperform (5) -

Macquarie reviews expectations for the upcoming quarterly reports for the diversified miners which commences the week starting July 15.

The analyst anticipates "mixed results", with BHP Group and Fortescue to beat consensus forecasts and Rio Tinto to come in below market estimates, and South32 is anticipated to report in line.

South32 is the overall preferred stock in the ASX large cap coverage in this sector.

Underperform rating and $12.50 target price are unchanged.

Target price is $12.50 Current Price is $21.57 Difference: minus $9.07 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 42% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.48, suggesting downside of -6.6% (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: -0.5

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

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

Macquarie anticipates G8 Education will experience better occupancy rates, although the rate of improvement may slow in the 2H24.

Lower than expected wage increases and the sale of 17 underperforming centres is expected to boost the company's margins on the analyst's forecasts.

The broker anticipates any further wage increases post the May Budget will be subsidised and support increased female work participation.

Adjusting for the updates, Macquarie lifts EPS forecasts by 0.5% for FY24 and 0.6% for FY25.

The target price is increased to $1.35 from $1.26 and the rating upgraded to Outperform from Neutral.

Target price is $1.35 Current Price is $1.19 Difference: $0.165
If GEM meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 GMG as Lighten (4) -

Post a review of Goodman Group, Ord Minnett has upgraded the EPS forecast for FY24 to 15.5% growth, which is ahead of both management's guidance at 13%, and market expectations of 14%.

The analyst highlights the market is factoring in a lot of growth for 'turnkey' facilities in the data centre space, and the key risk for the group as expressed by Ord Minnett is the ability to execute on lease agreements with hyperscalers.

The target price is raised to $32 from $31.75 with the Lighten rating left unchanged.

Target price is $32.00 Current Price is $34.29 Difference: minus $2.29 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.63, suggesting upside of 0.1% (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

Morgans rates GYG as Initiation of coverage with Add (1) -

Guzman y Gomez has a global network of 210 restaurants, including 25 in Singapore, Japan and the US, and 185 in Australia where it is the fastest growing quick service restaurant (QSR) business, highlights Morgans.

The broker anticipates significant long-term growth potential, with earnings to benefit from strong operating leverage. The analysts begin research coverage with an Add rating and $30.80 target, noting near-term forecasts are broadly in line with prospectus estimates.

The fare is tacos, burritos, and nachos -sold through multiple channels- and the ownership model is in the ratio of two-thirds is to one third of franchise-owned and company-owned stores, explains Morgans.

Management aspires to grow to 1,000 restaurants in Australia, which the broker estimates will take around 20 years, as long as the opening cadence of 30 new restaurants per year (which management expects in FY25) increases to 40 within five years.

Target price is $30.80 Current Price is $25.50 Difference: $5.3
If GYG meets the Morgans target it will return approximately 21% (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

Bell Potter rates LTR as Speculative Buy (1) -

Bell Potter is upbeat on the take up on US$250m ($379m) in convertible notes from Liontown Resources to LG Energy Solution, with a conversion price of $1.80 per share and a coupon rate of approximately 5.3%.

The analyst views it as a winning soltuion to remove debt funding while increasing the company's liquidity by $129m, and replacing a previously announced $550m debt facility.

The offtake agreement with LG has been extended to 15 from five years, with additional downstream collaboration planned. 

Spectulative Buy rating and $1.85 target unchanged with EPS estimates adjusted for the issue and forecast lower lithium prices.

Target price is $1.85 Current Price is $0.96 Difference: $0.895
If LTR meets the Bell Potter target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $1.18, suggesting upside of 31.5% (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

Citi rates LTR as Upgrade to Neutral from Sell (3) -

LG Energy Solutions will invest US$250m into Liontown Resources via convertible notes in exchange for offtake.

Management has foregone commercial debt in favour of greater flexibility and less restrictive debt covenants, explains Citi.

If exercised as equity today, the broker notes LG Energy Solutions would hold 8% of Liontown Resources shares, subject to FIRB approval.

Citi upgrades its rating for Liontown Resources to Neutral from Sell given share price underperformance versus peers of around -10% year-to-date. The $1.00 target is unchanged.

Target price is $1.00 Current Price is $0.96 Difference: $0.045
If LTR meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.18, suggesting upside of 31.5% (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

Macquarie rates LTR as Neutral (3) -

Liontown Resources issued US$250m ($379m) in convertible notes to its offtake partner LG Energy Solution, including an extension in LG's offtake agreement to 15 from five years with Kathleen Valley including a downstream collaboration.

Macquarie points to the 99% completion of the Kathleen Valley project with first production expected by late July and remaining capital costs of -$120m, with this issue viewed positively, providing an additional $129m in available debt capital.

Accounting for the higher interest costs, the analyst lowers EPS forecasts by -4% to -9% for FY25-29, which results in the target price moving down -5% to $1.00.

The broker has lowered its target price to $1.00 from $1.05 due to increased debt servicing costs. No significant updates have been made to financial forecasts.

Target price is $1.00 Current Price is $0.96 Difference: $0.045
If LTR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.18, suggesting upside of 31.5% (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

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

Bell Potter has tempered the outlook for the Monadelphous Group's engineering construction activity, post a thorough review of anecdotal reports and major Resource and Energy project awards.

The broker now forecasts EBITDA margins in FY25-FY27 to come under pressure as the $750m-plus of contracts awarded in FY24 will roll-off in the 2H25, with only a partial replacement in new contracts now anticipated.

Earnings forecasts are tweaked for FY24 and FY25 with more substantial downgrades the analyst expects in the outlying years at this stage.

The stock is downgraded to Hold from Buy with the target reduced to $14 from $15.40.

Target price is $14.00 Current Price is $13.06 Difference: $0.94
If MND meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.82, suggesting upside of 18.0% (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

Macquarie rates NHF as Neutral (3) -

nib Holdings lost its travel insurance relationship with Qantas Airways ((QAN)) in June 2023 which has continued into 2024.

Macquarie forecasts volumes will expand to around 39% of the pre-covid levels in the 2H24 due to the contract loss, as it represented around one-third of total policies in FY23.

Pricing increased by 10.1% in the June 2024 quarter compared to June 2023, with the analyst highlighting nib Holdings' travel division acts as a distributor not an underwriter.

Macquarie expects this division to remain -5% below consensus estimates for the next four years. Neutral rating and $7.50 target retained with no change to the broker's forecasts.

Target price is $7.50 Current Price is $7.17 Difference: $0.33
If NHF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.04, suggesting upside of 12.7% (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 ORG as Accumulate (2) -

Ord Minnett has revised the forecasts for Origin Energy and now includes the actual commodity prices for the June quarter as well as a slight increase in LNG volumes for the period and an increase in earnings for Octopus in FY25 and beyond.

The broker's EPS forecasts are raised by 1% in FY24, 1% in FY25 and 15% for FY26.

Ord Minnett lifts its target price to $11.30 with an Accumulate rating.

Target price is $11.30 Current Price is $10.93 Difference: $0.37
If ORG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.18, suggesting upside of 3.4% (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

Macquarie rates RIO as Neutral (3) -

Macquarie reviews expectations for the upcoming quarterly reports for the diversified miners which commences the week starting July 15.

The analyst anticipates "mixed results", with BHP Group and Fortescue to beat consensus forecasts and Rio Tinto to come in below market estimates, and South32 is anticipated to report in line.

South32 is the overall preferred stock in the ASX large cap coverage in this sector.

Macquarie forecasts Rio Tinto will report lower than market estimates for Canadian iron ore by -5% but broadly meet forecasts for aluminium, copper, and iron ore.

Neutral rating and $119 target unchanged with BHP Group preferred over Rio Tinto.

Target price is $119.00 Current Price is $119.63 Difference: minus $0.63 (current price is over target).
If RIO 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 $132.17, suggesting upside of 9.1% (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: 0.3

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

Morgan Stanley rates RIO as Overweight (1) -

News reports suggest potential industrial action at the Oyu Tolgoi copper mine in Mongolia, which is the key driver of Rio Tinto's copper growth ambition, explains Morgan Stanley.

Management is in negotiation with workers to avoid a strike relating to a "sharp drop in wages", according to Reuters.

While this news introduces an element of risk, the broker doesn't anticipate an impact to the ramp-up of underground production at the mine.

Target remains at $142. Overweight retained. Industry view is Attractive.

Target price is $142.00 Current Price is $119.63 Difference: $22.37
If RIO meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $132.17, suggesting upside of 9.1% (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: 0.3

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

Macquarie rates S32 as Outperform (1) -

Macquarie reviews expectations for the upcoming quarterly reports for the diversified miners which commences the week starting July 15.

Macquarie forecasts South32 will report better copper results by 12% compared to consensus on higher grades; coal is expected to be -3% below, aluminium 2% better and alumina 1% better than consensus, or all broadly in line with the market forecasts.

South32 is the overall preferred stock in the ASX large cap coverage in this sector.

Outperform rating and $4.50 target unchanged.

Target price is $4.50 Current Price is $3.73 Difference: $0.77
If S32 meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 11.6% (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: 0.7

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

Morgan Stanley rates SLC as Overweight (1) -

Superloop has reiterated FY24 capex guidance and upgraded earnings (EBITDA) to at or above the prior guided range of between $51-53m.

The transition of Origin Energy's ((ORG) existing base is on track for completion in October, while Origin broadband customers continued to grow to over 150,000 in June, note the analysts.

Target $1.65. Overweight. Industry view: In-line.

Target price is $1.65 Current Price is $1.58 Difference: $0.075
If SLC meets the Morgan Stanley target it will return approximately 5% (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

UBS rates STO as Buy (1) -

UBS raises EPS forecasts by 1-3% across its coverage of the Australian Energy sector due to higher near-term oil and LNG prices.

Santos remains the preferred pick by the broker, explaining the company has a clear path to de-risk its two key growth projects (Barossa and Pikka) over the next 18 months.

Buy. Target $9.00. 

Target price is $9.00 Current Price is $7.69 Difference: $1.31
If STO meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 16.9% (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: 0.4

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

Citi rates TUA as Buy (1) -

Tuas announced another very competitively priced offering, Citi states, with the launch of 10Gbps bandwidth for the enterprise market in May.

The analyst forecasts the total addressable markets for residential and enterprise at S$420m-S$440m and S$680m-S$700m, respectively, and stresses the timing of the launch is well ahead of expectations.

Buy rating retained, and the target price is lifted to $5.25 from $4.50 due to more transparency and confidence in the growth prospects for the company and its broadband strategy.

Target price is $5.25 Current Price is $4.35 Difference: $0.9
If TUA meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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

Bell Potter rates WA1 as Speculative Buy (1) -

Bell Potter suggests the latest exploration update at the WA1 Resources' West Arunta Project is "significant" and confirms the high-grade rare earth mineralisation.

The analyst believes this discovery enhances the potential of the project, and positions WA1 Resources as a key player in the rare earth sector.

Speculative Buy rating and $28 target price retained. No changes to the broker's earnings forecasts.

Target price is $28.00 Current Price is $19.22 Difference: $8.78
If WA1 meets the Bell Potter target it will return approximately 46% (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

UBS rates WDS as Neutral (3) -

UBS raises EPS forecasts by 1-3% across its coverage of the Australian Energy sector due to higher near-term oil and LNG prices.

Also, due to an earlier start of Sangomar, the broker's FY24 EPS forecast for Woodside Energy rises by 8%.

Neutral rating, Target $30.80.

Target price is $30.80 Current Price is $29.13 Difference: $1.67
If WDS meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $33.80, suggesting upside of 16.6% (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