Australian Broker Call

Morgan Stanley rates 29M as Equal-weight (3) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For 29Metals, the Equal-weight rating and target price of $1.85 are retained.

Target price is $1.85 Current Price is $2.38 Difference: minus $0.53 (current price is over target).
If 29M meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.28, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates AGI as Outperform (1) -

Ainsworth Game Technology has issued December-half guidance at its AGM, forecasting an uplift in earnings.

Macquarie attributes to this to a post-covid operating recovery and observes the company is increasing investment in R&D, which could deliver further improvements.

With earnings visibility improving along with cash generation and the balance sheet (debt has been repaid), the broker spies room to resume dividends in FY24, pending clarity on the Mexican Tax Administration Service review of possible underpayments on import duties.

Meanwhile, the company is trading at a -28% discount to the ASX300 industrials and its long-term average of -16%, observes Macquarie.

Outperform rating retained. Target price rises to $1.40. This compares with the last entry in the FNArena database of $1.25 in September.

Target price is $1.40 Current Price is $1.21 Difference: $0.195
If AGI meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Allkem, the Equal-weight rating and target price of $15.85 are retained.

Target price is $15.85 Current Price is $13.20 Difference: $2.65
If AKE meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $17.16, suggesting upside of 27.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

UBS rates ASG as Buy (1) -

Autosports Group has delivered an upbeat update, as new vehicle demand continues to surprise to the upside, back-end and used car revenue growth remains strong. UBS notes gross margins are expected to grow in FY23, underpinned by a favourable mix. 

The broker expects first half profit before tax to be in line with its existing forecasts, but raises its second half forecasts accounting for assumed higher margins. At an industry level the broker estimates new car demand remains 15% above underlying deliveries. 

The Buy rating and target price of $3.10 are retained.

Target price is $3.10 Current Price is $1.94 Difference: $1.16
If ASG meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates ASX as Hold (3) -

Ord Minnett notes recent commentary from the RBA and ASIC expressing displeasure on ASX’s progress with CHESS replacement and showing a willingness to use existing regulatory powers to ensure a robust clearing and settlement system.

These prior comments lend additional credence to a recent media report the Australian government intends to impose price controls on the ASX, according to the analyst. The report suggests new arbitration powers will be handed to the ACCC.

The broker retains its Hold rating and lowers its target to $73.00 from $75.00. Clearing and settlement accounted for 7.5% and 7.6% of ASX group revenues, respectively, in FY22. It's felt any earnings headwinds will be limited should price caps be introduced.

Target price is $73.00 Current Price is $69.33 Difference: $3.67
If ASX meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $75.57, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates AWC as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Alumina Ltd, the Overweight rating and target price of $1.80 are retained.

Target price is $1.80 Current Price is $1.53 Difference: $0.275
If AWC meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

This company reports in USD. 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

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For BHP Group, the Equal-weight rating and target price of $43.20 are retained.

Target price is $43.20 Current Price is $44.82 Difference: minus $1.62 (current price is over target).
If BHP meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.95, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Macquarie rates CKF as Outperform (1) -

Collins Foods' has announced its November full-year result and Macquarie downgrades to Neutral from Outperform to reflect a weaker outlook.

While Australian demand grew, European margins took an input-cost hit and Taco Bell disappointed, as its rollout was postponed and the company took an -$11.9m impairment charge against 8 existing stores.

The broker observes price increases can only go so far and that rising inflation and interest rates are likely to put a brake on consumer spending.

EPS forecasts fall -18% in FY23; -23% in FY24; and -22% in FY25. Target price falls to $8.20 from $11.50.

Target price is $8.20 Current Price is $8.05 Difference: $0.15
If CKF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgans rates CKF as Add (1) -

While operationally Morgans was largely unsurprised by Collins Foods' first half result, the broker was surprised by the suggestion that margin recovery would not emerge in the coming half as previously guided. 

While sales proved resilient as the impact of price increases was felt, operating margins took a hit with input costs and wage inflation weighing on profitability. The company reduced full year margin guidance, suggesting it does not expect a rebound over the second half.

The broker expects the margin outlook was the driver of a negative share price reaction following the results release. The Add rating is retained and the target price decreases to $9.50 from $11.50.

Target price is $9.50 Current Price is $8.05 Difference: $1.45
If CKF meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates CKF as Neutral (3) -

Collins Foods continues to be challenged by severe inflation across most cost lines, and while some costs appear to have peaked the company anticipates increased pressure in the second half and into the new fiscal year. 

UBS highlights price increases have been implemented in a number of regions to offset headwinds, but expects a further increase will be required in Australia in December or January to offset ongoing chicken pricing renegotiations. 

While the broker continues to like the company, abating cost pressures or stronger pricing increases could support a more positive outlook. The Neutral rating is retained and the target price decreases to $8.50 from $10.30.

Target price is $8.50 Current Price is $8.05 Difference: $0.45
If CKF meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Credit Suisse rates CWY as Underperform (5) -

Cleanaway Waste Management has announced operational improvements, and plans to invest $100m in CRM/ERP systems among other intiiatives, expecting it will yield an -$8m reduction in costs.

Credit Suisse says the update suggests operating conditions may be worse than the broker expected, and is likely to take three years of strong investment to improve.

Other initiatives announced include landfill optimisation, data and analytics, process improvement and fleet optimisation.

Underperform rating retained. Target price rises to $2.50 from $2.40.

Target price is $2.50 Current Price is $2.77 Difference: minus $0.27 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.84, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates DGL as Initiation of coverage with Add (1) -

Morgans initiates coverage on DGL Group, finding the stock's recent derating a more attractive entry point.

Through organic growth and strategic acquisition, the broker finds the company delivers an integrated offering across the chemical manufacturing, transport and disposal supply chain. 

The company is guiding to earnings of $70-72m in FY23. With FY22 benefiting from robust demand for agricultural chemicals, elevated lead pricing and AdBlue scarcity, Morgans estimates guidance accounts for 10% like-for-like growth which it finds a commendable result as the company cycles off strong comparables. 

The broker expects guidance goes some way to improving certainty in the stock. The broker initiates with an Add rating and a target price of $1.90.

Target price is $1.90 Current Price is $1.49 Difference: $0.41
If DGL meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates DRR as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Deterra Royalties, the Overweight rating and target price of $5.20 are retained.

Target price is $5.20 Current Price is $4.58 Difference: $0.62
If DRR meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates EVN as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Evolution Mining, the Overweight rating and target price of $3.10 are retained.

Target price is $3.10 Current Price is $2.67 Difference: $0.43
If EVN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates FMG as Underperform (5) -

Fortescue Metals has appointed a new chief executive officer - Fiona Hicks - to its iron-ore business, starting in February.

The former Executive Vice President Australian Operations for Woodside Energy ((WDS)), Hicks has spent 20 years in various operational roles at Woodside.

Meanwhile, iron-ore prices are moving up towards US$100 a tonne, and the broker spies upside risk to earnings, a spot price scenario implying a 30% beat on Macquarie's base-case forecasts for FY23 and FY24.

But the broker holds the line, expecting capital expenditure growth will force the company to trim its dividend payout ratio.

Underperform rating and $14.50 target price retained.

Target price is $14.50 Current Price is $19.46 Difference: minus $4.96 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.18, suggesting downside of -21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.7

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

Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Fortescue Metals, the Underweight rating is retained and the target price decreases to $14.65 from $15.15.

Target price is $14.65 Current Price is $19.46 Difference: minus $4.81 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.18, suggesting downside of -21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.7

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

Citi rates FPH as Buy (1) -

Fisher & Paykel Healthcare's September-half result appears to have pleased Citi, the broker spying a potential recovery in revenue and earnings (EBIT) margins while noting the company's earnings trajectory is difficult to pin down.

EPS forecasts rise 8% in FY23; 11% in FY24; and 5% in FY25.

Buy rating retained. Target price rises to NZ$27 from NZ$23.50.

Current Price is $21.09. Target price not assessed.

Current consensus price target is $21.50, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Credit Suisse rates FPH as Neutral (3) -

Fisher & Paykel Healthcare's September-half result outpaced consensus and fell at the top end of guidance, but Credit Suisse considers the result to be of poor quality, weak cash flow and earnings being masked by a lower tax rate.

Management did not provide guidance, only to say it expected stronger revenue in the June half and higher operating expenditure, and the broker expects cost pressures to continue to bite in the medium term.

The broker does not expect the company's earnings (EBIT) margin to return to its long-term forecast of 30% for five years.

Neutral rating retained. Target price rises to $21.50 from $19.50.

Target price is $21.50 Current Price is $21.09 Difference: $0.41
If FPH meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $21.50, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Macquarie rates FPH as Neutral (3) -

Fisher & Paykel Healthcare's September-half result appears to have pleased Macquarie.

No specific guidance was issued, but management pointed to sequential sales growth in consumables sales to November, and an improved gross margin.

Macquarie says that while the outlook appears solid for FY24 and FY25, the company's share price is looking expensive compared with other healthcare picks such as ResMed ((RMD)).

EPS forecasts rise 3% for FY23; 12% for FY24; and 6% for FY25.

Neutral rating retained. Target price rises to NZ$24.10, compared with the last entry in the FNArena data base in October of NZ$20.15.

Current Price is $21.09. Target price not assessed.

Current consensus price target is $21.50, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Morgan Stanley rates FPH as Overweight (1) -

Fisher & Paykel Healthcare's September-half pleased Morgan Stanley, and the broker says guidance suggests upside risk.

The broker observes Hospital Consumable sales consistent grew since May (continuing into October and November) and is hopeful the company's destocking is nearly complete.

Homecare revenue proved the star performer, outpacing the broker and consensus, and again the broker is hopeful that higher numbers are in the wings. 

Overweight rating retained. Target price rises to NZ$22.90 from NZ$21.

Current Price is $21.09. Target price not assessed.

Current consensus price target is $21.50, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For IGO, the Equal-weight rating is retained and the target price decreases to $12.15 from $12.45.

Target price is $12.15 Current Price is $14.71 Difference: minus $2.56 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.18, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Iluka Resources, the Equal-weight rating is retained and the target price decreases to $10.55 from $11.25.

Target price is $10.55 Current Price is $9.99 Difference: $0.56
If ILU meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates IMD as Initiation of coverage with Buy (1) -

Citi initiaties coverage on Imdex, pegging a Buy rating and $2.70 target price, observing the company's extensive offering relative to peers (one-stop-shop), and commodities revenue profile.

The broker foresees a continuation in strong commodities prices and expects the company will be able to grow revenue without increasing its work force, cushioning it against labour shortages, given its operations are less labour intensive than many peers.

Citi sits 5% above consensus.

Target price is $2.70 Current Price is $2.17 Difference: $0.53
If IMD meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Mineral Resources, the Equal-weight rating and target price of $78.90 are retained.

Target price is $78.90 Current Price is $83.77 Difference: minus $4.87 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $89.64, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates MTS as Buy (1) -

Ahead of Metcash's first half result, UBS anticipates 7% year-on-year sales growth to $8.8bn, 5% earnings growth to $242m, and 4% net profit growth to $133m. 

Since its annual general when the company updated on the first seventeen weeks of the year, supermarket and food sales growth has turned negative, a trend which UBS expects to continue through the remainder of the first half. 

The Buy rating and target price of $5.00 are retained.

Target price is $5.00 Current Price is $4.21 Difference: $0.79
If MTS meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.59, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Morgan Stanley rates NCM as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Newcrest Mining, the Overweight rating and target price of $23.00 are retained.

Target price is $23.00 Current Price is $19.63 Difference: $3.37
If NCM meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $21.57, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Northern Star Resources, the Equal-weight rating and target price of $10.80 are retained.

Target price is $10.80 Current Price is $10.54 Difference: $0.26
If NST meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.19, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For OZ Minerals, the Equal-weight rating and target price of $21.80 are retained.

Target price is $21.80 Current Price is $27.35 Difference: minus $5.55 (current price is over target).
If OZL meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.91, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Morgan Stanley rates RIO as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Rio Tinto, the Overweight rating and target price of $121.00 are retained.

Target price is $121.00 Current Price is $107.83 Difference: $13.17
If RIO meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $104.57, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Morgan Stanley rates RRL as Underweight (5) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Regis Resources, the Underweight rating and target price of $1.70 are retained.

Target price is $1.70 Current Price is $1.94 Difference: minus $0.235 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.85, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For South32, the Overweight rating is retained and the target price decreases to $5.25 from $5.30.

Target price is $5.25 Current Price is $4.07 Difference: $1.18
If S32 meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Morgan Stanley rates SFR as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For 29Metals, the Overweight rating and target price of $5.10 are retained.

Target price is $5.10 Current Price is $5.13 Difference: minus $0.03 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.63, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

UBS rates SSR as Buy (1) -

SSR Mining has released an exploration update for its Marigold asset, incorporating results from 316 holes drilled across the New Millennium, Trenton Canyon and Buffalo Valley oxide targets. Notably, results from New Millennium offer potential for longer mine life.

While UBS currently models a mine life through to 2035, the broker highlights every extra year of mine life equates to an additional 40 cents per share to the valuation. The broker expects Marigold could be a material value driver for SSR Mining in the medium-term.

The Buy rating and target price of $25.20 are retained.

Target price is $25.20 Current Price is $21.55 Difference: $3.65
If SSR meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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) -

An updated production and pricing outlook has seen UBS cut its valuation for Santos by -4% and its earnings per share forecasts -3-5% through to FY24. The broker cuts production forecasts -1%, accounting for technical issues being experience offshore Western Australia.

The broker expects a front end engineering design decision to progress Papua LNG can occur by the end of the year, and should support the share price. 

Santos remains the broker's preferred Australian energy exposure. The Buy rating is retained and the target price decreases to $9.00 from $9.35.

Target price is $9.00 Current Price is $7.33 Difference: $1.67
If STO meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.19, suggesting upside of 25.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Syrah Resources, the Equal-weight rating and target price of $1.85 are retained.

Target price is $1.85 Current Price is $2.36 Difference: minus $0.51 (current price is over target).
If SYR meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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 TSK as Buy (1) -

Ord Minnett increases its price target for TASK Group to 58c from 56c following the release of unaudited results for the six months ending 30 September.

Revenues were a 7% beat versus the broker's estimate, while earnings of NZ$2m exceeded the -NZ$1.8m loss expected, on new contract wins, growth in license fees and a rebound in hardware sales.

Management has upgraded the FY23 revenue guidance range to NZ$$59m-$62m from NZ$56m and the underlying earnings (EBITDA) range to NZ$8.5m-$9.5m from NZ$3.7m.

Ord Minnett feels the company is in a strong position to fund its growth strategy.

Target price is $0.58 Current Price is $0.28 Difference: $0.3
If TSK meets the Ord Minnett target it will return approximately 107% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates WDS as Neutral (3) -

Closer examination of revised Woodside Energy guidance reveals production guidance missed the broker by -6% and consensus by -8%.

Capital expenditure guidance sharply outpaced consensus but was in line with the broker's forecasts. EPS forecast falls -8% for 2023; and rises 3% for FY24.

Neutral rating retained. Target price falls -7.5% to $37 from $40. 

With that out of the way, the broker is now focusing on strategic growth announcements at the upcoming investor day.

Target price is $37.00 Current Price is $36.83 Difference: $0.17
If WDS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $37.45, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Ord Minnett rates WDS as Hold (3) -

Woodside Energy's 2023 production guidance was a -9% miss versus Ord Minnett's expectation due to lower-than-expected LNG and
domestic gas output. The broker awaits the company's upcoming investor day before altering its estimates.

From limited detail by management, the analyst assumes production from the Northwest Shelf and Bass Strait could be lower than
previously expected into next year.

Ord Minnett attributes timing issues for 2023 capital expenditure guidance coming in above expectation.

The Hold rating and $38.50 target are unchanged.

Target price is $38.50 Current Price is $36.83 Difference: $1.67
If WDS meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $37.45, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

This company reports in USD. 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

Morgan Stanley rates WHC as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity and currency prices. 

For Whitehaven Coal, the Overweight rating and target price of $11.55 are retained.

Target price is $11.55 Current Price is $9.26 Difference: $2.29
If WHC meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Morgans rates WHC as Add (1) -

Amid ongoing weather issues and a NEWC price correction, Whitehaven Coal has revised its full year guidance down to 16.5-19.0m tonnes at a cost of $95-102 per tonne.

Given Morgans already assumed weaker production and higher costs, updated guidance reflects only a -2% miss to the broker's existing forecast. 

The broker expects prolonged energy market dislocation to support a higher premium for longer, and sees clear upside for earnings and valuation risk in Whitehaven Coal. 

The Add rating is retained and the target price decreases to $11.20 from $11.50.

Target price is $11.20 Current Price is $9.26 Difference: $1.94
If WHC meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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