Australian Broker Call

Macquarie rates 29M as Neutral (3) -

Macquarie has updated its commodity price outlook. There is no change to the broker's copper price forecasts.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

Macquarie lifts the target price 3% to 38c for higher earnings forecasts because of increased gold price assumptions and a weaker AUD impact on forex.

29Metals is Neutral rated.

Target price is $0.38 Current Price is $0.38 Difference: $0
If 29M meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 40.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates A11 as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Atlantic Lithium is Outperform rated with a 30c target price.

Target price is $0.30 Current Price is $0.26 Difference: $0.04
If A11 meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates AIS as Outperform (1) -

Macquarie has updated its commodity price outlook. There is no change to the broker's copper price forecasts.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

Aeris Resources is Outperform rated with a 24c target. Only slight changes to Macquarie's EPS forecasts.

Target price is $0.24 Current Price is $0.17 Difference: $0.07
If AIS meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgans rates ALX as Hold (3) -

Last week, the APRR motorway network (around 60% of Morgans' valuation for Atlas Arteria) lost its constitutional challenge against the new French tax applicable to long-distance transport infrastructure.

In a further missed potential positive catalyst for the share price on top of the APPR news, suggests the broker, management failed to get its Dulles Greenway toll increase application approved by the Virginian regulator.

Target eases to $4.97 from $4.98. Hold retained.

Target price is $4.97 Current Price is $5.01 Difference: minus $0.04 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.30, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates AMI as Outperform (1) -

Macquarie has updated its commodity price outlook.

Copper price forecasts are retained by the broker.

There is no change to Aurelia Metals' target price at 25c and Outperform rating.

No change to EPS forecasts.

Target price is $0.25 Current Price is $0.17 Difference: $0.08
If AMI meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates ASK as Buy (1) -

Pricing should remain relatively stable despite strong demand prospects for the Australian self-storage industry, suggests Shaw and Partners, as the volume of supply coming into the market is digestible.

Management at Abacus Storage King has announced it will issue $300m in exchangeable notes to fund development initiatives and
reduce high-cost debt.

In FY24, Abacaus maintained high occupancy while graduating customers to higher price contracts, which supports Shaw's positive outlook. Further, the REIT's facilities tend to be in dense, urban locations where demand exceeds supply, explains the broker.

The Buy rating and $1.35 target are unchanged.

Target price is $1.35 Current Price is $1.30 Difference: $0.05
If ASK meets the Shaw and Partners target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Antipa Minerals will be well funded to continue exploration and development of Minyari Dome, notes Shaw and Partners, after agreeing to sell its 32% non-controlling interest in the Citadel Joint Venture Project to joint venture partner Rio Tinto ((RIO)).

Minyari Dome is in the Patterson region. Last week Nemont Corp ((NEM)) announced it will sell Telfer, its 70% stake in the Havieron project, and any other related interests in the Patterson region to Greatland Gold.

Shaw considers a new owner at Telfer is a positive catalyst for Antipa as it will answer the ownership question that has held the region back and may result in more aggressive development timeframes and potential consolidation in the region.

Buy, High Risk rating and 4c target price unchanged.

Target price is $0.04 Current Price is $0.02 Difference: $0.02
If AZY meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates BRE as Buy (1) -

Ord Minnett notes a stablisation and upward increase in rare earth prices in China over August and September because of improving demand/supply dynamics.

China Northern Rare Earths is reported as raising prices by 8%. The analyst forecasts prices to plateau around US$60/kg with the NdPr price reaching US$62/kg on September 10.

Brazilian Rare Earths is Buy rated with a $6.40 target price.

Target price is $6.40 Current Price is $2.68 Difference: $3.72
If BRE meets the Ord Minnett target it will return approximately 139% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates BWP as Upgrade to Equal-weight from Underweight (3) -

Noting declining rates and favourable macroeconomic conditions should help all property stocks, Morgan Stanley prefers Charter Hall Retail REIT and HomeCo Daily Needs REIT from among ex-ASX100 Retail REITs under coverage.

For BWP Trust, the broker upgrades its rating to Equal-weight from Underweight in the expectation dividends should be fully funded via operating earnings from FY26.

The analysts also feel the worst may have passed for the REIT after Bunnings vacated 14 sites across FY18-23 and management may now be able to drive positive EPS/DPS growth after a seven-year period of stagnancy.

The target rises to $4.00 from $3.80. Underweight. Industry View: In-Line.

Target price is $4.00 Current Price is $3.73 Difference: $0.27
If BWP meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgan Stanley rates BXB as Overweight (1) -

After reviewing new FY28 targets set by management, Morgan Stanley believes Brambles has progressively become a more informed, analytical organisation. Decisions around pricing, pallet recovery and repair, and asset allocation are now more informed by deep data.

Consistent with the broker's prior forecasts, the FY28 targets suggest solid revenue/profit growth, while the capex outlook may be higher than some in the market were expecting.

The Overweight rating and $20 target are maintained. Industry View: In-Line.

Target price is $20.00 Current Price is $18.33 Difference: $1.67
If BXB meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $18.76, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Ord Minnett rates BXB as Buy (1) -

Ord Minnett observes Brambles is on a US investor tour outlining the company's targets for FY26-FY28.

Management is forecasting mid-single digit revenue growth, consensus 5%; high-single digit EBIT growth, consensus 7%; capex to sales in FY28 of 15%-17%; non-pooled capex of US$200m-US$300m; and over US$750m in free cashflow, consensus US$800m-US$900m.

The company will continue to focus on digital investments to reduce pallet losses.

Ord Minnett reports converting new customers to a 'share and reuse' model has growth potential from volumes of up to 60% in US, 70% in Italy and Germany.

Buy rating with a $20.30 unchanged.

Target price is $20.30 Current Price is $18.33 Difference: $1.97
If BXB meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.76, suggesting upside of 0.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

UBS rates BXB as Buy (1) -

Following medium-term guidance provided at the investor day hosted by Brambles, UBS is not anticipating any consensus upgrades but suggests the outlook is now supported by a base for free cash flows (FCF), regardless of the pace of investment.

Management will be reinvesting in growth to support volumes and non-pooling initiatives, observes the analyst, meaning FCF growth will be slower than EBIT growth (as expected).

The Buy rating and $19.10 target are maintained.

Target price is $19.10 Current Price is $18.33 Difference: $0.77
If BXB meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $18.76, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

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

Bell Potter initiates coverage of Champion Iron with a Buy rating and $7.15 target which compares to two other buy ratings in the FNArena target price which have an average target of $7.35.

The broker highlights the high-grade iron concentrates produced at the Bloom Lake mine in northern Quebec trade at material premiums to the 62% Fe iron ore index.

These higher grades reduces steel making carbon emissions by around -10% compared with typical hematite ore, explain the analysts. It's felt government policy will be increasingly supportive of processes which assist decarbonising the hard-to-abate steel sector.

From 2026, processing plant upgrades will lift around half of Champion's production to 69% Fe. Bell Potter notes this will enable supply to Electric Arc Furnace steel producers, reducing carbon emissions by 2-7x compared with traditional blast furnace methods.

Target price is $7.15 Current Price is $5.76 Difference: $1.39
If CIA meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates CIA as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker believes there is ongoing iron ore oversupply, concluding the market will remain weak for the next six to twelve months as Onslow ramps up and Chinese steel mills reduce pig iron.

Macquarie prefers met coal and believes prices are starting to bottom. Regarding manganese, the broker highlights disappointing demand on recent price performance and headwinds to be sustained over the rest of 2024.

Champion Iron is Outperform rated with a $7 target price.

Target price is $7.00 Current Price is $5.76 Difference: $1.24
If CIA meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates CNB as Outperform (1) -

Macquarie has updated its commodity price outlook. There is no change to the broker's copper price forecasts.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

Outperform rating and 88c target price unchanged. The broker's EPS forecasts are maintained.

Target price is $0.88 Current Price is $0.39 Difference: $0.49
If CNB meets the Macquarie target it will return approximately 126% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

Noting declining rates and favourable macroeconomic conditions should help all property stocks, Morgan Stanley prefers Charter Hall Retail REIT and HomeCo Daily Needs REIT from among ex-ASX100 Retail REITs under coverage.

While both have similar growth profiles, explain the analysts, Charter Hall Retail REIT has the cheapest multiple/yield.

Equal-weight. Target for Charter Hall Retail REIT rises to $3.95 from $3.88. Industry view: In Line.

Target price is $3.95 Current Price is $3.67 Difference: $0.28
If CQR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates CRN as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker believes there is ongoing iron ore oversupply, concluding the market will remain weak for the next six to twelve months as Onslow ramps up and Chinese steel mills reduce pig iron.

Macquarie prefers met coal and views that prices are starting to bottom. Regarding manganese, the broker highlights disappointing demand on recent price performance and headwinds to be sustained over the rest of 2024.

Coronado Global Resources is Outperform rated with a $1.70 target price.

Target price is $1.70 Current Price is $0.93 Difference: $0.77
If CRN meets the Macquarie target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 88.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Macquarie rates CSC as Outperform (1) -

Macquarie has updated its commodity price outlook.

Capstone Copper is the broker's preferred copper producer with a strong expected production profile of 164kt in 2023 to 405kt in 2029 or 146% growth from brownfields and greenfield developments with the upside of portfolio rationalisation, including the sale of Cozamin.

Outperform rating with a $12.70 target price.

Target price is $12.70 Current Price is $9.97 Difference: $2.73
If CSC meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates CTM as Outperform (1) -

Macquarie has updated its commodity price outlook.

The broker has not changed copper forecasts, but the outlook for Centaurus Metals declines because of the weaker near-term nickel price outlook.

Macquarie forecasts have been downgraded. Centaurus Metals is Outperform rated with a 65c target price.

Target price is $0.65 Current Price is $0.40 Difference: $0.25
If CTM meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates CXO as Neutral (3) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Core Lithium is Neutral rated with a 9c target price.

Target price is $0.09 Current Price is $0.10 Difference: minus $0.01 (current price is over target).
If CXO meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.09, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.7

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

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

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker believes there is ongoing iron ore oversupply, concluding the market will remain weak for the next six to twelve months as Onslow ramps up and Chinese steel mills reduce pig iron.

Macquarie prefers met coal and views that prices are starting to bottom. Regarding manganese, the broker highlights disappointing demand on recent price performance and headwinds to be sustained over the rest of 2024.

Deterra Royalties is upgraded to Outperform from Neutral. Target price lifts 8% to $4.20.

Target price is $4.20 Current Price is $3.68 Difference: $0.52
If DRR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.37, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates GL1 as Neutral (3) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Global Lithium Resources is Neutral rated with a 21c target price.

Target price is $0.21 Current Price is $0.18 Difference: $0.03
If GL1 meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 550.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates GLN as Neutral (3) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Galan Lithium is Neutral rated with a 12c target price.

Target price is $0.12 Current Price is $0.11 Difference: $0.01
If GLN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates HAS as Hold (3) -

Ord Minnett notes a stablisatuon and upward increase in rare earth prices in China over August and September because of improving demand/supply dynamics.

China Northern Rare Earths are reported as raising prices by 8%. The analyst forecasts prices to plateau around US$60/kg with the NdPr price reaching US$62/kg on September 10.

Hastings Technology Metals is hold rated with a 46c target price.

Target price is $0.46 Current Price is $0.27 Difference: $0.19
If HAS meets the Ord Minnett target it will return approximately 70% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

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

Noting declining rates and favourable macroeconomic conditions should help all property stocks, Morgan Stanley prefers Charter Hall Retail REIT and HomeCo Daily Needs REIT from among ex-ASX100 Retail REITs under coverage.

For HealthCo Healthcare & Wellness REIT, the broker downgrades its rating to Underweight from Equal-weight as the profitability of major tenant Healthscope and the evolution of surgery preferences are likely to remain an overhang.

Also, a medium-term concern for Morgan Stanley is the rolling-off of a cheap hedge for the Unlisted Health Fund, which could result in cash flow headwinds, unless the RBA cuts rates by -300bps over the next two years.

Equal-weight rating. Target falls to $1.30 from $1.41. Industry view: In-Line.

Target price is $1.30 Current Price is $1.23 Difference: $0.07
If HCW meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.41, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

Noting declining rates and favourable macroeconomic conditions should help all property stocks, Morgan Stanley prefers Charter Hall Retail REIT and HomeCo Daily Needs REIT from among ex-ASX100 Retail REITs under coverage.

While both have similar growth profiles, explain the analysts, Charter Hall Retail REIT has the cheapest multiple/yield.

Equal-weight. Target for HomeCo Daily Needs REIT remains at $1.39. Industry view: In Line.

Target price is $1.39 Current Price is $1.30 Difference: $0.09
If HDN meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates HUB as Overweight (1) -

Hub24 is added to Morgan Stanley's list of key small/mid-cap ideas where the broker has conviction on earnings and outperformance following the reporting season.

Noting structural tailwinds for both companies, the broker has a longer-term preference for Netwealth Group ((NWL)), but Hub24's near-term outlook is superior.

The analysts explain Hub24 has delivered stronger net inflows over the last year and expect management will deliver higher EPS growth over the next three years to FY27.

Overweight rating. The target rises to $62.00 from $56.50. Industry view: In-Line.

Target price is $62.00 Current Price is $57.19 Difference: $4.81
If HUB meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $54.23, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates IGO as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

IGO has an Outperform rating with a $5.60 target price.

Target price is $5.60 Current Price is $5.39 Difference: $0.21
If IGO meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Macquarie rates ILU as Outperform (1) -

Macquarie has updated its commodity price outlook. 

The broker makes minor tweaks to EPS forecasts for changes in cost assumptions and the medium term forex outlook.

Iluka Resources' Outperform rating is unchanged with a $6.60 target price.

Target price is $6.60 Current Price is $6.11 Difference: $0.49
If ILU meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.05, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates JMS as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker believes there is ongoing iron ore oversupply, concluding the market will remain weak for the next six to twelve months as Onslow ramps up and Chinese steel mills reduce pig iron.

Macquarie prefers met coal and views that prices are starting to bottom. Regarding manganese, the broker highlights disappointing demand on recent price performance and headwinds to be sustained over the rest of 2024.

Jupiter Mines is Outperform rated with a 22c target price.

Target price is $0.22 Current Price is $0.17 Difference: $0.05
If JMS meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates LTM as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Arcadium Lithium is Outperform rated with a $5.10 target price.

Target price is $5.10 Current Price is $3.61 Difference: $1.49
If LTM meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 72.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates LTR as Neutral (3) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Liontown Resources is Neutral rated with a 70c target price.

Target price is $0.70 Current Price is $0.67 Difference: $0.03
If LTR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting upside of 55.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates LYC as Outperform (1) -

Macquarie has updated its commodity price outlook.

There are no changes to the earnings forecasts for Lynas Rare Earths.

Outperform rating and $7.50 target price remain.

Target price is $7.50 Current Price is $6.92 Difference: $0.58
If LYC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Ord Minnett rates LYC as Accumulate (2) -

Ord Minnett notes a stablisation and upward increase in rare earth prices in China over August and September because of improving demand/supply dynamics.

China Northern Rare Earths are reported as raising prices by 8%. The analyst forecasts prices to plateau around US$60/kg with the NdPr price reaching US$62/kg on September 10.

Lynas Rare Earths is Accumulate rated with a $7.40 target price.

Target price is $7.40 Current Price is $6.92 Difference: $0.48
If LYC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting downside of -0.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates MGX as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker believes there is ongoing iron ore oversupply, concluding the market will remain weak for the next six to twelve months as Onslow ramps up and Chinese steel mills reduce pig iron.

Macquarie prefers met coal and views that prices are starting to bottom. Regarding manganese, the broker highlights disappointing demand on recent price performance and headwinds to be sustained over the rest of 2024.

Mount Gibson Iron is Outperform rated with a 38c target.

Target price is $0.38 Current Price is $0.30 Difference: $0.08
If MGX meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Mineral Resources is upgraded to Outperform from Neutral. Target price is reduced to $40 from $48.

Target price is $40.00 Current Price is $38.33 Difference: $1.67
If MIN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $51.79, suggesting upside of 35.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

Morgan Stanley leaves its $3.83 target and Equal-weight rating unchanged for Metcash following a FY25 trading update to September 8. Industry View: In-Line.

Total Food sales (ex tobacco & Superior Foods) for the period were in line with prior update for the first seven weeks, while Supermarket wholesale sales (ex tobacco) experienced a mild slowdown, notes the broker.

Total Project Horizon capex guidance is now between -$290-300m, which the analysts note includes amounts incurred since FY21.

Target price is $3.83 Current Price is $3.59 Difference: $0.24
If MTS meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates MTS as Buy (1) -

Metcash's trading update at the AGM revealed revenue up 6.1% until September 8th which was ahead of market expectations according to Ord Minnett.

The broker believes the growth is from food and the Superior foods acquisition with liquor sales meeting estimates and hardware below consensus at 2.5% compared to the 1H25 forecast at 5.1% growth.

Ord Minnett believes the company is facing macro headwinds with weakening trade activity and pressure on margins in retail stores. Positively tools discounting has eased.

Buy rating with $4.30 target price unchanged.

Target price is $4.30 Current Price is $3.59 Difference: $0.71
If MTS meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 13.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates MTS as Buy (1) -

Impacted by the Superior Foods Services and Hardware acquisitions, notes UBS, a trading update at the Metcash AGM showed group sales in the first 18 weeks of FY25 rose by 6.1% compared to the 2.2% recorded for the first seven weeks.

Unfortunately, Project Horizon cost guidance was increased and completion of the project will be delayed by three months. Total cost (capex & opex, pre tax significant items) guidance has been raised to between -$290-300m from -$276.5m.

Buy maintained. The target is lowered to $3.90 from $4.00.

Target price is $3.90 Current Price is $3.59 Difference: $0.31
If MTS meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates NEM as Outperform (1) -

Macquarie has updated its commodity price outlook.

The gold price forecast has increased by 3% in 2024 and 2% in 2025 to US$2339/oz and US$2463/oz. respectively. The broker sits above consensus estimates by 4% and 2%, respectively.

The broker's long term price has risen 11% to US$2000/oz for 2030, above consensus by 5%.

Macquarie prefers Northern Star Resources ((NST)) as a major gold producer. In the mid cap sector the broker prefers Perseus Mining ((PRU)), Capricorn Metals ((CMM)) and Genesis Minerals ((GMD)).

Newmont Corp is Outperform rated with a $90 target price.

Target price is $90.00 Current Price is $78.70 Difference: $11.3
If NEM meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Macquarie rates NHC as Neutral (3) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker believes there is ongoing iron ore oversupply, concluding the market will remain weak for the next six to twelve months as Onslow ramps up and Chinese steel mills reduce pig iron.

Macquarie prefers met coal and views that prices are starting to bottom. Regarding manganese, the broker highlights disappointing demand on recent price performance and headwinds to be sustained over the rest of 2024.

New Hope is Neutral rated with a $4.30 target price.

Target price is $4.30 Current Price is $4.31 Difference: minus $0.01 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.04, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates NIC as Outperform (1) -

Macquarie has updated its commodity price outlook.

The broker revises down nickel prices, but Nickel Industries remains the preferred exposure as the company continues to produce strong profits against a soft macro backdrop of nickel at US$16000/t.

The stock is Outperform rated with a 95c target price.

Target price is $0.95 Current Price is $0.84 Difference: $0.11
If NIC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.09, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Ord Minnett rates NTU as Speculative Buy (1) -

Ord Minnett notes a stablisation and upward increase in rare earth prices in China over August and September because of improving demand/supply dynamics.

China Northern Rare Earths are reported as raising prices by 8%. The analyst forecasts prices to plateau around US$60/kg with the NdPr price reaching US$62/kg on September 10.

Northern Minerals is Speculative Buy rated with a 4c target price.

Target price is $0.04 Current Price is $0.02 Difference: $0.02
If NTU meets the Ord Minnett target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates PLL as Neutral (3) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Piedmont Lithium is Neutral rated with a 11c target price.

Target price is $0.11 Current Price is $0.11 Difference: $0
If PLL meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates PLS as No Rating (-1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Macquarie is under research restriction on Pilbara Minerals.

Current Price is $2.90. Target price not assessed.

Current consensus price target is $2.84, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Macquarie rates PMT as Outperform (1) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Patriot Battery Metals is Outperform rated with corporate appeal. Target price 70c.

Target price is $0.70 Current Price is $0.39 Difference: $0.31
If PMT meets the Macquarie target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 146.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Ord Minnett rates REG as Buy (1) -

In response to the Federal Governments Aged Care Taskforce changes, Ord Minnett upgrades the earnings outlook for Regis Healthcare.

The broker forecasts incremental EBITDA of $48m to the company by FY28 or $17 per resident, per day.

EPS forecasts are lifted by 14% in FY25 and 31% in FY26.

Buy rating unchanged. Target price rises to $6.40 from $4.90.

Target price is $6.40 Current Price is $5.75 Difference: $0.65
If REG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates RGN as Downgrade to Equal-weight from Overweight (3) -

Region Group's net operating income (NOI) could be affected for between 1-2 years, and be lower than historical trend, because of management's plans to reposition its malls after years of acquisition focus.

FY25 is the first year when capital works begin across five key assets, resulting in potential earnings dilution, predicts the broker.

The analysts also expect an around 50bps lift in the group's hedge rate across its debt book in FY26 will delay a rebound in earnings.

The rating is downgraded by two notches to Underweight from Overweight. The target falls to $2.44 from $2.50. Industry view: In-Line.

Target price is $2.44 Current Price is $2.33 Difference: $0.11
If RGN meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates RXM as No Rating (-1) -

Macquarie has updated its commodity price outlook.

There are no changes to the broker's copper forecasts.

The broker is under research restriction for Rex Minerals.

Current Price is $0.46. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates SDF as Outperform (1) -

Responding to ACCC commentary last week (which was not new), Macquarie explains Steadfast Group is a "network" not a "corporate", and its headline market share of Commercial lines is not a reflection of "control".

The ACCC stated "The growth of Steadfast Group has occurred below the radar. It has amassed a very significant market position. In
the past 10 years, there have been less than five, and in the past three years, one [acquisition] notification."

For context, the broker explains the Federal Government (in April) announced a package of M&A reforms, with mandatory pre-notification of M&A transactions to the ACCC that meet certain thresholds.

The ACCC comments reinforce the analyst's view on the importance of the US market as potential for local M&A diminishes.

The Outperform rating and $6.80 target are maintained.

Target price is $6.80 Current Price is $5.67 Difference: $1.13
If SDF meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates SFR as Outperform (1) -

Macquarie has updated its commodity price outlook.

Sandfire Resources' target price lifts 2% to $10 because of forex assumption changes. There is no change to the copper price forecasts.

Outperform rating unchanged.

Target price is $10.00 Current Price is $8.94 Difference: $1.06
If SFR meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.25, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Bell Potter rates SMI as Speculative Buy (1) -

Helping de-risk the Bendigo-Ophir Gold Project, notes Bell Potter, Santana Minerals' latest resource update lifted the Indicated portion of the Rise and Shine (RAS) deposit to 1.45moz at 2.4g/t gold (circa 65% of contained ounces).

The broker now has greater confidence in the development case outlined by the Scoping Study released in April 2024 and the analysts raise the target to $2.76 from $2.15. Further discoveries are expected. Speculative Buy.

Target price is $2.76 Current Price is $2.07 Difference: $0.69
If SMI meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates SYA as Underperform (5) -

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker cuts spodumene prices by -10%, -11% and -33% for 2024, 2025 and 2026, respectively.

Macquarie highlights in-house lithium forecasts are below consensus. With the market already discounting lower prices, the broker is constructive on lithium stocks trading in a range.

Sayona Mining is Underperform rated with a 2.5c target price.

Target price is $0.03 Current Price is $0.03 Difference: minus $0.005 (current price is over target).
If SYA meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Macquarie rates SYR as Outperform (1) -

Macquarie has updated its commodity price outlook with expectations of lower graphite prices and macro factors leading to "material" earnings forecast downgrades.

The broker cuts Syrah Resources EPS estimates by -32% to -100% for FY25 to FY30.

Outperform rating unchanged with a 32c target price.

Target price is $0.32 Current Price is $0.22 Difference: $0.1
If SYR meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $0.54, suggesting upside of 135.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Macquarie rates TLG as Outperform (1) -

Macquarie has updated its commodity price outlook with expectations of lower graphite prices and macro factors leading to "material" earnings forecast downgrades.

The brokers cuts earnings forecasts for Talga Group resulting in negative EPS estimates (losses) for FY25-FY27.

Outperform rating unchanged. Target price falls -70% to 60c.

Target price is $0.60 Current Price is $0.43 Difference: $0.17
If TLG meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 278.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

Macquarie updates forecasts for the latest commodity price outlook from Macquarie Economics and Commodities Strategy.

The broker believes there is ongoing iron ore oversupply, concluding the market will remain weak for the next six to twelve months as Onslow ramps up and Chinese steel mills reduce pig iron.

Macquarie prefers met coal and views that prices are starting to bottom. Regarding manganese, the broker highlights disappointing demand on recent price performance and headwinds to be sustained over the rest of 2024.

Whitehaven Coal is upgraded to Outperfom from Neutral. Target price unchanged at $7.50.

Target price is $7.50 Current Price is $6.01 Difference: $1.49
If WHC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 52.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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