Australian Broker Call

Citi rates ANN as Buy (1) -

Ansell has maintained its guidance for FY22 without providing a specific update for Q1 though Citi notes commentary revolved around market conditions proving tougher for some divisions than expected.

Single use/exam gloves have seen price decline kicking in sooner than anticipated, while costs have increased elsewhere (freight, for example).

The year ahead will have a heavy skew towards the second half and Citi analysts are not surprised. They do not anticipate a catalyst anytime soon but do foresee a re-rating as soon as the market shifts focus back to post-pandemic industry fundamentals.

Buy. Target declines to $45.50 from $46.50.

Target price is $45.50 Current Price is $31.33 Difference: $14.17
If ANN meets the Citi target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $41.32, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates ANN as Underperform (5) -

Fresh guidance provided by Ansell at its AGM implies a 40/60 skew in earnings to the second half compared to a 45/55 average over FY15-19. Macquarie sees price as a more relative factor in the 2H and, on current dynamics, retains Sell.

The broker had previously highlighted the benefit of price increases over and above dollar cost pass-through, primarily for examination and single-use products, and based on recent trends now sees downside risk to FY22 guidance and consensus expectations.

Target falls to $30.70 from $32.00.

Target price is $30.70 Current Price is $31.33 Difference: minus $0.63 (current price is over target).
If ANN meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.32, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Morgan Stanley rates ANN as Overweight (1) -

Ansell reiterated FY22 guidance at its AGM though Morgan Stanley would prefer to wait for 1H results for a better read on the likely second half skew forecast by management.

That being said, the broker is not perturbed about current share price levels, given no permanency has been ascribed to any market share or market size benefit from the pandemic.

The company noted cost inflation is being managed via price increases. The Overweight rating and $51.35 target price are maintained. Industry View: In-line.

Target price is $51.35 Current Price is $31.33 Difference: $20.02
If ANN meets the Morgan Stanley target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $41.32, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Morgans rates ANN as Add (1) -

Morgans lowers its FY22-24 profit estimates by up to -3.7% following Ansell's reaffirmation of FY22 guidance, which is dependent upon a 2H skew. The analyst expects near-term margin pressure from covid-related impacts and price adjustments.

Supply interruptions occurred as covid-19 impacted upon plants and suppliers in Southeast Asia and various markets, explains the analyst. However, the broker notes increased investments shows management's confidence in the long-term potential.

Morgans reduces its target price to $41.87 from $43.64 and maintains its Add rating.

Target price is $41.87 Current Price is $31.33 Difference: $10.54
If ANN meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $41.32, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Ord Minnett rates ANN as Accumulate (2) -

Ansell's AGM update saw incoming CEO Neil Salmon reiterate FY22 EPS guidance despite several headwinds, suggesting all shall fall into place in H2, but Ord Minnett is not buying it.

The broker thinks Ansell's guidance will prove too optimistic and has reduced forecasts on the assumption tougher times will stick around for longer.

Ord Minnett also makes the point it continues to believe the shares offer attractive value, backed by confidence Ansell will emerge from the pandemic with greater market share and sustainably higher earnings.

Accumulate rating retained, while the price target drops to $38.50 from $44 (on lowered estimates).

Target price is $38.50 Current Price is $31.33 Difference: $7.17
If ANN meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $41.32, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates AST as No Rating (-1) -

AusNet Services reported first half profit down -21% year on year but 2% ahead of Macquarie's forecast. The broker sees the outlook in electricity "exciting", but gas uncertain.

AusNet is "hydrogen ready" but government policy is yet to be determined.

The broker is currently on research restriction.

Current Price is $2.58. Target price not assessed.

Current consensus price target is $2.32, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates AST as Hold (3) -

While AusNet Services released its 1H result, Citi notes the focus is upon the agreed takeover by Brookfield, due to be implemented in February/March 2022. An unfranked interim dividend of 4.7cps was declared and will be deducted from the all-cash $2.65 takeover price.

The broker's target price is accordingly set at $2.60, up from $2.50, while its Hold rating is retained. 

Target price is $2.60 Current Price is $2.58 Difference: $0.02
If AST meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates AST as No Rating (-1) -

AusNet Services' H1 net profit was better than Ord Minnett had expected, with the broker pointing at lower-than-forecast finance costs. The unfranked dividend of 4.75c was in-line.

FY22 guidance was reiterated and management expects the Brookfield Scheme to be completed by the first quarter of 2022.

Ord Minnett is currently under research restriction.

Current Price is $2.58. Target price not assessed.

Current consensus price target is $2.32, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates AST as Neutral (3) -

AusNet Services' first half profit of $178m was a beat on UBS expectations driven by stronger than expected revenue from gas distribution, while electricity distribution, transmission and Mondo were all in line with expectations for the half.

UBS also noted the bid by the Brookfield consortium awaits Foreign Investment Review Board approval, but the transaction is de-risked now AusNet Services has entered a Scheme Implementation Deed. Expect the scheme to be implemented by June 2022. 

The Neutral rating is retained and the target price increases to $2.50 from $1.80.

Target price is $2.50 Current Price is $2.58 Difference: minus $0.08 (current price is over target).
If AST meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.32, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates AUA as Speculative Buy (1) -

Audeara's 1Q results were in-line with the Morgans forecast. The company reported a record 1Q of cash receipts with revenue climbing 49% on the previous corresponding period. The Add rating and $0.33 target price are maintained.

Despite a poor share price performance since listing, the broker believes there's currently a buying opportunity with significant potential upside from clinic sales and the international expansion.

The company also announced a partnership with global audiology player Sonova, which will add a further 100 Australian clinics bringing the total to over 800.

Target price is $0.33 Current Price is $0.12 Difference: $0.21
If AUA meets the Morgans target it will return approximately 175% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates BHP as Outperform (1) -

Nothing new revealed at BHP Group's AGM that wasn't announced with the FY21 result, Macquarie notes. A vote on the Petroleum demerger is expected in the March quarter next year.

While iron ore earnings momentum has come off the boil, the broker estimates a 19% free cash flow yield at current prices.

Outperform and $52 target retained.

Target price is $52.00 Current Price is $36.66 Difference: $15.34
If BHP meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $43.89, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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 BRG as Outperform (1) -

Breville's AGM revealed the first half is tracking as management expected, with demand remaining "solid" and the "lion's share" of supply chain issues avoided thanks to sufficient inventory.

Macquarie notes coffee machines remain a driver despite cycling last year's (US) lockdowns, and rival DeLonghi has backed this up with its quarterly earnings result in the US.

Outperform and $34.37 target retained.

Target price is $34.37 Current Price is $29.85 Difference: $4.52
If BRG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates BRG as Overweight (1) -

Morgan Stanley thinks FY22 consensus forecasts can be met after a trading update by Breville Group, as trading appears to remain consistent. Management noted that while logistics challenges remain, parts and manufacturing-related shortfalls have been avoided.

The analyst feels the long-term position has been strengthened via global expansion and higher reinvestment. The Overweight rating and target price of $36 are maintained. Industry: In-line.

Target price is $36.00 Current Price is $29.85 Difference: $6.15
If BRG meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates CHC as Outperform (1) -

Charter Hall Group's AGM revealed funds under management grew by 5.7% to end-October from end-June, not including the recent ALE Property acquisition. FY22 earnings guidance of 83cps was confirmed but Macquarie is forecasting 92cps.

While already ahead of consensus, the broker sees further upside potential from ALE and property revaluations.

Outperform and $20.12 target retained.

Target price is $20.12 Current Price is $18.84 Difference: $1.28
If CHC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $20.14, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates CIP as Neutral (3) -

Centuria Industrial REIT will add a further four assets to its portfolio for an acquisition cost of $129.4m, while also selling one minor asset for $10.5m. Credit Suisse notes the transaction will be debt funded and accretive to previous forecasts. 

Funds from operations forecasts increase 0.9%, 1.6% and 1.5% through to FY24, with the broker noting the company will retain further capacity for debt-funded acquisitions within target gearing. 

The Neutral rating and target price of $3.83 are retained. 

Target price is $3.83 Current Price is $3.66 Difference: $0.17
If CIP meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Citi rates COL as Upgrade to Buy from Neutral (1) -

Citi analysts have used a general sector update on retailing in Australia, in which they predict a slower-than-broadly-anticipated normalisation post covid and post lockdowns, to upgrade Coles to Buy from Neutral.

Earnings estimates have been lifted and this pushed up the price target to $19.60 from $18.90.

Target price is $19.60 Current Price is $17.51 Difference: $2.09
If COL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.48, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgan Stanley rates CPU as Overweight (1) -

Morgan Stanley believes Computershare will beat the reiterated guidance announced at the AGM. This is likely due to rising interest rates, corporate activity remains strong and the trust acquisition is complete.

Moreover, higher rates also assist mortgage servicing via refinancing and foreclosures, explains the analyst. The Overweight rating and $21.50 target price are unchanged. Industry view is In-Line.

Target price is $21.50 Current Price is $19.48 Difference: $2.02
If CPU meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.95, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.1

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

Credit Suisse rates GNC as Neutral (3) -

In Credit Suisse's view GrainCorp's position as a competitive player in the east coast grain market has rarely been stronger, following the announcement of full-year results at the top end of a recently upgraded guidance range and an improved FY22 outlook.

Segmentally, the broker notes Agribusiness performed in line, reporting underlying earnings of $275m, while accelerated second half profitability in Processing was a positive surprise. 

The Neutral target price is retained and the target price increases to $6.78 from $6.35.

Target price is $6.78 Current Price is $6.68 Difference: $0.1
If GNC meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates GNC as Outperform (1) -

GrainCorp reported FY21 profit modestly above Macquarie's forecast. The broker expects FY22 earnings to surpass the record set in FY21 with upgrades to Processing leading to a 10% increase to forecast group earnings.

Seasonal conditions remain strong, perhaps even into FY23, and the delivery of international expansion and new operating initiatives provide further support, the broker suggests.

Target rises to $7.64 from $7.32, Outperform retained.

Target price is $7.64 Current Price is $6.68 Difference: $0.96
If GNC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates GNC as Add (1) -

GrainCorp's FY21 result exceeded the top-end of its earnings (EBITDA) guidance range and Morgans considers outlook statements were upbeat. The broker lifts its target price to $7.40 from $6.75. The Add rating is maintained as the upgrade cycle is considered intact.

The company profited from strong demand for Australian grains, a record east coast grain crop and a record result from the Processing segment, explains the analyst. The next catalyst is the ABARES Crop report on 30 November, notes Morgans.

Target price is $7.40 Current Price is $6.68 Difference: $0.72
If GNC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates GNC as Buy (1) -

UBS notes a bumper east coast winter crop and strong margins in Processing have driven GrainCorp's top-of-guidance-range full-year underlying earnings and profit after tax results of $331m and $139m, respectively. 

The broker notes similar crop size and global supply and demand dynamics in the next year could drive underlying earnings of over $350m for FY22. Expecting strong Processing performance to continue, the broker increases FY22 underlying earnings forecast by 8%. 

The Buy rating is retained and the target price increases to $7.45 from $7.20.

Target price is $7.45 Current Price is $6.68 Difference: $0.77
If GNC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates HVN as Buy (1) -

Citi analysts have used a general sector update on retailing in Australia, in which they predict a slower-than-broadly-anticipated normalisation post covid and post lockdowns, to modestly increase expectations for Harvey Norman.

Buy rating remains in place, alongside an unchanged $6 price target.

Target price is $6.00 Current Price is $5.10 Difference: $0.9
If HVN meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

Citi analysts have used a general sector update on retailing in Australia, in which they predict a slower-than-broadly-anticipated normalisation post covid and post lockdowns, to downgrade JB Hi-Fi to Neutral from Buy.

Modest increases have been added to forecasts. Price target has gained $1 to $54.

Target price is $54.00 Current Price is $50.63 Difference: $3.37
If JBH meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $52.06, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates LTR as Outperform (1) -

Liontown Resources' definitive feasibility study on its Kathleen Valley project has delivered a 50% higher spudomene production forecast over FY25-27. Macquarie has brought forward its first production assumption by nine months.

The Stage 2 expansion and downstream integration will now occur three years later than the broker expected but this materially reduces funding requirements. The earlier start and lower funding materially lifts the broker's FY25-27 earnings forecasts.

Traget rises to $2.00 from $1.70, Outperform retained.

Target price is $2.00 Current Price is $1.64 Difference: $0.36
If LTR meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates M7T as Add (1) -

Following reconfirmed revenue guidance at Mach7 Technologies' AGM, Morgans leaves its forecasts, Add rating and $1.55 target price unchanged. The company continues to expect positive earnings (EBITDA) for FY22.

Management noted a positive start to FY22 with a record $16.2m of sales orders for the quarter. However, the analyst cautions over a patent infringement case that has been brought against the company, which will be defended.

Target price is $1.55 Current Price is $0.94 Difference: $0.61
If M7T meets the Morgans target it will return approximately 65% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

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

Citi analysts have used a general sector update on retailing in Australia, in which they predict a slower-than-broadly-anticipated normalisation post covid and post lockdowns, to downgrade Metcash to Neutral from Buy.

Only modest increases have been applied to forecasts. Price target gains 10c to $4.20.

Target price is $4.20 Current Price is $4.12 Difference: $0.08
If MTS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.32, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgan Stanley rates NEA as Overweight (1) -

Following Nearmap's AGM, Morgan Stanley has a high degree of confidence the broker's FY22 forecasts will be met or exceeded. The top-end of management guidance for cash burn and annual contract value (ACV) were in-line with the analyst's forecasts.

The broker notes the company generally is conservative with guidance at this stage of the financial year. Morgan Stanley retains an Overweight rating, $3.20 target and In-Line industry view.

Target price is $3.20 Current Price is $1.89 Difference: $1.31
If NEA meets the Morgan Stanley target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 40.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates NEC as Outperform (1) -

Nine Entertainment Co. Holdings is guiding to 10% year-on-year underlying earnings growth in the first half of FY22, with Credit Suisse noting growth guidance cycling off a high-growth first quarter in FY21 demonstrates confidence in continuing momentum.

The company also upgraded free-to-air cost growth to be below 3%, rather than the previously guided 3%, and underlying earnings guidance for Publishing to grow $40-45m, previously $30-40m. Credit Suisse upgrades forecasts in line with company guidance. 

The Outperform rating is retained and the target price increases to $3.60 from $3.40.

Target price is $3.60 Current Price is $3.05 Difference: $0.55
If NEC meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates NEC as Neutral (3) -

Nine Entertainment noted at its AGM it expects FTA revenues to grow at least 6% in the first half, consistent with Macquarie's forecast. But the broker believes the second half will be soft as there won't be as much ad market catch-up as was seen in the second half FY21.

Cost controls remain solid, but the broker sees downside risk from broader cost inflation and the FY23 renewal of the NRL contract. With no clear TV ratings winner apparent heading into 2022, the broker retains Neutral and prefers Seven West Media ((SWM)).

Target rises to $3.00 from $2.80.

Target price is $3.00 Current Price is $3.05 Difference: minus $0.05 (current price is over target).
If NEC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.55, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates NEC as Overweight (1) -

Following Nine Entertainment Co's 1H trading update, Morgan Stanley notes cost growth is better than expected and the ad market recovery remains strong. The analyst estimates just 2% second half growth is needed to reach consensus FY22 earnings (EBITDA) forecasts.

This estimate is based on management's guidance that 1H earnings will better the previous corresponding period by 10%. The broker highlights the suite of digital media/internet businesses should drive higher intrinsic value for shareholders.

The Overweight rating and $3.65 target price are retained  Industry view: Attractive.

Target price is $3.65 Current Price is $3.05 Difference: $0.6
If NEC meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates NEC as Buy (1) -

Post what Ord Minnett believes was a positive market update by Nine Entertainment, the broker has lifted its price target to $3.60 from $3.50 while maintaining its Buy rating.

New guidance for operating earnings (EBITDA) of $390m for H1 compares with the $355m the broker had penciled in.

Target price is $3.60 Current Price is $3.05 Difference: $0.55
If NEC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates NEC as Buy (1) -

UBS notes recent solid advertising and property market conditions were largely reflected in Nine Entertainment Co. Holdings' recent update. 

The broker reduced free-to-air market share expectations despite approximate 20% growth in the first quarter given a strong comparable second quarter last year, but still sees strength in the free-to-air advertising market. 

UBS updates its FY22 underlying earnings to $640m from $657m and its earning per share forecast decreases -3%. 

The Buy rating is retained and the target price increases to $3.90 from $3.85.

Target price is $3.90 Current Price is $3.05 Difference: $0.85
If NEC meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

Citi comments Orica's FY21 results call with analysts reaffirmed the company's strong earnings momentum which is expected to continue in the months ahead.

A refresh of the company's strategy is welcomed, though the analysts also believe it remains too early to expect any tangible benefits from it.

Given the share price has performed strongly, Citi has decided to downgrade to Neutral from Buy. Target price lifts to $15 from $14 on higher forecasts.

Target price is $15.00 Current Price is $14.79 Difference: $0.21
If ORI meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ORI as Upgrade to Outperform from Neutral (1) -

Credit Suisse reports Orica's full-year results were in-line at the underlying earnings level and slightly ahead in both earnings before tax and profit after tax. 

The broker notes the company's ability to achieve price increases has been a point of debate among investors, but delivery should offer profit upside.

New strategy will focus on four customer and product verticals, and the company is confident new systems to improve transparency and reduce cross subsidies should improve product pricing.

The rating is upgraded to Outperform from Neutral and the target price increases to $17.26 from $17.23. 

Target price is $17.26 Current Price is $14.79 Difference: $2.47
If ORI meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates ORI as Neutral (3) -

Orica's earnings result was -3% below Macquarie but 111% cash conversion on an improved working capital performance marks a big turnaround from 12 months ago, the broker notes.

Management is focused on improving price and returns through security of supply, scale and technology which is pleasing, the broker suggests, but needs to be realised.

The stock has performed well of late so the broker retains Neutral, noting a medium/long term tail risk in thermal coal, which is 17% of revenue. Target falls to $15.01 from $15.32.

Target price is $15.01 Current Price is $14.79 Difference: $0.22
If ORI meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgan Stanley rates ORI as Overweight (1) -

Orica's second half earnings (EBIT) were an 8% beat versus Morgan Stanley's forecast due to strength from the OricaMonitor and Minova segments, while the core explosives business was in-line. The broker adjusts its target price to $18.50 from $18.60.

FY21 group earnings were a 6% beat versus the broker's estimate and 5% above consensus forecasts. The Overweight rating is unchanged. Industry view: In-Line.

The analyst predicts a new era of outperformance led by improved supply/demand dynamics and a favourable outlook for pricing. The strategy update is welcomed given appropriate pricing discipline, manufacturing optimisation and cost-out.

Target price is $18.50 Current Price is $14.79 Difference: $3.71
If ORI meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates ORI as Downgrade to Hold from Add (3) -

After recent share price strength for Orica, Morgans lowers its rating to Hold from Add, despite FY21 results that beat consensus forecasts. The target price rises to $15.26 from $13.70. A final dividend of 16.5cps was declared.

The analyst points to strong 4Q trading that has continued into 1Q22. Increased ammonium nitrate prices are expected to broadly overcome rising input costs and a pass-through lag. The broker approves of management's refreshed strategy to drive profitable growth.

Target price is $15.26 Current Price is $14.79 Difference: $0.47
If ORI meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates ORI as Neutral (3) -

Orica's full-year earnings of $427m were a -29% decline on the previous corresponding period but a 5% beat on UBS expectations, implying improved performance in the second half following a challenging start to the year.

The company expects global mining volume recovery, cost reductions, technology adoption and cost inflation management should drive underlying earnings growth in FY22.

The Neutral rating is retained and the target price increases to $15.50 from $13.00.

Target price is $15.50 Current Price is $14.79 Difference: $0.71
If ORI meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates PMV as Neutral (3) -

Citi analysts have used a general sector update on retailing in Australia, in which they predict a slower-than-broadly-anticipated normalisation post covid and post lockdowns, to modestly raise expectations for Premier Investments.

Neutral rating retained, while the price target lifts to $33.20 from $30.70.

Target price is $33.20 Current Price is $31.66 Difference: $1.54
If PMV meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $30.62, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates QBE as Neutral (3) -

Macquarie has examined result releases from US peers as a read-through to the 2020 result for QBE Insurance, noting two storm catastrophes in the period dominated discussions.

While premium rate momentum remains strong, weather will determine risk before year-end along with pricing and structure of 2022 reinsurance.

For now the broker retains Neutral and an unchanged $12.10 target.

Target price is $12.10 Current Price is $11.56 Difference: $0.54
If QBE meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.94, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 QBE as Overweight (1) -

Morgan Stanley perceives a reduced crop risk for QBE insurance Group, despite US crop prices moderating from their peak in 1H21. Corn still remains well above the insured price and soy is a little above.

Harvesting rates across key US states also are higher than five-year averages, points out the analyst. The Overweight rating, $14 target price and In-line Industry view are unchanged.

Target price is $14.00 Current Price is $11.56 Difference: $2.44
If QBE meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $13.94, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 QUB as Buy (1) -

Qube Holdings essentially used its AGM to upgrade FY22 guidance to "strong growth" ahead as logistics volumes are tracking ahead of forecasts.

With both acquisitions and operational growth strong, Citi retains a positive view. Industrial action remains a concern for Patrick Stevedores, but it appears, comment the analysts, there has been no loss of market share, suggesting competitors are experiencing similar problems.

Qube seems to have made two acquisitions and only one had been announced previously. Citi sticks with Buy, with a price target of $3.59 (up from $3.45).

Target price is $3.59 Current Price is $3.18 Difference: $0.41
If QUB meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates QUB as Upgrade to Outperform from Neutral (1) -

Qube Holdings has upgraded its FY22 earnings outlook to 'strong' growth from 'solid' growth following a first quarter performance beat on management's expectations. 

Credit Suisse noted high agri, steel and container volumes drove better-than-expected logistics activity, while strong grain, steel, clinker and vehicle volumes offset covid impacts in port and bulk activity. 

Given recent weak share price performance, the rating is upgraded to Outperform from Neutral and the target price of $3.55 is retained.

Target price is $3.55 Current Price is $3.18 Difference: $0.37
If QUB meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates QUB as Hold (3) -

After Qube reaffirmed expectations for the Moorebank property sale and increased FY22 earnings guidance, Morgans upgrades forecast earnings and lifts its target price to $3 from $2.90.

The broker's earnings changes were based on rising revenue growth and margins in the Operating Division (acquisitions and organic growth) and better earnings from Patrick Stevedores.

The Logistics segment was responsible for the raised guidance due to higher volumes for agriculture and steel, as well as increased transport and container-related activity, explains the analyst.

Target price is $3.00 Current Price is $3.18 Difference: minus $0.18 (current price is over target).
If QUB meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.38, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates QUB as Accumulate (2) -

Qube Holdings' AGM update involved an upgrade to guidance for FY22 underlying profits, observes Ord Minnett. Q1 has seen the company experiencing buoyant trading conditions.

Forecasts have been lifted in response with the broker commenting Qube stands to benefit from a likely bumper winter crop, but industrial action is acting as a brake on Patrick Stevedoring.

Ord Minnett's valuation has risen to $3.37 from $3.33. Accumulate. The broker now has increased confidence in Qube's growth outlook.

Target price is $3.37 Current Price is $3.18 Difference: $0.19
If QUB meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Citi rates RHC as Neutral (3) -

Following Ramsay Health Care's Q1 market update, Citi analysts have sliced -1% off forecasts beyond FY22, but reduced FY22 EPS estimate by -12%.

As it turned out, operations were negatively impacted just about everywhere and, despite management's optimism, Citi believes the short term outlook is challenging.

The biggest unknown for FY22 in Australia is exactly how long the Victorian restrictions on surgery will last, points out the broker. Target price loses -$1 to $73. Neutral.

Target price is $73.00 Current Price is $69.38 Difference: $3.62
If RHC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $68.88, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Credit Suisse rates RHC as Neutral (3) -

Ramsey Health Care's first quarter earnings of $197m were a -28% year-on-year drop, while profit after tax also fell -39.5% year-on-year, with Credit Suisse correlating weak quarterly results with high pressure costs in offshore divisions. 

By region, late surgical cancellations and higher nursing costs drove a -116% year-on-year earnings decline in the UK, while nursing shortages also saw a -45% earnings decline in Europe. Australian earnings were up 5.3% despite an expected -$55m lockdown impact.

With pressures in the UK and Europe expected to persist, Credit Suisse updates its earnings per share forecasts by -23% for FY22 and -2% in both FY23 and FY24.

The Neutral rating is retained and the target price decreases to $68.00 from $69.00. 

Target price is $68.00 Current Price is $69.38 Difference: minus $1.38 (current price is over target).
If RHC meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.88, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates RHC as Outperform (1) -

A tough quarter for Ramsay Health Care featured the impacts of lockdowns and elective surgery restrictions in Australia, cancellation of procedures in the UK due to staff in isolation, and ditto France, which suffered from a nurse shortage, Macquarie notes.

But all of the above only signifies pent-up demand ready to be unleashed, hence the broker sees a more favourable trend in 2022, and sees the deployment of capital into growth initiatives as supporting growth and an improved market position over the longer term.

Outperform and $75.50 target retained.

Target price is $75.50 Current Price is $69.38 Difference: $6.12
If RHC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $68.88, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgan Stanley rates RHC as Underweight (5) -

Following a 1Q trading update from Ramsay Health Care which revealed unaudited earnings (EBIT) declined by -27.8%, Morgan Stanley lowers FY22 and FY23 EPS forecasts by -13% and -5%, respectively. This reflects the analyst's expectation for lower underlying margins.

Margins could suffer from lower indexation paid by insurers, elevated costs from pandemic-induced practices and the possibility that non-surgical services may not attain pre-pandemic levels, explains the broker. Moreover, there's the foray into service provision by insurers.

The Underweight rating and target price of $60.00 are retained. Industry view: In-Line.

Target price is $60.00 Current Price is $69.38 Difference: minus $9.38 (current price is over target).
If RHC 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 $68.88, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgans rates RHC as Hold (3) -

In the wake of Ramsay Health Care's 1Q trading results, Morgans concedes forecasting is a challenge, as earnings are beholden to the worldwide covid-19 response,  While the APAC region has elective surgery restrictions, the EU endures staff shortages, explains the analyst.

Meanwhile, the UK has increasing surgical cancellations, points out the broker. The target price is lowered to $62.78 from $64.35, largely due to lower EU volumes and softer margins. The Hold rating is unchanged.

Target price is $62.78 Current Price is $69.38 Difference: minus $6.6 (current price is over target).
If RHC meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.88, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Ord Minnett rates RHC as Downgrade to Accumulate from Buy (2) -

Ramsay Health Care's operational outlook remains at the mercy of the global pandemic, comments Ord Minnett, as the hospital operator's market update yesterday indicated yet again ongoing negative impacts pretty much everywhere.

Earnings estimates have been lowered in response, with the broker highlighting confidence is not lost in that Ramsay will benefit from the coming recovery.

As such, Ord Minnett has not touched its FY23 forecasts, and those forecasts assume a return to near pre-pandemic conditions.

Downgrade to Accumulate from Buy, with an unchanged price target of $74.

Target price is $74.00 Current Price is $69.38 Difference: $4.62
If RHC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $68.88, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgans rates RMS as Add (1) -

After Gold Road Resources ((GOR)) sold its 20% stake in Appolo Consolidated into the offer by Ramelius Resources, Morgans considers the takeover is progressing well.

Meanwhile, 1Q gold production was a -7% miss versus the analyst's forecast though 1H guidance is on track, according to management. The Add rating is maintained and the target price rises to $2.09 from $2.08.

Target price is $2.09 Current Price is $1.73 Difference: $0.36
If RMS meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Morgans rates SLC as Add (1) -

At its investor day, Superloop maintained FY22 earnings (EBITDA) guidance and spoke of doubling market share, with plans to organically grow the Consumer, Business and Wholesale segments. Morgans retains its Add rating and $1.42 target price.

The analyst highlights management is undertaking a capital review and will announce plans for surplus capital on results day in February 2022.

Target price is $1.42 Current Price is $1.21 Difference: $0.21
If SLC meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates SUL as Buy (1) -

Citi analysts have used a general sector update on retailing in Australia, in which they predict a slower-than-broadly-anticipated normalisation post covid and post lockdowns, to lift forecasts for Super Retail, but in modest fashion.

Buy rating remains in place. Price target is unchanged at $16.

Target price is $16.00 Current Price is $13.11 Difference: $2.89
If SUL meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.07, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates SWM as Outperform (1) -

Seven West Media provided FY22 earnings guidance at its AGM 18% above Macquarie's forecast, due to better than expected cost guidance and FTA market share. 

While initial ad market momentum is now moderating, the broker notes the Prime Media acquisition is yet to be factored in and offers a prime source of earnings upside. Outperform and 77c target retained.

The broker prefers Seven over rival Nine Entertainment ((NEC)).

Target price is $0.77 Current Price is $0.63 Difference: $0.14
If SWM meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates SWM as Buy (1) -

Post what Ord Minnett believes was a positive market update by Seven West Media, the broker has left forecasts unchanged as its estimates are essentially in-line with guidance.

Buy. Price target 70c (unchanged).

Target price is $0.70 Current Price is $0.63 Difference: $0.07
If SWM meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates TYR as Neutral (3) -

Tyro Payments' AGM revealed gross margin and total transaction value pressure in the the current period, some of which Macquarie can explain and some of which it can't. However TTV is recovering rapidly post lockdowns.

This should lead to margin improvement but the broker remains cautious on the competitive environment which will likely intensify through 2022.

Neutral retained, target falls to $3.50 from $3.75.

Target price is $3.50 Current Price is $3.25 Difference: $0.25
If TYR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates WOW as Neutral (3) -

Citi analysts have used a general sector update on retailing in Australia, in which they predict a slower-than-broadly-anticipated normalisation post covid and post lockdowns, to slightly alter forecasts for Woolworths.

In a nutshell: the EPS estimate for FY22 looks a bit better, but the equivalent for FY23 has dropped. Price target has dropped to $39.50 from $40.40 in response. Rating remains Neutral.

Target price is $39.50 Current Price is $39.19 Difference: $0.31
If WOW meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $38.17, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Citi rates XRO as Upgrade to Buy from Neutral (1) -

Xero's H1 update included slightly weaker-than-anticipated core accounting growth, comment analysts at Citi, but that is seen as a result of lockdowns.

Regardless, subscriber growth in North America was lower than expected, but then average return per user (ARPU) surprised on the upside.

Citi continues to see solid growth for the medium term, with modest expectations for North America, but including Xero penetrating into new markets.

Target price rises to $160 from $135.70. Upgrade to Buy from Neutral.

Target price is $160.00 Current Price is $138.12 Difference: $21.88
If XRO meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $133.00, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Credit Suisse rates XRO as Outperform (1) -

Xero noted covid impacts are partly to blame for average revenue per unit being lower in the first half, while Credit Suisse highlights full-year margins remain in line with guidance and is positive on average revenue per unit becoming a material driver of revenue growth.

Given better-than-expected first half results compared to the broker's conservative first half margin assumptions, the second half underlying earnings forecast increases 5%.

The Outperform rating and target price of $160.00 are retained.

Target price is $160.00 Current Price is $138.12 Difference: $21.88
If XRO meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $133.00, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Morgan Stanley rates XRO as Overweight (1) -

Morgan Stanley expects some short-term share price weakness after Xero released 1H results which were -1-2% lighter than forecast. It's now estimated 33% second half revenue growth will be required to meet full year consensus forecasts. 1H revenue growth was 23%.

Nonetheless, there was nothing to alter the analyst's positive investment thesis, with subscriptions, average revenue per user (ARPU) and churn all either in-line or a beat. Morgan Stanley retains its Overweight rating and $137 price target. Industry view is  Attractive.

Target price is $137.00 Current Price is $138.12 Difference: minus $1.12 (current price is over target).
If XRO meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $133.00, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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

Ord Minnett rates XRO as Upgrade to Hold from Lighten (3) -

As reported yesterday, Ord Minnett saw Xero's H1 performance as broadly in-line, though international subscriber growth was slower-than-expected.

Average revenue per user (ARPU) for the international business lifted significantly, aided by the recent Planday acquisition, but ARPU in A&NZ only showed limited improvement.

As confidence has grown in the company's ability to lift ARPU and reduce churn, Ord Minnett has lifted its price target to $130 from $103. Rating is upgraded to Hold from Lighten.

Target price is $130.00 Current Price is $138.12 Difference: minus $8.12 (current price is over target).
If XRO meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $133.00, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.2

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