Australian Broker Call
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April 03, 2025
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
AMP - | AMP | Upgrade to Neutral from Sell | UBS |
DLI - | Delta Lithium | Downgrade to Hold from Accumulate | Ord Minnett |
EMR - | Emerald Resources | Upgrade to Lighten from Sell | Ord Minnett |
GL1 - | Global Lithium Resources | Upgrade to Accumulate from Hold | Ord Minnett |
LTR - | Liontown Resources | Downgrade to Lighten from Hold | Ord Minnett |
MFG - | Magellan Financial | Upgrade to Neutral from Sell | UBS |
PDI - | Predictive Discovery | Downgrade to Accumulate from Buy | Ord Minnett |
PRU - | Perseus Mining | Downgrade to Accumulate from Buy | Ord Minnett |
TWE - | Treasury Wine Estates | Downgrade to Neutral from Buy | Citi |

Overnight Price: $0.14
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:
Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY26:
Current consensus EPS estimate is -1.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $7.86
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:
Citi forecasts a full year FY25 dividend of 17.02 cents and EPS of 24.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of N/A. Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 31.7. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 19.30 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of 13.4%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
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

Overnight Price: $1.07
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:
Ord Minnett forecasts a full year FY25 dividend of 6.30 cents and EPS of 8.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of 21.8%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 6.80 cents and EPS of 11.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of 13.0%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 8.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $1.21
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:
UBS forecasts a full year FY25 dividend of 4.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of 52.3%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 11.0. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 5.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.4, implying annual growth of 5.6%. Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ARB ARB CORPORATION LIMITED
Automobiles & Components
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Overnight Price: $31.87
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:
Citi forecasts a full year FY25 dividend of 66.90 cents and EPS of 120.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.9, implying annual growth of 0.8%. Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 24.4. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 75.70 cents and EPS of 136.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 141.7, implying annual growth of 12.5%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $1.15
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:
Current consensus EPS estimate is 6.7, implying annual growth of 2.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY26:
Current consensus EPS estimate is 13.4, implying annual growth of 100.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 8.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $38.32
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:
Macquarie forecasts a full year FY25 dividend of 147.17 cents and EPS of 274.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 343.5, implying annual growth of N/A. Current consensus DPS estimate is 164.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 153.30 cents and EPS of 302.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 350.8, implying annual growth of 2.1%. Current consensus DPS estimate is 178.9, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 10.6. |
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:
Current consensus EPS estimate is 343.5, implying annual growth of N/A. Current consensus DPS estimate is 164.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY26:
Current consensus EPS estimate is 350.8, implying annual growth of 2.1%. Current consensus DPS estimate is 178.9, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 10.6. |
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

Overnight Price: $21.58
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:
Citi forecasts a full year FY25 dividend of 60.00 cents and EPS of 100.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.9, implying annual growth of -43.9%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 60.00 cents and EPS of 228.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.1, implying annual growth of 108.2%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CKF COLLINS FOODS LIMITED
Food, Beverages & Tobacco
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Overnight Price: $8.77
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:
Citi forecasts a full year FY25 dividend of 21.20 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.9, implying annual growth of -21.1%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 22.9. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 27.80 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.9, implying annual growth of 36.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $7.95
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:
Current consensus EPS estimate is 37.2, implying annual growth of 60.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY26:
Current consensus EPS estimate is 54.2, implying annual growth of 45.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $8.28
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:
Current consensus EPS estimate is 10.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 70.4. |
Forecast for FY25:
Current consensus EPS estimate is 15.1, implying annual growth of 38.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 50.8. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.17
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

Overnight Price: $3.62
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:
Current consensus EPS estimate is 31.5, implying annual growth of 7.5%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY26:
Current consensus EPS estimate is 30.6, implying annual growth of -2.9%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $6.76
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:
Citi forecasts a full year FY25 dividend of 36.00 cents and EPS of 59.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of 106.7%. Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 37.00 cents and EPS of 66.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of 20.2%. Current consensus DPS estimate is 41.5, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $3.76
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

Overnight Price: $15.40
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:
Macquarie forecasts a full year FY25 dividend of 208.49 cents and EPS of 292.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 193.6, implying annual growth of N/A. Current consensus DPS estimate is 95.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 7.7. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 134.91 cents and EPS of 228.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 176.7, implying annual growth of -8.7%. Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 8.4. |
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:
Current consensus EPS estimate is 193.6, implying annual growth of N/A. Current consensus DPS estimate is 95.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 7.7. |
Forecast for FY26:
Current consensus EPS estimate is 176.7, implying annual growth of -8.7%. Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 8.4. |
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

Overnight Price: $4.10
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:
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.00 cents. |
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GL1 GLOBAL LITHIUM RESOURCES LIMITED
New Battery Elements
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Overnight Price: $0.18
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:
Current consensus EPS estimate is -4.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Current consensus EPS estimate is -4.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HUB HUB24 LIMITED
Wealth Management & Investments
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Overnight Price: $68.11
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:
Bell Potter forecasts a full year FY25 dividend of 52.50 cents and EPS of 110.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 111.9, implying annual growth of 92.4%. Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 57.2. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 62.50 cents and EPS of 130.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.1, implying annual growth of 25.2%. Current consensus DPS estimate is 68.9, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 45.7. |
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:
Current consensus EPS estimate is 111.9, implying annual growth of 92.4%. Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 57.2. |
Forecast for FY26:
Current consensus EPS estimate is 140.1, implying annual growth of 25.2%. Current consensus DPS estimate is 68.9, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 45.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $7.79
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:
UBS forecasts a full year FY25 dividend of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.0, implying annual growth of 20.6%. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.3. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.3, implying annual growth of -3.8%. Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $3.75
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:
Current consensus EPS estimate is -22.8, implying annual growth of N/A. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Current consensus EPS estimate is 18.7, implying annual growth of N/A. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 18.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.71
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:
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 6.19 cents. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.28 cents. |
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

JHX JAMES HARDIE INDUSTRIES PLC
Building Products & Services
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Overnight Price: $36.76
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:
Morgan Stanley forecasts a full year FY25 dividend of 0.00 cents and EPS of 226.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 257.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 dividend of 0.00 cents and EPS of 243.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 282.3, implying annual growth of 9.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.4. |
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

KLS KELSIAN GROUP LIMITED
Travel, Leisure & Tourism
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Overnight Price: $2.68
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:
Current consensus EPS estimate is 33.1, implying annual growth of 54.2%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY26:
Current consensus EPS estimate is 37.2, implying annual growth of 12.4%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 7.9%. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.16
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:
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

LTR LIONTOWN RESOURCES LIMITED
New Battery Elements
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Overnight Price: $0.56
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:
Current consensus EPS estimate is -2.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Current consensus EPS estimate is -0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $15.02
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

Overnight Price: $0.10
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:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.90 cents. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $7.56
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:
UBS forecasts a full year FY25 dividend of 53.00 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.3, implying annual growth of -36.8%. Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 41.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.4, implying annual growth of -14.3%. Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MIN MINERAL RESOURCES LIMITED
Mining Sector Contracting
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Overnight Price: $23.23
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:
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -89.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 161.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 203.6, implying annual growth of N/A. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 10.3. |
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:
Current consensus EPS estimate is -89.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Current consensus EPS estimate is 203.6, implying annual growth of N/A. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 10.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.06
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:
Shaw and Partners forecasts a full year FY25 dividend of 1.00 cents and EPS of 1.80 cents. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 1.00 cents and EPS of 2.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $4.60
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:
UBS forecasts a full year FY25 dividend of 18.80 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 25.8%. Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 19.30 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.5, implying annual growth of 4.4%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $76.31
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:
Current consensus EPS estimate is 516.2, implying annual growth of N/A. Current consensus DPS estimate is 160.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY26:
Current consensus EPS estimate is 495.1, implying annual growth of -4.1%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 15.8. |
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:
Current consensus EPS estimate is 516.2, implying annual growth of N/A. Current consensus DPS estimate is 160.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY26:
Current consensus EPS estimate is 495.1, implying annual growth of -4.1%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 15.8. |
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

Overnight Price: $6.88
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:
UBS forecasts a full year FY25 dividend of 27.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.2, implying annual growth of 10.1%. Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 29.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.1, implying annual growth of 9.2%. Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.58
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:
Current consensus EPS estimate is 7.7, implying annual growth of N/A. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 7.3. |
Forecast for FY26:
Current consensus EPS estimate is 12.3, implying annual growth of 59.7%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 12.5%. Current consensus EPS estimate suggests the PER is 4.6. |
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

NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $26.25
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:
Bell Potter forecasts a full year FY25 dividend of 37.50 cents and EPS of 47.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.1, implying annual growth of 35.0%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 51.8. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 46.00 cents and EPS of 53.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.9, implying annual growth of 21.3%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 42.7. |
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:
UBS forecasts a full year FY25 dividend of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.1, implying annual growth of 35.0%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 51.8. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.9, implying annual growth of 21.3%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 42.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.38
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

PLS PILBARA MINERALS LIMITED
New Battery Elements
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Overnight Price: $1.54
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:
Current consensus EPS estimate is -0.4, implying annual growth of N/A. Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Current consensus EPS estimate is 5.0, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 28.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.18
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:
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.10 cents. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $17.77
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:
UBS forecasts a full year FY25 EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 46.0%. Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY26:
UBS forecasts a full year FY26 EPS of 85.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.7, implying annual growth of 16.1%. Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PPT PERPETUAL LIMITED
Wealth Management & Investments
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Overnight Price: $19.46
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:
UBS forecasts a full year FY25 EPS of 190.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.8, implying annual growth of N/A. Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY26:
UBS forecasts a full year FY26 EPS of 196.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.0, implying annual growth of 6.1%. Current consensus DPS estimate is 138.8, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $3.30
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:
Current consensus EPS estimate is 39.9, implying annual growth of N/A. Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY26:
Current consensus EPS estimate is 33.9, implying annual growth of -15.0%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.7. |
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

PTM PLATINUM ASSET MANAGEMENT LIMITED
Wealth Management & Investments
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Overnight Price: $0.55
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:
UBS forecasts a full year FY25 dividend of 25.00 cents and EPS of 6.00 cents. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 3.00 cents and EPS of 5.00 cents. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $22.22
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:
UBS forecasts a full year FY25 dividend of 97.00 cents and EPS of 177.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.5, implying annual growth of N/A. Current consensus DPS estimate is 90.4, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 103.00 cents and EPS of 190.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 201.3, implying annual growth of 7.4%. Current consensus DPS estimate is 97.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 10.9. |
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

RIO RIO TINTO LIMITED
Aluminium, Bauxite & Alumina
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Overnight Price: $115.08
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:
Macquarie forecasts a full year FY25 dividend of 728.19 cents and EPS of 1148.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1177.2, implying annual growth of N/A. Current consensus DPS estimate is 691.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 599.42 cents and EPS of 921.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1027.2, implying annual growth of -12.7%. Current consensus DPS estimate is 616.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 10.9. |
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:
Current consensus EPS estimate is 1177.2, implying annual growth of N/A. Current consensus DPS estimate is 691.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY26:
Current consensus EPS estimate is 1027.2, implying annual growth of -12.7%. Current consensus DPS estimate is 616.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 10.9. |
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
Overnight Price: $3.91
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:
Current consensus EPS estimate is 24.9, implying annual growth of N/A. Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY26:
Current consensus EPS estimate is 41.0, implying annual growth of 64.7%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 9.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.46
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

Overnight Price: $3.12
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:
Macquarie forecasts a full year FY25 dividend of 10.27 cents and EPS of 24.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.4, implying annual growth of N/A. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 8.7. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 13.34 cents and EPS of 33.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.6, implying annual growth of 23.8%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 7.0. |
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:
Current consensus EPS estimate is 34.4, implying annual growth of N/A. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 8.7. |
Forecast for FY26:
Current consensus EPS estimate is 42.6, implying annual growth of 23.8%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 7.0. |
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:
Current consensus EPS estimate is 22.5, implying annual growth of 11.2%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY26:
Current consensus EPS estimate is 23.7, implying annual growth of 5.3%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $5.80
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:
UBS forecasts a full year FY25 dividend of 20.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 38.7%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 21.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 9.2%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.9. |
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:
UBS forecasts a full year FY25 dividend of 24.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.0, implying annual growth of N/A. Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 56.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.3, implying annual growth of 8.7%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.0. |
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

Overnight Price: $19.48
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:
UBS forecasts a full year FY25 EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.3, implying annual growth of 5.8%. Current consensus DPS estimate is 95.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY26:
UBS forecasts a full year FY26 EPS of 122.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.8, implying annual growth of 0.4%. Current consensus DPS estimate is 85.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $9.10
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:
Current consensus EPS estimate is 58.6, implying annual growth of 361.4%. Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY26:
Current consensus EPS estimate is 70.5, implying annual growth of 20.3%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $2.32
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

WC8 WILDCAT RESOURCES LIMITED
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Overnight Price: $0.16
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

Overnight Price: $23.15
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:
Current consensus EPS estimate is 198.7, implying annual growth of N/A. Current consensus DPS estimate is 160.5, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY26:
Current consensus EPS estimate is 113.4, implying annual growth of -42.9%. Current consensus DPS estimate is 107.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.8. |
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
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
29M | 29Metals | $0.14 | Ord Minnett | 0.30 | 0.32 | -6.25% |
ACF | Acrow | $1.06 | Ord Minnett | 1.33 | 1.29 | 3.10% |
AMP | AMP | $1.19 | UBS | 1.30 | 1.35 | -3.70% |
BHP | BHP Group | $37.05 | Ord Minnett | 42.00 | 43.00 | -2.33% |
CMM | Capricorn Metals | $8.05 | Ord Minnett | 9.40 | 9.30 | 1.08% |
CSC | Capstone Copper | $7.67 | Ord Minnett | 12.00 | 12.50 | -4.00% |
FND | Findi | $4.06 | Morgans | 8.35 | 7.95 | 5.03% |
GL1 | Global Lithium Resources | $0.18 | Ord Minnett | 0.20 | 1.30 | -84.62% |
HUB | Hub24 | $64.05 | Bell Potter | 78.00 | 93.00 | -16.13% |
UBS | 76.00 | 86.00 | -11.63% | |||
IAG | Insurance Australia Group | $7.79 | UBS | 8.50 | 9.15 | -7.10% |
IGO | IGO Ltd | $3.53 | Ord Minnett | 6.00 | 7.50 | -20.00% |
KLS | Kelsian Group | $2.66 | Ord Minnett | 3.80 | N/A | - |
LTR | Liontown Resources | $0.49 | Ord Minnett | 0.50 | 0.67 | -25.37% |
MDR | MedAdvisor | $0.11 | Bell Potter | 0.09 | 0.21 | -57.14% |
MFG | Magellan Financial | $7.52 | UBS | 8.20 | 8.85 | -7.34% |
MIN | Mineral Resources | $21.03 | Macquarie | 35.00 | 36.00 | -2.78% |
Ord Minnett | 32.00 | 35.00 | -8.57% | |||
MPL | Medibank Private | $4.58 | UBS | 5.10 | 4.90 | 4.08% |
NEM | Newmont Corp | $78.07 | Citi | 95.00 | 73.00 | 30.14% |
Ord Minnett | 95.00 | 92.50 | 2.70% | |||
NHF | nib Holdings | $6.90 | UBS | 7.10 | 6.75 | 5.19% |
NWL | Netwealth Group | $23.87 | Bell Potter | 25.80 | 30.00 | -14.00% |
UBS | 29.00 | 30.75 | -5.69% | |||
PDI | Predictive Discovery | $0.37 | Ord Minnett | 0.43 | 0.40 | 7.50% |
PLS | Pilbara Minerals | $1.44 | Ord Minnett | 1.75 | 2.50 | -30.00% |
PNI | Pinnacle Investment Management | $17.01 | UBS | 19.50 | 25.20 | -22.62% |
PPT | Perpetual | $18.49 | UBS | 23.00 | 24.00 | -4.17% |
PRU | Perseus Mining | $3.30 | Ord Minnett | 3.75 | 3.65 | 2.74% |
PTM | Platinum Asset Management | $0.54 | UBS | 0.51 | 0.57 | -10.53% |
QBE | QBE Insurance | $21.96 | UBS | 24.60 | 24.40 | 0.82% |
RIO | Rio Tinto | $111.94 | Ord Minnett | 127.00 | 132.00 | -3.79% |
RRL | Regis Resources | $4.01 | Ord Minnett | 2.70 | 2.40 | 12.50% |
RSG | Resolute Mining | $0.44 | Ord Minnett | 0.55 | 0.45 | 22.22% |
S32 | South32 | $2.98 | Macquarie | 4.50 | 4.40 | 2.27% |
Ord Minnett | 4.30 | 4.50 | -4.44% | |||
SDF | Steadfast Group | $5.73 | UBS | 6.70 | 6.65 | 0.75% |
STO | Santos | $6.60 | UBS | 8.00 | 8.15 | -1.84% |
SUN | Suncorp Group | $19.32 | UBS | 20.90 | 20.85 | 0.24% |
TWE | Treasury Wine Estates | $8.96 | Citi | 10.50 | 13.85 | -24.19% |
WAF | West African Resources | $2.34 | Ord Minnett | 2.80 | 2.65 | 5.66% |
WC8 | Wildcat Resources | $0.16 | Ord Minnett | 0.30 | 0.50 | -40.00% |
WDS | Woodside Energy | $22.45 | UBS | 26.50 | 27.10 | -2.21% |
Summaries
29M | 29Metals | Hold - Ord Minnett | Overnight Price $0.14 |
A2M | a2 Milk Co | Buy - Citi | Overnight Price $7.86 |
ACF | Acrow | Buy - Ord Minnett | Overnight Price $1.07 |
AMP | AMP | Upgrade to Neutral from Sell - UBS | Overnight Price $1.21 |
ARB | ARB Corp | Neutral - Citi | Overnight Price $31.87 |
BGL | Bellevue Gold | Hold - Ord Minnett | Overnight Price $1.15 |
BHP | BHP Group | Outperform - Macquarie | Overnight Price $38.32 |
Accumulate - Ord Minnett | Overnight Price $38.32 | ||
BSL | BlueScope Steel | Buy - Citi | Overnight Price $21.58 |
CKF | Collins Foods | Buy - Citi | Overnight Price $8.77 |
CMM | Capricorn Metals | Accumulate - Ord Minnett | Overnight Price $7.95 |
CSC | Capstone Copper | Buy - Ord Minnett | Overnight Price $8.28 |
DLI | Delta Lithium | Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $0.17 |
DRR | Deterra Royalties | Buy - Ord Minnett | Overnight Price $3.62 |
ELD | Elders | Buy - Citi | Overnight Price $6.76 |
EMR | Emerald Resources | Upgrade to Lighten from Sell - Ord Minnett | Overnight Price $3.76 |
FMG | Fortescue | Underperform - Macquarie | Overnight Price $15.40 |
Buy - Ord Minnett | Overnight Price $15.40 | ||
FND | Findi | Add - Morgans | Overnight Price $4.10 |
GL1 | Global Lithium Resources | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $0.18 |
HUB | Hub24 | Buy - Bell Potter | Overnight Price $68.11 |
Neutral - UBS | Overnight Price $68.11 | ||
IAG | Insurance Australia Group | Neutral - UBS | Overnight Price $7.79 |
IGO | IGO Ltd | Buy - Ord Minnett | Overnight Price $3.75 |
IKE | ikeGPS Group | Initiation of coverage with Buy, High Risk - Shaw and Partners | Overnight Price $0.71 |
JHX | James Hardie Industries | Overweight - Morgan Stanley | Overnight Price $36.76 |
KLS | Kelsian Group | Buy - Ord Minnett | Overnight Price $2.68 |
LOT | Lotus Resources | Speculative Buy - Ord Minnett | Overnight Price $0.16 |
LTR | Liontown Resources | Downgrade to Lighten from Hold - Ord Minnett | Overnight Price $0.56 |
MAC | MAC Copper | Buy - Ord Minnett | Overnight Price $15.02 |
MDR | MedAdvisor | Hold - Bell Potter | Overnight Price $0.10 |
MFG | Magellan Financial | Upgrade to Neutral from Sell - UBS | Overnight Price $7.56 |
MIN | Mineral Resources | Outperform - Macquarie | Overnight Price $23.23 |
Buy - Ord Minnett | Overnight Price $23.23 | ||
MMI | Metro Mining | Buy, High Risk - Shaw and Partners | Overnight Price $0.06 |
MPL | Medibank Private | Buy - UBS | Overnight Price $4.60 |
NEM | Newmont Corp | Buy - Citi | Overnight Price $76.31 |
Buy - Ord Minnett | Overnight Price $76.31 | ||
NHF | nib Holdings | Neutral - UBS | Overnight Price $6.88 |
NIC | Nickel Industries | Buy - Ord Minnett | Overnight Price $0.58 |
NWL | Netwealth Group | Hold - Bell Potter | Overnight Price $26.25 |
Neutral - UBS | Overnight Price $26.25 | ||
PDI | Predictive Discovery | Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $0.38 |
PLS | Pilbara Minerals | Hold - Ord Minnett | Overnight Price $1.54 |
PLY | Playside Studios | Buy - Shaw and Partners | Overnight Price $0.18 |
PNI | Pinnacle Investment Management | Neutral - UBS | Overnight Price $17.77 |
PPT | Perpetual | Buy - UBS | Overnight Price $19.46 |
PRU | Perseus Mining | Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $3.30 |
PTM | Platinum Asset Management | Sell - UBS | Overnight Price $0.55 |
QBE | QBE Insurance | Buy - UBS | Overnight Price $22.22 |
RIO | Rio Tinto | Neutral - Macquarie | Overnight Price $115.08 |
Buy - Ord Minnett | Overnight Price $115.08 | ||
RRL | Regis Resources | Sell - Ord Minnett | Overnight Price $3.91 |
RSG | Resolute Mining | Hold - Ord Minnett | Overnight Price $0.46 |
S32 | South32 | Outperform - Macquarie | Overnight Price $3.12 |
Buy - Ord Minnett | Overnight Price $3.12 | ||
SCG | Scentre Group | Buy - Citi | Overnight Price $3.42 |
SDF | Steadfast Group | Buy - UBS | Overnight Price $5.80 |
STO | Santos | Buy - UBS | Overnight Price $6.74 |
SUN | Suncorp Group | Neutral - UBS | Overnight Price $19.48 |
TWE | Treasury Wine Estates | Downgrade to Neutral from Buy - Citi | Overnight Price $9.10 |
WAF | West African Resources | Buy - Ord Minnett | Overnight Price $2.32 |
WC8 | Wildcat Resources | Buy - Ord Minnett | Overnight Price $0.16 |
WDS | Woodside Energy | Neutral - UBS | Overnight Price $23.15 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 35 |
2. Accumulate | 5 |
3. Hold | 19 |
4. Reduce | 2 |
5. Sell | 3 |
Thursday 03 April 2025
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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