Australian Broker Call

Citi rates 29M as Neutral (3) -

Citi updates the earnings forecasts for 29Metals on the back of revised copper price forecasts.

For FY25 the broker estimates a copper price of US$10,250t which is in line with consensus forecasts.

29Metals has a 45c target price. Citi reduced EPS forecasts for FY24 and FY25.

Neutral rating unchanged. High risk.

Target price is $0.45 Current Price is $0.41 Difference: $0.04
If 29M meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 43.4% (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

UBS rates A1N as Neutral (3) -

UBS's general preview to the August results season for local media companies has led to a reduction in forecasts, pulling back the broker's price target for ARN Media to 65c from 87c.

Neutral rating retained. UBS's modeling changes are in reflection of a longer-term margin downgrade to 10% from 14% with the broker citing Digital reinvestment and ongoing declines in metro radio.

Target price is $0.65 Current Price is $0.71 Difference: minus $0.055 (current price is over target).
If A1N meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.82, suggesting upside of 19.3% (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

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

AMP is becoming a more focused Wealth & Bank operator and is Morgan Stanley's preferred wealth manager in the space. However, management still needs to rebuild trust before the share price re-rates, according to the broker.

The Hold rating is kept, but the target rises to $1.29 from $1.06 due to a higher earnings forecast and a valuation roll-forward. Industry view: In-Line.

Target price is $1.29 Current Price is $1.19 Difference: $0.105
If AMP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

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 AW1 as Initiation of coverage with Buy, High Risk (1) -

Shaw and Partners initiates coverage on American West Metals with a Buy, High Risk rating. In January this year, management released a maiden mineral resource for the Storm Copper project in Nunavut, Canada, which is still being explored.

Due to the shallow nature, ore body geometry and mineralisation characteristics of Storm, deposits are amenable to conventional truck and shovel open pit mining, point out the analysts.

Overall, management is focused on the discovery and development of major copper deposits in North America.

The broker highlights shares are currently trading at a $48/copper equivalent metal tonne in resource multiple, significantly
below the average of peers (around $138/CuEq metal tonne).

A 32c target is set.

Target price is $0.32 Current Price is $0.12 Difference: $0.205
If AW1 meets the Shaw and Partners target it will return approximately 178% (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

Ord Minnett rates BBT as Buy (1) -

Ord Minnett makes only modest forecast changes for BlueBet Holdings following 4Q results showing strong net win growth, driven by 16.7% turnover growth in the Australian business. It was the second consecutive operating cash flow positive quarter.

The marketing spend was also efficient, in the analysts' view, with management providing a 1Q FY25 marketing outlook focusing on a Personalised Promotion Engine.

Buy and 38c target retained.

Target price is $0.38 Current Price is $0.23 Difference: $0.15
If BBT meets the Ord Minnett target it will return approximately 65% (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

Macquarie rates BVS as Neutral (3) -

Despite a FY24 guidance upgrade by Bravura Solutions, Macquarie believes earnings (EBITDA) margin expectations may need to be tempered and delayed.

FY24 guidance is now $25m, up from $18-22m, as "the scale and pace" of the transformation has outperformed expectations.

The revenue growth story is yet to play out, notes the broker, which reduces forecasts for UK professional service revenue and Australian project revenue. The broker adopts a conservative view on FY25 licence fee revenue.

Neutral retained. Target is lowered to $1.26 from $1.30. A lower FY24 cost base and reduced FY25 lease expenses are more than offset by the broker's lower FY25 revenue base forecasts in outer years.

Target price is $1.26 Current Price is $1.17 Difference: $0.09
If BVS meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgan Stanley rates CBA as Underweight (5) -

In changes not expected to impact upon the FY25 outlook, according to Morgan Stanley, CommBank has announced its 2H result will include a non-cash loss of -$298m post-tax and provisions of -$89m pre-tax.

The analysts forecast an around -4% half-on-half fall in cash profit to $4,799m when CommBank reports on August 14.

The Underweight rating and $102 target are maintained. Sector view is In-Line. 

Target price is $102.00 Current Price is $136.27 Difference: minus $34.27 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $96.69, suggesting downside of -26.7% (ex-dividends)

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 CBA as Sell (5) -

CommBank is scheduled to report FY24 on August 14. UBS in a preview reports its forecast is for $2.5bn in cash earnings in Q4, some 2-3% ahead of consensus.

The broker believes a key focus of the result with be signs of a stronger-than-expected net interest margin (NIM) from a normalisation in competition, on top of reduced cost of deposit mix changes and any benefits of replicating portfolio.

Consensus expectations are for a -11bps credit loss ratio in 2H 24, the broker believes. DPS is expected at 240cps (flat) on a 80% payout ratio. CET1 capital ratio 12.3%. No additional buy-backs are expected.

Sell. Target $107. UBS makes a point ot stating despite the best-in-class bank franchise in the market, based on current fair value models the shares screen as "extremely rich".

Target price is $107.00 Current Price is $136.27 Difference: minus $29.27 (current price is over target).
If CBA meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $96.69, suggesting downside of -26.7% (ex-dividends)

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

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

AMP (Equal-weight) is preferred by Morgan Stanley over Challenger -also Equal-weight- as the latter's statutory earnings remain volatile.

The broker's FY25-26 normalised earnings forecasts for Challenger rise by 3.5% on more book growth in the Life division and higher FUM in the asset manager.

The FY24 forecast was increased by circa 1.5% due to better net fee income (higher FUM) and cost management. The target rises to $7.40 from $7.20. Industry view: In-Line.

Target price is $7.40 Current Price is $7.06 Difference: $0.34
If CGF meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates CIP as Hold (3) -

Centuria Industrial REIT's FY24 result met expectations of the upgraded guidance, including a 16c dividend, the Morgans' analyst notes on top of "solid" like-for-like rental growth of 6.5%, despite higher interest costs and loss of income from divestments.

Management provided FY25 guidance including a 16.3c dividend. The broker observes the REIT's portfolio retains 89 industrial properties and a $1bn development program over the next five years.

The developments are forecast to be funded by asset sales. Morgans retains a Hold rating with a revised price target of $3.55, down from $3.57.

Target price is $3.55 Current Price is $3.17 Difference: $0.38
If CIP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 9.0% (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

Citi rates EVN as Buy (1) -

Citi updates the earnings forecasts for Evolution Mining on the back of revised copper price forecasts.

For FY25 the broker estimates a copper price of US$10,250t which is in line with consensus forecasts.

The analyst lowers the FY25 EPS forecast accounting for the downgrade in the copper price.

Target price is revised to $4.40 from $4.50. Buy rating unchanged.

Target price is $4.40 Current Price is $4.01 Difference: $0.39
If EVN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 2.2% (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

Shaw and Partners rates GL1 as Buy (1) -

Final assay results from this year’s drilling program highlight the potential to build on the current resource estimate at Global Lithium Resources' Manna Lithium project, suggests Shaw and Partners.

Management continues to focus on permitting at Manna and completion of the definitive feasibility study (DFS), which is
expected to be released in the 2H 2024, notes the broker.

Buy and $2.20 target retained.

Target price is $2.20 Current Price is $0.27 Difference: $1.935
If GL1 meets the Shaw and Partners target it will return approximately 730% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 369.1% (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 GOR as Outperform (1) -

A ramp-up of ore movements by Gold Road Resources remains important to meet revised FY24 guidance, suggests Macquarie, which maintains its Outperform rating and $1.90 target.

The 2Q was impacted by rain in late-April at the Gruyere operation, but the mine delivered record mining rates and plant throughput in May. Ultimately, production for Q2 came in around -10% below forecasts by the analyst and consensus.

Gruyere's 2024 guidance was trimmed to 290-305koz from 300-335koz.

Target price is $1.90 Current Price is $1.72 Difference: $0.18
If GOR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 17.9% (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

Ord Minnett rates HAS as Hold (3) -

Yesterday, Hastings Technology Metals released niobium (Nb) content test results which enhances potential at the Yangibana project, according to management.

The company is investigating a multi-commodity recovery process stream to produce Nb as a by-product, explains Ord Minnett.

Ord Minnett highlights the recent positive share price performance of WA1 Resources ((WAI)), which suggests investors are enthusiastic about niobium.

However, as niobium recovery requires a new feasibility study and a different plant design, any recovery would not meet the funding timetable, points out the broker.

The Hold rating and 36c target are maintained.

Target price is $0.36 Current Price is $0.31 Difference: $0.05
If HAS meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

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

Morgan Stanley rates IFL as Underweight (5) -

Morgan Stanley keeps an Underweight rating for Insignia Financial over concerns relating to the balance sheet and free cash flows. AMP is preferred among the Wealth Managers under research coverage.

While a near-term capital raising is possible, the analysts believe a dividend cut is more likely and forecast a 50% payout going forward compared to 65% in the 1H of FY24.

Underweight. Target slips to $2.25 from $2.30. Industry view: In-Line.

Target price is $2.25 Current Price is $2.77 Difference: minus $0.52 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.44, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates LLC as Buy (1) -

The rationalisation of the Lendlease Group continues with Citi highlighting the sale of its Asian life sciences business stake and Japan-based life science workplace to a joint venture with Warburg Pincus.

Citi emphasises the sale of US military housing and the pending ACCC report on the communities business sale to Stockland as positives for the company.

Offsetting the asset sales contribution of $315-360m in FY25 are changes in the development pipeline and cost cutting, leading to a -24% decline in the Citi FY25 EPS estimate.

The target price is lifted to $7.10 from $6.30 due to valuation changes.

Buy rating unchanged.

Target price is $7.10 Current Price is $6.25 Difference: $0.85
If LLC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.36, suggesting upside of 1.8% (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

Morgans rates MME as Speculative Buy (1) -

Morgans observes MoneyMe reported its 4Q24 trading update, which met the analyst's expectations for revenue and book growth.

The 4Q24 revenue of $54m declined -3.6% year-on-year but represented a 1.9% increase quarter-on-quarter, bringing FY24  revenue to $215m.

The broker highlights the loan book grew by 6% year-on-year to $1.22bn. Net credit losses reduced to 4.5%, and the overall credit profile improved, with an average Equifax score of 763.

Morgans maintains a Speculative Buy rating with an unchanged price target of 23c.

Target price is $0.23 Current Price is $0.08 Difference: $0.146
If MME meets the Morgans target it will return approximately 174% (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 MND as Hold (3) -

Bell Potter believes there are no material impacts to earnings forecasts from the termination of the Albemarle construction contract for the Kemerton Train 3 & 4 expansion, although work-in-hand has been reduced by -$200m for Monadelphous Group.

The broker highlights a conservative short-to-medium term outlook for the engineering construction division forecasts due to a softening development pipeline. This may lead to some EBITDA margin pressures.

Offsetting is the maintenance and industrial services division, which the analyst believes will perform well from ongoing energy developments and iron ore mine capex.

The target price is lowered to $13.60 from $14 and the Hold rating unchanged.

Target price is $13.60 Current Price is $12.33 Difference: $1.27
If MND meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 21.4% (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 MND as Buy (1) -

Citi believes the termination of works for Monadelphous Group at Kemerton is another reason for the market to adopt a "glass half empty view" on the stock.

The broker estimates a -$100m impact due to the structure and timing of the contract works which is a -1% decline on the maintenance and services revenue forecast for FY25 earnings.

Buy rating and $16.20 target unchanged.

Target price is $16.20 Current Price is $12.33 Difference: $3.87
If MND meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 21.4% (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 MND as Outperform (1) -

Revenue of between -$75-85m in FY25 for Monadelphous Group will be lost, estimates Macquarie, as Albermarle will stop construction at the Train 3 Kemerton WA lithium plant due to tough market conditions.

Outperform rating retained. Target price falls to $14.15 from $15.10. Separate to earnings downgrades relating to the Albermarle decision, the broker reduce its margin forecasts on a still challenging labour cost and productivity environment.

Macquarie still expects the consensus forecast for profit of $61.6m will be delivered on August 22 when Monadelphous reports FY24 results.

Target price is $14.15 Current Price is $12.33 Difference: $1.82
If MND meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $14.60, suggesting upside of 21.4% (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

UBS rates NEC as Buy (1) -

UBS's general preview to the August results season for local media companies has led to a reduction in forecasts, pulling back the broker's price target for Nine Entertainment to $1.95 from $2.10.

Buy rating retained with the broker picking Nine Entertainment as one of two preferred media exposures due to growth in resilient Digital businesses (48% of revenues), a 5.3% dividend yield, and with the share buyback ongoing.

The other preferred media stock is oOh!media ((OML)), rated Buy with a price target of $1.95 (exactly the same price target is pure coincidence, one has to assume).

Target price is $1.95 Current Price is $1.45 Difference: $0.5
If NEC meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 50.3% (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

Bell Potter rates NIC as Buy (1) -

Bell Potter views the June quarter earnings report for Nickel Industries as solid with nickel production of 31,975t nickel, though cash costs were 5% above forecasts at US$9,98t.

The company managed to generate increased EBITDA results despite weather disruptions, the broker highlights.

Bell Potter revises the EPS forecasts for 2024 down by -57% and -18% for 2025.

Target price revised to $1.41 from $1.54. Buy rating unchanged.

Target price is $1.41 Current Price is $0.83 Difference: $0.58
If NIC meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 38.5% (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: 1.0

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

Macquarie rates NIC as Outperform (1) -

Production in the 2Q for Nickel Industries fell only -1% short of Macquarie's forecast while earnings (EBITDA) from operations came in at the top end of the pre-released guidance range of US$75-80m.

The analyst is expecting a 2H improvement now that headwinds no longer exist regarding: Rencana Kerja dan Anggaran Biaya (RKAB) mining licence approvals; and wet weather conditions which impacted Q2.

The Outperform rating and $1.10 target are unchanged.

Target price is $1.10 Current Price is $0.83 Difference: $0.27
If NIC meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 38.5% (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: 1.0

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

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

UBS analysts have used a general media sector preview to the August reporting season to downgrade News Corp to Neutral from Buy. Price target of $46.30 is a little below the $46.70 in May.

The broker cites recent strength in the share price in combination with incremental reinvestment risks into FY25 at Move, Dow Jones, and Subscription Services. There's also the potential entry of HBO Max in Australia.

Target price is $46.30 Current Price is $44.01 Difference: $2.29
If NWS meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $40.60, suggesting downside of -5.3% (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: 0.5

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

Citi rates ORA as Downgrade to Neutral from Buy (3) -

Citi downgrades the rating on Orora to Neutral from Buy, which the broker attributes to a challenging outlook for the company's end markets, particularly glass and wine exports are still in decline.

The geared balance sheet and additional capex requirements are also causing more concerns for the analyst.

Despite some strength in cans and tequila, the broker believes earnings growth for FY25 could be under pressure, potentially necessitating dividend cuts over the next two halves.

Citi reduces earnings before interest and tax forecasts by -5% for FY25 to FY26. Target price revised to $2.30 from $2.86.

Target price is $2.30 Current Price is $2.06 Difference: $0.24
If ORA meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 19.1% (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 ORG as Hold (3) -

June quarter net sales revenue from Origin Energy’s APLNG business beat forecasts by Ord Minnett and consensus by 7% and 4%, respectively, due to higher achieved pricing and increased local gas sales.

Overall production from APLNG matched forecasts by the broker and consensus, while the company's energy markets business largely equalled Ord Minnett’s forecast.

The Hold rating is maintained and the target eases to $11.20 from $11.30. In the utilities space, Ord Minnett prefers Accumulate-rated
AGL Energy ((AGL)).

Target price is $11.20 Current Price is $10.54 Difference: $0.66
If ORG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.11, suggesting upside of 5.3% (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

Macquarie rates PNI as Outperform (1) -

Macquarie raises its target for Pinnacle Investment Management to $18.18 from $14.52 after FY24 underlying profit beat the broker's forecast by 5% as Affiliate revenue growth delivered operating leverage.

Affiliate funds under management (FUM) rose by 20% year-on-year aided by $9.9bn of net inflows and $8.3bn in market movements/investment performance, explains the analyst.

The higher target price reflects not only higher forecasts by Macquarie but also an extension of the valuation forecast period to
FY30 from FY28 to better capture Pinnacle's earnings growth capability.

Target price is $18.18 Current Price is $16.45 Difference: $1.73
If PNI meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting downside of -6.2% (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

Ord Minnett rates PRU as Buy (1) -

Perseus Mining's 4Q gold production missed forecasts by consensus and Ord Minnett by -3% and -7%, respectively, largely due to a delayed comeback from the previous wet season at the Yaoure mine in West Africa.

While costs (AISC) were -8% worse quarter-on-quarter, they bettered the broker's expectations by 3%.

Management noted potential (at FY24 results) for capital management via a buyback or special dividend.

Ord Minnett maintains its Buy rating and the target falls to $2.85 from $3.00.

Target price is $2.85 Current Price is $2.56 Difference: $0.29
If PRU meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

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 QBE as Neutral (3) -

Following Macquarie's review of 18 offshore results as a read-through for QBE Insurance, the broker concludes premium rates are growing at a slightly slower pace.

Also, the broker gleans the market is not concerned about the quantum of losses related to the CrowdStrike IT outage.

The Neutral rating and $18.40 target are unchanged.

Target price is $18.40 Current Price is $17.91 Difference: $0.49
If QBE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $19.50, suggesting upside of 13.0% (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: 0.6

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

Shaw and Partners rates QOR as Buy (1) -

Shaw and Partners has gained increased confidence Qoria can continue to grow strongly at scale and reach cash break-even in FY25, based on the recent Q4 update and management's FY25 outlook.

The broker anticipates a strong 1Q driven by new business (particularly Texas) and a material improvement in operating cashflow.

According to the analysts, Qoria is benefiting from regulatory and social tailwinds, shifting buyer preferences, and effective cross-sell.

The Buy rating and 52c target are retained.

Target price is $0.52 Current Price is $0.36 Difference: $0.165
If QOR meets the Shaw and Partners 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

Morgans rates RIO as Add (1) -

Rio Tinto reported a largely in line 1H2024 earnings report which reflected 3% growth year-on-year in EBITDA, Morgans states with expectations of a stronger second half.

The broker highlighted the company's cost management for copper and aluminium but it showed some signs of falling behind on its Pilbara mine replacement schedule.

A later than forecast first production from Simandou until the 1Q2026 poses some uncertainty around the medium-term production growth target of 3% between 2024 and 2028, the broker suggests.

Morgans maintains an Add rating with a revised target price of $128, down from $130.

Target price is $128.00 Current Price is $119.70 Difference: $8.3
If RIO meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $128.25, suggesting upside of 7.8% (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

Citi rates RMD as Neutral (3) -

Upon initial assessment, it appears Citi analysts believe ResMed's quarterly earnings released this morning are, on balance, better-than-expected.

The shares are trading lower in the US aftermarket but analysts elsewhere believe this should be read in conjunction with the strong rally that has preceded. Citi thinks the market should repond positively.

Citi comments reported Q4 adjusted EPS of US208c looks in-line with market consensus, but it's 4% above on better gross margin after adjusting for the -10cps headwind from a loss on equity investment.

Compared to consensus, revenue was in-line with Devices weaker, and Masks stronger, the broker believes.

The gross margin proved the positive surprise but opex is higher too, resulting in 2% better than expected EBIT.

The analysts highlight the adjusted gross margin of 59.1% is 60bps up on the previous quarter and 330bps up year-on-year. It beats consensus by 80bps.

Management has guided to FY25 gross margin of 59-60% despite higher freight costs, the broker points out, adding this is higher than consensus which is currently positioned for 58.7%.

Target $30. Neutral.

Target price is $30.00 Current Price is $32.39 Difference: minus $2.39 (current price is over target).
If RMD meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.34, suggesting upside of 4.8% (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

Macquarie rates RMD as Outperform (1) -

On balance, Macquarie analysts comment in a quick response to today's quarterly result, ResMed has reported a slightly better-than-expected 4Q24 EBIT result, offset by losses on equity investment.

Free cash flow generation was ahead of expectations, with the company expected to generate net interest income in 2H25. FY25 gross margin guidance was ahead of  the broker's and consensus expectations.

Macquarie states ResMed remains a preferred sector exposure.

Target price is $35.40 Current Price is $32.39 Difference: $3.01
If RMD meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $33.34, suggesting upside of 4.8% (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

UBS rates RMD as Neutral (3) -

In an initial assessment of today's financial result release by ResMed, UBS analysts note the gross margin surprised positively, but because opex proved higher-than-expected the quarterly EPS was merely in line with forecasts.

The broker argues the 78bps gross margin "beat" probably needs some dissection, but if transport costs look manageable this could be cause for a little more optimism into FY25.

Neutral. Target US$210.

Current Price is $32.39. Target price not assessed.

Current consensus price target is $33.34, suggesting upside of 4.8% (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

Citi rates SFR as Neutral (3) -

Citi updates the earnings forecasts for Sandfire Resources on the back of revised copper price forecasts.

For FY25 the broker estimates a copper price of US$10,250t which is in line with consensus forecasts.

The target price for Sandfire Resources is lowered -10c to $8.70 from $8.80 and the FY25 EPS forecast is also revised downwards.

Neutral rating unchanged.

Target price is $8.70 Current Price is $9.09 Difference: minus $0.39 (current price is over target).
If SFR meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.13, suggesting upside of 4.6% (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: 0.3

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

UBS rates SWM as Downgrade to Sell from Neutral (5) -

A general sector preview to the August reporting season sees UBS downgrading Seven West Media to Sell from Neutral with its price target tanking by -39% to 16c.

Reasons mentioned include anticipation of a weaker metro FTA recovery in FY25, the expected removal of the dividend in FY25 (gearing likely elevated at 1.7x FY25e net debt to EBITDA), and a downgrade to the broker's projected long-term EBITDA margins to 5% from 10% in reflection of ongoing weakness in metro FTA ad markets.

Target price is $0.16 Current Price is $0.18 Difference: minus $0.02 (current price is over target).
If SWM meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.26, suggesting upside of 41.7% (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

UBS rates SXL as Neutral (3) -

UBS's general preview to the August results season for local media companies has led to a reduction in forecasts, pulling back the broker's price target for Southern Cross Media to 68c from 96c.

Neutral rating retained, with UBS suggesting the high dividend yield on offer is likely to protect the shares to the downside.

Target price is $0.68 Current Price is $0.67 Difference: $0.015
If SXL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting upside of 35.2% (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

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

Following 2Q results for Syrah Resources, Morgan Stanley lowers its FY24 graphite production forecast on a slower ramp-up at the Balama Graphite Operation. The target falls to 25c from 40c. The Equal-weight rating is retained. Industry view: Attractive.

The broker explains the lower forecasts result from both weaker-than-expected market demand, and a slower ramp-up at the company's downstream processing at the Vidalia Active Anode Material (AAM) Facility.

Vidalia's ramp-up has been slowed as customers appear to prefer Chinese supply for now, according to the analysts, and are delaying purchases from Vidalia.

Uncertainty has reigned, suggests Morgan Stanley, since the deadline was extended by the US Government around the requirement to source/not source graphite AAM from non-Foreign entities of Concern.

Target price is $0.25 Current Price is $0.28 Difference: minus $0.03 (current price is over target).
If SYR meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.66, suggesting upside of 165.0% (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: 0.8

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

Morgans rates TEA as Add (1) -

Post its April IPO, Tasmea announced its second, West Coast Lining Systems for $11.45m, which Morgans views as complementing its existing Fabtech business.

The new business specialises in supply and installation of systems in the waste management, mining, and water containment areas.

Management also re-affirmed the prospectus earnings forecasts, with scope for net profit to come in above the initial estimates, the broker highlights.

Add rating is retained and the target price revised to $2.10 from $2.05.

Target price is $2.10 Current Price is $1.63 Difference: $0.47
If TEA meets the Morgans target it will return approximately 29% (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