Australian Broker Call

Credit Suisse rates A2M as Neutral (3) -

The Shanghai lockdown is challenging a2 Milk Co, with small e-commmerce deliveries halted to certain districts. Credit Suisse notes the company has been able to deliver infant formula as an essential product, but sales of high-margin English label have likely been effected.

Congestion at major ports has also impacted on daigou channels, with difficulty freighting supply into China. 

More positively, a2 Milk has demonstrated the resilience of its marketing, promoting infant formula by offering subscriptions to online entertainment streaming services to consumers in lockdown.

The Neutral rating and target price of $5.15 are retained.

Target price is $5.15 Current Price is $4.20 Difference: $0.95
If A2M meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates AGL as Neutral (3) -

UBS rebases it wholesale electricity price outlook to reflect supply shifts - particularly higher coal and gas prices.

Given AGL Energy has hedged most of its near-term exposure, the broker calculates relatively modest EPS upgrades.

While prices are rising, the broker expects they will fall over the next three years as coal prices ease; capacity constraints on thermal generation improve; and growing renewables generation comes on line.

EPS forecasts fall more than -20% in FY22 to reflect the Loy Yang outage, but rise 4% to 47% across FY23 to FY24 on stronger electricity prices.

Neutral rating retained, the broker spying gas margin stress from FY23 onward and share-price risk should the demerger fail. Target price rises 20% to $8.50 as UBS emerges from rating restriction.

Target price is $8.50 Current Price is $8.23 Difference: $0.27
If AGL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.72, suggesting upside of 3.2% (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

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

Allkem released accelerated plans for Sal de Vida's development at its strategy day and updated for costs and ramp-up at Olaroz Stage 2. For stage 3, bigger plans were unveiled than Morgan Stanley expected.

After updating forecasts for the changed plans, the broker's target price rises to $11.60 from $11.30 and the Equal-weight rating is unchanged. Industry View: Attractive.

Target price is $11.60 Current Price is $11.90 Difference: minus $0.3 (current price is over target).
If AKE meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Credit Suisse rates AMC as Neutral (3) -

Despite Credit Suisse describing a mixed bag from Amcor in the third quarter, the broker noted performance has driven a 2.5% increase to valuation.The broker noted a mix shift towards higher value segments, particularly in Europe, supported results.

Amcor has guided to full year free cash flow of $1.1bn, in line with the broker's expectations, while capital expenditure guidance was increased to 4-5% of sales over the medium-term.

The broker noted the stock has potential to perform at the better end of the Neutral band in a weak market. The Neutral rating is retained and the target price increases to $17.00 from $16.00.

Target price is $17.00 Current Price is $16.74 Difference: $0.26
If AMC meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.34, suggesting upside of 3.5% (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: 0.6

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

Macquarie rates AMC as Outperform (1) -

Amcor posted a strong March Q result, with earnings 4% above consensus. The bottom of the FY22 guidance range has been tightened to 9.5-11% earnings growth form a prior 7-11%.

The result highlighted good management of raw material costs, Macquarie suggests. There was no new news on Russia, where activities are to be scaled down but remain in operation to service multi-national customers. Russian exposure represents 2-3% of sales.

Amcor continues to trade at a discount to market, the broker notes, but now less so than before. Outperform retained, target slips to $18.11 from $18.14.

Target price is $18.11 Current Price is $16.74 Difference: $1.37
If AMC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $18.34, suggesting upside of 3.5% (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: 0.6

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

Morgan Stanley rates AMC as Overweight (1) -

Following a 3Q result that beat expectations, Morgan Stanley sees Amcor as a standout defensive exposure and reiterates its Overweight rating. Management raised its constant currency EPS growth guidance range to 9.5-11% from 7-11%.

The beat was largely due to stronger pricing growth of 11% and 14% than the analyst expected for Flexibles and Rigids, respectively, that recovered cost increases. In addition, volume growth remained robust in Rigids and sales grew in Flexibles.

The target price eases to $18 from $18.50. Industry view: In Line.

Target price is $18.50 Current Price is $16.74 Difference: $1.76
If AMC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.34, suggesting upside of 3.5% (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: 0.6

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

Morgans rates AMC as Add (1) -

The 3Q result for Amcor slightly exceeded Morgans' expectations though changed foreign exchange assumptions results in slightly lower EPS forecasts. Nonetheless, the target price rises to $18.60 from $18.35 due to a roll forward of the broker's financial model.

Constant currency earnings (EBIT) were in-line with the analyst's estimate, while underlying EPS increased by 11% versus the 2% expected.

Management has guided to FY22 underlying EPS towards the top of the original guidance range though free cashflow guidance has moved to the bottom end of the range due to higher raw material costs. The Add rating is maintained.

Target price is $18.60 Current Price is $16.74 Difference: $1.86
If AMC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.34, suggesting upside of 3.5% (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: 0.6

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

Ord Minnett rates AMC as Accumulate (2) -

Amcor's March-quarter earning result appears to have pleased Ord Minnett, earnings (EPS) rising 11%.

The broker notes the company prioritised higher margin products amid supply constraints, and that resin prices are moving up with oil prices.

Ord Minnett says North American rigids are starting to stabilise and that Amcor is passing costs on, which should justify an upward rerating.

Management guides to an increase in capital expenditure to 4% to 5% of sales from 3% to 4%, strong free cash flow generation; and opportunities from the Bemis acquisition. 

Accumulate rating retained, the broker appreciating the company's diversified earnings profile, stability and general defensive profile. Target price rises to $18.60 from $18.40.

Target price is $18.60 Current Price is $16.74 Difference: $1.86
If AMC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.34, suggesting upside of 3.5% (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: 0.6

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

UBS rates AMC as Buy (1) -

Amcor's March-quarter result pleased UBS, the company demonstrating strong earnings leverage as the company prioritised higher margin categories amid supply chain constraints.

Management narrowed FY22 EPS growth guidance to the upside to 9.5%-11% from 7%-11%. 

UBS expects the company will return to its usual 1%-2% volume growth in the June quarter as raw material supply pressures return to normal, and spies room in the balance sheet to support more capital expenditure in 2023, and to pursue organic growth opportunities and more share buybacks.

The broker appreciates Amcor's global dominance and defensive profile and expects its scale will continue to build cash flows and earnings. Buy rating. Target price edges up to $19.20 from $19.

Target price is $19.20 Current Price is $16.74 Difference: $2.46
If AMC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $18.34, suggesting upside of 3.5% (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: 0.6

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

Citi rates ANZ as Buy (1) -

ANZ Bank's FY22 first-half result outpaced consensus thanks to a large collective provision write-back. Excluding this, the result proved a -4% to -5% miss.

Citi says an improvement in the rate of net interest margin erosion proved a relief, but the broker forecasts a higher cost base in FY24 (ANZ removing its $8bn aspirational cost target), and cuts EPS forecast -2% to -10% across the forecast period.

However, the broker still expects cash rate rises will boost earnings and dividends across FY23 and FY24.

Buy rating and $30.75 target price retained.

Target price is $30.75 Current Price is $27.38 Difference: $3.37
If ANZ meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.28, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Outperform (1) -

A rising cash rate, and anticipated higher group margin as a result, has driven Credit Suisse to upgrade its expected earnings for ANZ Bank 1-2% through to FY24 following the release of the bank's first half result.

The broker expects the first half to be an earnings trough for the company, with near-term rebound anticipated as markets income normalises. Further, Credit Suisse notes ANZ Bank's leverage to rates should supercharge its recovery story.

The Outperform rating and target price of $30.80 are retained.

Target price is $30.80 Current Price is $27.38 Difference: $3.42
If ANZ meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.28, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Outperform (1) -

ANZ Bank has finally abandoned its ambitious $8bn expense target. While this should result in a consensus reset, more realistic expectations will reduce ANZ’s risk of ongoing earnings misses, Macquarie suggests.

The half year result was weak but it appears to mark a low point, the broker believes, as non-interest income bottomed, and all banks should start to see margin tailwinds from higher rates.

Given ANZ has lowest return on equity in the sector, incremental margin benefits are more lucrative to ANZ than peers. The broker sees valuation support and retains Outperform and a $29.50 target.

Target price is $29.50 Current Price is $27.38 Difference: $2.12
If ANZ meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.28, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Equal-weight (3) -

In the wake of ANZ Bank's 1H results, Morgan Stanley feels margins have stabilised and revenue should grow next year, and increases its target price to $28.90 from $28.60. A margin decline of -7bps was better than the -11bps expected.

Nonetheless, a number of uncertainties still trouble the analyst, including the degree of margin upside, the retail bank turnaround and cost control over the medium term. The outlook in New Zealand is also considered uncertain.

The broker also believes the decision to put capital management on hold lessens the original investment thesis. The Equal-weight rating is maintained. Industry view: Attractive.

Target price is $28.90 Current Price is $27.38 Difference: $1.52
If ANZ meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $29.28, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Accumulate (2) -

ANZ Bank's top-line FY22 first-half profit outpaced Ord Minnett's forecast by 7% due to write-backs, but the broker says the underlying performance was soft.

Ord Minnett notes costs are rising and the bank has abandoned its $8bn end-FY23 cost target as wage pressures mount.

But the broker expects rising revenue will outpace costs, and spies solid rate leverage across the portfolio as the cash rate increases.

EPS forecasts rise 3% in FY22, fall -2% in FY23 and rise 1% in FY24.

Target price falls to $29 from $30.30 to account for a rise in the risk-free rate. Accumulate rating retained.

Target price is $29.00 Current Price is $27.38 Difference: $1.62
If ANZ meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $29.28, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in September.

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 ARB as Buy (1) -

ARB Corp's March-quarter trading update missed consensus (-3%) and Citi (-2%) estimates as sales momentum slowed across all segments and management reduced FY22 guidance.

Citi attributes the slowdown to supply challenges, which it expects will resolve in time, and for now, demand is holding.

Interest rate rises remain a concern but for now the broker retains a Buy rating, admiring the company's strong balance sheet, Ford partnership and structural changes in the industry.

FY22 EPS forecasts fall -9%. Target price falls to $46.63 from $48.15.

Target price is $46.63 Current Price is $33.61 Difference: $13.02
If ARB meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $45.93, suggesting upside of 38.7% (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

Credit Suisse rates ARB as Neutral (3) -

ARB Corp has guided to full year revenue of $700m in its latest market update, a miss on consensus expectations of $729m. Credit Suisse expects the disappointing guidance are a result of cycling inflated activity over the last 18 months, and anticipates the company returning to growth in FY24.

The broker notes full year results, expected in August, will be a next catalyst. While Credit Suisse considers ARB Corp to be approaching an attractive valuation, it expects investors will want to see a return to revenue growth before paying a premium for investment.

The Neutral rating is retained and the target price decreases to $34.00 from $40.60.

Target price is $34.00 Current Price is $33.61 Difference: $0.39
If ARB meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $45.93, suggesting upside of 38.7% (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 ARB as Overweight (1) -

Following a trading update, Morgan Stanley estimates ARB Corp is on track to meet FY22 expectations.

The broker highlights a strong order book and emerging partnerships, and believes the company continues to offset any cycle headwinds with idiosyncratic opportunities.

The Overweight rating and $56 target price are maintained. Industry View: In-line.

Target price is $56.00 Current Price is $33.61 Difference: $22.39
If ARB meets the Morgan Stanley target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $45.93, suggesting upside of 38.7% (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 ARB as Buy (1) -

ARB Corp's March-quarter trading update revealed a sharp slowing in sales due to what Ord Minnett considers transitory headwinds. Omicron also affected staff absenteeism and fit-outs.

The broker expects the company will resume growth once new-vehicle supply and sales are resolved, and for margins to remain robust, particularly given the recent strength in the $A against the Thai Baht, which lowers the company's cost of goods sold.

Earnings forecasts are 4%, 3.4% and 5.6% across FY22/FY23/FY24.

Buy rating retained. Target price falls to $45 from $52.20.

Target price is $45.00 Current Price is $33.61 Difference: $11.39
If ARB meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $45.93, suggesting upside of 38.7% (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 BAP as Buy (1) -

Bapcor's March-quarter trading update appears to have pleased UBS as Victorian DC issues resolve, and the broker spies a strong exit growth rate in March, and rising prices, consistent with competitors.

FY22 guidance met UBS and consensus forecasts as auto-aftermarket buoyancy continued apace.

Fundamentals remain strong as: price rises offsetting cost inflation; ageing car fleets supply restraints continue to reduce new-vehicle stock and sale; and global auto production is forecast to fall in 2022.

UBS adopts a conservative approach and shaves margin assumptions but given the strong balance sheet, respectable multiple and 7% EPS compound annual growth rate, remains positive.

Buy rating retained. Target price slips to $7.90 from $8.10.

Target price is $7.90 Current Price is $6.25 Difference: $1.65
If BAP meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.92, suggesting upside of 23.2% (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

Credit Suisse rates BHP as Neutral (3) -

Credit Suisse's commodities team expects coal and iron ore prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. Low output from iron ore majors have driven a global market iron ore deficit, while an energy crisis is emerging in Europe as coal consumers look to move away from Russian supply.

Upgrades to the broker's commodity price deck saw BHP Group's earnings forecasts lift 14%, 82% and 54% through to FY24, with elevated coal pricing a big driver of the increase, even as Credit Suisse notes a fossil fuel divestment could occur at some point.

The Neutral rating is retained and the target price increases to $50.00 from $48.00.

Target price is $50.00 Current Price is $47.40 Difference: $2.6
If BHP meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $52.66, suggesting upside of 10.9% (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: 0.6

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

Macquarie rates BOE as No Rating (-1) -

Presenting at the Macquarie Conference, Boss Energy noted the Honeymoon uranium project is fully licensed and has a near-term path to market buoyed by a rallying uranium price. The miner has completed its Front-End Engineering Design work.

The recent equity raising will serve to advance Honeymoon. Macquarie is on research restriction.

Current Price is $2.45. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates CHN as Outperform (1) -

Presenting at the Macquarie Conference, Chalice Mining noted its Julimar deposit is a major greenfiled source containing all of palladium, platinum, nickel, copper, cobalt and gold. Macquarie expects all these metals to enjoy tailwinds on accelerating ESG momentum.

A maiden resource is expected for Gonneville this quarter, and securing final permits that will enable drilling of the higher priority targets in the State Forest present the key near-term catalyst.

Outperform and $10.00 target retained.

Target price is $10.00 Current Price is $6.81 Difference: $3.19
If CHN meets the Macquarie target it will return approximately 47% (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 CIA as Outperform (1) -

First shipments from Champion Iron's Bloom Lake phase 2 have occurred ahead of schedule and commercial production is expected by the end of 2022.

Macquarie believes Champion's organic growth profile is attractive, with Bloom Lake phase 2 expansion doubling the production capacity to around15mtpa. Iron ore prices and premiums for high-grade ore remain buoyant.

Outperform and $8.60 target retained.

Target price is $8.60 Current Price is $7.23 Difference: $1.37
If CIA meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Credit Suisse rates CRN as Outperform (1) -

Credit Suisse's commodities team expects coal prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. With Europe and other coal consumers looking to move away from Russian supply, a scarcity for high grade thermal coal should support healthy premiums on Australian exports.

With the broker lifting coking price forecasts 11-75% through to 2026, its earnings forecasts for Coronado Global Resources increase 83%, 226% and 325% for the same period.

The broker prefers Whitehaven Coal ((WHC)) over Coronado Global Resources. The Outperform rating is retained and the target price increases to $3.50 from $2.50.

Target price is $3.50 Current Price is $2.38 Difference: $1.12
If CRN meets the Credit Suisse target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

Credit Suisse rates DRR as Neutral (3) -

Credit Suisse's commodities team expects coal and iron ore prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. Low output from iron ore majors have driven a global market iron ore deficit, while an energy crisis is emerging in Europe as coal consumers look to move away from Russian supply.

Upgrades to the broker's commodity price deck saw Deterra Royalties's earnings forecasts lift 6%, 18% and 121% through to FY24. Credit Suisse further noted Deterra Royalties offers exposure to iron ore without the cost and capital expenditure inflation associated with miners with WA exposure.

The Outperform rating is retained and the target price increases to $5.20 from $4.90.

Target price is $5.20 Current Price is $4.75 Difference: $0.45
If DRR meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 5.2% (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 ELO as Overweight (1) -

Following Elmo Software's 3Q report, Morgan Stanley stays Overweight and retains its $6.70 target price. Management reiterated FY22 guidance and highlighted annual recurring revenue (ARR) is tracking to the upper end of the guidance range.

The company also reiterated its cashflow breakeven target in 2H23. Industry view: In-line.

Target price is $6.70 Current Price is $3.12 Difference: $3.58
If ELO meets the Morgan Stanley target it will return approximately 115% (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

Ord Minnett rates EML as Buy (1) -

EML Payments' March-quarter trading update disappointed Ord Minnett, and management lowered midpoint guidance by -13%, due to falling revenue and higher costs.

The broker sheets these trends back to lower establishment income due to a lower risk approach to new programs; adverse currency movements; increased compliance and regulatory costs in Europe; and delays in regulatory approvals for bond investments.

Ord Minnett says confidence in management remains a sticking point but appreciates the current multiple, strong underlying fundamentals and swiftly growing market.

Buy rating retained. Target price falls to $2.95 from $4.03.

Target price is $2.95 Current Price is $1.53 Difference: $1.42
If EML meets the Ord Minnett target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 84.7% (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

Citi rates FLT as Sell (5) -

Flight Centre Travel's March-quarter loss appears to have met consensus and Citi's forecasts but revenue margins disappointed the broker.

While the broker believes management is balancing capacity ahead of demand well, Citi spies some under-servicing and was surprised at the amount of total travel value required to produce a break-even result, suggesting much of it is uneconomic or very low revenue.

Citi says liquidity concerns are abating and believes balance sheet risk to be minimal, but notes the cash-burn potential from any disruption could be large.

Sell rating retained, the broker not appreciating the operating environment and future. Targe price falls to $15.55 from $15.77.

Target price is $15.55 Current Price is $21.19 Difference: minus $5.64 (current price is over target).
If FLT meets the Citi target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.62, suggesting downside of -17.6% (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

Morgans rates FLT as Hold (3) -

Morgans assesses a strong 3Q trading update by Flight Centre Travel with Corporate becoming profitable and Leisure to become profitable this month. In a better than expected outcome, the group is now generating small positive operating cashflow.

Management's FY22 earnings (EBITDA) guidance just slightly missed the consensus expectation. Nonetheless, the company stated its Corporate business will return to pre-covid levels of total transaction volume (TTV) on a monthly basis during FY23.

The Hold rating is unchanged, while the target rises to $20.34 from $19.56.

Target price is $20.34 Current Price is $21.19 Difference: minus $0.85 (current price is over target).
If FLT meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.62, suggesting downside of -17.6% (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

Ord Minnett rates FLT as Downgrade to Sell from Lighten (5) -

Flight Centre Travel's March-quarter loss guidance does not appear to have surprised Ord Minnett, the broker noting Outbound Travel to Aussie consumers has always been where the money has been generated.

The broker sheets the market's disappointment back to over-excitement about the reopening theme.

Meanwhile, Flight Centre hinted revenue margins could be lower for some time due to a reduction in front-end air commissions as airlines revisit low-yielding fares. Ord Minnett considers news of labour shortages problematic given it suggests the company may have to fork out for higher wages, hitting margins.

Rating downgraded to Sell from Lighten. Price target eases to $14.28 from $14.40.

Target price is $14.28 Current Price is $21.19 Difference: minus $6.91 (current price is over target).
If FLT meets the Ord Minnett target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.62, suggesting downside of -17.6% (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

UBS rates FLT as Neutral (3) -

Flight Centre Travel's March-quarter delivered positive monthly group earnings (EBITDA) and cash flow - UBS viewing both as positive milestones.

Guidance remains in line with consensus. Given the company didn't downgrade for omicron, this suggests to UBS that the June quarter could outpace market expectations.

Corporate was strong but a question-mark remains over Leisure, which is close to breakeven.

Neutral rating and $19.10 target price retained.

Target price is $19.10 Current Price is $21.19 Difference: minus $2.09 (current price is over target).
If FLT meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.62, suggesting downside of -17.6% (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

Credit Suisse rates FMG as Upgrade to Neutral from Underperform (3) -

Credit Suisse's commodities team expects coal and iron ore prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. Low output from iron ore majors have driven a global market iron ore deficit, while an energy crisis is emerging in Europe as coal consumers look to move away from Russian supply.

Upgrades to the broker's commodity price deck saw Fortescue Metals' earnings forecasts lift 11% and 66% in FY22 and FY23, with the broker estimated the company's price realisation has improved to 75%, and anticipating further improvement to 80% in FY23.

The rating is upgraded to Neutral from Underperform and the target price increases to $20.00 from $15.00.

Target price is $20.00 Current Price is $20.12 Difference: minus $0.12 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.22, suggesting downside of -12.4% (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: -0.3

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

Macquarie rates GMA as Outperform (1) -

Genworth Mortgage Insurance' March Q update noted a -25% fall year on year in gross written premiums, which reflect a slow lending market, Macquarie notes. But a slow claims environment provided an offset.

Losses on the investment portfolio were driven by the mark-to-market impact of rising bond yields.

Macquarie's Outperform rating and $3.50 target, up from $3.25, reflect improved returns through on the front book, and the prospect for ongoing excess capital to be returned to shareholders.

Target price is $3.50 Current Price is $3.02 Difference: $0.48
If GMA meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

UBS rates HMC as Upgrade to Neutral from Sell (3) -

UBS upgrades HMC Capital to Neutral from Sell after management advised the market it will raise and deploy the $1.2bn from its capital raising over three years to generate an internal rate of return of 17%.

Given the company's recent strong execution (a year UBS doubts will be repeated), the broker considers the strategy plausible, but would want to see a better cost of capital among listed REITs before committing to a higher rating.

Target price rises to $6.34 from $5.40. 

Target price is $6.34 Current Price is $6.19 Difference: $0.15
If HMC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.97, suggesting upside of 6.7% (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

Ord Minnett rates ICT as Buy (1) -

iCollege's trading update sharply outpaced Ord Minnett's forecasts, the company ramping up its number of international ELICOS students to 2,000 by July.

The company's $22.3m cash position also outpaced and the broker notes the Greenwich brand will be launched in Queensland in July 22, yielding revenue by the September quarter.

Buy rating and 21c target price retained.

Target price is $0.21 Current Price is $0.13 Difference: $0.08
If ICT meets the Ord Minnett target it will return approximately 62% (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

UBS rates IMD as Neutral (3) -

Imdex's March-quarter trading update outpaced UBS forecasts, thanks to strong growth in the Americas.

UBS says the result reveals a stronger skew to fluids, which given minor margin dilution, kept a lid on profits.

The broker appreciates the company's long-term exploration view but retains a Neutral rating for now given the number and pace of upgrades. Target price steady at $3.10 as margin dilution offset revenue gains.

Target price is $3.10 Current Price is $2.39 Difference: $0.71
If IMD meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

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

Macquarie rates JBH as Outperform (1) -

Presenting at trhe Macquarie Conference, JB Hi-Fi provided a March Q trading update showing 11.1% year on year sales growth in the domestic JB business, 4.8% for New Zealand and 5.0% for The Good Guys.

The company is focused on a "replacement cycle" for its goods, while still seeing demand for small appliances and work-from-home equipment. Price rises "hidden" in product upgrades mean demand is not being impacted by inflation.

Continuing to believe the Australian consumer is well placed over 2022, Macquarie retains Outperform and a $57.80 target.

Target price is $57.80 Current Price is $49.73 Difference: $8.07
If JBH meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $57.65, suggesting upside of 14.3% (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

UBS rates JBH as Neutral (3) -

JB Hi-Fi's trading update included a full March-quarter result, which showed a slight improvement on like-for-like sales post the March 24 trading update says UBS.

Management notes momentum continued into the June quarter but is wary of providing guidance given stock and operational disruptions from covid.

The company is continuing to focus on its online transition, focusing on supply chains and delivery experience.

Neutral rating and $54 target price retained. 

Target price is $54.00 Current Price is $49.73 Difference: $4.27
If JBH meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $57.65, suggesting upside of 14.3% (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 JHG as Equal-weight (3) -

While softer flows are currently a feature of the funds management industry, Morgan Stanley still expects a soft share price reaction to Janus Henderson's 1Q results.

Adjusted EPS was a -13% miss versus the consensus estimate and a -16% miss versus the broker. It's thought costs didn't fall enough to offset lower assets under management (AUM) and negative performance fees in the 1Q.

Management maintained FY22 cost guidance. The Equal-weight rating and $48 target are maintained. Industry view: Attractive.

Target price is $48.00 Current Price is $43.42 Difference: $4.58
If JHG meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $48.75, suggesting upside of 29.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.0

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

Ord Minnett rates JHX as Accumulate (2) -

Ord Minnett divines a positive read-through from competitor Louisiana-Pacific's (LP) March-quarter result to James Hardie Industries.

LP posted strong double digit sales growth and Ord Minnett expects James Hardie will report 14% volume growth in its North America Fibre Cement division for the March quarter (on May 17).

Ord Minnet spies no slowdown in building demand, with LP's order books remaining strong and inventories low.

Accumulate rating and $54.50 target price retained.

Target price is $54.50 Current Price is $40.95 Difference: $13.55
If JHX meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $54.74, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in March.

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: 0.6

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

UBS rates JHX as Buy (1) -

James Hardie Industries'  rival Louisiana-Pacific (LP) has raised FY22 siding guidance to more-than 20% from more-than 15% as price increases offset cost inflation.

UBS does not believe the start-up of LP's Sagola, Michigan mill conversion will inhibit James Hardies' ability to increase volumes.

Meanwhile, LP management commentary suggests building demand remains strong and that mortgage concerns are not affecting the company's outlook at this stage.

UBS's read-through to James Hardie is that the company's guidance is achievable. Buy rating and $58 target price retained.

Target price is $58.00 Current Price is $40.95 Difference: $17.05
If JHX meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $54.74, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in March.

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: 0.6

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

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

In an operational update by Lendlease Group, Morgan Stanley felt the company indicated that a rising return on invested capital (ROIC) for Investments should outweigh some negatives in Development/Construction.

The broker maintains its Equal-weight rating and $11.40 target price. Industry view: In-Line.

Target price is $11.40 Current Price is $11.81 Difference: minus $0.41 (current price is over target).
If LLC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.62, suggesting upside of 5.1% (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 LTR as Outperform (1) -

Presenting at the Macquarie Conference, Liontown Resources noted that having secured offtake agreements with Tesla and LG Energy Solutions, only one more agreement is needed to move to a final investment decision on Kathleen Valley Stage 1.

The miner is well funded to bring Stage 1 into production, Macquarie notes, and first production is expected to occur in early FY25, ramping up to 500ktpa by FY26.

Outperform and $2.50 target retained.

Target price is $2.50 Current Price is $1.36 Difference: $1.14
If LTR meets the Macquarie target it will return approximately 84% (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 MIN as Outperform (1) -

The core theme of Mineral Resources' presentation to the Macquarie Conference was a positive outlook for the company's key pillars of mining services, iron ore. lithium and energy. Production and cost guidance was reiterated.

Lithium hydroxide production at Kemerton and increasing spodumene sales from Wodgina and Mt Marion underpin the company’s strong earnings outlook, Macquarie suggests.

Outperform and $85 target retained.

Target price is $85.00 Current Price is $54.24 Difference: $30.76
If MIN meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $68.94, suggesting upside of 22.9% (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 MPL as Neutral (3) -

Presenting at the Macquarie Conference, Medibank Private noted its FY22 outlook remains unchanged, and the company is on track to deliver on its policyholder growth and management expense targets.

Updated medium-term expectations  for the MPL Health division should be provided at the FY22 result. Private health insurance  participation grow this expected to moderate, but to remain at “high rates” over the medium term.

Macquarie retains Neutral, being cautious heading into the election. Target falls to $3.20 from $3.30.

Target price is $3.20 Current Price is $3.17 Difference: $0.03
If MPL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 6.7% (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 MVF as Add (1) -

A 5% increase in Medicare cycles for March versus the previous corresponding period and ongoing M&A activity in the IVF industry keeps Morgans Add-rated on Monash IVF with an unchanged $1.29 target price.

The broker continues to believe a positive structural change for the industry occurred in 2021 with a step-up in cycle volumes.

Target price is $1.29 Current Price is $1.23 Difference: $0.06
If MVF meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 0.5% (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

Citi rates NCK as Buy (1) -

Nick Scali's March-quarter trading update appears to have missed consensus forecasts, despite the company registering an acceleration in order growth during the period. Supply-chain issues remain due to lockdowns and Citi recognises the risk posed by rising interest rates.

But Citi remains positive, expecting demand could shift to FY23 and believes consensus could be conservative given the order bank at the end of April was 90% above the previous April. The broker also spies several opportunities for Plush.

Target price falls to $15.50 from $17.60 to reflect supply-chain challenges. Buy rating retained.

Target price is $15.50 Current Price is $10.00 Difference: $5.5
If NCK meets the Citi target it will return approximately 55% (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

Morgan Stanley rates NEA as Overweight (1) -

Following a trading update by Nearmap, Morgan Stanley expects a significant reduction in FY23 cash burn, which will likely be viewed positively by the market.

Management raised the lower end of annual contract value (ACV) guidance to $155m from $150m, while leaving the $160m top-end of the range unchanged. The Overweight rating and $2.60 target are maintained. Industry view In-Line.

Target price is $2.60 Current Price is $1.18 Difference: $1.42
If NEA meets the Morgan Stanley target it will return approximately 120% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 61.4% (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

Credit Suisse rates NEC as Outperform (1) -

Third quarter trading updates from the market suggest continued strength in both free-to-air and video-on-demand television. Credit Suisse notes some free-to-air gains are expected to reverse in the coming financial year, but video-on-demand appears set for continued growth.

Nine Entertainment reported free-to-air ad revenue growth of 11% in the third quarter, and revenue growth for 9Now of close to 40%. Company expectations for Stan and Publishing are retained.

The Outperform rating is retained and the target price decreases to $3.50 from $3.60.

Target price is $3.50 Current Price is $2.59 Difference: $0.91
If NEC meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 37.1% (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

Credit Suisse rates NHC as Outperform (1) -

Credit Suisse's commodities team expects coal prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. With Europe and other coal consumers looking to move away from Russian supply, a scarcity for high grade thermal coal should support healthy premiums on Australian exports.

With the broker lifting thermal price forecasts 41-109% through to 2026, its earnings forecasts for New Hope increase 10%, 129% and 196% for the same period.

The broker prefers Whitehaven Coal ((WHC)) over New Hope. The Outperform rating is retained and the target price increases to $4.90 from $3.50.

Target price is $4.90 Current Price is $3.53 Difference: $1.37
If NHC meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in July.

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

Credit Suisse rates OML as Neutral (3) -

oOh!media reported 15% year-on-year revenue growth in the first quarter, with Credit Suisse noting acceleration in growth in April. While consistent with previous commentary from the company, the broker notes oOh!media lagged the competition according to sector data.

Credit Suisse notes the Outdoor Media Association reported year-on-year net revenue sector growth of 25.5% in the first quarter, but does not view underperformance as a significant concern given the company's different exposure and revenue streams to peers.

The Neutral rating and target price of $1.70 are retained.

Target price is $1.70 Current Price is $1.66 Difference: $0.04
If OML meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in December.

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 ORG as Buy (1) -

UBS rebases it wholesale electricity price outlook to reflect supply shifts - particularly higher coal and gas prices.

Given Origin Energy has hedged most of its near-term exposure, the broker only calculates modest EPS upgrades.

While prices are rising, the broker expects they will fall over the next three years as coal prices ease; capacity constraints on thermal generation improve; and growing renewables generation comes on line. FY22 to FY24 EPS estimates rise 2% to 17%.

Origin Energy remains the broker's favoured utilities company given its exposure to commodities.

Buy rating retained. Target price rises 10% to $7.70 from $7.

Target price is $7.70 Current Price is $7.00 Difference: $0.7
If ORG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting downside of -5.6% (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

Morgans rates PTB as Upgrade to Add from Hold (1) -

Morgans upgrades its rating for PTB Group to Add from Hold as mangement's upgraded FY22 profit guidance implies a 23% improvement in performance over 1H22. An improved performance at PT USA was cited as the primary growth driver.

Relatively speaking the US operations are much larger than those in Australia, and the analyst believes more opportunities will be sought out in the US. The target price rises to $1.51 from $1.23 due to the stronger revenue growth and expectations of more to follow.

Target price is $1.51 Current Price is $1.22 Difference: $0.29
If PTB meets the Morgans target it will return approximately 24% (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 RHC as Outperform (1) -

Ramsay Health Care's recent trading update highlighted adverse impacts associated with covid in Australia. While the near-term outlook remains uncertain, Macquarie sees a favourable outlook for Australian hospital volumes over the medium-longer term.

Combined with unrealised value within the company's Australian property portfolio, the broker believes these factors underpin the
strategic rationale for KKR’s bid.

The Outperform rating and $88 target are based on the current KKR offer.

Target price is $88.00 Current Price is $79.01 Difference: $8.99
If RHC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $78.60, suggesting upside of 0.1% (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) -

Morgan Stanley sees some potential volume slippage at Ramsay Health Care from BUPA member uncertainty unless the conflict over the RHC/BUPA contract is resolved.

The conflict also has the potential to add uncertainty and prolong the KKR due diligence process on Ramsay Health Care, suggests the broker.

Underweight and $62 target retained. Industry View: In-Line.

Target price is $62.00 Current Price is $79.01 Difference: minus $17.01 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.60, suggesting upside of 0.1% (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 RIO as Outperform (1) -

Credit Suisse's commodities team expects coal and iron ore prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. Low output from iron ore majors have driven a global market iron ore deficit, while an energy crisis is emerging in Europe as coal consumers look to move away from Russian supply.

Upgrades to the broker's commodity price deck saw Rio Tinto's earnings forecasts lift 41%, 54% and 18% through to FY24. Credit Suisse further noted a hard decarbonisation budget from Rio Tinto could see investors return.

The Outperform rating and target price of $138.00 are retained.

Target price is $138.00 Current Price is $111.11 Difference: $26.89
If RIO meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $125.21, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

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: 0.6

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

Morgan Stanley rates RWC as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley believes the Reliance Worldwide share price has been unfairly marked down by association with peers. It's noted the business carries the lowest weighting within the broker's coverage of the sector to new housing construction.

The company's main repair and renovation exposure should prove much more resilient, in the analyst's opinion, in the face of rising mortgage rates.The broker raises its rating to Overweight from Equal-weight.

The price target rises to $5.40 from $5.30 after Morgan Stanley incorporates earnings forecast upgrades following a 3Q trading update by the company. Industry view: In-Line.

Target price is $5.40 Current Price is $4.05 Difference: $1.35
If RWC meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 21.6% (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: 0.7

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

Credit Suisse rates S32 as Outperform (1) -

Credit Suisse's commodities team expects coal and iron ore prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. Low output from iron ore majors have driven a global market iron ore deficit, while an energy crisis is emerging in Europe as coal consumers look to move away from Russian supply.

Upgrades to the broker's commodity price deck saw South32's earnings per share forecasts lift 4%, 26% and 31% through to FY24. Credit Suisse further noted South32 retains an attractive commodity mix, and free cash flow should support a continued capital returns program.

South32 remains a preferred pick for the broker. The Outperform rating and target price of $6.00 are retained.

Target price is $6.00 Current Price is $4.64 Difference: $1.36
If S32 meets the Credit Suisse target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 27.1% (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: 1.0

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

Credit Suisse rates SWM as Outperform (1) -

Third quarter trading updates from the market suggest continued strength in both free-to-air and video-on-demand television. Credit Suisse notes some free-to-air gains are expected to reverse in the coming financial year, but video-on-demand appears set for continued growth.

Seven West Media reported free-to-air ad revenue growth of 6.7% in the third quarter, anticipating a further 4-5% growth in the fourth quarter. The company also updated its full year earnings guidance to $335-340m, from a previous $315-325m.

The Outperform rating and target price of $0.90 are retained.

Target price is $0.90 Current Price is $0.64 Difference: $0.26
If SWM meets the Credit Suisse target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 31.3% (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

Credit Suisse rates TPW as Outperform (1) -

Temple & Webster's latest trading update was slightly softer than expected by Credit Suisse, and the broker has moderated earnings forecasts accordingly. 

Alongside its trading update the company has announced the launch of The Build by Temple & Webster, an online-only platform for home renovators currently listing more than 20,000 products. The company looks to invest $10m over FY22 and FY23, having identified a $16bn addressable market with only 4% online penetration.

The broker sees material opportunity for the company to expand market share. The Outperform rating is retained and the target price decreases to $9.59 from $13.54 based on new investment and moderated earnings.

Target price is $9.59 Current Price is $5.02 Difference: $4.57
If TPW meets the Credit Suisse target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $9.12, suggesting upside of 85.8% (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 TPW as Overweight (1) -

Following a trading update for Temple & Webster, Morgan Stanley believes the FY22 consensus estimate is on track. Management confirmed FY22 margin guidance.

The broker also likes the expansion into home improvement from a strategic and financial standpoint though any credit by the market is likely to be delayed until execution. 

The analyst lowers earnings (EBITDA) estimates by -20-44% after including start-up losses for home improvement of -$2-6m per year. The target price falls to $9 from $14.

Overweight retained. Industry view: In-Line.

Target price is $9.00 Current Price is $5.02 Difference: $3.98
If TPW meets the Morgan Stanley target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $9.12, suggesting upside of 85.8% (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 TPW as Buy (1) -

Temple & Webster's trading update for the four months to April 30 slightly missed UBS's forecasts, although June is traditionally the strong month.

The company is UBS's e-commerce fave, but the broker expects near-term volatility as competition intensifies in a softening market.

The company expects earnings profitability by FY26 and UBS says its own growth forecasts are conservative.

But the broker believes consensus forecasts need to be rebased given the broader macro environment and cuts FY23 and FY24 earnings (EBITDA) forecasts -42% and -29%, which it notes are off a low base.

Buy rating retained on a positive medium-term view. Target price falls to $8.20 from $11.80.

Target price is $8.20 Current Price is $5.02 Difference: $3.18
If TPW meets the UBS target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $9.12, suggesting upside of 85.8% (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

Credit Suisse rates TWE as Outperform (1) -

Following Treasury Wine Estates' March quarter update Credit Suisse sees the company as on track for full year earnings, and despite no trading update from company management noted positive commentary on category and market growth.

On the company's 2022 vintage, the broker notes intake will likely be down on record yields in 2021 but grape prices are expected to be -20% lower for reds and largely flat for whites. Credit Suisse expects lower grape costs to benefit cost of goods sold in FY23 and FY24.

The Outperform rating and target price of $13.50 are retained.

Target price is $13.50 Current Price is $11.35 Difference: $2.15
If TWE meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.41, suggesting upside of 16.1% (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 TWE as Neutral (3) -

Presenting at the Macquarie Conference, Treasury Wine Estates noted Australians are drinking lighter style wines to suit multiple occasions, and low alcohol and zero alcohol trends are growing.

Australia is still in oversupply of wine, but pressures are easing and pricing is holding up to date. Asia remains a key market, with or without China, and growing at a compound rate of 4-9%, ex-China, offers significant growth opportunities.

The Frank Family Vineyards acquisition is proving fruitful, with FFV expertise to be leveraged across the Treasury Wine business. Macquarie retains Neutral and a $12.55 target.

Target price is $12.55 Current Price is $11.35 Difference: $1.2
If TWE meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.41, suggesting upside of 16.1% (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

UBS rates TWE as Buy (1) -

Treasury Wine Estates March-quarter wine exports appear to have met UBS's expectation, the data giving the first sign of industry growth post the imposition of China tarrifs (exports fell sharply initially).

Post the reset, wine exports and values rose modestly, and UBS notes a strong jump in the above A$10 category, suggesting a skew to higher margin luxury/premium exports. Commercial export growth was damp, suggesting growth in irrigated areas may be reconsidered.

The broker notes the company is trading at a 28% discount to US wine peer Duckhorn.

Buy rating and $13.50 target price retained.

Target price is $13.50 Current Price is $11.35 Difference: $2.15
If TWE meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.41, suggesting upside of 16.1% (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

Credit Suisse rates WHC as Outperform (1) -

Credit Suisse's commodities team expects coal prices will remain elevated in the mid-term as geopolitical conflict and trade flow constraints continue to impact on supply. With Europe and other coal consumers looking to move away from Russian supply, a scarcity for high grade thermal coal should support healthy premiums on Australian exports.

With the broker lifting thermal price forecasts 41-109% through to 2026, its earnings forecast for Whitehaven Coal increase 8%, 164% and 261% for the same period.

The broker prefers Whitehaven Coal over covered peers. The Outperform rating is retained and the target price increases to $7.30 from $5.60.

Target price is $7.30 Current Price is $4.87 Difference: $2.43
If WHC meets the Credit Suisse target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 18.0% (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