Australian Broker Call

UBS rates A2M as Buy (1) -

UBS reiterates its Buy call on a2 Milk Co, expecting a 140% rise in net profit after tax by FY26, thanks to strong infant formula demand and a daigou channel recovery.

Data suggest the company is enjoying growing brand recognition, that daigou retail margins are on the rise and that exports into China are growing. 

UBS believes consensus forecasts appear underdone and expects EPS to return to pre-covid levels by FY26 (30% ahead of consensus).

Buy rating and NZ$8.90 target price retained.

Current Price is $5.74. Target price not assessed.

Current consensus price target is $6.03, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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

Macquarie rates AKE as Outperform (1) -

Allkem updated on the resource at Mount Cattlin.  The operatiion now consists of the total mineral resource of 12.8mt at 1.3% lithium oxide which translates to contained metal of 167,000t.

The main focus, Macquarie points out, is now on the life-of-mine update in future mining approach. Outperform rating and $17 target price retained.

Target price is $17.00 Current Price is $11.60 Difference: $5.4
If AKE meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $16.28, suggesting upside of 35.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates AKE as Buy (1) -

A fresh industry assessment by UBS sees the price forecast for lithium reduced by -20%-30% for 2023 and 2024, with follow-on impact for companies under coverage through reduced earnings estimates to the tune of -10%-40%.

In the same breath, UBS has upgraded its long-term price forecast for spodumene, carbonate and hydroxide by circa 20% which has the effect of leaving Net Present Valuations (NPVs) relatively unchanged despite the near term projection of lower earnings.

Allkem retains its Buy rating with a price target of $16.30, down from $16.60.

Target price is $16.30 Current Price is $11.60 Difference: $4.7
If AKE meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $16.28, suggesting upside of 35.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates ALX as Neutral (3) -

Macquarie observes traffic on Atlas Arteria's network is softening, with a weaker forecast for APRR while Skyway is affected by roadworks.

The main uncertainties ahead include the timing of Greenway approval and reconsideration of subsequent concessions by the French government.

Neutral rating and $6.44 target price are retained.

Target price is $6.44 Current Price is $6.42 Difference: $0.02
If ALX meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Bell Potter rates AMA as Buy (1) -

Bell Potter downgrades its FY23-25 earnings (EBITDA) forecasts by around -7%, and forecasts earnings of $65m for FY23, within the new guidance range of $60-68m, which was lowered by AMA Group from $70-90m.

The company attributes the lower guidance to ongoing margin compression caused by labour constraints and higher employee costs. Also, management noted many contracts don't have appropriate adjdustment clauses for inflation and/or repair severity.

The broker lowers its target to 28c from 34c after allowing for lower earnings forecasts, market movements and time creep. The Buy rating is unchanged.

Target price is $0.28 Current Price is $0.16 Difference: $0.12
If AMA meets the Bell Potter target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Shaw and Partners rates AVD as Buy (1) -

Avada Group has acquired Wilsons Traffic Management, a small traffic management business based in New Zealand with a presence in Christchurch, Nelson and Queenstown. The purchase price is $13m.

This is the company's first acquisition in New Zealand and it plans to pursue expansion. Trading is expected to improve in the second half and Shaw and Partners asserts the stock is undervalued versus peers. Buy rating maintained. Target rises to $0.90 from $0.80.

Target price is $0.90 Current Price is $0.54 Difference: $0.36
If AVD meets the Shaw and Partners target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Shaw and Partners rates BC8 as Buy (1) -

Black Cat Syndicate has released further results from Paulsens underground, with high-grade gold intercepts that Shaw and Partners believes bode well for another upgrade.

An upgrade is expected in May which will also include recent exploration success in the Gabbro veins leading to a decision regarding re-starting mining at Paulsens.

The 77c target and Buy rating are unchanged.

Target price is $0.77 Current Price is $0.47 Difference: $0.305
If BC8 meets the Shaw and Partners target it will return approximately 66% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Bell Potter initiates coverage on building materials and property development company Brickworks with a Buy rating and $27 target price.

The company is Australia's largest and lowest cost brick maker, and also has a 26.1% stake in investment vehichle Washington H. Soul Pattinson ((SOL)).

The broker likes Brickworks' relatively low-cost exposure to a residential housing recovery, with the core Building Products segment trading at an around -11% discount to its peers.

While current conditions are depressed for this segment, the analysts note there is normally a 4-7 month lead in share price performance relative to house prices.

Target price is $27.00 Current Price is $23.97 Difference: $3.03
If BKW meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.68, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates BSL as Overweight (1) -

Morgan Stanley observes US steel prices and spreads are on the rise, suggesting North Star's earnings should follow.

The broker now expects an upgrade to company guidance and raises EPS forecasts 13% for FY23; and 34% for FY24.

Overweight rating retained. Target price rises 8% to $26 from $24.

Target price is $26.00 Current Price is $20.08 Difference: $5.92
If BSL meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $20.74, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates CAR as Reinstate Coverage with Buy (1) -

Citi reinstates coverage on Carsales with a Buy rating and $25.80 target.

Growth is expected to slow in FY24 because of the macro backdrop, yet the broker points out there are multiple levers the company can use given a more diversified exposure since the Trader Interactive acquisition and the increased stake in Webmotors in Brazil.

The broker envisages upside risk to FY23 guidance of "good" growth in revenue and EBITDA on a pro forma basis.  Moreover, as private used car listings are surging, there is upside risk to this source of revenue if current listing activity continues.

Target price is $25.80 Current Price is $23.20 Difference: $2.6
If CAR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.17, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Bell Potter rates CGS as Buy (1) -

A 3Q business update by Cogstate shows Bell Potter that while revenue was weaker than the FY22 quarterly average, it was in line with the quarterly average since FY21.

There were weaker signings in the 3Q, explains the analyst, driven by the limited availability of capital for biotech companies in the current macroeconomic backdrop.

The broker keeps its Buy rating though reduces its target to 1.80 from $1.90 on marginal downgrades to earnings forecasts and a lower multiple based on ASX and international comparatives.

Target price is $1.80 Current Price is $1.36 Difference: $0.44
If CGS meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates CNB as Outperform (1) -

Carnaby Resources has drill results from the Greater Duchess copper gold project. Macquarie is encouraged by the results which have flagged the potential for a second lode at Mount Hope Central.

A maiden resource estimate for Greater Duchess is the next catalyst, which the broker estimates could exceed 300,000t of copper.

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

Target price is $1.70 Current Price is $1.55 Difference: $0.155
If CNB meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates CNU as Neutral (3) -

Macquarie reviews the exposure of Chorus to changes in New Zealand's floating interest rate. The broker estimates the underlying net interest expense increased to -NZ$93m in the first half.

Given the company's treasury policy, any movement on interest rates will impact around 30% of the debt book.

As fibre uptake is relatively defensive in a recession environment, the broker assesses the main risk for the business are changes in these floating interest rates.

The broker's Neutral rating is maintained and the target is raised to NZ$8.70 from NZ$8.63.

Current Price is $8.08. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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

Ord Minnett rates CTD as Hold (3) -

Corporate Travel Management's $3bn contract with the UK Home Office was not a complete surprise for Ord Minnett as its potential had been around for some time. It also partially explains the company's confidence in reiterating FY24 EBITDA guidance at the AGM back in October.

The main question the broker poses is whether the company considers the traditional business, heavily dependent on air, structurally challenged, or whether the new contract is just an extension of existing services in the form of land transport and accommodation fulfilment.

The broker retains a Hold rating on valuation grounds and raises the target to $20.46 from $18.50.

Target price is $20.46 Current Price is $21.48 Difference: minus $1.02 (current price is over target).
If CTD meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.92, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Bell Potter rates FDV as Speculative Buy (1) -

Bell Potter leaves its Speculative Buy rating unchanged though lowers its target to $1.05 from $1.23 for Frontier Digital Ventures following adjustments for a capital raise and difficult trading conditions in Pakistan.

The broker also downgrades its revenue multiple ascribed to Zameen, the Pakistan real estate portal, to reflect moderating growth and heightened risk.

The company has completed a placement raising $13m at 56cps with an attached non-underwritten SPP to raise a further $2m. Funds will be used to meet final earn out payments for full ownership of Latin American subsidiaries InfoCasas and e24.

Target price is $1.05 Current Price is $0.56 Difference: $0.495
If FDV meets the Bell Potter target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates IGO as Buy (1) -

A fresh industry assessment by UBS sees the price forecast for lithium reduced by -20%-30% for 2023 and 2024, with follow-on impact for companies under coverage through reduced earnings estimates to the tune of -10%-40%.

In the same breath, UBS has upgraded its long-term price forecast for spodumene, carbonate and hydroxide by circa 20% which has the effect of leaving Net Present Valuations (NPVs) relatively unchanged despite the near term projection of lower earnings.

IGO remains Buy-rated at UBS with a price target of $19.10, up from $18.20.

Target price is $19.10 Current Price is $13.54 Difference: $5.56
If IGO meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 14.6% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates IPD as Speculative Buy (1) -

Morgans keeps its positive view and Speculative Buy rating on ImpediMed following the 3Q cashflow report, which showed the highest to-date cash receipt quarter for the company.

The broker anticipates an acceleration in installed base growth after the US National Comprehensive Cancer Network (NCCN) last month recommended regular screenings with bioimpedance spectroscopy (BIS). 

SOZO is the only FDA-cleared BIS device for all cancer-related lymphoedema, explains the analyst, and 12 units were sold during the 3Q, bringing the total units in the field to more than 950.

The broker's forecasts and 18c target price are unchanged.

Target price is $0.18 Current Price is $0.10 Difference: $0.08
If IPD meets the Morgans target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates IPH as Outperform (1) -

IPH has updated on the cyber incident, planning to complete the investigation and response in coming weeks.

The nature of the breach appears to be relatively contained, Macquarie suggests, as the data downloaded by an unauthorised third-party contained only a small number of clients within Spruson & Ferguson. Outperform rating and $12.85 target maintained.

Target price is $12.85 Current Price is $8.02 Difference: $4.83
If IPH meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $10.85, suggesting upside of 33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates IPH as Buy (1) -

IPH has largely completed its cyber-security breach investigation and UBS concludes that the result is less material than initially expected:

-the breach was not large, focusing on a small cohort of clients belonging to Spruson & Ferguson Lawyers (the IP litigation business constitutes 4% of revenue); 

-revenue impact is just -$4.4m in March only;

-the company expects to recover a large percentage of delayed work; and

-$2m to -$2.25m of forensic and remediation costs would be accounted for below the line.

In the wash, UBS cuts EPS forecasts -2% for FY23; and -1% for FY24.

Meanwhile, the company is logging growth in Asia and Canada and the broker expects much future growth will be derived from M&A.

Buy rating and $10.40 target price retained.

Target price is $10.40 Current Price is $8.02 Difference: $2.38
If IPH meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $10.85, suggesting upside of 33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates LAU as Buy (1) -

Lindsay Australia has updated FY23 EBITDA guidance to $85-90m, from $68-71m. This represents an upgrade of 24%. The main reason comes from surging road and rail use after the collapse of Scott's Refrigerated Logistics.

Ord Minnett envisages an opportunity for the company to gain as much as $80m in incremental revenue as a result of the competitor's collapse, with Lindsay Australia confirming the acquisition of selective equipment, including real assets.

Market share gains are likely to stick, the broker suggests, and a Buy rating is maintained. Target is raised to $1.40 from $1.10.

Target price is $1.40 Current Price is $1.22 Difference: $0.18
If LAU meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates LTR as Neutral (3) -

A fresh industry assessment by UBS sees the price forecast for lithium reduced by -20%-30% for 2023 and 2024, with follow-on impact for companies under coverage through reduced earnings estimates to the tune of -10%-40%.

In the same breath, UBS has upgraded its long-term price forecast for spodumene, carbonate and hydroxide by circa 20% which has the effect of leaving Net Present Valuations (NPVs) relatively unchanged despite the near term projection of lower earnings.

The update triggers no change to the Neutral rating for Liontown Resources while the price target has gained 10c to $2.80.

Target price is $2.80 Current Price is $2.70 Difference: $0.1
If LTR meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

A 1.4% rise in Sydney house prices in March suggests the market may be approaching a trough in residential prices, says Morgan Stanley.

The broker also observes Mirvac Group has sharply de-rated recently and is now looking attractive.

Morgan Stanley notes the price-earnings gap between Mirvac and Stockland is at its narrowest since 2016 (excluding covid), and advises asset sales should ease balance-sheet fears, along with the likely movement of unsold apartments (53% of 1000) in a supply-constrained, immigration-fuelled market.

The broker suspects the company could outperform consensus settlements in FY24.

FY24 EPS forecasts rise 4% accordingly; and 5% to 6% thereafter.

Rating is upgraded to Overweight from Equal-Weight. Target price rises to $2.55 from $2.25. Industry view is In-Line.

Target price is $2.55 Current Price is $2.26 Difference: $0.29
If MGR meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates MIN as Outperform (1) -

Mineral Resources has acquired a 19.55% stake in Essential Metals ((ESS)) which owns the Pioneer Dome spodumene project in Western Australia.

Macquarie notes the company now has significant equity interests in two spodumene developments with assets in WA.

Pioneer Dome is relatively small in scale but Macquarie observes it is within trucking distance of the Mount Marion operation and could yield some synergies and capital cost savings.

Outperform rating and $125 target maintained.

Target price is $125.00 Current Price is $80.50 Difference: $44.5
If MIN meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $96.70, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

UBS rates MIN as Buy (1) -

A fresh industry assessment by UBS sees the price forecast for lithium reduced by -20%-30% for 2023 and 2024, with follow-on impact for companies under coverage through reduced earnings estimates to the tune of -10%-40%.

In the same breath, UBS has upgraded its long-term price forecast for spodumene, carbonate and hydroxide by circa 20% which has the effect of leaving Net Present Valuations (NPVs) relatively unchanged despite the near term projection of lower earnings.

Mineral Resources remains Buy-rated with a price target of $94 (was $112).

Target price is $94.00 Current Price is $80.50 Difference: $13.5
If MIN meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $96.70, suggesting upside of 18.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates PLL as Outperform (1) -

A definitive feasibility study has been released by Sayona Mining ((SYA)) for the North American Lithium and Authier projects in which Piedmont Lithium has a 25% interest.

Macquarie believes the ramp up of production from Sayona Quebec should deliver strong cash flow for Piedmont Lithium because of a favourable offtake agreement.

Target is raised to $1.85 from $1.80. 2023 earnings forecasts are increased by 19% and 2024 by 1%. Outperform retained.

Target price is $1.85 Current Price is $0.85 Difference: $1
If PLL meets the Macquarie target it will return approximately 118% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates PLS as Upgrade to Buy from Neutral (1) -

A fresh industry assessment by UBS sees the price forecast for lithium reduced by -20%-30% for 2023 and 2024, with follow-on impact for companies under coverage through reduced earnings estimates to the tune of -10%-40%.

In the same breath, UBS has upgraded its long-term price forecast for spodumene, carbonate and hydroxide by circa 20% which has the effect of leaving Net Present Valuations (NPVs) relatively unchanged despite the near term projection of lower earnings.

As a result, the rating for Pilbara Minerals is hereby upgraded to Buy from Neutral. Price target dips to $4.60.

Target price is $4.60 Current Price is $3.80 Difference: $0.8
If PLS meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 28.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates PRN as Outperform (1) -

Perenti has contract extensions at Red Chris and Flying Fox, adding to significant work in hand and a large order book. Macquarie expects this will support cash flow and deleveraging. Margins are expected to be stable over the second half of FY23.

The company recently upgraded guidance for the third time for FY23 and reiterated its goal of margin expansion to 10% from FY25 onwards.

Outperform rating retained. Target is steady at $1.50.

Target price is $1.50 Current Price is $1.22 Difference: $0.28
If PRN meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates RIC as Buy (1) -

A UBS interview with bioenergy analyst Jeremy Moorhouse at the International Energy Agency confirms continued strong demand for biofuels and tallow (Ridley Corp's rendering business has contributed to 30% of earnings (EBITDA) with tallow prices more than doubling since FY20 due to biofuels demand).

UBS expects strong tallow pricing to be sustainable. Buy rating and $2.50 target price retained.

Target price is $2.50 Current Price is $2.14 Difference: $0.36
If RIC meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates RRL as Outperform (1) -

Regis Resources production was -13% below Macquarie's estimates amid a slower ramp up of Garden Well underground and unplanned maintenance at the Duketon process plant. Wet weather also hampered production.

Incorporating a softer result and updated guidance, now 450-470,000 ounces at AISC of $1795-1845/oz, means Macquarie's earnings estimates revert to a small loss from a small profit. As a result, the target is reduced to $2.90 from $3.10. Outperform maintained.

Target price is $2.90 Current Price is $2.15 Difference: $0.75
If RRL meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

Morgan Stanley finds Regis Resources' report of a slower-ramp-up at Duketon a concern but expects gold-price strength and progress at McPhillamys should win the day.

March-quarter gold production met Morgan Stanley's forecasts but missed consensus forecasts.

The big disappointment came from the 15% increase in FY23 all-in-sustaining costs due to inflation, and FY23 growth capital expenditure guidance also rose sharply.

Equal-Weight rating and $2 target price retained. Industry view is Attractive.

Target price is $2.00 Current Price is $2.15 Difference: minus $0.15 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.37, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates SIG as Sell (5) -

Following the FY23 result Citi reduces FY24 and FY25 forecasts for EBIT by -43% and -18%, respectively. The broker expects the EBIT margin recovery will be delayed because of higher costs and disruption from brand consolidation.

FY24 EBIT guidance range is $26-31m. Management is now intent on winning back share but acknowledges the pharmacy brand consolidation will result in short-term disruptions.

Citi maintains a Sell rating with the main upside risk being a significant contract win. Target is $0.52.

Target price is $0.52 Current Price is $0.70 Difference: minus $0.18 (current price is over target).
If SIG meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.57, suggesting downside of -19.1% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.6

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

Ord Minnett rates SKT as Upgrade to Accumulate from Hold (2) -

A week after downgrading, Ord Minnett upgrades to Accumulate from Hold as the share price tanked this week. Target remains $2.75.

Target price is $2.75 Current Price is $2.23 Difference: $0.52
If SKT meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates SYA as Outperform (1) -

Sayona Mining has a definitive feasibility study for the North American Lithium and Authier projects in Quebec as well as an upgraded resource estimate for Moblan in which it has a 60% interest.

The company is aiming to push spodumene production in Quebec beyond 200,000tpa in the first few years. Meanwwhile, the resource estimate for Moblan has more than tripled and Macquarie extends its development scenario mine life by seven years.

The broker reiterates an Outperform rating and raises the target to $0.30 from $0.28.

Target price is $0.30 Current Price is $0.22 Difference: $0.085
If SYA meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Transurban Group is being supported by a strong recovery in traffic as well as rising toll prices in both Australia and the US. Overall traffic increased 13% in the March quarter with growth across all markets.

Citi believes a strong rally as well as the participation in the bid to acquire a stake in EastLink will dampen any upside for the share price over the short term.

As a result, the rating is downgraded to Neutral from Buy while the target is lifted to $16.20 from $16.00.

Target price is $16.20 Current Price is $14.79 Difference: $1.41
If TCL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.53, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates TCL as Outperform (1) -

Macquarie observes traffic continued to recover in the March quarter from the pandemic although Citylink was slower than anticipated.

Citylink remains the main disappointment for Macquarie while strength in the quarter came from Brisbane with trip growth 2-4% better than forecast. US 195/495 trips rebounded but were still -20% below the third quarter of 2019.

Bond rates remain the major driver of Transurban Group's share price performance, opines the broker, while there is upside around any EastLink acquisition, which could use some of the company's latent debt capacity.

Macquarie retains its Outperform rating and raises the target to $14.65 from $14.51.

Target price is $14.65 Current Price is $14.79 Difference: minus $0.14 (current price is over target).
If TCL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.53, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

Transurban Group's gross average daily traffic data rose 12.9% in the March quarter, the company posting strong growth across most geographies.

Meanwhile, Morgan Stanley observes management has confirmed it is considering selling a controlling interest in EastLink, and expects the government's toll relief plan will prove benign.

Equal Weight rating and $14.15 target price retained.

Target price is $14.15 Current Price is $14.79 Difference: minus $0.64 (current price is over target).
If TCL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.53, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates TCL as Buy (1) -

Transurban Group's March-quarter traffic data outpaced UBS's forecasts, logging solid growth globally, with WestConnex the leader, offsetting CityLink, the laggard (-6%).

Buy rating and $15.45 target price retained.

Target price is $15.45 Current Price is $14.79 Difference: $0.66
If TCL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.53, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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