Australian Broker Call

Ord Minnett rates 4DX as Speculative Buy (1) -

Ord Minnett sees a larger US revenue opportunity and a potentially expedited pathway to free cash flow (FCF) break-even  for 4DMedical.

This view follows the granting by the American Medical Association of reimbursement for the CT LVAS product at US$650/scan.

The size and timing exceeded Ord Minnett's expectations. This outcome represents a step-change in the company's unit economics, according to the broker, and is likely to see CT LVAS repositioned as 4DMedical's core/front-line screening product

The timing of the Philips reseller agreement  (due May-June) is weighing on investors, suggest the analysts, and in the meantime the company's improving US commercialisation trajectory is being underappreciated.

Speculative Buy and $1.20 target retained.

Target price is $1.20 Current Price is $0.56 Difference: $0.645
If 4DX meets the Ord Minnett target it will return approximately 116% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates AGI as Outperform (1) -

Ainsworth Game Technology expects to report $13-15m in underlying profit in the first half, which is around -40% below a year ago and represents material degradation sequentially, Macquarie notes.

The main impacts relate to product timing delays with regulatory approvals along with lower outright sales into Latin America.

The delays with regulatory approvals is disappointing, and while a timing issue, it does potentially delay product sales, which may have resulted from the recent improved product performance, the broker suggests.

Ainsworth has also put the strategic review on hold to better focus on the core business, which management suggests is not performing at a level reflective of investments undertaken. Downgrade to Neutral from Outperform, target falls to $1.10 from $1.45.

Target price is $1.10 Current Price is $0.96 Difference: $0.14
If AGI meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates BBN as Neutral (3) -

Following a 3Q trading update, Citi lowers its target for Baby Bunting to $1.59 from $1.70 to reflect the lowered FY24 guidance, and weaker-than-expected like-for-like sales and gross margins.

Consumer spending power in the company's target demographic has deteriorated, and unless this picks up, the analysts expect earnings will remain under pressure.

The broker also requires further evidence Baby Bunting's scale can be leveraged to respond in an effective way to heightened competition in the nursery category.

The Neutral rating is maintained.

Target price is $1.59 Current Price is $1.46 Difference: $0.135
If BBN meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgan Stanley rates BBN as Overweight (1) -

Baby Bunting reported a weaker than expected trading update. Morgan Stanley notes the 2nd hand market has emerged as a temporary headwind to the business.

A decline in average transaction value offsets the better transaction volumes trends in the months to the end of April versus the 1H24 results. The 2H24 trading results declined -7% on the 1H24 print.

Gross margins fell to 36.9% from 37.2% in the 1H24 with reinvestment failing to excite customers. FY24 net profit is expected around $2m-$4m including -$1.2m from staff layoff costs at Cairns.

Management will offer a trading update around the end of June. The analyst cuts the FY24 sales forecast by -3% and FY24 EPS by -69% and FY25 EPS by -30.4%.

Overweight and the target price is lowered to $1.70 from $2.20. Industry view: In Line.

Target price is $1.70 Current Price is $1.46 Difference: $0.245
If BBN meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates BBN as Downgrade to Hold from Accumulate (3) -

Ord Minnett downgrades its rating for Baby Bunting to Hold from Accumulate and reduces the target to $1.60 from $2.00 after sales activity deteriorated in the 2H, with comparable store sales falling by -7.7%.

Management attributed weak trading to ongoing cost of living pressures afflicting young families (Baby Bunting's core customers), and declining average transaction values as consumers trade down.

The year-to-date gross profit margin contracted to 36.9% from 37.2% in the 1H as management invested over March and April to generate higher sales activity, explain the analysts.

Ord Minnett expects household expenditure will remain under pressure in the near-term.

Target price is $1.60 Current Price is $1.46 Difference: $0.145
If BBN meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates BXB as Sell (5) -

Citi revisits Brambles (reiterated) FY24 guidance back in late-April and suggests there is downside risk to the target being met as both price and volume will need to accelerate in the 4Q.

Due to weak comparatives, the analysts believe volumes can sequentially rebound strongly, but there is little evidence for a reversal of pricing trends, and potential for further downside.

The Sell rating and target price of $14.25 are retained.

Target price is $14.25 Current Price is $14.33 Difference: minus $0.08 (current price is over target).
If BXB meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.28, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

Macquarie rates CBA as Underperform (5) -

CommBank delivered a broadly in-line pre-provision result for the March Q, Macquarie notes. Pre-provision earnings declined -3% from the prior quarter as revenues declined by -1%, while expenses rose by 2%.

The broker forecasts CBA's pre-provision profits to fall by -4% in the second half. While near-term earnings risk appears manageable, CBA will likely underperform, Macquarie suggests, when interest rates decline.

The broker believes the valuation is not sustainable at 21x PE multiple with declining earnings.

Underperform and $95 target retained.

Target price is $95.00 Current Price is $117.09 Difference: minus $22.09 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $93.15, suggesting downside of -20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley assessed the CommBank 3Q24 trading update as a slight beat with margins leveling off in the March quarter,

Pre-provision profits were 1.5% better than the broker's forecast but still declined -3%. Loan losses remained low and credit quality sound.

Mortgage arrears lifted 9% but remain below the long term average rate. Troublesome and impaired assets rose 15% attributed by the analyst to single-name exposures and higher impaired mortgages.

The Underweight rating and $93 target are maintained for CommBank. Sector view is In-Line. 

Target price is $93.00 Current Price is $117.09 Difference: minus $24.09 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $93.15, suggesting downside of -20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Ord Minnett rates CCP as Hold (3) -

In the wake of yesterday's trading update by Credit Corp, Ord Minnett assesses the business is performing in line with expectations. The broker's Hold rating and $15.80 target are maintained.

The analyst highlights consumer lending will comprise a greater share of the company's future earnings, more a reflection of weakness in the debt collection business rather than consumer lending strength.

Looking forward, the broker anticipates constrained lending margins as revenue yields compress while funding costs rise. Potentially higher unemployment may also result in delays for consumer repayments and loan impairments, cautions Ord Minnett.

Target price is $15.80 Current Price is $15.74 Difference: $0.06
If CCP meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $18.24, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Bell Potter rates CVB as Speculative Buy (1) -

Curvebeam AI burned -$4.48m in cash in the March quarter in the push for validation of the datasets for the application of the robotics services devices.

Bell Potter highlights in the 4C, cadaver model scanning was completed in 3Q24 and data for both scans were employed by many users.

The company is aiming for the installation of one enhanced HiRise into orthopaedic practice in 4Q, and approval is forecast to produce sales reaching $5m by 1Q25.

Speculative buying rating unchanged.

Accounting for an expected capital raising and a change to the discount rate, the target is lowered to 33c from 55c.

Target price is $0.33 Current Price is $0.19 Difference: $0.145
If CVB meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates CWY as Lighten (4) -

Following Cleanaway Waste Management's presentation at the annual Macquarie Australia Conference, Ord Minnett anticipates lower capital expenditure from FY25.

Management will be aiming to reduce capex by -$50m a year from FY25 by outsourcing ownership of the heavy vehicle fleet, notes the broker, and by adopting digital and analytics in fleet pooling decision-making.

Specialised project management teams will also be hired to increase capital efficiency, explains the analyst.

The Lighten rating is maintained. The broker's target rises to $2.30 from $2.20.

Target price is $2.30 Current Price is $2.69 Difference: minus $0.39 (current price is over target).
If CWY meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.80, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates JBH as Neutral (3) -

The presentation from JB Hi-Fi at the Macquarie conference revealed the JBH Australia segment delivered flat March Q comparable sales growth, which was broadly in line with the broker. JBH NZ was also flat over the period, but slightly ahead of the broker.

Good Guys sales were down -7.3%, in line with Macquarie.

Given the tough trading environment in Australia and NZ, JB Hi-Fi has managed to maintain flat sales which showcases the strength of
the brand, the broker suggests, and that its value proposition continues to resonate with customers.

With AI-enabled technology on the cusp of being released alongside the timing of tech replacement cycles post-covid, the company appears well placed to capture this upside over the next few years in Macquarie 's view.

Target falls to $61 from $64, Neutral retained.

Target price is $61.00 Current Price is $57.25 Difference: $3.75
If JBH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $56.22, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Morgan Stanley rates JBH as Underweight (5) -

JB Hi-Fi reported a deterioration in domestic sales against the January results in the 1Q24 report, below expectations, according to Morgan Stanley. Like-for-like sales fell -0.3% in the quarter compared to January at 1.7% growth.

New Zealand sales were better with an improvement on January and above market concensus.

The Good Guys reported a -0.8% decline in like-for-like sales, better than the January -2.2%.

Overall, the analyst highlights the year-to-date trading update is below FY24 consensus estimates.

Unchanged Underweight rating: Industry View: In-line.

Target price is $53.80 Current Price is $57.25 Difference: minus $3.45 (current price is over target).
If JBH 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 $56.22, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates JBH as Sell (5) -

After yesterday's trading update by JB Hi-Fi, Ord Minnett notes sales momentum has slightly deteriorated since January.

The broker highlights falling group sales in the March quarter compared to the previous corresponding period, with marginal declines in February and March following 1% growth in January.

All this tallies with recent commentary by Woolworths on a thriftier consumer since Christmas, observes the analyst.

Target $37.50. Ord Minnett anticipates elevated promotional activity will weigh on JB Hi-Fi's 2H sales and gross profit margins. It's also felt the market is overestimating the upside from upcoming tax cuts and the impact of wages growth on consumer spending. Sell.

Target price is $37.50 Current Price is $57.25 Difference: minus $19.75 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.22, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

UBS rates JBH as Neutral (3) -

Post the March quarter update, UBS maintains a Neutral rating on JB Hi-Fi, but lowers the price target slightly to $59 from $60.

The broker spies potential risks to EBIT margins from increased costs and competitive pressures.

Sales trends indicate a slowdown, which could impact profitability despite strong historical performance above pre-covid levels, says the broker.

Earnings estimates have been lowered.

Target price is $59.00 Current Price is $57.25 Difference: $1.75
If JBH meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $56.22, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Citi rates JDO as Sell (5) -

Judo Capital's 3Q update revealed profit (PBT) ahead of run-rate forecasts for the 2H by Citi and consensus because the net interest margin (NIM) of 2.90% came in at the top of management's 2H guidance range.

The NIM benefited from higher Treasury income, which the broker cautions won't be repeated in Q4, as the outstanding Term Funding Facility is repaid.

Total lending is set to meet FY24 guidance, note the analysts, and underlying profit guidance of $107-112m was maintained.

Sell. Target $1.04.

Target price is $1.04 Current Price is $1.38 Difference: minus $0.335 (current price is over target).
If JDO meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.20, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates JDO as Underperform (5) -

At the Macquarie conference, Judo Capital downgraded its FY24 profit guidance due to several restructuring and one-off costs. However, it noted that underlying guidance has not changed.

Management outlined its initial concern with agri exposure due to weather dependence. However, as the book has grown, Judo appears more confident in expanding into the space, Macquarie suggests.

Strong balance sheet growth is a positive but the broker continues to see near-term margin and expense headwinds.

Underperform and $1.00 target retained.

Target price is $1.00 Current Price is $1.38 Difference: minus $0.375 (current price is over target).
If JDO meets the Macquarie target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.20, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

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

Judo Capital reported 3Q24 earnings before tax of $25.7m which met the Morgan Stanley analyst's expectations. Higher impairment charges were offset by the better pre-provision earnings.

A 2.9% margin beat the 2.8% forecast, from improved treasury results, although the analyst doesn't see them as sustainable.

Non-performing loans rose 90bps to 2.63% and remain below the 3.3% long run company assumption. No change to management guidance or the broker's earnings forecasts.

Equal weight rating and $1.25 target price are unchanged. Industry View: In-Line.

Target price is $1.25 Current Price is $1.38 Difference: minus $0.125 (current price is over target).
If JDO meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.20, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates JDO as Hold (3) -

Judo Capital's 3Q was broadly as Ord Minnett expected and management maintained underlying FY24 profit guidance. Strong loan growth is being partly offset by compressed interest margins and higher operating expenses to support growth, observes the analyst.

Management believes the FY24 net interest margin (NIM) will land at the top-end of its 2.85-2.9% target, down from 3.3% in FY23, notes the analyst.

The company is beginning to see more loans enter arrears and become impaired. Ord Minnett observed only a modest increase in bad debts over Q3.

The $1.20 target and Hold rating are maintained.

Target price is $1.20 Current Price is $1.38 Difference: minus $0.175 (current price is over target).
If JDO meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.20, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

UBS rates JHX as Buy (1) -

UBS maintains a Buy rating on James Hardie Industries with an unchanged price target of $66.50.

The company's 2024 siding sales are expected to increase by 11-13% year-on-year, an upward revision from the previous 8-10% due to stronger market demand and successful pricing strategies.

Inventory levels are considered normal, indicating stable supply chain conditions.

Target price is $66.50 Current Price is $56.16 Difference: $10.34
If JHX meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $61.58, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.6

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

Bell Potter rates LOT as Speculative Buy (1) -

Lotus Resources reported reassessed Mineral Resource Estimate (MRE) for the Letihakane project (LM) to total constrained uranium of 118.2Mlbs.

The change in MRE results from the merger with ACAP resources is lower than the original 2015 estimates due to differing assumptions on the cut-off grade, notes Bell Potter.

The broker views this assessment as a step towards 400ppm at a 40% mass rejection.

Speculative Buy retained. The target raised to 60c from 50c from the valuation lift on LM.

Target price is $0.60 Current Price is $0.45 Difference: $0.155
If LOT meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates LTM as Buy (1) -

The 1Q24 trading update from Arcadium Lithium came in line with consensus estimates, according to Bell Potter.

Management maintained FY24 guidance with revenue between US$1.15-$1.9bn and adjusted EBITDA of US$420m-$1bn) on expected pricing of US$15,000-$25,000/t lithium carbonate equivalent.

Management remains upbeat on lithium markets with prices expected to rise from the "cycle bottom", but Mt Cattlin is currently not viable at existing lithium prices beyond the current mine plane to 2026.

The broker updates forecasts with FY24 EPS -9% and FY25 EPS -25%. Accordingly, the target price reduces to $9.50 from $10.40.

Buy rating unchanged.

Target price is $9.50 Current Price is $7.07 Difference: $2.43
If LTM meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $9.63, suggesting upside of 34.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates MGH as Add (1) -

As part of Maas Group's 3Q trading update, management reaffirmed FY24 guidance for underlying earnings (EBITDA) of between
$190-$210m, which compares to the $205m forecast by Morgans.

This guidance came with several riders including reasonable weather conditions until year end, on-time residential settlements, and whether project experience commencement delays.

Management also announced the acquisition of an additional four concrete plants in Victoria, and upgraded the asset disposal program to $85m from $75m.

The Add rating is maintained and the target rises to $5.20 from $5.15.

Target price is $5.20 Current Price is $4.31 Difference: $0.89
If MGH meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates NEU as Buy (1) -

Bell Potter expects FY24 to be a strong year for Neuren Pharmaceuticals despite a miss on the 1Q24 Daybue sales. Management pre-flagged weaker trading for Dec/Jan as holiday months.

Daybue sales are forecast to improve. Guidance was confirmed at US$370-$420m and 862 US patients were on Daybue at the start of May.

Although flat on the February update, net patients have been trending higher in the last six weeks and persistence of 58% is meeting the broker's expectations.

Due to a slight downgrade in the analyst's revenue forecasts, the target price is lowered to $26.50 from $27. Unchanged Buy rating.

Target price is $26.50 Current Price is $19.31 Difference: $7.19
If NEU meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates NWS as Outperform (1) -

News Corp's March Q earnings were up 1% year on year and 5% above Macquarie's estimates, albeit -5% below consensus. The reinvestment in Move is a negative, the broker suggests, given increasing competition from a new entrant.

News Corp continued to flag it is reviewing its corporate structure to maximise shareholder value, including a sum-of-the-parts value realisation.

The company offers a modest growth profile and earnings upside risk if the group can maintain its cost base as News Media and Dow Jones scale, Macquarie suggests. Positive catalysts in the next 12 months include AI contracts and SOTP value realisation.

Outperform and $42 target retained.

Target price is $42.00 Current Price is $37.31 Difference: $4.69
If NWS meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $37.93, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Morgan Stanley rates NWS as Overweight (1) -

"Not much was new" in the 3Q24 results for News Corp, notes Morgan Stanley.

Strength in REA Group ((REA)), Dow Jones and books which are all in an earnings upgrade cycle helped lift the forecasts for the company.

The analyst points to REA Group as the highlight.

Advertising revenues were weak. News Media ad revenue fell -13% on the previous corresponding period.

Unchanged Overweight rating and $29.50 target. Industry view: Attractive. 

Target price is $29.50 Current Price is $37.31 Difference: minus $7.81 (current price is over target).
If NWS meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.93, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Ord Minnett rates NWS as Hold (3) -

News Corp's 3Q earnings were in line with Ord Minnett's forecast. Earnings (EBITDA) for News media and subscription video fell by -24% and -3%, respectively, which effectively eliminated the 8% increase in earnings for Dow Jones, explains the analyst

Management intends to increase marketing and product development spending for Move, which Ord Minnett describes as the digital real estate poor cousin to the 61%-owned REA Group in Australia.

The broker's forecasts are unchanged, and the $33.50 target and Hold rating are maintained.

Target price is $33.50 Current Price is $37.31 Difference: minus $3.81 (current price is over target).
If NWS meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.93, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

UBS rates NWS as Buy (1) -

Following the March quarter update, UBS maintains a Buy rating on News Corp, but lowers the price target by -7.5% to $46.70 due to macroeconomic pressures impacting the media sector.

Despite these challenges, improved performance in digital assets is expected to drive long-term margin expansion. The company's strategic focus on digital transformation remains a key growth driver, says the broker.

Earnings estimates have been reduced.

Target price is $46.70 Current Price is $37.31 Difference: $9.39
If NWS meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $37.93, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Citi rates ORI as Neutral (3) -

Orica's 1H earnings (EBIT) exceeded the consensus forecast by 7%, while the 19cps interim dividend was in line, notes Citi. The earnings (EBITDA) margin lifted to 15%, around 20% higher than expectations.

The company expects earnings for FY24 from underlying business (ex Terra Insights and Cyanco) will be higher than FY23, and slightly better than management's expectation at the FY23 result. Management is also confident on the FY25 outlook.

The broker's target rises to $19.50 from $19 after increasing earnings forecasts due to margin improvement in the 1H, which is expected to continue. The Neutral rating is maintained.

Target price is $19.50 Current Price is $18.40 Difference: $1.1
If ORI meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $19.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates ORI as Outperform (1) -

Orica's first half profit was 3% above Macquarie's forecast and positive outlook commentary for the second half suggests good operational momentum is expected to continue, concludes Macquarie.

Mine-site productivity is a key focus of the resource sector as ore body quality continues to decline and cost pressures remain, the broker notes. Orica's suite of products geared around extracting more value from mines is seen as well placed in this regard.

This underpins incremental positivity in the FY24 outlook comments compared to the FY23 result, Macquarie suggests.

Target rises to $20.05 from $19.05, Outperform retained.

Target price is $20.05 Current Price is $18.40 Difference: $1.65
If ORI meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $19.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgan Stanley rates ORI as Overweight (1) -

Orica reported solid earnings in the 1H24 according to the analyst at Morgan Stanley.

EBIT rose 10% on the previous corresponding period, slightly above expectations and consensus. Net profit was also a slight beat.

The broker points to higher interest expense charges and minorities which will put a break on any market earnings upgrades in FY24.

An additional $25m was added to capex which is at the top of the range now due to acquisitions.

The broker retains an Overweight rating with a $19 target. Industry view: In-Line.

Target price is $19.00 Current Price is $18.40 Difference: $0.6
If ORI meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $19.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgans rates ORI as Hold (3) -

Orica's 1H result earnings (EBIT) and profit beat Morgans forecasts by 6.3% and 3.2%, respectively, and operating cashflow was also a material improvement on recent years.

While ammonium nitrate volumes and revenue fell, earnings rose assisted by a rise in EBIT margin to 9.7% from 8.1%, explain the analysts

In FY24, management believes earnings (before a contribution from Terra and Cyanco) will increase on FY23 and will be slightly better than the company's expectations at the time of its FY23 result.

Also, the Terra and Cyanco acquisitions have completed quicker-than-expected by management.

The target rises to $18.85 from $18.78. Hold.

Target price is $18.85 Current Price is $18.40 Difference: $0.45
If ORI meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $19.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates ORI as Hold (3) -

Orica's major plant maintenance in the 1H, along with inflationary pressures and heightened geopolitical risks, combined to offset strong adoption of blasting and digital technologies, explains Ord Minnett.

Underlying profit increased by 10%, missing the analyst's forecast due to higher-than-anticipated impacts from plant maintenance, with the Kooragang Island ammonia plant completing a six-year major overhaul.

While a lack of detail was evident to the analyst, FY24 earnings (EBIT) guidance was reiterated by management. An unfranked interim dividend of 19cps was declared

The broker's target rises by 3% to $17.00 due to the time value of money, and the Hold rating is maintained.

Target price is $17.00 Current Price is $18.40 Difference: minus $1.4 (current price is over target).
If ORI meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

UBS rates ORI as Buy (1) -

UBS maintains a Buy rating on Orica with a stable price target of $21.30 as the company reported "solid" EBIT growth in the first half of 2024, benefiting from strategic acquisitions and price increases in ammonium nitrate.

Orica's focus on integration and technology adoption is expected to support continued financial performance improvements, the broker adds.

Only minor adjustments have been made to forecasts.

Target price is $21.30 Current Price is $18.40 Difference: $2.9
If ORI meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $19.28, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates PFP as Outperform (1) -

Propel Funeral Partners has reported year to date volume growth of 20% year on year, with second half organic volumes down -1.4%. This is below Macquarie's forecast for 2.3% growth, but the broker notes Q4 is seasonally stronger and monthly death volumes are highly volatile.

Despite a tough operating environment, Propel has reaffirmed FY24 revenue and earnings guidance.

Industry fundamentals remain attractive, Macquarie suggests, with organic earnings expected to rebase in FY25. M&A continues to represent material upside risk to forecasts and Propel has sufficient funding capacity to take advantage of strategic acquisitions as they arise.

Target rises to $6.58 from $6.38, Outperform retained.

Target price is $6.58 Current Price is $5.53 Difference: $1.05
If PFP meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates PPT as Buy (1) -

Bell Potter views the sale of Corporate Trust and Wealth Management to KKR as a positive for Perpetual at a valuation between $1.5bn-$1.9bn, above expectations.

The transaction is more of a demerger than sale, with the asset management (AM) ultimately sold back to shareholders.

Existing shareholders are set to receive $2.175bn after debt and transaction fees. Post adjusting, Bell Potter highlights the valuation on Asset Management at a multiple between 3x to 4.6x FY25 EBITDA is far too cheap.

Buy. Target $27.60 and no change to forecasts.

Target price is $27.60 Current Price is $21.99 Difference: $5.61
If PPT meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $25.25, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgan Stanley rates PPT as Overweight (1) -

Uncertainty regarding the de-merger costs and the tax on gains for the Trust and Wealth sale results in a target price reduction for Perpetual by Morgan Stanley. 

The broker considers multiple scenarios for the sale of the Trust and Wealth businesses to KKR for gross cash proceeds of $2.175bn.

The combined Corporate Trust and Private Wealth businesses are estimated at 15x FY25 valuation or $1.28bn versus the previous forecast of $1.5bn.

Asset Management is valued at a forecast 9.5x FY25 price-to-earnings ratio or $1.45bn.

Morgan Stanley retains an Overweight rating and the target is lowered to $24.40 from $26.10. Industry view is In-Line.

Target price is $24.40 Current Price is $21.99 Difference: $2.41
If PPT meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.25, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates PSI as Downgrade to Hold from Buy (3) -

In what Ord Minnett considers a "strong offer" and an excellent outcome for shareholders, global insurance broking platform, Ardonagh, has proposed to acquire PSC Insurance for $6.19/share in cash.

The broker's rating is downgraded by two notches to Hold from Buy and the target clipped by -1c to $6.19, to align with the offer price.

The board has unanimously recommended shareholders vote in favour of the deal, in the absence of a superior offer.

Target price is $6.19 Current Price is $6.02 Difference: $0.17
If PSI meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Ord Minnett rates QUB as Accumulate (2) -

Ord Minnett raises its target for Qube Holdings to $3.86 from $3.59 following a "bullish" 3Q earnings update. Underlying EPS growth guidance was raised to 10-15% from 5-10%.

Drivers of the upgraded guidance were a volume and associated profit uplift in the Patrick business, following industrial relations disruptions at a key competitor, explain the analysts. A more balanced revenue mix and competitive advantage through automation is noted.

Also, the east coast grain harvest beat the market’s low expectations, explains the broker, and management has increased share of upcountry grain movements and bulk terminal exports.

Moreover, there was a cyclical bounce in forestry and on-going growth in the resource and energy segments, highlights Ord Minnett.

Target price is $3.86 Current Price is $3.59 Difference: $0.27
If QUB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.71, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates REA as Neutral (3) -

REA Group's 3Q update revealed year-to-date listings have risen by 7% year-on-year though Citi cautions June is likely going to be down year-on-year given two less working days.

Management expects flat listings in FY25, assuming interest rates remain higher-for-longer, explains the analyst, and is guiding to margin expansion in FY25, once the benefits of 2H FY24 cost investment take hold. The expansion is expected to be less than in FY24.

Neutral rating and $187 target. 

Target price is $187.00 Current Price is $184.70 Difference: $2.3
If REA meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $184.71, suggesting downside of -1.5% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates REA as Neutral (3) -

REA Group's March Q update showed listings up 6% year on year. At the current pace of listings, REA expects FY24 listings growth of 5-7% compared to a prior 3-5%, Macquarie notes.

A price increase for FY25 of 10% is in line with industry feedback but lower than the 13% achieved in FY24.

The valuation is challenging, the broker suggests, but REA presents as a highly sustainable high growth business with a benefit if rates go lower.

Target rises to $196 from $179, Neutral retained.

Target price is $196.00 Current Price is $184.70 Difference: $11.3
If REA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $184.71, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgan Stanley rates REA as Overweight (1) -

REA Group reported 3Q24 revenue growth of 24% and EBITDA growth of 30%.  Sydney April listings rose 45%, Melbourne 53% resulting in April listings rising 32% on the previous corresponding period.

The results were a slight consensus beat according to Morgan Stanley and reconfirm the broker's conviction on the stock.

The company's market leadership and yield uplift to 19%; the pricing power and strength in R&D/product investment are considered "attractive".

3Q24 listings growth of 6% beat Domain Holdings ((DHG)) at 3%, which is significant given the strength of its competitor in NSW and Victoria.

The Overweight rating and $210 target are maintained, with a minor rise in earnings forecasts. Industry View: Attractive.

Target price is $210.00 Current Price is $184.70 Difference: $25.3
If REA meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $184.71, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates REA as Hold (3) -

REA Group's 3Q trading update demonstrated ongoing strength in the company's key markets, according to Morgans, helping national new listings grow 6% on the "strong" previous corresponding period.

Operating earnings (EBITDA) -ex associated losses- rose by 30% on the previous corresponding period to $177m and revenue climbed by 24%.

Management commentary (and Corelogic data) suggests to the analyst positive momentum has continued into May.

The target rises to $178 from $174 on minor forecast changes and a roll-forward in the broker's valuation. Hold.

Target price is $178.00 Current Price is $184.70 Difference: minus $6.7 (current price is over target).
If REA meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $184.71, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates REA as Sell (5) -

As REA Group's results in India for the 3Q exceeded Ord Minnett's expectations, the target rises to $117 from $112.50. Australian results were in line with forecasts, with annual revenue growth of 27%, up from 19% during H1.

In India, revenues increased by 31%, up from 21% in H1, and implied H2 earnings margins are substantially higher than Q3, according to the broker.

Unlike the market, the broker doesn't expect property prices to increase by double digits every year, noting listing prices are strongly linked to property prices over the long-term. A Sell rating is maintained on material overvaluation.

Target price is $117.00 Current Price is $184.70 Difference: minus $67.7 (current price is over target).
If REA meets the Ord Minnett target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $184.71, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates REA as Upgrade to Buy from Neutral (1) -

Following the March quarter release, UBS upgrades REA Group to Buy from Neutral, with a new price target of $214, up from $184.40.

The upgrade reflects stronger than expected residential yield growth and a positive outlook on volume growth.

REA Group's strategic pricing and product enhancements are expected to sustain double-digit yield growth, supporting margin expansion over the medium term.

Estimates have been upgraded.

Target price is $214.00 Current Price is $184.70 Difference: $29.3
If REA meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $184.71, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Bell Potter rates RFF as Buy (1) -

Bell Potter views Rural Funds as fundamentally undervalued as listed rural property asset values continue to trade below private market values.

Recent data from Elders confirms this assessment, states the broker.

The group is looking to free up $80m-$90m in capital from divestment of a 50% interest in Mayneland and Baamba Plains, and the Mutton Park/Oakland properties. 

Higher macadamia prices are expected to lower farm losses and provide for the possible sale of unleased orchards or a counterparty sale.

Rural Funds trades at a -26% discount to 1H24 reported net asset value (NAV) and -35% to 1H24 market NAV, calculates the broker.

Buy rating and $2.40 target unchanged.

Target price is $2.40 Current Price is $2.00 Difference: $0.405
If RFF meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates SCG as Neutral (3) -

Following yesterday's trading update by Scentre Group, Citi highlights positive momentum has continued into the March quarter, with sales increasing by 2.4% year-on-year on increasing customer visits. 

The broker also highlights improving leasing sales deals and a 0.3% rise in occupancy to 99.2% for the quarter.

Food retail, followed by Leisure and sports are key areas of tenant sales strength, note the analysts, while Department stores and Fashion are areas of weakness.

March quarter sales of $6.5bn rose by 2.4% compared to the previous corresponding period. Management confirmed FY24 funds from operations (FFO) guidance.

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

Target price is $3.10 Current Price is $3.16 Difference: minus $0.06 (current price is over target).
If SCG meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.28, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates SCG as Overweight (1) -

Post the Scentre Group trading update for the 18-weeks to May 5, Morgan Stanley reaffirms the group as the preferred exposure in the Retail REIT sector.

Total sales rose 2.4% against the previous corresponding period with specialty up 2.7%. The states traded differently with NSW the worst at 1.6% growth.

Management confirmed 2024 FFO guidance of 21.75c -22.25c per share and a 17.2c dps.

Operating expenses will rise due to increased security across the portfolio. Foot traffic at Bondi Junction last week was in line with the previous corresponding period.

Overweight rating. Target $3.79. Industry view: In-Line.

Target price is $3.79 Current Price is $3.16 Difference: $0.63
If SCG meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates SUL as Lighten (4) -

Following a trading update, Ord Minnett assesses trading momentum is soft across all of Super Retail's brands. While 2H trading growth is deteriorating (as expected), it is tracking ahead of the broker's prior forecast.

The gross margin, which was flat on the previous corresponding period, is also proving more resilient-than-estimated by the analyst.

The broker's $10.50 target and Lighten rating are maintained. It's felt the market is overestimating the positive impact on the consumer from wages growth and upcoming tax cuts.

Target price is $10.50 Current Price is $13.02 Difference: minus $2.52 (current price is over target).
If SUL meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.02, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

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

UBS upgrades Super Retail Group to Neutral from Sell with a new price target of $13, down from $13.75 following the release of March quarter trading numbers.

The broker states the adjustment reflects a balanced risk/reward scenario after a significant share price decline. Earnings estimates have been reduced.

Target price is $13.00 Current Price is $13.02 Difference: minus $0.02 (current price is over target).
If SUL meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.02, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates TCL as Hold (3) -

Ord Minnett retains its $12.50 target price for Transurban Group, despite lowering the FY24 proportional earnings (EBITDA) forecast due to softer-than-expected traffic volumes so far in 2024.

North America and Melbourne recorded the strongest growth of 5.2% and 2.1%, respectively, for the nine months ending on March 31, and average daily trips across the company's portfolio increased by 1.7%, observes the analyst.

The Hold rating is maintained.

Target price is $12.50 Current Price is $12.84 Difference: minus $0.34 (current price is over target).
If TCL meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.62, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Shaw and Partners rates TEA as Initiation of coverage with Buy (1) -

Shaw and Partners has initiated coverage on Tasmea with a Buy rating and $2.10 target price.

The company was relisted on April 28 and is a collective of 18 companies involved in asset maintenance services on fixed plant and equipment for essential Australian industries, notes Shaw and Partners.

From FY21 to FY23, pro-forma revenue grew 70.8% and is forecast to expand 24.8% in FY24, with EBIT growth of 25.6%. Shaw and Partners' analyst has more conservative assumptions of 10% p.a. and 10.2% p.a.. respectively.

The broker highlights a very upbeat total addressable market (TAM) is forecast by Oxford Economics of $21.4bn. The Tasmea Focus Industry Sector TAM is forecast by the broker at $8.6bn.

Buy. $2,10 Target price.

Target price is $2.10 Current Price is $1.67 Difference: $0.43
If TEA meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates TPW as Hold (3) -

Higher marketing spend underpinned a growth in market for online furniture and homewares segments of the Temple & Webster results, according to Bell Potter.

Revenue for the period from Jan 1 to May 5 met the broker's expectations of 30% on the previous corresponding period.

Management reaffirmed 1%-3% margins for FY24 and FY25, below the analyst's forecasts.

Tougher trading comparisons for the last two months of FY24 are anticipated.

The earnings forecasts are adjusted for the margin decline by -17% in FY24 and -11% in FY25.

Price target is reduced to $11.40 from $12.00.

Hold rating based on expected less than 15% annual return, but longer term the company is considered attractive with over $100m in cash on the balance sheet.

Target price is $11.40 Current Price is $10.36 Difference: $1.04
If TPW meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.65, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Citi rates TPW as Buy (1) -

Temple & Webster's trading update doesn't impact on Citi's positive view of the company's growth prospects and favourable competitive dynamics.

Management is targeting the mid-point of its EBITDA margin range of 1-3%, a miss against the consensus forecast of around 2.4%, explain the analysts.

A higher-than-anticipated investment spend is both controllable and will directly benefit future growth, suggests Citi.

While the broker's revenue forecasts are unchanged, FY24 and FY25 earnings forecasts are reduced by -45% and -50%, respectively, and the target falls to $12 from $13.

The Buy rating is maintained.

Target price is $12.00 Current Price is $10.36 Difference: $1.64
If TPW meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.65, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgan Stanley rates TPW as Overweight (1) -

Morgan Stanley assessed the Temple & Webster trading update as "strong" pointing to 30% sales growth in the 2H24 thus far and a strong balance sheet with over $100m in net cash.

Reported sales growth met consensus estimates as lower discretionary goods outperform higher discretionary priced items.

Business-to-business and home improvements expanded over 30% and the company continues to boost market share, up 4%.

Overweight rating and $12.25 target unchanged.

Industry View: In-Line.

Target price is $12.25 Current Price is $10.36 Difference: $1.89
If TPW meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.65, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

UBS rates TPW as Neutral (3) -

UBS maintains a Neutral rating on Temple & Webster Group with a reduced price target of $10.30, down from $10.70 as the online retailer updated on its March quarter performance.

The market update revealed 30% revenue growth from January to early May 2024, aligning with market expectations but showing a moderation from earlier in the year.

The broker believes the company faces increasing competition and market saturation, impacting future earnings growth expectations. Estimates have been lowered, but only marginally.

Target price is $10.30 Current Price is $10.36 Difference: minus $0.06 (current price is over target).
If TPW meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.65, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Ord Minnett rates TRJ as Buy (1) -

Ord Minnett lowers its FY24 and FY25 earnings (EBITDA) forecasts by -33% and -21%, respectively, following a disappointing 3Q update from Trajan Group wherein FY24 guidance was lowered by -5.8%.

The broker attributes around 50% of the lowered guidance due to demand softness for the Capital Equipment segment, but management is hopeful this will "correct" based on feedback from key customers.

The Buy rating is unchanged, but the target is halved to to $1.10 on lower forecasts and a 40bps increase in the assumed weighted average cost of capital (WACC). The terminal growth rate (TGR) was also lowered to 3%.

The Buy rating is maintained.

Target price is $1.10 Current Price is $0.73 Difference: $0.37
If TRJ meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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