Australian Broker Call

Macquarie rates 29M as Neutral (3) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

It also reviews gold miners and finds the impacts to be minor.

EPS forecasts for 29Metals fall -8% in FY25 and -2% in FY26.

Neutral rating retained. Target price falls -14% to 37c from 43c.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $0.37 Current Price is $0.38 Difference: minus $0.005 (current price is over target).
If 29M meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.53, suggesting upside of 47.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Bell Potter rates 360 as Buy (1) -

Life360 reported 2Q24 revenue which was in line with Bell Potter's expectations with much better than forecast EBITDA of US$11m because of record growth in paying circles to 132k.

Management lifted 2024 guidance for revenue, earnings and cash of US$150m-US$160m from US$80-US$90m, including proceeds from the US listing and capital raising.

Bell Potter adjusts earnings forecasts. The target price is raised to $20.50 from $19.

Buy rating unchanged.

Target price is $20.50 Current Price is $17.56 Difference: $2.94
If 360 meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.09, suggesting upside of 16.2% (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: 0.8

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

Morgan Stanley rates 360 as Overweight (1) -

Morgan Stanley highlights Life360's 2Q delivered another 4.3m of monthly active users (MAU) on a lower user acquisition cost (UAC) and a record 132,000 net new subscribers.

Earnings (EBITDA) of US$11m for the quarter beat forecasts by consensus and the broker by US$2.0m and US$4.0m, respectively. FY24 adjusted earnings guidance was raised to US$36-41m, an 18% increase at the midpoint.

New subscriber growth was achieved despite higher price points for both new and existing subscribers versus the previous corresponding period, point out the analysts.

The target rises to $20.50 from $19.00. Overweight. Industry view: In-Line.

Target price is $20.50 Current Price is $17.56 Difference: $2.94
If 360 meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.09, suggesting upside of 16.2% (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: 0.8

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

Ord Minnett rates 360 as Buy (1) -

Ord Minnett confirms another "strong" quarterly result from Life360 with earnings better than expectation and FY24 guidance upgraded.

The company's platform continues to grow customers with better margins. The growth in monthly average users is being generated from millennials including better brand awareness. International growth has continued even with triple tier price rises. 

Ord Minnett revises EBITDA forecasts by 7% to 22% for 2024 to 2027, respectively.

Buy rating with a revised target price of $19.28 from $16.42.

Target price is $19.28 Current Price is $17.56 Difference: $1.72
If 360 meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.09, suggesting upside of 16.2% (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: 0.8

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

Macquarie rates AIS as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

It also reviews gold miners and finds the impacts to be minor.

EPS forecasts for Aeris Resources fall -3% in FY24; -55% in FY25; and -73% in FY26.

Outperform rating retained. Target price falls -12% to 23c from 26c.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $0.23 Current Price is $0.18 Difference: $0.05
If AIS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 35.2% (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

Macquarie rates AMI as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

It also reviews gold miners and finds the impacts to be minor.

EPS forecasts for Aurelia Metals ease -5% in FY25 and -2% in FY26. Outperform rating retained. Target price falls to 27c from 28c.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $0.27 Current Price is $0.17 Difference: $0.1
If AMI meets the Macquarie target it will return approximately 59% (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 AMP as Downgrade to Accumulate from Buy (2) -

According to Ord Minnett, AMP reported much better than forecast FY24 interim earnings results and a 2c dividend.

The analyst believes the result showed much higher cost savings as well as the announced sale of 16 AMP aligned planning firms which will raise $82.2m.

Ord Minnett increases net profit forecasts by 6% for FY24 through to FY26. Accounting for the rise in the share price, the broker revises the rating to Accumulate from Buy. 

Target price is lifted to $1.40 from $1.25.

Target price is $1.40 Current Price is $1.29 Difference: $0.11
If AMP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting downside of -2.1% (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

Bell Potter rates AVH as Upgrade to Speculative Buy from Hold (1) -

Bell Potter likes the 2Q24 revenue of US$15.2m up 37% on the previous quarter for Avita Medical.

Losses declined by US$1.6m with a cash burn of US$14m, while 89 new hospital accounts opened and 85 additional accounts are in stages of negotiation, the analyst highlights.

Management guided to 3Q24 revenue of US$19m-US$20m, another 30% forecast growth, quarter-on-quarter.

The stock is upgraded to Speculative Buy from Hold as the broker believes the company is on the "cusp" of sustainable growth.

Target price is revised to $3.60 from $3.20.

Target price is $3.60 Current Price is $2.70 Difference: $0.9
If AVH meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Morgans rates AVH as Add (1) -

Despite in-line 1H results, Morgans lowers its target for Avita Medical to $4.56 from $5.60 due to a -14% downgrade to FY24 revenue guidance. The fall in target is also partly due to a new analyst taking up coverage.

Nonetheless, management maintained FY24 profitability guidance for cash flow breakeven and profitability no later than Q3 FY25 due to revenue growth, high gross margins and a stable cost base, explains the broker.

The Add rating is maintained.

Target price is $4.56 Current Price is $2.70 Difference: $1.86
If AVH meets the Morgans target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Citi rates AZJ as Neutral (3) -

Citi's first take on Aurizon Holdings' FY24 result reveals lower than expected earnings before interest and tax because of higher depreciation and amorisation costs on new developments.

Revenue was in line with consensus and guidance while FY25 guidance is -3% softer than the midpoint. Post adjustment for higher costs in FY24, the analyst estimates a deeper decrease of earnings of -6% against expectations.

Citi views this a "soft" result with bulk/containerised continuing to underperform.

The analyst notes Aurizon Holdings is aiming for a FY25 80% payout, a $150m buyback and lower capex of -$125m-$175m to enable higher shareholder returns.

Neutral rating. Target price $4.

Target price is $4.00 Current Price is $3.62 Difference: $0.38
If AZJ meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates AZJ as Neutral (3) -

Macquarie assesses the FY24 earnings report for Aurizon Holdings as "disappointing" with lower than forecast results and FY25 guidance also weaker than expected. 

A 7.3c dividend was lower than anticipated due to lower earnings. A $150m share buyback was announced.

FY25 capex guidance is higher than Macquarie's expectation; coal growth disappointed and containerised freight is also below forecasts with break-even expected.

Neutral, $3.73 target. Macquarie believes the stock is now more attractive with declining bond yields, rising dividend and share buyback.

Target price is $3.73 Current Price is $3.62 Difference: $0.11
If AZJ meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates BGL as Outperform (1) -

Macquarie positions Bellevue Gold's recent $150m institutional equity raising as a debt-for-equity swap, observing it cuts risk and frees up cash flow to allow management to create a more efficient operation.

The company plans to apportion $120m to cut gross debt to $100m from $220m, delaying remaining principal repayments to 2027, observes the broker.

Macquarie says this should fund a -$320m investment in capital expenditure over three years to support the company's five-year growth plan, which will "right-size" the company (bigger mill and bigger mine) transforming it into a more efficient operation and enabling it to benefit from higher gold prices.

The broker says all-in-sustaining-costs, while currently higher than forecast, should fall to $1550oz in FY29 from $1800oz.

EPS forecasts fall -8% for FY24; -42% for FY25; and -24% to -46% for FY26 to reflect dilution from the equity raising. FY25 dividend forecasts fall to zero.

Outperform rating retained. Target price falls to $1.70 from $2.10.

Target price is $1.70 Current Price is $1.29 Difference: $0.41
If BGL meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 42.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates BHP as Neutral (3) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production. 

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

EPS forecasts for BHP Group fall -4% in FY25 and -3% in FY26 accordingly.

Outperform rating retained. Target price falls to $42 from $43.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $42.00 Current Price is $40.86 Difference: $1.14
If BHP meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $45.50, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Citi rates BPT as Sell (5) -

Citi remains negatively disposed to Beach Energy on the back of deteriorating asset quality and the need for mergers/acquisitions to offset its poorly performing assets.

The broker highlights net profit "surprisingly" was in line with consensus and 10% higher than its estimate.

Free cashflow was notably lower than the analyst's forecast and even more so below consensus.

Citi highlights the pressure at Enterprise has declined more than expected with higher-than-forecast reserve impairment.

Sell rating and $1.30 target price.

Target price is $1.30 Current Price is $1.43 Difference: minus $0.125 (current price is over target).
If BPT meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.69, suggesting upside of 34.9% (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

Citi rates CAR as Buy (1) -

CAR Group reported FY24 earnings which met Citi's forecasts. The broker commends international revenue growth of 13% year-on-year considering the challenging trading conditions.

Australia reported 12% annual revenue growth with the 2H24 slightly softer than the analyst's forecasts. A FY24 dividend of 73c was 3c better than expected.

Citi points to FY25 margin guidance which is softer than anticipated, although the top line growth could be more robust.

Forecast consensus adjustments will depend on the revenue growth outlook, the broker highlights.

Buy rating with $39.30 target with the possibility of share price underperformance from softer margins.

Target price is $39.30 Current Price is $33.64 Difference: $5.66
If CAR meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $38.02, suggesting upside of 8.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates CAR as Outperform (1) -

Macquarie adopts a positive first take on CAR Group's FY24 earnings report, as EBITDA was in line with expectations.

The analyst believes management's FY25 qualitative guidance was "good" and stresses EBITDA growth could come in closer to 13% from previous forecasts of 10%, because of stronger results from Brazil and the Australian dealer business.

Macquarie assesses consensus estimates could appreciate by 3% for FY25 on the back of the results. Outperform rating and $34.60 target.

Target price is $34.60 Current Price is $33.64 Difference: $0.96
If CAR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.02, suggesting upside of 8.0% (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

Citi rates CHC as Buy (1) -

Citi reassess asset valuations post the Charter Hall Long WALE REIT results for Charter Hall.

The broker now expects a -16% decline in office valuations from -14.5%, previously, from December 2023, leading to a -6% fall in total portfolio valuations for June 2024.

Citi believes most of the "bad" news is currently priced into the stock with its EPS estimate for FY25 around -4% below consensus forecasts.

A Buy rating and $13.50 target are retained. Charter Hall is expected to be a "robust beneficiary" of lower interest rates.

Target price is $13.50 Current Price is $12.13 Difference: $1.37
If CHC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.27, suggesting upside of 10.2% (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

UBS rates CIP as Buy (1) -

UBS found the FY24 release by Centuria Industrial REIT in line with forecasts while outlook provided for FY25 proved marginally below it.

Key financial metrics are all ok, suggests the broker, but there has been slight deceleration towards the end of the period. Occupancy slipped very marginally to 97.1% from 97.2%.

Given a cheap looking valuation and sound long term fundamentals, the broker retains its Buy rating with a price target of $3.55, up by 5c.

This report was originally published on August 1st.

Target price is $3.55 Current Price is $3.14 Difference: $0.41
If CIP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 11.0% (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 CLW as Neutral (3) -

Citi highlights FY25 earnings guidance for Charter Hall Long WALE REIT was lower than consensus forecasts and there is an expectation growth in FY26 will remain challenged.

Despite an announced $80m asset sale, the broker believes higher costs are the reasons for the earnings miss, including hedging costs on interest rates in FY26.

Management have made asset sales of $762m, over 10% of the asset base, to ameliorate concerns over debt levels. Citi notes gearing is now below the 50% covenant.

A Neutral rating retained and the target price revises to $3.70 from $3.50.

Target price is $3.70 Current Price is $3.59 Difference: $0.11
If CLW meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.62, suggesting upside of 0.9% (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 CNB as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

It also reviews gold miners and finds the impacts to be minor.

EPS forecasts (in the minus) for Carnaby Resources rise 22% in FY24; 11% in FY25; and 13% in FY26 to reflect the copper price downgraded and the broker's equity funding assumptions (dilution).

Outperform rating retained. Target price falls -12% to 88c from $1.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $0.88 Current Price is $0.45 Difference: $0.43
If CNB meets the Macquarie target it will return approximately 96% (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 CSC as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production. 

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

EPS forecasts for Capstone Copper fall -29% in FY25 and -16% in FY26 accordingly.

Outperform rating retained. Target price fall -6% to $12.40 from $13.10.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $12.40 Current Price is $9.05 Difference: $3.35
If CSC meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates EVN as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

It also reviews gold miners and finds the impacts to be minor.

EPS forecasts for Evolution Mining ease -6% in FY25 and -5% in FY26.

Outperform rating retained. Target price eases to $4.30 from $4.40.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $4.30 Current Price is $3.77 Difference: $0.53
If EVN meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates ILU as Neutral (3) -

The latest Tzaneng Mineral Intelligence (TZMI) update on the mineral sands market was incrementally negative compared to the February update this year, highlights UBS. Earlier demand optimism is failing to materialise, notes the analyst.

As the Iluka Resources share price has fallen by around -50% from 2023 highs, the broker sees asymmetric risk to the upside. Neutral. Target $7.05.

Target price is $7.05 Current Price is $5.73 Difference: $1.32
If ILU meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.18, suggesting upside of 27.8% (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 JBH as Buy (1) -

Citi's first take on JB Hi-Fi is another tip of the hat to a better than forecast FY24 earnings report.

The analyst stresses cost management was "excellent" and gross margins in Australia were better than forecast.

Earnings came in higher than Citi and consensus estimates with a more upbeat trading update. Higher inventory is inferred by the broker as a positive outlook by management for FY25.

JB Hi-Fi also announced a special dividend of 80c and a final 103c dividend, again above the broker and consensus expectations.

Buy rated and $74 target price. 

Target price is $74.00 Current Price is $67.37 Difference: $6.63
If JBH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $60.02, suggesting downside of -17.8% (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

Morgans rates JHX as Add (1) -

When James Hardie Industries reports 1Q results tomorrow, Morgans is expecting adjusted net income of US$167.4m.

Any share price weakness in reaction to the results will be a buying opportunity, according to the broker, such is the quality of the business.

The Add rating and $55.65 target price are retained.

Target price is $55.65 Current Price is $49.99 Difference: $5.66
If JHX meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $57.73, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in March.

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: 0.7

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

Morgans rates LNW as Add (1) -

During the 2Q of FY24, Light & Wonder generated its thirteenth consecutive quarter of double-digit consolidated revenue growth thanks to outperformance by the core land-based gaming division, observes Morgans.

Both global outright sales and North American gaming operations delivered strong outcomes, explains the broker, largely driven by the success of Dragon Train.

Slightly missing the analyst's forecasts, quarter-on-quarter revenue for SciPlay and iGaming grew by 8% and 6%, respectively.

The Add rating and $180 target are unchanged.

Target price is $180.00 Current Price is $155.00 Difference: $25
If LNW meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $179.80, suggesting upside of 14.7% (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

Citi rates NCK as Buy (1) -

Citi remains resolute in the upbeat view on Nick Scali.

The broker adjusts EPS forecasts by -8% for FY24 and -10% for FY25, with accompanying DPS forecast declines, attributed to higher costs.

Flat sales in June/July were because of weakness in NZ, and the analyst is prepared to look through the slower Plush store rollout. It believes the long-term outlook for Plush remains intact.

Management guided to gross margins of 64%-65% which Citi interprets as limited impact from higher freight rates.

The target price is revised to $16.53 from $17.30.

A Buy rating unchanged. Citi views interest rates as peaking and investors should look beyond the near-term uncertainties. 

Target price is $16.53 Current Price is $14.84 Difference: $1.69
If NCK meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 6.3% (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

Macquarie rates NEM as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

It also reviews gold miners and finds the impacts to be minor.

EPS forecasts for Newmont Corp ease -1% in FY25 and are steady in FY26.

Outperform rating retained. Target price is unchanged at $86.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $86.00 Current Price is $72.37 Difference: $13.63
If NEM meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Morgan Stanley rates NWS as Overweight (1) -

News Corp's FY24 earnings (EBITDA) were a small beat against forecasts by Morgan Stanley and consensus, with highlights being a strong contribution from REA Group and a recovery in Books.

News of a Foxtel unsolicited approach being reviewed is important, according to the broker, as any sale may help close the around -30% discount to the broker's sum-of-the-parts (SoTP) valuation calculation.

Overweight rating. Target US$31.00. Industry view: Attractive. 

Current Price is $44.54. Target price not assessed.

Current consensus price target is $42.20, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

UBS rates NWS as Neutral (3) -

Following News Corp's FY24 result, UBS lifts its FY25-27 earnings forecasts by an average of 8%, reflecting better growth and operating leverage primarily from Book Publishing, driven by stronger-than-expected growth in Digital Audio.

The broker also incorporates into forecasts upside from the Open AI deal, assuming an additional $20m of earnings in FY25, increasing to around $80m by FY29.

The target rises to $47.10 from $46.30. Neutral. UBS alludes to potential upside via the Foxtel sale and/or the corporate strategic review.

Target price is $47.10 Current Price is $44.54 Difference: $2.56
If NWS meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $42.20, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

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

The positive resource update for the 100% owned Shaakichiuwaanaan lithium project in northern Quebec makes Patriot Battery Metals the largest potential hard rock lithium miner in North America, and the eighth globally.

Bell Potter initiates coverage of the company with a Speculative Buy rating and an 80c target price.

The company has sufficient funds to take the resource through to the final investment decision at the end of 2025, the broker notes, with permitting issues a potential concern in the near-term.

Target price is $0.80 Current Price is $0.49 Difference: $0.315
If PMT meets the Bell Potter target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 129.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Bell Potter rates PMV as Buy (1) -

Bell Potter assesses the latest trading update from Myer Holdings which revealed a slowing sales trend and a decline in the company's specialty brands, in terms of what to expect for the upcoming results for Premier Investments.

Premier Investments provided an update in March with the broker looking to Easter, Mother's Day and end of financial year trading as indications for the 2H24 sales performance.

The Buy rating and $35 target for Premier Investments are maintained with the recent decline in the share price viewed as an opportunity.

No changes to the broker's earnings forecasts.

Target price is $35.00 Current Price is $30.45 Difference: $4.55
If PMV meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $33.03, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in July.

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 QBE as Buy (1) -

Citi acknowledges some disappointment over the 1H24 result for QBE Insurance as the premium growth target has been lowered, but this is due to leaving under-performing businesses, the analyst stresses.

The tax rate has shifted up, and the CAT variance which came in better than expected has been extrapolated into the 2H24. New reinsurance costs of an additional -US$40m-US$50m were also highlighted.

Citi revises the EPS forecasts by -9.2% and -5.7% for FY24/FY25, respectively. A Buy rating retained with a revised target price of $19.30 from $20.

Target price is $19.30 Current Price is $16.05 Difference: $3.25
If QBE meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $18.81, suggesting upside of 15.8% (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: 0.6

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

Macquarie rates QBE as Neutral (3) -

Closer examination of QBE Insurance's June-half result confirms Macquarie's assessment of a weak headline result but reveals some saving graces, boosting the broker's confidence in the underlying trends.

Macquarie observes the fall in gross gross-written premium guidance reflects swifter run-off of NA MM which it expects will hasten the derisking of the portfolio - a positive in the broker's view.

FY24 guidance was steady.

The big disappointment proved to be the dividend, with the broker pointing at seasonality, a change in the company's accounting approach to amortisation, and analyst optimism.

The broker considers QBE's reinsurance move in North America to be a long-term plus, albeit at an upfront cost of -US$85m, yielding a US$240m net capital benefit.

Near-to-medium term things aren't so rosy. EPS forecasts fall -20% in FY24 and -12% in FY25. Dividend forecasts fall accordingly.

Neutral rating retained. Target price falls to $16.90 from $18.40.

Target price is $16.90 Current Price is $16.05 Difference: $0.85
If QBE meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.81, suggesting upside of 15.8% (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: 0.6

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

Morgan Stanley rates QBE as Overweight (1) -

On one hand QBE Insurance's 1H result revealed the North America core book's 91% combined operating ratio (COR) beat expectations, while on the other hand Morgan Stanley notes the interim dividend missed expectations by around -35%.

First half profit was in line with the broker's forecast but missed consensus by -2%.

The analysts still believe improving consistency will drive a share price re-rating despite potential for near-term headwinds from lower direct market (DM) rates and an active hurricane season.

The Overweight rating is maintained and the target eases to $19.30 from $19.85.  Industry View: In-Line.

Target price is $19.30 Current Price is $16.05 Difference: $3.25
If QBE meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $18.81, suggesting upside of 15.8% (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: 0.6

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

Morgans rates QBE as Add (1) -

QBE Insurance's 1H result was largely as expected by Morgans. While FY24 revenue guidance was slightly lowered, the performance of the North American business improved.

The interim dividend of 24cps fell well shy of the 37cps expected by consensus, yet management re-affirmed the targeted full year payout ratio of between 40%-60%, explains the analyst.

The Add rating is maintained, and the target slips to $18.73 from $19.76.

Target price is $18.73 Current Price is $16.05 Difference: $2.68
If QBE meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $18.81, suggesting upside of 15.8% (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: 0.6

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

Ord Minnett rates QBE as Hold (3) -

QBE Insurance reported net profits for 1H24 some -9% below expectations from Ord Minnett and consensus, resulting from investment income and timing issues.

The 24c dividend was also lower than forecast.

The broker points to slowing premium rate increases and a weaker combined operating ratio. Both infer to the analyst QBE Insurance is expecting a stronger 2H24 earnings performance.

Ord Minnett reduces EPS forecasts by -9% for 2024 and -2.9% for 2025. Hold rating and $19 target remain unchanged.

Target price is $19.00 Current Price is $16.05 Difference: $2.95
If QBE meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $18.81, suggesting upside of 15.8% (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: 0.6

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

UBS rates QBE as Buy (1) -

UBS still believes the QBE Insurance share price remains cheap, despite a 1H miss against the broker's forecasts which raises issues around the pricing cycle and the North American turnaround.

After adjusting for unusual items, the broker estimates a 1H underlying combined operating ratio (COR) of 93.7% and margin of 10.7%. This is a deterioration of -1.8 percentage points (ppts) and -1.7ppts, respectively, compared to the previous corresponding period.

QBE Insurance is Buy rated, and the target price falls to $20.00 from $20.50.

Target price is $20.00 Current Price is $16.05 Difference: $3.95
If QBE meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $18.81, suggesting upside of 15.8% (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: 0.6

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

Bell Potter rates REA as Buy (1) -

Bell Potter adjusts EPS forecasts by 2% for FY25 and FY26 with an accompanying lift in the target price to $223 from $218 post the REA Group FY24 earnings report.

The broker believes REA Group continues to consolidate its market position as the dominant player through a "virtuous free cashflow/platform re-investment cycle".

Accordingly, the company is able to generate returns of 30%-plus on its invested capital, the analyst highlights.

The latest results broadly met Bell Potter's expectations, with listings strength maintained into July, up 2%. Management noted ongoing investment in products and operations.

Buy rating unchanged.

Target price is $223.00 Current Price is $202.36 Difference: $20.64
If REA meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $215.17, suggesting upside of 7.6% (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

Citi rates REA as Buy (1) -

Buy rating retained even though Citi analysts found the sharp rally post the release of FY24 financials "overdone". There's still uncertainty about the geo-mix in FY25, the broker states, albeit compensation came via lower cost guidance.

Minor reductions have impacted on EPS estimates. All in all, the broker continues to expect double-digit growth from REA's core Resi business via the leveraging of data and through new products.

FY25 will be a tale of two halves, predicts Citi, with EBITDA margins expanding to circa 59%, predominantly in H2, and with revenue growth likely strongest in H1.

Citi sees potential for listing volumes to pick up with RBA rate cuts in 2H next calendar year. Target gains 4% to $230.

Target price is $230.00 Current Price is $202.36 Difference: $27.64
If REA meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $215.17, suggesting upside of 7.6% (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

Macquarie rates REA as Outperform (1) -

On closer examination of REA Group's in-line result, Macquarie raises its target price to $219 from $210 to reflect a stronger than forecast contribution from its India business.

EPS forecasts fall -2% in FY25, FY26 and FY27 to reflect expectations of higher than forecast capital expenditure, depreciation and amortisation, which combined outpaced a pleasing fall in operational expenditure.

While trading at full valuation, the broker considers the growth trajectory to be favourable. Outperform rating retained.

Target price is $219.00 Current Price is $202.36 Difference: $16.64
If REA meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $215.17, suggesting upside of 7.6% (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

Morgan Stanley rates REA as Overweight (1) -

As no positive surprise was forthcoming in final FY24 numbers for REA Group, Morgan Stanley predicts FY25 consensus numbers will either be little changed, or move slightly lower, on a cautious listings outlook.

Nonetheless, the broker's Overweight thesis remains, based on FY25 being another double-digit year for compounding price increases/yield. History also suggests owning REA Group shares leading up to an RBA rate cut cycle is beneficial, note the analysts.

Overweight. Target $220. Industry View: Attractive.

Target price is $220.00 Current Price is $202.36 Difference: $17.64
If REA meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $215.17, suggesting upside of 7.6% (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

Morgans rates REA as Hold (3) -

REA Group's FY24 results were largely in line with forecasts by Morgans and consensus with strong performances across the majority of the business segments.

The analyst highlights good results against the previous corresponding period by Australian residential and REA India where revenues increased by 24% and 31%, respectively.

The Hold rating is unchanged, and the broker's target rises to $197 from $178 on increased medium-term margin growth assumptions and increased earnings estimates of 1-3% across FY25-27.

Target price is $197.00 Current Price is $202.36 Difference: minus $5.36 (current price is over target).
If REA meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $215.17, suggesting upside of 7.6% (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

UBS rates REA as Buy (1) -

UBS remains constructive around the FY25 outlook for REA Group, including slightly higher volume growth, following a "solid" 2H of FY24 with group operating jaws expanding 107bps.

Operating jaws measures the difference between the growth rate of operating income and the growth rate of operating expenses.

The biggest risk to the broker's FY25 yield forecast is seen as geographic mix, assuming Sydney and Melbourne's strong growth starts to moderate relative to the rest of the capital cities.

Should this occur, the analyst anticipates management would rein-in discretionary costs. The Buy rating is retained, and the target price lowered to $232.20 from $233.60.

Target price is $232.20 Current Price is $202.36 Difference: $29.84
If REA meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $215.17, suggesting upside of 7.6% (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

Morgans rates RHC as Add (1) -

Management at Ramsay Health Care, via a FY24 trading update, expects a FY24 underlying profit from continuing operations of $294-299m, down between -1.4 to -0.3% on the previous corresponding period.

While this projection misses forecasts by Morgans and consensus of $304m and $308m, respectively, the broker is encouraged by ongoing improvement in activity levels and labour productivity.

Unfortunately, the translation into margin uplift and profitable growth from these improvements is still missing, highlights Morgans.

The target falls to $56.54 from $60.76. Add.

Target price is $56.54 Current Price is $44.42 Difference: $12.12
If RHC meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $52.74, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates RIO as Neutral (3) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production. 

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

EPS forecasts for Rio Tinto ease -2% in FY25 and -1% in FY26 accordingly.

Neural rating retained. Target price falls -1% $117 from $118.00.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $117.00 Current Price is $116.47 Difference: $0.53
If RIO meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $128.08, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

Macquarie rates RXM as No Rating (-1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

It also reviews gold miners and finds the impacts to be minor.

EPS forecasts for Rex Minerals appear steady.

Macquarie is on rating restriction.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Current Price is $0.45. Target price not assessed.

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

Macquarie rates S32 as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production. 

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

EPS forecasts for South32 ease -2% in FY25 and -1% in FY26 as part of the review.

Outperform rating retained. Target price eases -1% to $3.95 from $4.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $3.95 Current Price is $2.94 Difference: $1.01
If S32 meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Macquarie rates SFR as Outperform (1) -

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production. 

The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".

EPS forecasts for Sandfire Resources fall -23% in FY25 and -19% in FY26 accordingly. Outperform rating retained. Target price falls - 5% to $9.40

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

Target price is $9.40 Current Price is $8.03 Difference: $1.37
If SFR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 12.5% (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

Morgan Stanley rates SGP as Overweight (1) -

In a positive endorsement of Stockland's living capabilities, suggests Morgan Stanley, the company has been appointed to deliver around 3000 apartments in Sydney's Waterloo as part of a consortium. This is Stockland's first major apartment/urban renewal project.

The broker doesn't anticipate any near-term upside to its forecasts given such a long-dated project with first profits due from FY31.

Overweight rating. Target $5.30. In-Line Industry view.

Stockland will report FY24 results on August 22.

Target price is $5.30 Current Price is $4.52 Difference: $0.78
If SGP meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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