Australian Broker Call

Ord Minnett rates 29M as Hold (3) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

For 29Metals, the broker maintains a Hold rating and lowers its target to 30 cents from 32 cents.

Target price is $0.30 Current Price is $0.14 Difference: $0.155
If 29M meets the Ord Minnett target it will return approximately 107% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 76.8% (ex-dividends)

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

Citi rates A2M as Buy (1) -

Citi highlights stable platform pricing for a2 Milk’s English label infant formula, which the broker believes supports reseller margins and should aid future demand.

The company's smaller trial tin prices have risen by 42% since January, possibly reflecting a rebound in birth rates during 2024, suggest the analysts.

The broker observes Genesis, a2 Milk’s new premium product, is selling at a 45% premium to Platinum per 100g, and sees this as a positive for margin expansion.

While competitor Feihe’s aggressive strategy may increase competitive pressure in 2025, Citi expects a2 Milk’s brand strength, stepped-up marketing, and new product momentum will provide an offset.

No changes have been made to financial forecasts. Citi retains a Buy rating and $8.20 target.

Target price is $8.20 Current Price is $7.86 Difference: $0.34
If A2M meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.30, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

Ord Minnett rates ACF as Buy (1) -

Ord Minnett looks beyond the 1H25 results for Acrow, reported in February, and points to the notable backlog of infrastructure projects that remain in Queensland.

The analyst expects Acrow to benefit from an increased amount of works, including the Brisbane 2032 Olympic Games, with activity expected to pick up in FY26.

Analyst coverage is transferred and there is no change to Buy rating. Target price lifts to $1.33 from $1.29.

Target price is $1.33 Current Price is $1.07 Difference: $0.26
If ACF meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 24.2% (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

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

UBS upgrades AMP to Neutral from Sell with a lower target price of $1.30 from $1.35, as the broker marks to market the wealth stocks for softer equity markets over the March quarter.

The risk-off tone has resulted in a sell-down of the sector and a valuation de-rating, which has improved the valuation appeal for AMP and Magellan Financial Group ((MFG)). AMP has sold off -29% since the February results.

Considerable uncertainty remains in the sector, and UBS prefers the "relative safety" of wealth exposures such as Perpetual ((PPT)), Insignia Financial ((IFL)), and GQG Partners ((GQG)) on valuation and growth prospects.

Target price is $1.30 Current Price is $1.21 Difference: $0.09
If AMP meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 34.5% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates ARB as Neutral (3) -

Citi sees rising risk to ARB Corp's US earnings, particularly from FY26 onward, as the previously announced 25% tariffs on automobiles and auto parts take effect today. 

FY25 is largely unaffected, though US consumers may shift towards locally made vehicles or used cars, suggests the broker, potentially impacting demand for ARB’s accessories which are seen as more discretionary in the US market.

Margins could also come under pressure, according to the analysts, as most US product is sourced from markets like Thailand, which now faces a 36% reciprocal tariff under US policy.

While Auto-parts may be exempt from reciprocal tariffs given an existing 25% tariff, the broker notes uncertainty remains.

Key models ARB overindexes in, such as the Toyota Tacoma and 4Runner, are foreign-made and may be substituted by local alternatives like the Jeep Wrangler or Ford Ranger, highlights Citi.

It's felt ARB is better positioned than in prior cycles due to its acquisition of Poison Spyder and US R&D investment, which enhances product localisation.

Citi also notes a likely rise in used vehicle demand, which could offset pressure on new car accessory sales, as was seen during covid.

Target price $39.54. Neutral.

Target price is $39.54 Current Price is $31.87 Difference: $7.67
If ARB meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $40.95, suggesting upside of 33.6% (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

Ord Minnett rates BGL as Hold (3) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker keeps its $1.35 target and Hold rating for Bellevue Gold. Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $1.35 Current Price is $1.15 Difference: $0.205
If BGL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 51.7% (ex-dividends)

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 BHP as Outperform (1) -

Macquarie expects BHP Group to report mixed production results for 3Q25 versus consensus expectations. The analyst anticipates wet weather impacts to WA iron ore shipping volumes, down by -6%.

Total copper output is flagged to be down by -3% on the previous quarter, with weaker copper from Spence and Escondida offset by higher output in South Australia.

Coking coal production is expected to be lower by -3% compared to 2Q25 due to wet weather.

The analyst reiterates a preference for South32 ((S32)) and BHP Group over Rio Tinto and Fortescue ((FMG)).

Macquarie retains an Outperform rating and $42 target price.

Target price is $42.00 Current Price is $38.32 Difference: $3.68
If BHP meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $44.77, suggesting upside of 20.8% (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: 0.8

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

Ord Minnett rates BHP as Accumulate (2) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal prtice estimates fall by 18% and 17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's target for BHP Group falls to $42 from $43. Accumulate.

Target price is $42.00 Current Price is $38.32 Difference: $3.68
If BHP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $44.77, suggesting upside of 20.8% (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: 0.8

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

Citi rates BSL as Buy (1) -

Citi highlights the lowering of price assumptions for hard coking coal by -12% and -8% for FY25/FY26 to US$184 and US$194/t, against a spot hard coking coal price of US$170/t, while iron ore is basically unchanged.

The analyst explains that against this backdrop, it is a slight positive for BlueScope Steel's Port Kembla operations and has raised the average selling price in FY26 by 19% to $598.

North Star will benefit from a "sharp rise" in US hot rolled coil, and Citi has raised the earnings before interest and tax forecasts by 5% for FY25 and 13% for FY26.

The broker prefers steel to iron ore exposures at this stage. Buy rating retained for BlueScope Steel and target price lowered to $26.50 from $28.50.

Target price is $26.50 Current Price is $21.58 Difference: $4.92
If BSL meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $27.04, suggesting upside of 23.7% (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

Citi rates CKF as Buy (1) -

Citi sees a potential risk to Collins Foods and other chicken-focused QSR chains from the recently announced 10% US tariff on Australian imports.

The broker believes this impost could drive down domestic beef prices, enabling beef-heavy chains like McDonald’s and Hungry Jack’s to sharpen pricing while maintaining margins.

This scenario appears plausible to the analysts given Australia exported 29% of its beef to the US in 2024, and remains a net exporter.

In contrast, Citi notes Collins Foods is unlikely to see material input cost relief, as domestic chicken production has limited export exposure and is largely consumed within Australia.

Target price $9.38. Buy.

Target price is $9.38 Current Price is $8.77 Difference: $0.61
If CKF meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.75, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in May.

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

Ord Minnett rates CMM as Accumulate (2) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker increases its target for gold miner Capricorn Metals to $9.40 from $9.30 and maintains its Accumulate rating.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $9.40 Current Price is $7.95 Difference: $1.45
If CMM meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.48, suggesting upside of 5.3% (ex-dividends)

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

Ord Minnett rates CSC as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The target for Capstone Copper falls to $12.00 from $12.50 and the Buy rating is maintained.

Target price is $12.00 Current Price is $8.28 Difference: $3.72
If CSC meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $12.13, suggesting upside of 58.2% (ex-dividends)

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 DLI as Downgrade to Hold from Accumulate (3) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market. For Delta Lithium, the broker lowers its target to 17c from 30c and downgrades to Hold from Accumulate.

Target price is $0.17 Current Price is $0.17 Difference: $0.005
If DLI meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Ord Minnett rates DRR as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

For Deterra Royalties, Ord Minnett maintains a Buy rating and $4.30 target.

Target price is $4.30 Current Price is $3.62 Difference: $0.68
If DRR meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 20.0% (ex-dividends)

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

Citi rates ELD as Buy (1) -

Citi sees downside risk to livestock prices for Elders following the announcement of a 10% US tariff on Australian exports, including beef, linked to Australia's biosecurity restrictions on US imports.

The broker believes disruptions to US demand could flow through to lower cattle prices, which would impact Elders' Agency Services division.

While Canada and Mexico (which supply 22% and 13% of US beef imports, respectively) are already subject to higher tariffs, Citi notes risk remains the US could pivot toward suppliers like Brazil and New Zealand, which currently face limited trade restrictions.

Diverting Australian beef exports elsewhere may not be quick or seamless, highlight the analysts, given 30% of 2024 exports went to the US. That said, the broker expects US herd rebuild demand to support medium-term resilience.

Buy. Target $9.75

Target price is $9.75 Current Price is $6.76 Difference: $2.99
If ELD meets the Citi target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $9.42, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates EMR as Upgrade to Lighten from Sell (4) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker upgrades its rating for Emerald Resources to Lighten from Sell and maintains a $3.60 target.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $3.60 Current Price is $3.76 Difference: minus $0.16 (current price is over target).
If EMR meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Macquarie rates FMG as Underperform (5) -

Macquarie expects 1Q25 iron ore shipments for Fortescue to be broadly in line with the consensus estimate of -1%, with realised pricing of US$88.8/t.

The analyst reiterates a preference for South32 ((S32)) and BHP Group ((BHP)) over Rio Tinto ((RIO)) and Fortescue.

Macquarie retains a Neutral rating and $15 target price for Fortescue and maintains EPS estimates.

Target price is $15.00 Current Price is $15.40 Difference: minus $0.4 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.80, suggesting upside of 19.2% (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: 0.0

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

Ord Minnett rates FMG as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker maintains its $21 target and Buy rating for Fortescue.

Target price is $21.00 Current Price is $15.40 Difference: $5.6
If FMG meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $17.80, suggesting upside of 19.2% (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: 0.0

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

Morgans rates FND as Add (1) -

Morgans details the latest update from Findi on the impact of a change in the Indian interchange fee level, the redemption of Compulsory Convertible Debentures, and a capital raising of $40m via an institutional placement and a $5m share purchase plan.

The analyst raises net profit after tax forecasts by $2m in FY26 and $10m in FY27, with some of the upgrades resulting from the debt restructuring and some from the interchange fees, offset by higher normal interest expenses due to the capex on brown label ATMs.

Target price lifts to $8.35 from $7.95.

Add rating maintained.

Target price is $8.35 Current Price is $4.10 Difference: $4.25
If FND meets the Morgans target it will return approximately 104% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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

Ord Minnett rates GL1 as Upgrade to Accumulate from Hold (2) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market.

For Global Lithium Resources, the broker lowers its target to 20c from 26c and upgrades to Accumulate from Hold.

Target price is $0.20 Current Price is $0.18 Difference: $0.025
If GL1 meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.87, suggesting upside of 383.3% (ex-dividends)

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

Bell Potter rates HUB as Buy (1) -

Bell Potter analysts have updated their modeling for Hub24, incorporating a weaker AUD and indications of negative funds movement, as well the fact equity markets have been weak over the past two quarters.

Bottom line: EPS forecasts have been reduced by -3-4%. There is some compensation from the fact the platform has been adding additional advisors.

Bell Potter re-iterates its Buy stance while reducing its price target by -16% to $78. Also noteworthy: DPS estimates have been left untouched.

Target price is $78.00 Current Price is $68.11 Difference: $9.89
If HUB meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $81.61, suggesting upside of 27.4% (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

UBS rates HUB as Neutral (3) -

UBS marks to market the wealth stocks for softer equity markets over the March quarter and lowers its Hub24 target price to $76.

The analyst has lowered EPS estimates slightly for wealth platforms like Hub24 and Netwealth Group ((NWL)) post mark-to-market, with no change to net flow outlook.

Considerable uncertainty remains in the sector, and UBS prefers the "relative safety" of wealth exposures such as Perpetual ((PPT)), Insignia Financial ((IFL)), and GQG Partners ((GQG)) on valuation and growth prospects.

No change to Neutral rating for Hub24.

Target price is $76.00 Current Price is $68.11 Difference: $7.89
If HUB meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $81.61, suggesting upside of 27.4% (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

UBS rates IAG as Neutral (3) -

UBS notes the mark-to-market earnings changes for general insurers and private health insurers were relatively modest. The impacts for general insurers have been offset by an improved 2H25 for CAT costs relative to above-budget consensus estimates, the broker explains.

Across the sector, UBS prefers QBE Insurance ((QBE)) due to valuation, and Medibank Private ((MPL)) among private health insurers, with Steadfast Group ((SDF)) preferred among insurance brokers.

Insurance Australia Group's target price is lowered to $8.50, with a Neutral rating unchanged.

Target price is $8.50 Current Price is $7.79 Difference: $0.71
If IAG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.55, suggesting upside of 9.7% (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

Ord Minnett rates IGO as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market.

For IGO Ltd, the broker lowers its target to $6.00 from $6.75 and maintains a Buy rating.

Target price is $6.00 Current Price is $3.75 Difference: $2.25
If IGO meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 40.2% (ex-dividends)

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

Shaw and Partners rates IKE as Initiation of coverage with Buy, High Risk (1) -

Shaw and Partners initiates coverage on ikeGPS Group with a Buy (High Risk) rating, citing strong execution, accelerating growth, and market share gains in the large US market. A $1.10 target is set.

The broker notes ikeGPS provides software for managing poles and overhead assets, helping utilities, telcos, and engineering firms plan, design, and maintain shared infrastructure and grid resilience.

Shaw analysts view the business at an inflection point, supported by successful scaling of new products and a leaner cost base following a 2024 restructure.

Target price is $1.10 Current Price is $0.71 Difference: $0.395
If IKE meets the Shaw and Partners target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Morgan Stanley rates JHX as Overweight (1) -

Morgan Stanley reconsiders the James Hardie Industries bid for Azek a week on from the announcement, and the broker firms its Overweight rating and conviction on the stock.

The current share price is viewed as representing an attractive entry point, although the analyst warns there is likely to be ongoing trading volatility.

Morgan Stanley emphasises investors need to look past the more "modest" near-term earnings growth outlook.

Overweight rating and $55 target reiterated.

Target price is $55.00 Current Price is $36.76 Difference: $18.24
If JHX meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $53.60, suggesting upside of 41.3% (ex-dividends)

The company's fiscal year ends in March.

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: 0.6

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

Ord Minnett rates KLS as Buy (1) -

Kelsian Group announced plans to sell its Australian tourism assets to strategically simplify the business, which Ord Minnett views as positive for the company.

Management is looking at selling off some of the SeaLink ferry operations, including K'gari (Fraser Island), and the SeaLink operations in Sydney Harbour, WA, the Whitsundays, Tasmania, and the NT. The Adelaide sightseeing and Murray Princess paddlewheeler are also being considered.

The company flagged the assets generated around $160m in FY24 revenue, and the broker estimates around 9% of operating earnings (EBITDA). Ord Minnett believes estimating a potential price is challenging.

A Buy rating is retained with target price set at $3.80.

Target price is $3.80 Current Price is $2.68 Difference: $1.12
If KLS meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 47.9% (ex-dividends)

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

Ord Minnett rates LOT as Speculative Buy (1) -

Ord Minnett highlights Lotus Resources has managed to contract 2.9mlbs of uranium under fixed price agreements for four years at US$80lb which the analyst views as confirmation by the utilities in their confidence in Kayelekera.

The broker believes the uranium price is unlikely to rise until contracting restarts and today's tariff announcements are unlikely to spur a rebound yet.

No change to target price of 35c and Speculative Buy rating.

Target price is $0.35 Current Price is $0.16 Difference: $0.19
If LOT meets the Ord Minnett target it will return approximately 119% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 221.4% (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

Ord Minnett rates LTR as Downgrade to Lighten from Hold (4) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market.

For Liontown Resources, the broker lowers its target to 50c from 67c and downgrades to Lighten from Hold.

Target price is $0.50 Current Price is $0.56 Difference: minus $0.06 (current price is over target).
If LTR meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting upside of 48.3% (ex-dividends)

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

Ord Minnett rates MAC as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The Buy rating and $28 target for MAC Copper are maintained.

Target price is $28.00 Current Price is $15.02 Difference: $12.98
If MAC meets the Ord Minnett target it will return approximately 86% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Bell Potter rates MDR as Hold (3) -

Bell Potter highlights the $5m placement and $2m share purchase plan at 10c per share for MedAdvisor, with the new equity issued representing between 9%–15% of shares on issue.

The funds raised will be employed for working capital and cost-out plans, the broker explains, as cash on hand had fallen to $12.4m at the end of December 31 and debt had risen to $17.6m.

Board changes with the resignation of Chair, Linda Jackson, and the appointment of non-executive Director Kate Hill as interim Chair have raised a "red flag" according to the analyst.

Management also offered weaker FY25 guidance due to deteriorating business conditions. Unchanged Hold rating and target price cut to 9c from 21c.

Target price is $0.09 Current Price is $0.10 Difference: minus $0.005 (current price is over target).
If MDR meets the Bell Potter target it will return approximately minus 5% (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: 0.0

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

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

UBS upgrades Magellan Financial to Neutral from Sell with a lower target price of $8.20 from $8.85, as the broker marks to market the wealth stocks for softer equity markets over the March quarter.

The risk-off tone has resulted in a sell-down of the sector and a valuation de-rating, which has improved the valuation appeal for AMP ((AMP)) and Magellan, which has sold off -24% since the February results.

Considerable uncertainty remains in the sector, and UBS prefers the "relative safety" of wealth exposures such as Perpetual ((PPT)), Insignia Financial ((IFL)), and GQG Partners ((GQG)) on valuation and growth prospects.

Target price is $8.20 Current Price is $7.56 Difference: $0.64
If MFG meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.84, suggesting upside of 17.5% (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 MIN as Outperform (1) -

Macquarie expects 1Q25 iron ore shipments for Rio Tinto ((RIO)) and Mineral Resources to be lower than expected.

The broker lowers Mineral Resources' earnings forecasts by -100% and -44% for FY25/FY26 on already slim earnings estimates, due to higher assumed costs at Onslow and a rise in depreciation and amortisation charges.

Macquarie anticipates a delay in the Onslow ramp-up and accordingly lowers FY27–FY29 EPS forecasts by -14% to -48%.

The target price declines by -10% to $35. Outperform rating retained.

Target price is $35.00 Current Price is $23.23 Difference: $11.77
If MIN meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $34.16, suggesting upside of 62.4% (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

Ord Minnett rates MIN as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market.

For Mineral Resources, the broker lowers its target to $32 from $35 and maintains a Buy rating.

Target price is $32.00 Current Price is $23.23 Difference: $8.77
If MIN meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $34.16, suggesting upside of 62.4% (ex-dividends)

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

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

Metro Mining commenced operations earlier than usual in the March quarter to assess the performance of its new equipment during the monsoon period, explains Shaw and Partners.

The company shipped 184kt of bauxite, positioning it well to achieve its 2025 production guidance of 6.5-7.0mt, believe the analysts.

The broker highlights Metro’s strong start as setting the foundation for a robust year, supported by improved operational execution. The company remains hedge-free, providing full exposure to record Australian dollar gold prices.

Shaw retains a Buy High Risk rating and a target price of 17c.

Target price is $0.17 Current Price is $0.06 Difference: $0.111
If MMI meets the Shaw and Partners target it will return approximately 188% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

UBS rates MPL as Buy (1) -

UBS notes the mark-to-market earnings changes for general insurers and private health insurers were relatively modest. The impacts for general insurers have been offset by an improved 2H25 for CAT costs relative to above-budget consensus estimates, the broker explains.

Across the sector, UBS prefers QBE Insurance ((QBE)) due to valuation, and Medibank Private among private health insurers, with Steadfast Group ((SDF)) preferred among insurance brokers.

Medibank Private target price is raised to $5.10 from $4.90, with a Buy rating unchanged.

Target price is $5.10 Current Price is $4.60 Difference: $0.5
If MPL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 2.0% (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

Citi rates NEM as Buy (1) -

Citi notes notes most of the US$500/oz rise in the gold price so far in 2025 will flow into pre-tax income for Newmont Corp, with cost inflation relatively limited outside of royalties.

The broker raises its target to $95 from $73 and retains a Buy rating.

Additionally, Citi has upgraded its gold price forecasts as summarised yesterday by FNArena (see below).

Citi stresses gold equities are currently discounting a US$2,250–US$2,500/oz gold price versus the current spot price of US$3,090/oz.

The analyst highlights that in previous gold bull cycles, gold companies have priced in higher gold prices than the spot market level, indicating the gold sector still has capacity to re-rate. This cycle, there is a greater probability of margins rising.

Citi's commodity team is forecasting a gold price of around US$3,600/oz by 4Q 2025 but uses a more conservative US$3,100/oz base case assumption.

The analyst raises the long-term real gold price forecast to US$2,200/oz from US$2,000/oz.

Target price is $95.00 Current Price is $76.31 Difference: $18.69
If NEM meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $86.80, suggesting upside of 11.2% (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: 0.8

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

Ord Minnett rates NEM as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp. The target is increased to $95 from $92.50.

Target price is $95.00 Current Price is $76.31 Difference: $18.69
If NEM meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $86.80, suggesting upside of 11.2% (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: 0.8

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

UBS rates NHF as Neutral (3) -

UBS notes the mark-to-market earnings changes for general insurers and private health insurers were relatively modest. The impacts for general insurers have been offset by an improved 2H25 for CAT costs relative to above-budget consensus estimates, the broker explains.

Across the sector, UBS prefers QBE Insurance ((QBE)) due to valuation, and Medibank Private ((MPL)) among private health insurers, with Steadfast Group ((SDF)) preferred among insurance brokers.

nib Holdings' target price is raised to $7.10 from $6.75, with a Neutral rating unchanged.

Target price is $7.10 Current Price is $6.88 Difference: $0.22
If NHF meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting downside of -0.6% (ex-dividends)

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 NIC as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The Buy rating and $1.60 target for Nickel Industries are unchanged.

Target price is $1.60 Current Price is $0.58 Difference: $1.02
If NIC meets the Ord Minnett target it will return approximately 176% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 106.0% (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: 1.0

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

Bell Potter rates NWL as Hold (3) -

Bell Potter lowers its target price for Netwealth Group by -16% to $25.80 due to growing risks around potential upside to fund inflows, given softening equity markets and a weakening Australian dollar.

The broker marks to market the correction in equity markets post the high in US equities on February 19 and lowers EPS estimates for the group by -1% in FY25 and -4% in FY26 to reflect a reduced forecast for 3Q25 funds under administration growth.

No change to Hold rating. Target $25.80 from $30.

Target price is $25.80 Current Price is $26.25 Difference: minus $0.45 (current price is over target).
If NWL meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.31, suggesting upside of 27.0% (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

UBS rates NWL as Neutral (3) -

UBS marks to market the wealth stocks for softer equity markets over the March quarter and lowers the Netwealth Group target price to $29.

The analyst has lowered EPS estimates slightly for wealth platforms like Hub24 ((HUB)) and Netwealth Group post mark-to-market, with no change to net flow outlook.

Considerable uncertainty remains in the sector, and UBS prefers the "relative safety" of wealth exposures such as Perpetual ((PPT)), Insignia Financial ((IFL)), and GQG Partners ((GQG)) on valuation and growth prospects.

No change to Neutral rating for Netwealth Group.

Target price is $29.00 Current Price is $26.25 Difference: $2.75
If NWL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $30.31, suggesting upside of 27.0% (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 PDI as Downgrade to Accumulate from Buy (2) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

For Predictive Discovery, the broker raises its target to 43c from 40c and downgrades to Accumulate from Buy.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $0.43 Current Price is $0.38 Difference: $0.055
If PDI meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Ord Minnett rates PLS as Hold (3) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market.

For Pilbara Minerals, the broker lowers its target to $1.75 from $2.50 and maintains a Hold rating.

Target price is $1.75 Current Price is $1.54 Difference: $0.21
If PLS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 70.6% (ex-dividends)

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

Shaw and Partners rates PLY as Buy (1) -

Playside Studios has announced a restructure to reduce its cost base by between -$4-5m without affecting key original IP projects, notes Shaw and Partners.

The restructure is a prudent move, suggests the broker, to preserve cash ahead of the anticipated launch of its flagship title, Mouse, in the second half of 2025.

Mouse momentum continues to build, highlight the analysts, with social followers rising 6% since February. Shaw sees an opportunity for investors to play the likely excitement around this title through H2 of FY25.

FY25 guidance is unchanged, including a forecast closing cash balance between $10-15m. 

Shaw and Partners retains a Buy High Risk rating and 50 cent target price.

Target price is $0.50 Current Price is $0.18 Difference: $0.325
If PLY meets the Shaw and Partners target it will return approximately 186% (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

UBS rates PNI as Neutral (3) -

UBS marks to market the wealth stocks for softer equity markets over the March quarter and lowers the Pinnacle Investment Management target price to $19.50.

Considerable uncertainty remains in the sector, and UBS prefers the "relative safety" of wealth exposures such as Perpetual ((PPT)), Insignia Financial ((IFL)), and GQG Partners ((GQG)) on valuation and growth prospects.

No change to Neutral rating for Pinnacle Investment Management.

Target price is $19.50 Current Price is $17.77 Difference: $1.73
If PNI meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $25.59, suggesting upside of 50.5% (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

UBS rates PPT as Buy (1) -

UBS marks to market the wealth stocks for softer equity markets over the March quarter and lowers the Perpetual target price to $23. 

Considerable uncertainty remains in the sector, and UBS prefers the "relative safety" of wealth exposures such as Perpetual,  Insignia Financial ((IFL)), and GQG Partners ((GQG)) on valuation and growth prospects.

No change to Buy rating.

Target price is $23.00 Current Price is $19.46 Difference: $3.54
If PPT meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $22.97, suggesting upside of 24.2% (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

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

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

For Perseus Mining, the broker raises its target to $3.75 from $3.65 and downgrades to Accumulate from Buy.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $3.75 Current Price is $3.30 Difference: $0.45
If PRU meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 13.6% (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: 0.6

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

UBS rates PTM as Sell (5) -

UBS marks to market the wealth stocks for softer equity markets over the March quarter and lowers the Platinum Asset Management target price to 51c.

Considerable uncertainty remains in the sector, and UBS prefers the "relative safety" of wealth exposures such as Perpetual ((PPT)), Insignia Financial ((IFL)), and GQG Partners ((GQG)) on valuation and growth prospects.

No change to Sell rating for Platinum.

Target price is $0.51 Current Price is $0.55 Difference: minus $0.04 (current price is over target).
If PTM meets the UBS target it will return approximately minus 7% (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: -0.5

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

UBS rates QBE as Buy (1) -

UBS notes the mark-to-market earnings changes for general insurers and private health insurers were relatively modest. The impacts for general insurers have been offset by an improved 2H25 for CAT costs relative to above-budget consensus estimates, the broker explains.

Across the sector, UBS prefers QBE Insurance due to valuation, and Medibank Private ((MPL)) among private health insurers, with Steadfast Group ((SDF)) preferred among insurance brokers.

QBE target price is raised to $24.60 from $24.40 with a Buy rating unchanged.

Target price is $24.60 Current Price is $22.22 Difference: $2.38
If QBE meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.16, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates RIO as Neutral (3) -

Macquarie expects Rio Tinto to miss on Pilbara iron ore by -6% and by -27% for the Iron Ore Company of Canada, due to conservative views on rail availability, the broker explains for 1Q25 results. Mined copper is expected to come in better than expected by 5%.

Bauxite and aluminium are expected to meet estimates.

The analyst reiterates a preference for South32 ((S32)) and BHP Group ((BHP)) over Rio Tinto and Fortescue ((FMG)).

Macquarie retains a Neutral rating and $116 target price.

Target price is $116.00 Current Price is $115.08 Difference: $0.92
If RIO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $124.83, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Ord Minnett rates RIO as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's target for Rio Tinto initially fell to $126 from $132 on commodity price adjustments, but after a subsequent review of bulk carrier movements for the Iron Ore sector, that target was adjusted back to $127.

Target price is $127.00 Current Price is $115.08 Difference: $11.92
If RIO meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $124.83, suggesting upside of 11.5% (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: 0.5

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

Ord Minnett rates RRL as Sell (5) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker raises its target for Regis Resources to $2.70 from $2.40 and maintains a Sell rating.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $2.70 Current Price is $3.91 Difference: minus $1.21 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.58, suggesting downside of -10.7% (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

Ord Minnett rates RSG as Hold (3) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker raises its target for Resolute Mining to 55c from 45c and maintains a Hold rating.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $0.55 Current Price is $0.46 Difference: $0.095
If RSG meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

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

Market Sentiment: 0.5

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

Macquarie rates S32 as Outperform (1) -

Macquarie expects mixed results for South32's 3Q25 update, with copper down by -9%, alumina down -3%, aluminium slightly better than expected by 2%, and manganese in line with estimates.

The analyst reiterates a preference for South32 and BHP Group ((BHP)) over Rio Tinto and Fortescue ((FMG)).

Macquarie retains an Outperform rating with a $4.50 target price.

Target price is $4.50 Current Price is $3.12 Difference: $1.38
If S32 meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 37.9% (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: 0.8

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

Ord Minnett rates S32 as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

For South32, the target falls to $4.30 from $4.50 and the Buy rating is unchanged.

Target price is $4.30 Current Price is $3.12 Difference: $1.18
If S32 meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 37.9% (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: 0.8

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

Citi rates SCG as Buy (1) -

Citi believes Australian REITs are likely less exposed than other parts of the Australian market to new Trump tariffs, and sees potential volatility as an opportunity to buy quality names with predominantly domestic growth profiles.

The tariff announcement could lead to a more dovish RBA in the near-term, suggest the analysts. Citi continues to expect a -25bps rate cut in each of May and August.

The broker's key Buys in the space include Scentre Group, Goodman Group ((GMG)) Stockland ((SGP)), GPT Group ((GPT)), Ingenia Communities ((INA)), National Storage REIT ((NSR)) and Charter Hall ((CHC)).

The target for Buy-rated Scentre Group is $3.90.

Target price is $3.90 Current Price is $3.42 Difference: $0.48
If SCG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates SDF as Buy (1) -

UBS notes the mark-to-market earnings changes for general insurers and private health insurers were relatively modest. The impacts for general insurers have been offset by an improved 2H25 for CAT costs relative to above-budget consensus estimates, the broker explains.

Across the sector, UBS prefers QBE Insurance ((QBE)) due to valuation, and Medibank Private ((MPL)) among private health insurers, with Steadfast Group preferred among insurance brokers.

Steadfast target price is raised to $6.70 from $6.65, with Buy rating unchanged.

Target price is $6.70 Current Price is $5.80 Difference: $0.9
If SDF meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 17.8% (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

UBS rates STO as Buy (1) -

UBS has lifted Asian LNG prices by 2%–3% in 2025–2026 due to slower supply coming on-stream, and the broker raises 2025 global gas price forecasts by 3% for Asia and 8% for Europe. Ongoing geopolitics is expected to underwrite further volatility.

In the run-up to the May Federal election, the analyst adjusts the outlook for prices based on the Coalition's National Gas Plan and lowers EPS estimates by -10% across the stock coverage for 2026–2027.

Santos remains the preferred exposure, and Woodside Energy ((WDS)) the least preferred, with EPS and DPS estimates expected to fall by -8% over 2025–2026.

Santos is Buy rated with a lower target price of $8 from $8.15.

Target price is $8.00 Current Price is $6.74 Difference: $1.26
If STO meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.8

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

UBS rates SUN as Neutral (3) -

UBS notes the mark-to-market earnings changes for general insurers and private health insurers were relatively modest. The impacts for general insurers have been offset by an improved 2H25 for CAT costs relative to above-budget consensus estimates, the broker explains.

Across the sector, UBS prefers QBE Insurance ((QBE)) due to valuation, and Medibank Private ((MPL)) among private health insurers, with Steadfast Group ((SDF)) preferred among insurance brokers.

Suncorp Group's  target price is raised to $20.90 from $20.85, with Neutral rating unchanged.

Target price is $20.90 Current Price is $19.48 Difference: $1.42
If SUN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $20.91, suggesting upside of 8.2% (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

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

Following the latest Nielsen data, Citi has turned more cautious on Treasury Wine Estates' outlook in the Americas, downgrading the stock to Neutral from Buy and cutting the target price to $10.50 from $13.85.

The data showed Treasury’s sales declined -15% (market -3%) in the four weeks to 22 March. Daou was flat for the first time in the broker's dataset, both Frank and 19Crimes declined, and Matua saw slower growth.

The broker also flags concerns about longer-term structural headwinds across the broader alcohol category, which could weigh on growth.

Near-term upside risks to Citi’s view include the possibility that softer Treasury Americas sales may be offset by stronger-than-expected synergies from the Daou acquisition.

Target price is $10.50 Current Price is $9.10 Difference: $1.4
If TWE meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.42, suggesting upside of 38.6% (ex-dividends)

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

Ord Minnett rates WAF as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker raises its target for West African Resources to $2.80 from $2.65 and maintains a Buy rating.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

Target price is $2.80 Current Price is $2.32 Difference: $0.48
If WAF meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates WC8 as Buy (1) -

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker's 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market.

For Wildcat Resources, the broker lowers its target to 30c from 50c and maintains a Buy rating.

Target price is $0.30 Current Price is $0.16 Difference: $0.14
If WC8 meets the Ord Minnett target it will return approximately 87% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates WDS as Neutral (3) -

UBS has lifted Asian LNG prices by 2%–3% in 2025–2026 due to slower supply coming on-stream, and the broker raises 2025 global gas price forecasts by 3% for Asia and 8% for Europe.

Ongoing geopolitics is expected to underwrite further volatility.

In the run-up to the May Federal election, the analyst adjusts the outlook for prices based on the Coalition's National Gas Plan and lowers EPS estimates by -10% across the stock coverage for 2026–2027.

Santos ((STO)) remains the preferred exposure, and Woodside Energy the least preferred, with EPS and DPS estimates expected to fall by -8% over 2025–2026.

Woodside is Neutral rated with a lower target price of $26.50 from $27.10. 

Target price is $26.50 Current Price is $23.15 Difference: $3.35
If WDS meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.60, suggesting upside of 18.5% (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: 0.2

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