Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Given potential for a guidance beat in 2024 and expected strong guidance for 2025, Bell Potter increases its valuation multiple for Life360 and raises its target to $27.75 from $26.75.

The broker also expects the company will be added to the ASX100 Index at the next rebalance in early March, noting good share price performances by TechnologyOne ((TNE)) and Hub24 ((HUB)) post their inclusions.

Target price is $27.75 Current Price is $24.93 Difference: $2.82
If 360 meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.30, suggesting upside of 4.1% (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: 0.8

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Abacus Group, the broker raises its target to $1.26 from $1.15 and upgrades to Outperform from Neutral, noting a deep discount to fundamental value.

Target price is $1.26 Current Price is $1.15 Difference: $0.115
If ABG meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

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

Macquarie lowers its target for Ampol to $31 from $33.75 and downgrades to Neutral from Outperform after 2024 profit guidance missed expectation, implying a softer 4Q in refining, Fuels & Infrastucture and international.

While the broker notes a solid performance in Convenience Retail, supported by premium fuel margin expansion, international trading remained weaker than pre-2022 levels.

The analyst's earnings forecasts for 2024 and 2025 are reduced by -13% and -8%, respectively, due to lower fuels and infrastructure margins and higher capital expenditure expectations. Macquarie expects a refining recovery by 2026.

Target price is $31.00 Current Price is $29.48 Difference: $1.52
If ALD meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $32.19, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Arena REIT, the broker lowers the target to $3.99 from $4.15 due to updated economic forecasts and downgrades to Neutral from Outperform on valuation.

Target price is $3.99 Current Price is $3.96 Difference: $0.03
If ARF meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.30, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

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

Morgan Stanley downgrades ASX to Underweight from Equal-weight, citing the company's expected low single-digit EPS growth, which does not compare favourably with other stocks in the broker's coverage.

The broker highlights capital market peers, Computershare ((CPU)) and Macquarie Group ((MQG)), are expected to achieve mid-to-high single-digit or better EPS growth, while five covered insurance stocks are forecast to generate double-digit earnings growth in 2025, trading on sub-20 times price-to-earnings ratios.

Morgan Stanley notes ASX might achieve "modest" revenue surprises from two new product launches in 1H25.

Underweight. Target price falls to $55.05 from $58. Industry View: In-Line.

Target price is $55.05 Current Price is $63.92 Difference: minus $8.87 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.38, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Charter Hall, the broker's target rises to $15.71 from $15.43 and the rating is downgraded to Neutral from Outperform on valuation grounds.

Target price is $15.71 Current Price is $15.31 Difference: $0.4
If CHC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.79, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Centuria Industrial REIT, the broker's target rises to $3.32 from $3.20 due to updates to economic forecasts and the rating is upgraded to Outperform from Neutral.

Target price is $3.32 Current Price is $2.91 Difference: $0.41
If CIP meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates CLW as Neutral (3) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Charter Hall Long WALE REIT, the target rises by 30c to $3.64, reflecting an alleviation of the broker's balance sheet concerns. Neutral rating maintained.

Target price is $3.64 Current Price is $3.81 Difference: minus $0.17 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.90, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Centuria Capital, the target eases to $1.85 from $1.87 and the broker's rating is downgraded to Neutral from Outperform partly due to  potential ongoing asset devaluations.

Target price is $1.85 Current Price is $1.83 Difference: $0.025
If CNI meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Charter Hall Retail REIT, the target rises to $3.45 from $3.42. The broker upgrades to Outperform from Neutral on greater comfort around balance sheet metrics, noting potential corporate action upside.

Target price is $3.45 Current Price is $3.15 Difference: $0.3
If CQR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 19.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates CYG as Buy (1) -

Coventry Group's pre-released expectation for 1H earnings (EBITDA) of $9.9m fell short of Bell Potter's $11.5m estimate, as 2Q margins decreased by -130bps.

The broker notes challenges stemmed from economic conditions across A&NZ, excluding WA and Queensland, and disruptions from an ERP system upgrade, which is now complete.

Management expects an improved focus on profitable sales growth in 2025 and highlights strong performance in the Steelmasters acquisition and WA resources sector demand.

Bell Potter lowers its FY25-27 EPS forecasts by -40%, -20%, and -13%, respectively, after deferring its former rebound expectations.

The broker retains a Buy rating but lowers the target price to $1.40 from $1.60.

Target price is $1.40 Current Price is $1.19 Difference: $0.215
If CYG meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates DGT as Initiation of coverage with Buy (1) -

UBS initiates coverage of Digico Infrastructure REIT with a Buy rating and a $5.60 target price.

The broker explains the REIT is a diversified owner, operator, and developer of data centres, with a global portfolio of 13 assets and projects.

Of the 13 assets in Australia/US, the REIT plans for 238MW of data centre capacity: 35MW (15%) is billing, 32MW (13%) is contracted, 9MW (4%) is spare installed capacity, and 160MW (67%) is allocated for future expansion, the analyst states.

Buy rated. Target $5.60.

Target price is $5.60 Current Price is $4.77 Difference: $0.83
If DGT meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates DXI as Outperform (1) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Dexus Industria REIT, the target  falls to $3.05 from $3.19. The broker's Outperform rating is retained due to a strong balance sheet and an attractive exposure to the industrial sub sector.

Target price is $3.05 Current Price is $2.73 Difference: $0.32
If DXI meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Dexus, the target rises to $7.74 from $6.52 and the broker's rating is upgraded to Outperform from Neutral given shares are trading at an around -24% discount to net tangible assets as at June 2024.

Target price is $7.74 Current Price is $6.78 Difference: $0.96
If DXS meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.78, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates FMG as Neutral (3) -

Citi's first take on Fortescue's bid for Red Hawk Mining ((RHK)) at a 29% premium to the HK 30-day volume weighted average price of up to $254m highlights this is an agreed deal.

The broker explains the grade of iron is attractive to Fortescue, which is paying up to $1/t of resource. Red Hawk's Blacksmith project will be utilised to assist the company's Fortescue blend product, the analyst states.

Fortescue remains Neutral rated with a $21 target price.

Target price is $21.00 Current Price is $18.81 Difference: $2.19
If FMG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.55, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.3

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

Morgans rates FMG as Hold (3) -

Morgans observes Fortescue reported 2Q25 shipments up 4% on 1Q25, in line with consensus and the analyst's estimates.

Iron Bridge remains challenged, with shipments below expectations and a weaker realised price of US$116/dmt. The broker questions why Iron Bridge has not achieved expected pricing, with management attributing this to market conditions.

Fortescue retained FY25 guidance for costs and capex. Gross cash flow and net debt came in worse than forecast, which Morgans views as surprising, given other metrics, costs, and capex were in line with estimates. Forex accounted for part of the variance.

Morgans retains a cautious view on iron ore for 2025, citing potential trade conflicts and tariffs on steel.

Hold rated. Target price slips to $18.90 from $20.50.

Target price is $18.90 Current Price is $18.81 Difference: $0.09
If FMG meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $18.55, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.3

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

Ord Minnett rates FMG as Buy (1) -

Ord Minnett observes Fortescue's 2Q25 production and shipments were in line with consensus expectations, with production achieving a record high despite wet weather impacts, the broker states.

Costs on the C1 metric are shifting to the lower end of management's guidance, the analyst explains, and the company reported lower-than-forecast capex over 1H25.

The stock remains Buy rated with a $21.10 target price. The broker lowers the FY25 EPS estimate by -2% for weaker realised prices.

Target price is $21.10 Current Price is $18.81 Difference: $2.29
If FMG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.55, suggesting downside of -2.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.3

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

Morgan Stanley rates GDG as Overweight (1) -

Morgan Stanley revisits its positive position on Generation Development following a strong 2Q25 update, with FUM exceeding the broker's expectations.

The analyst expects the total addressable market to double by 2029 as adviser adoption increases. Lonsec and Generation Development are seen as well-positioned to enhance operational leverage for market share growth both organically and via M&A.

Investment bonds are viewed as a tax-effective alternative to superannuation.

Morgan Stanley believes the current share price does not fully reflect potential upside from Lonsec earnings surprises, super tax increases for balances above $3m, and the rising popularity of annuities.

Overweight. Target price $4.75. Industry View: In-Line. The stock is seen as offering an attractive risk/reward profile.

Target price is $4.75 Current Price is $4.32 Difference: $0.43
If GDG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates GMG as Buy (1) -

Citi highlights the impact of the DeepSeek-Ri inference model on global data centre stocks, with Digital Realty falling -8.3% and Equinix down -4.3% in overnight trade. In contrast, key global comparisons such as Prologis, and Segro saw share price increases.

The major concern around DeepSeek's cheaper large language model was "whether or not leading AI companies would move away from the more advanced GPUs".

Citi's specialist analyst does not believe this will occur, and DeepSeek is expected to drive increased demand for data centres globally.

The broker believes Goodman is well positioned to develop data centres for the changing environment and can remain "agile and flexible".

Buy rated with a $40 target price.

Target price is $40.00 Current Price is $38.12 Difference: $1.88
If GMG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $38.89, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates GMG as Neutral (3) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

The $36.47 target and Neutral rating are kept for Goodman Group.

Target price is $36.47 Current Price is $38.12 Difference: minus $1.65 (current price is over target).
If GMG meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.89, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Growthpoint Properties Australia, the target rises to $2.61 from $2.35. The broker's rating is upgraded to Outperform from Neutral as shares are thought to be trading at a deep discount to value.

Target price is $2.61 Current Price is $2.36 Difference: $0.25
If GOZ meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates GPT as Outperform (1) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For GPT Group, the target rises to $5.36 from $4.98 driven by the broker's revised weighted average cap rate (WACR) assumption. Outperform.

Target price is $5.36 Current Price is $4.51 Difference: $0.85
If GPT meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in December.

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 HCW as Outperform (1) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For HealthCo Healthcare & Wellness REIT, the Outperform rating is retained and the target falls to $1.02 from $1.32.

The broker applies a -25% net tangible assets (NTA) discount, from -10% previously, to factor in uncertainty around the financial position of largest tenant Healthscope.

Target price is $1.02 Current Price is $0.94 Difference: $0.085
If HCW meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 43.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates HDN as Neutral (3) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For HomeCo Daily Needs REIT, the target falls to $1.11 from $1.19 on the broker's lower income growth assumptions. Neutral retained.

Target price is $1.11 Current Price is $1.18 Difference: minus $0.07 (current price is over target).
If HDN meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.33, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates HMC as No Rating (-1) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

Macquarie is currently under research restriction for HMC Capital.

Current Price is $9.45. Target price not assessed.

Current consensus price target is $10.36, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley notes IGO Ltd and Tianqi Lithium Corporation have agreed to halt all works on Lithium Hydroxide Plant 2 at Kwinana.

The broker views this as a positive move, given Kwinana's expected investment headwinds, Nova's short life, and IGO's minority ownership in Greenbushes, which underpin risks around IGO pursuing further acquisitions.

Target price $4.50. Underweight. Industry View: Attractive.

This report was published on January 23.

Target price is $4.50 Current Price is $5.25 Difference: minus $0.75 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.46, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Morgan Stanley updates earnings forecasts for Iluka Resources following the 4Q24 activities report.

A change in tax assumptions increases the 2024 EPS forecast by 9.7%, while the 2025 estimate is lowered by -20.5% due to guidance, including lower production.

Equal-weight rating retained. Target price slips to $4.90 from $5.80. Industry View: Attractive.

Target price is $4.90 Current Price is $4.71 Difference: $0.19
If ILU meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates IMD as Sell (5) -

Citi observes the WA government has pledged support to increase greenfield exploration with a doubling in the Exploration Incentive Scheme annual budget in the run-up to the March election.

Despite the positive news and higher commodity prices, the analyst remains cautious on Imdex and believes there are ongoing downside risks to earnings in FY25.

Sell-rated. Target $1.95.

Target price is $1.95 Current Price is $2.50 Difference: minus $0.55 (current price is over target).
If IMD meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.28, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates KGN as Sell (5) -

Citi updates earnings forecasts for Kogan.com post the company's 1H25 update which indicated lower profits in the period of November and December 2024.

The broker stresses the operating environment for online marketplaces/platforms remains challenging, as evidenced by the closure of Catch by Wesfarmers ((WES)).

Citi lowers EPS estimates by -8.8% and -4% for FY25 and FY26, respectively.

Sell rated. Target price falls to $4.40 from $4.50.

Target price is $4.40 Current Price is $5.07 Difference: minus $0.67 (current price is over target).
If KGN meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.13, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

UBS rates KGN as Neutral (3) -

UBS views the 1H25 return to sales and revenue growth for Kogan.com as positive after five consecutive halves of declines.

The company's earnings came in below expectations due to higher marketing costs and weakness in the NZ business, UBS explains.

Opex was notably higher, with the cost-out phase appearing to have ended. The broker notes Mighty Ape experienced some disruptions, while First's results are expected to remain strong over the next 12 months.

The analyst lowers EPS estimates by -8% and -6% for FY25 and FY26.

Neutral retained. Target price slips to $5.50 from $5.80.

Target price is $5.50 Current Price is $5.07 Difference: $0.43
If KGN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Lendlease Group, the broker's target eases to $6.98 from $7.00 and the rating is upgraded to Outperform from Neutral on valuation grounds, including a better-than-expected delivery so far of management's stated strategy.

Target price is $6.98 Current Price is $6.32 Difference: $0.66
If LLC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Shaw and Partners rates LM8 as Buy, High Risk (1) -

Following December quarter results for Lunnon Metals, Shaw and Partners suggests both Lady Herial and Guiding Star position the company for a strong pipeline of positive news flow in 2025,

The broker highlights high grades and multiple gold intercepts at Lady Herial during the quarter, alongside encouraging initial drill testing of near-surface gold potential at Guiding Star.

Shaw and Partners maintains its Buy, High Risk rating. The 60c target remains unchanged.

Target price is $0.60 Current Price is $0.21 Difference: $0.395
If LM8 meets the Shaw and Partners target it will return approximately 193% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates MGR as Outperform (1) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Mirvac Group, the target falls to $2.17 from $2.46 while the broker awaits greater confidence around  the residential recovery. Outperform.

Target price is $2.17 Current Price is $1.95 Difference: $0.225
If MGR meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Macquarie lifts its target for Monadelphous Group to $15.93 from $14.80 and upgrades to Outperform from Neutral after management pre-announced 1H profit in the range of $40-43m, ahead of the broker's $33m estimate.

The analyst attributes margin improvement largely to good project delivery along with better terms and conditions of work, and believes the company is beginning to benefit from an improving labour environment.

The broker estimates a 1H EBITDA margin of 6.65%, up 57bps versus the previous corresponding period, and forecasts a further 5bps improvement to 6.70% in H2.

Target price is $15.93 Current Price is $14.88 Difference: $1.05
If MND meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.86, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates MP1 as Buy (1) -

Citi's first impressions on the concerns around DeepSeek R1 open-source model impacting on data centre demand is viewed as unlikely, with hyperscalers expected to continue to need capacity to meet customers' demand.

The Stargate project at US$100bn, and up to US$500bn, announced last week alongside Meta's circa 60% increase in capex to US$60bn-US$65bn are cited as strong evidence the AI build-outs are not slowing.

Citi states "we would be a buyer" into weakness for Megaport. The analyst does not envisage any directly negative flow-ons from the DeepSeek model.

Conversely, the growth in demand for inference models, a la DeepSeek, is seen as a major driver of demand for the company.

Buy rated. Target $9.

Target price is $9.00 Current Price is $8.56 Difference: $0.44
If MP1 meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.14, suggesting upside of 23.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates MQG as Sell (5) -

Macquarie Group's share price has rallied over the last year, Citi highlights, despite a softer earnings environment since FY23.

The broker notes 2025 may present an improved outlook for deal-making and a weaker AUD, with more positive commentary on gas prices contributing to a more optimistic outlook.

Citi stresses much of FY26 consensus earnings forecasts for the group rely on green assets, but the analyst believes conditions for this sector remain challenged despite the macro cycle shift.

Sell rating retained with a $177 target price.

Target price is $177.00 Current Price is $239.37 Difference: minus $62.37 (current price is over target).
If MQG meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $224.44, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates NSR as Neutral (3) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For National Storage REIT, the broker's target falls to $2.40 from $2.51 and the Neutral rating is maintained.

Target price is $2.40 Current Price is $2.26 Difference: $0.14
If NSR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates NXT as Buy (1) -

Citi's first impressions on the concerns around DeepSeek R1 open-source model impacting on data centre demand for NextDC is viewed as unlikely, with hyperscalers expected to continue to need capacity to meet customers' demand.

The Stargate project at US$100bn, and up to US$500bn, announced last week alongside Meta's circa 60% increase in capex to US$60bn-US$65bn are referred to as strong evidence the AI build-outs are not slowing.

Buy rated. Target price $20.

Target price is $20.00 Current Price is $15.90 Difference: $4.1
If NXT meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $20.12, suggesting upside of 36.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates PLS as Resumed coverage with Hold (3) -

Ord Minnett resumed coverage of Pilbara Minerals with a Hold rating and $2.50 target price following the completion of the Latin Resources ((LRS)) takeover.

The analyst explains Latin Resources' hard rock lithium project in Brazil has the potential to double Pilbara's output of battery minerals.

A strong balance sheet is positive, but Ord Minnett notes volume growth is coming online when the industry remains oversupplied.

Target price is $2.50 Current Price is $2.31 Difference: $0.19
If PLS meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 17.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates PPT as Buy (1) -

Bell Potter raises its funds under management (FUM) forecasts for Perpetual, forecasting the balance will increase by $10.5bn over Q2 to $232.8bn, largely due to a weaker Australian dollar.

The analysts' target rises to $25.40 from $24.76 on the higher FUM forecast and a change in valuation methodology. The Buy rating is maintained.

Numerous ESG strategies, particularly under the Trillium brand, could be a potential negative for Perpetual given President Trump's pushback on many aspects of this agenda, suggests the broker.

Target price is $25.40 Current Price is $21.12 Difference: $4.28
If PPT meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $22.99, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates QAL as Outperform (1) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Qualitas, the target eases to $2.93 from $2.94. Outperform.

Target price is $2.93 Current Price is $2.62 Difference: $0.31
If QAL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates RGN as Downgrade to Underperform from Outperform (5) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Region Group, the target falls to $2.03 from $2.28 and the rating is downgraded to Underperform from Outperform. Despite attractive defensive characteristics, the broker highlights near-term DPS growth is anaemic.

Target price is $2.03 Current Price is $2.19 Difference: minus $0.16 (current price is over target).
If RGN meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.41, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Morgan Stanley rates RIO as Overweight (1) -

Rio Tinto experienced rail and port impacts from Cyclone Sean, with record rainfall along parts of the Pilbara coastline, including 274mm in Karratha on January 20, Morgan Stanley highlights.

The broker comments cyclones are expected during this period, with impact allowances included in forecasts for shutdowns.

Rio Tinto has retained full-year shipment guidance at 323-338mt, with impacts expected to be limited to 1Q25. Most rail and port operations have resumed excluding a railcar dumper which was damaged at East Intercourse Island.

Overweight rating. Target $136.50. Industry View: In-Line.

Target price is $136.50 Current Price is $118.33 Difference: $18.17
If RIO meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $129.25, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

UBS rates RIO as Neutral (3) -

US media reports have suggested the Resolution Copper project in Arizona might benefit from President Trump's drive to speed up regulatory approvals, assuming the investment exceeds US$1bn.

UBS points out Resolution represents one of the largest and highest grade copper deposits in the world. Ownership is currently 55% Rio Tinto and 45% BHP Group ((BHP)).

Also, the US Supreme Court is expected to rule shortly on opposition on religious grounds by the San Carlos Apache tribe.

UBS retains a Neutral rating.

Target price is $124.00 Current Price is $118.33 Difference: $5.67
If RIO meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $129.25, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

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

Morgan Stanley updates earnings forecasts for Regis Resources following the 2Q25 activities report.

The analyst aligns the FY25 estimate with guidance, with EPS impacted by higher depreciation. The broker's FY25 EPS forecast falls by -45.2%, while FY26 EPS increases by 2.1% post-update.

Target price rises to $2.95 from $2.65, and the rating is retained at Equal-weight. Industry View: Attractive.

Target price is $2.95 Current Price is $3.01 Difference: minus $0.06 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.03, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Scentre Group, the target falls to $3.37 from $3.60 and the rating is downgraded to Neutral from Outperform on changes to the broker's economic forecasts.

Target price is $3.37 Current Price is $3.62 Difference: minus $0.25 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.79, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Stockland, the target falls to $5.15 from $5.26 on changes to the broker's economic forecasts, and the rating is downgraded to Underperform from Neutral.

Target price is $5.15 Current Price is $5.03 Difference: $0.12
If SGP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 8.1% (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 SIG as Neutral (3) -

Citi's first take on Sigma Healthcare's 1H25 trading update is viewed as very positive for Chemist Warehouse, with the group reporting 10% growth in like-for-like sales, meeting the broker's expectations.

The notable surprise for the analyst was a 400bps uplift in EBIT margins, resulting in EBIT of $427.9m.

Citi attributed the margin improvement to new wholesale supply arrangements through Sigma.

The analyst highlights Chemist Warehouse has yet to be included in forecasts, but the update suggests the combined pro-forma EBIT is well above Citi's circa $800m forecast for the first year post-merger.

Target price of $2.50 and Neutral rating retained.

Target price is $2.50 Current Price is $2.70 Difference: minus $0.2 (current price is over target).
If SIG 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 $2.16, suggesting downside of -28.8% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates SM1 as Underperform (5) -

Macquarie forecasts a better-than-expected profitability recovery for Synlait Milk in FY25, following its inaugural first-half earnings (EBITDA) guidance of NZ$58-63m through to the end of January.

The broker attributes the performance improvement to new business development in Advanced Nutrition products, as well as currency and mix benefits for Ingredients.

Management is also reducing costs through lower consultancy expenses, headcount reductions, and North Island asset optimisation.

The target rises to NZ44c from NZ37. Underperform rating maintained.

Current Price is $0.44. Target price not assessed.

Current consensus price target is $0.43, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in July.

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: -0.3

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

Macquarie rates STO as Outperform (1) -

Macquarie describes Santos' 4Q production as solid, with 2025 production guidance of 90-97mmboe in line with the broker’s forecast of 91.7mmboe.

LNG price realisations of US$10.8/mmbtu were slightly below Macquarie’s US$11.2/mmbtu estimate, while the Barossa and Pikka projects remain on track for first LNG in the 3Q of 2025 and first oil in the 2H of 2025.

The broker highlights the deferral of the Dorado project, along with Alaska's steady progress, as pivotal factors supporting a potential demerger to unlock shareholder value in 2025-26.

The analyst's earnings (EBITDA) estimates for 2024 and 2025 have been revised upwards by 8.5% and 27.7%, respectively, driven by stronger revenue, higher spot LNG prices, and favourable currency movements.

Macquarie raises the target price to $8.95 from $8.70 and retains an Outperform rating, citing substantial growth catalysts and valuation upside.

Target price is $8.95 Current Price is $7.12 Difference: $1.83
If STO meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $8.04, suggesting upside of 14.6% (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: 1.0

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

Macquarie rates VCX as Neutral (3) -

Macquarie holds a favourable outlook for the ASX Property sector in 2025, supported by prospects for interest rate cuts and accelerating GDP growth.

The residential market will benefit from the broker's forecast of a -75bps reduction in the RBA cash rate during 2025, with the first cut anticipated in February. It's thought downside risks in the office market are already priced into share valuations.

From coverage of 22 stocks in the Property sector, Macquarie prefers Mirvac Group, Dexus, GPT Group, Centuria Industrial REIT, Dexus Industria REIT, and Qualitas.

For Vicinity Centres, Macquarie lowers its target to $2.00 from $2.04. Neutral maintained.

Target price is $2.00 Current Price is $2.14 Difference: minus $0.14 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.20, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Macquarie rates WDS as Neutral (3) -

Macquarie describes Woodside Energy's fourth-quarter production as solid, with 2025 production guidance of 186-196mmboe tracking near the broker's forecast of 189mmboe.

The broker notes 2025 capital expenditure guidance of -US$4.5-5.0bn is marginally higher-than-expected due to additional costs outside major growth project budgets.

LNG price realisations of US$10.8/mmbtu were slightly below Macquarie's estimate of US$11.2/mmbtu, prompting further model adjustments.

The broker's earnings (EBITDA) forecasts for 2025 were raised by 7% due to higher spot LNG prices and a weaker Australian dollar, while EPS estimates for 2024 and 2026 were revised down by -3% and -8%, respectively.

Macquarie reduces the target price to $26 from $27, reflecting earnings downgrades and lower valuations for key assets. The Neutral rating is maintained.

Target price is $26.00 Current Price is $24.48 Difference: $1.52
If WDS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.07, suggesting upside of 11.2% (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: 0.0

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