Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Bell Potter is expecting a "solid" quarter and a resumption in total paying circles growth when Life360 releases its March quarter results. The broker forecasts global monthly active users of 50.3m and average revenue per paying circle of US$116.

The company is expected to reiterate 2023 guidance for revenue of US$300-310m and core subscription growth of more than 50%.

Bell Potter expects the business will be cash flow positive from the second quarter onwards, although would not be surprised to find out this has already been achieved. Buy rating and $8.75 target unchanged.

Target price is $8.75 Current Price is $5.07 Difference: $3.68
If 360 meets the Bell Potter target it will return approximately 73% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Citi rates AMP as Neutral (3) -

Investor patience is required, according to Citi, as FY23 is set to be yet another transition year for AMP.

In the meantime, capital is being returned with more to come and the analysts expect eventual earnings upside from a lowering of the cost base.

After a period of restricted coverage the broker resumes with a Neutral rating and $1.15 target.

Target price is $1.15 Current Price is $1.13 Difference: $0.025
If AMP meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

Citi rates ANZ as Buy (1) -

Following 1H results in line with market expectations, Citi lowers its forward net interest margin (NIM) estimates for ANZ Bank to better reflect industry competition pressure. The target is only reduced by -3% to $26.50.

The broker prefers ANZ in the sector and expects relative outperformance in the current market conditions. It's thought results emphasized the twin advantages of a strong deposit franchise and a large weighting to Institutional banking.

Citi is also attracted to the bank's valuation and attractive dividend yield which offer both good absolute and relative value. Buy.

Target price is $26.50 Current Price is $23.80 Difference: $2.7
If ANZ meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $26.49, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Downgrade to Neutral from Outperform (3) -

Following 1H results, and after shares have outperformed peers by 5-12% so far this year, Macquarie downgrades its rating for ANZ Bank to Neutral from Outperform. An elevated exposure to a deteriorating New Zealand economy was another factor in the downgrade.

The analyst suggests consensus margin forecasts in the 2H and for FY24 are circa 10bps too high, as higher deposit costs will likely weigh.

It appears to the broker that group margins fell by around -3-4bps in the 2Q, which implies margins are likely to decline from here. The target falls to $24 from $26.

Target price is $24.00 Current Price is $23.80 Difference: $0.2
If ANZ meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $26.49, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in September.

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

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

Morgan Stanley believes the business mix of ANZ Bank will provide benefits relative to its peers as headwinds in the industry emerge. First half profit was slightly below estimates while the dividend was better than expected.

The bank's margin was -10 basis points below the broker's forecasts in the first half but after adjusting for the impact of the markets business this was reduced  to -2 basis points.

Institutional revenue rebounded around 35% while capital intensity has fallen, margins have expanded and the risk profile has improved significantly.

Morgan Stanley considers ANZ Bank less vulnerable than the other majors to a trading multiple de-rating in the near term.

The Equal-weight rating is maintained. Target is reduced to $25.70 from $26.20. Industry view: In-line.

Target price is $25.70 Current Price is $23.80 Difference: $1.9
If ANZ meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.49, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates ANZ as Hold (3) -

ANZ Bank's 1H pre-provision profit beat Morgans forecast but fell short of the consensus estimate, while the interim dividend and capital were better than expected.

Pre-provision operating profit exceeded cash EPS due to rising credit impairment charges and higher average shares on issue, explains the analyst.

After a 7bps rise in the net interest margin (NIM) for the half, the broker now assumes the NIM will be relatively flat in the 2H  before fading over time as competition offsets the benefit of rising cash rates. 

The target falls to $25.74 from $26.24. Hold.

Target price is $25.74 Current Price is $23.80 Difference: $1.94
If ANZ meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.49, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates ANZ as Accumulate (2) -

ANZ Bank reported a strong first half result yet Ord Minnett believes a record half-year profit is not enough for the shares to make material gains towards its fair value (target) estimate of $31.

The broker does not believe the bank needs to deliver large growth in order to justify the current share price. The record first half profit was a culmination of margin tailwinds coinciding with negligible bad debt expenses.

While investments in digital initiatives should deliver some efficiencies, more importantly, Ord Minnett expects investment expenditure will decline from what it considers are elevated levels. Accumulate maintained.

Target price is $31.00 Current Price is $23.80 Difference: $7.2
If ANZ meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $26.49, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Buy (1) -

Further to the first half result, UBS considers the institutional business the differentiator, based on geographic mix and size of allocated capital. The stock is considered inexpensive relative to peers and trading well below historical averages.

Along with a strong competitive position in institutional banking UBS believes there is capacity to surprise to the upside, which drives a Buy rating and increase in the target to $26 from $25.

Target price is $26.00 Current Price is $23.80 Difference: $2.2
If ANZ meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.49, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates ARX as Add (1) -

Aroa Biosurgery's 4Q cash flow report was largely in line with Morgans' expectations and management guidance. The Add rating and $1.57 target price are maintained.

The analyst has a positive view based on near-term catalysts including the release of full year results with FY24 guidance on May 30. Also, the launch of Myriad Morcells Fine is expected on May 23. 

Myriad Morcells Fine offers highly conformable tissue regeneration in wound beds.

Target price is $1.57 Current Price is $1.05 Difference: $0.52
If ARX meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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: 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 resumes coverage on Carnaby Resource after a period of research restriction. The company has intersected high-grade copper results from a new lode (named Chalcus) at its Mount Hope central project.

A $31.8m pro-forma cash balance places the company in a strong position to continue its drill program at Greater Duchess, notes the analyst, and a maiden mineral resource is anticipated in the 3Q of 2023.

Outperform. Target $1.70.

Target price is $1.70 Current Price is $1.23 Difference: $0.47
If CNB meets the Macquarie target it will return approximately 38% (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 DSK as Buy (1) -

Shaw and Partners considers Dusk Group ideally positioned for growth over the long-term. Gross margin performance remains impressive and sales growth, while moderating over the first seven weeks of the second half, on a two-year pre-pandemic stack is up strongly.

Moreover there is no debt and a healthy yield of around 8%. The stock also trades at an attractive discount to personal care peers. The company has appointed a new CEO, Vlad Yakubson, commencing no later than October 31. Buy rating and $2.50 target maintained.

Target price is $2.50 Current Price is $1.53 Difference: $0.97
If DSK meets the Shaw and Partners target it will return approximately 63% (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

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

Revenue expanded strongly during the pandemic when as much as 10 years of product demand was pulled forward, Morgan Stanley observes. Yet the broker believes Fisher & Paykel Healthcare can benefit from an expanded installed base going forward.

The rapid acceptance of devices during the pandemic should drive higher sales of hospital consumables. The uptick in hospital penetration of Airvos during the pandemic has also potentially provided a tailwind for adoption in the home.

Morgan Stanley retains an Equal-weight rating and In-Line industry view and raises the target to $25.20 from $ 21.00.

Target price is $25.20 Current Price is $25.18 Difference: $0.02
If FPH meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $22.85, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in March.

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: -0.3

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

Shaw and Partners rates HLO as Buy (1) -

Helloworld Travel has acquired a 40% stake in South Australian retail travel agency Phil Hoffman at 6x EBITDA. Phil Hoffman operates in the retail leisure and corporate travel sectors from nine locations.

Helloworld Travel has the option to acquire another 10% of Mr Hoffman's shareholding over the next three years while he retains 50%. Consideration will be funded from existing cash and earnings will be accretive in FY24 and beyond.

Shaw and Partners considers the business well-placed for long-term are profitable growth with expanding market share. Buy rating maintained. Target is $3.40.

Target price is $3.40 Current Price is $2.89 Difference: $0.51
If HLO meets the Shaw and Partners target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 6.4% (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

Ord Minnett rates IDX as Initiation of coverage with Accumulate (2) -

Ord Minnett, now channelling Morningstar, reinstates coverage on Integral Diagnostics with an Accumulate rating and $3.60 target.  The broker assesses the stock is slightly undervalued and suspects the market is underestimating the speed and extent to which margins will recover.

Gross margins contracted to 32% in the first half of FY23, largely because of wage inflation and labour shortages. The broker expects these challenges will subside and volumes will recover from the pandemic lows.

A five-year group revenue growth rate of 12% is forecast, largely driven by revenue assumptions for Australian diagnostic imaging, which contributed around 90% of FY22 revenue.

Target price is $3.60 Current Price is $3.39 Difference: $0.21
If IDX meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting downside of -4.0% (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

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

Following a recent update by Iluka Resources on its near-term production outlook, which highlighted stable output volumes for 2023-2025, Macquarie upgrades its rating to Outperform from Neutral.

The broker's target rises by 3% to $12.30 due to the production forecast and changes to its zircon price forecasts. Movements in zircon, rare earths and rutile prices present the most significant risks to the analyst's earnings forecasts and valuation.

Target price is $12.30 Current Price is $10.98 Difference: $1.32
If ILU meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates ILU as Hold (3) -

Incorporating the latest guidance, Ord Minnett observes mineral sands supply remains tight. Iluka Resources has put through higher zircon prices to its customers and signed take-or-pay contracts for around 60% of synthetic rutile production over the next four years.

The broker suspects elevated prices will encourage customers to substitute where feasible, yet considers the impact manageable.

The company is a market leader, willing to increase inventory and even curtail production in a downturn in order to ease cyclical mineral sands demand. Ord Minnett retains a Hold rating and $11 target.

Target price is $11.00 Current Price is $10.98 Difference: $0.02
If ILU meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates JHG as Hold (3) -

Bell Potter was impressed with the quarterly update although notes guidance remains subdued. Investment performance picked up in the quarter.

Janus Henderson is pleased with the inflows during the quarter but has cautioned this should not be seen as part of a trend and work is needed before consistent inflows occur.

Performance fees remain negative and fee rates are lower. Bell Potter observes the company is making progress but the short term investment case is relatively weak and there are no obvious catalysts for a re-rating.

Hold maintained. Target is reduced to $41.29 from $43.81.

Target price is $41.29 Current Price is $38.63 Difference: $2.66
If JHG meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $39.35, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

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: 0.0

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

Citi rates LYC as Buy (1) -

In a super-quick response to an announcement made by Lynas Rare Earths that the company has been advised by Malaysian authorities its licence to import and process lanthanide (rare earth) concentrate is now valid until 1 Jan 2024, Citi analysts point out this now removes the requirement to shutdown the Malaysia cracking & leaching plant on 1 July 2023.

A smooth transition to operations in Kalgoorlie (under construction) and no production curtailment are now on the agenda, the broker comments. Buy. Target $8.10.

Target price is $8.10 Current Price is $6.58 Difference: $1.52
If LYC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 2.3% (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 MHJ as Buy (1) -

Analysis by Citi suggests that Michael Hill is successfully executing on its brand elevation strategy. This approach is thought to have helped maintain 1H FY23 gross margins, despite higher input cost pressures and a challenging retail environment.

Based on a continuation of this positive outcome, the broker expects 2H gross margins will expand by 67bps on the previous corresponding period. 

The Buy rating and $1.28 target are retained.

Target price is $1.28 Current Price is $1.00 Difference: $0.28
If MHJ meets the Citi target it will return approximately 28% (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 MQG as Neutral (3) -

Citi's key takeaway from Macquarie Group's FY23 results was the narrowness of earnings growth in recent periods, with the Commodities and Global Markets (CGM) net profit contribution rising to 54%.

FY23 cash earnings of $5,182m, were 1% ahead of the analyst's forecast and around 5% ahead of consensus.

The broker feels the strength in CGM papered over slightly softer results in all the other divisions, which missed Citi's expectations. It's noted visibility is low for CGM earnings.

The broker doesn't anticipate much of an earnings recovery in FY24 (ex-CGM), and reduces its target to $175 from $190. The Neutral rating is based on fair value at current share price levels.

Target price is $175.00 Current Price is $177.35 Difference: minus $2.35 (current price is over target).
If MQG meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $193.36, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in March.

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

Morgan Stanley rates MQG as Overweight (1) -

Macquarie Group's net profit grew 10% to a new record and beat Morgan Stanley's estimates by 4%. No overall guidance was provided for FY24 yet the divisional guidance appear subdued to the broker, which implies consensus downgrades.

Morgan Stanley reduces FY24 net profit forecast by -9%, expecting 12% growth. The broker expects FY24 commodities income will fall by -40% to $3.6bn, which is still 10% above FY22 and broadly in line with guidance.

The broker believes the stock is compelling value and does not capture structural growth in infrastructure & green energy.

Overweight retained. Industry view: In-Line. Targe is reduced to $215 from $231.

Target price is $215.00 Current Price is $177.35 Difference: $37.65
If MQG meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $193.36, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in March.

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

Morgans rates MQG as Add (1) -

FY23 profit for Macquarie Group came in 2% ahead of the consensus forecast, while the $4.50 2H dividend (40% franked) beat consensus by 18%.

Morgans notes the beats were driven by a very strong Commodities and Global Markets (CGM) performance, which offset underperformance by all other divisions. Overall, it's thought the results were of a lower quality.

The broker adopts more conservative assumptions for CGM and Macquarie Asset Management (MAM), and lowers its FY24 and FY24 EPS forecasts by -9% and 10%, respectively.

The target drops to $201.8 from $214.5 and the Add rating is retained.

Target price is $201.80 Current Price is $177.35 Difference: $24.45
If MQG meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $193.36, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Hold (3) -

Macquarie Group posted another record profit yet Ord Minnett suspects this is as good as it will be for some time. A record profit of $5.2bn was well ahead of forecasts and entirely due to the 54% increase in commodities and global markets income.

The broker revises down FY24 forecasts by -8%, largely because of management commentary regarding the outlook. The Hold rating and target price of $175.00 are retained. 

Target price is $175.00 Current Price is $177.35 Difference: minus $2.35 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $193.36, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in March.

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

UBS rates MQG as Buy (1) -

On further analysis after the FY23 result, UBS emphasises the uniqueness of Macquarie Group. The resilient earnings base is considered well-placed to weather volatile market conditions over the short term.

Among divisions, BFS (banking and financial services) continues to remain a fierce competitor in the mortgage market while MacCap can capitalise on improving market conditions and M&A activity. CGM (commodities and global markets) is valued on a FY24 PE multiple of 15x, well above peers.

This, the broker believes, drives a level of scarcity premium in the market. Buy rating retained. Target is reduced to $200 from $211.

Target price is $200.00 Current Price is $177.35 Difference: $22.65
If MQG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $193.36, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in March.

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 QBE as Outperform (1) -

After reviewing the results for 16 global reinsurers as a read-through for the upcoming QBE Insurance 1Q trading update, Macquarie points out underlying margins continue to expand as premium rates re-accelerate.

The Outperform rating and $16.00 target are unchanged.

QBE is trading at an around 12.2% PE premium to international peers, which the analyst feels is more indicative of peer weakness rather than QBE strength.

Target price is $16.00 Current Price is $15.35 Difference: $0.65
If QBE meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Citi rates SQ2 as Buy (1) -

Block's 1Q results were better than Citi expected with in-line gross profits for Square, while Cash App gross profits were a beat.

Management noted a current 14% run-rate for Square, which the analysts expect will allay recent growth concerns.

FY23 earnings (EBITDA) guidance was raised to US$1.36bn from US$1.3bn.

The broker feels these results will be a positive for near-term sentiment and retains its Buy rating. The US$90 price target is also unchanged.

Current Price is $93.20. Target price not assessed.

Current consensus price target is $146.00, suggesting upside of 65.1% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Ord Minnett rates SQ2 as Accumulate (2) -

Block is experiencing strong growth with overall net revenue up 26% year-on-year. Yet Ord Minnett would like this to translate to better profitability. There were some encouraging signs as adjusted operating income was $51m compared with a loss of -$42m last year.

Management has revised full year expectations, expecting an adjusted operating loss of -$115m versus its prior target of -$150m. Accumulate rating and $147 target maintained.

Target price is $147.00 Current Price is $93.20 Difference: $53.8
If SQ2 meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $146.00, suggesting upside of 65.1% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

UBS rates SSR as Buy (1) -

March quarter production was in line with estimates while costs were better than UBS expected. SSR Mining is still on track for its 2023 guidance of 600-670,000 of gold at an AISC of US$1365-1425/oz.

The stock remains a top pick, offering leverage and options to higher gold prices. Key catalysts going forward in the second half are updates on Copler and Marigold.

The C2 expansion project at Copler should advance to pre-feasibility for first production in 2025.  At Marigold, New Millennium should extend production as it comes into play in the second half.

Buy rating maintained. Target is reduced to $26.50 from $26.90.

Target price is $26.50 Current Price is $25.13 Difference: $1.37
If SSR meets the UBS target it will return approximately 5% (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 TNE as Neutral (3) -

UBS believes its survey of IT decision-makers in the US, UK, Germany, China, and Japan also applies to Australia. Feedback indicated IT budgets, prices and ERP prioritisation are on the up.

Modernising the ERP stack is a top priority (43% of respondents), which is above the pre-covid FY19 level of 39%, highlight the analysts.

The Neutral rating is unchanged. TechnologyOne is scheduled to report H1 financials on May 23 and UBS is anticipating yet another "solid" result with the potential of a better-than-expected result on the back of recent price increases.

To become more positive, the broker requires net revenue retention (NRR) to be greater than 115% through FY23, and/or a step-change in UK annual recurring revenue (ARR). The $14.45 target is unchanged.

Target price is $14.45 Current Price is $14.55 Difference: minus $0.1 (current price is over target).
If TNE meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.26, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates VUK as Neutral (3) -

Virgin Money UK's 1H  pre-provision operating profit (PPOP) was a 4% beat against Macquarie's forecast. There were better-than-expected margins despite higher levels of liquidity than anticipated, partly offset by higher expenses.

The broker describes the result as "adequate" with improving margins and strong capitalisation being the two key positives.

After taking into account restructuring charges, along with higher impairments and costs in FY23, offset by more resilient margins in outer years, Macquarie's target falls to $3.20 from $3.60. Neutral.

Target price is $3.20 Current Price is $2.75 Difference: $0.45
If VUK meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

This company reports in GBP. 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

Citi rates WBC as Buy (1) -

Citi, upon initial assessment of today's H1 release, reports Westpac's interim result missed its own forecast but beat market consensus by some 4%.

Core net interest margin (NIM) missed the broker's estimate, largely do to a greater drag from asset spreads, explain the analysts.

Also, Westpac management has now dropped its FY24 targets, plus today's dividend payout ratio is also below what Citi had penciled in.

Citi finds today's update a "mixed" outcome. Buy. Target $26.25.

Target price is $26.25 Current Price is $21.35 Difference: $4.9
If WBC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $25.06, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates WBC as Neutral (3) -

Westpac earlier today released its interim result and UBS, upon first glance, believes the result is a "beat" on stronger cost out, but the net interest margin (NIM) proved a point of weakness, in line with all banking peers that have already reported in Australia.

NIM came out at 1.96%, flat on one year ago but market consensus was positioned for 2.01% comment the analysts. They anticipate consensus forecasts will thus be cut following today's update.

All in all, it is UBS's view today's result is an OK result. Neutral. Target $22.50.

Target price is $22.50 Current Price is $21.35 Difference: $1.15
If WBC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $25.06, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates WOR as Buy (1) -

Prior to tomorrow's investor day, Citi opens a positive catalyst watch on Worley as there is potential for an earnings (EBITDA) margin guidance upgrade.

Earnings releases from overseas peers have been referring to strengthening margins in areas relevant to Worley’s traditional work and its Sustainability operations.

The Buy rating and $17.50 target are retained.

Target price is $17.50 Current Price is $15.45 Difference: $2.05
If WOR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $15.92, suggesting downside of -0.6% (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