Australian Broker Call

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

Atlas Arteria's June quarter traffic and revenue update showed a better outcome for the APRR road network in France than the market had feared, according to Morgan Stanley.

Traffic on the Chicago Skyway is recovering, and the broker is also encouraged by a 5% rise in traffic for Dulles Greenway on the previous corresponding period.

Half year results are due on August 29.

Equal-weight. Target $5.55. Industry view: Cautious.

Target price is $5.55 Current Price is $5.14 Difference: $0.41
If ALX meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates ALX as Hold (3) -

Atlas Arteria's APRR first half traffic decline of -0.9% year on year missed Morgans' forecast of 0.5% growth. While the traffic growth surprised on the downside, June Q implied revenue per trip surprised on the upside, such that 1H24 revenue growth was in line with forecast.

Traffic during the northern summer is likely to be influenced by the Olympics. Heavy vehicle traffic is being impacted by the contraction in French and Spanish trade with the rest of Europe, the broker notes.

Morgans forecasts a cash yield of 7.7% at current prices supported by cash flow and cash reserves. Target rises to $5.12 from $5.02, Hold retained.

Target price is $5.12 Current Price is $5.14 Difference: minus $0.02 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Neutral (3) -

Atlas Arteria's June Q toll revenue was slightly weaker than expected on APRR traffic.

Following the first half result, the French court is due to rule on the constitutionality of the new concession tax by September.

UBS currently forecasts the tax in full effect and doesn’t expect it to be removed, but if the challenge were successful this would be a major positive.

Even if the tax is upheld, Atlas and its partners could potentially seek compensation through a longer-dated process, the broker suggests.

Following several months of share price weakness, the broker sees some valuation support but not enough to change the Neutral rating. Target falls to $5.50 from $5.60.

Target price is $5.50 Current Price is $5.14 Difference: $0.36
If ALX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

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 ARF as Hold (3) -

Ord Minnett raises its target for Arena REIT to $3.90 from $3.75 following the acquisition of ten early learning centres located in Penrith and the NSW Central Coast for circa -$92m. The Hold rating is maintained.

Including six established centres and four currently under development, the transaction will be financed by a $120m institutional placement and a $20m share purchase plan at $3.78/share.

Target price is $3.90 Current Price is $3.94 Difference: minus $0.04 (current price is over target).
If ARF meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.99, suggesting upside of 4.2% (ex-dividends)

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

Macquarie rates CAR as Neutral (3) -

Despite the challenging macroeconomic backdrop, Macquarie believes CAR Group is executing well on the operational front and anticipates a "solid" FY24 result and FY25 outlook by management.

The broker forecasts FY24 adjusted EBITDA of $578m, in line with the consensus expectation.

The target rises to $34.60 from $32.70 after the broker allows for cash flow resilience and marks-to-market for the valuation multiples used in forecasting. Neutral.

Target price is $34.60 Current Price is $35.15 Difference: minus $0.55 (current price is over target).
If CAR meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.10, suggesting upside of 10.0% (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

Shaw and Partners rates EM2 as Buy (1) -

Eagle Mountain Mining reported June Q results. Scoping Study work has progressed at Oracle Ridge that is expected to complete in the September quarter. Copper-porphry style targets were also confirmed at the nearby Silver Mountain Project.

The presence of extensive lengths of mineralisation containing higher-grade sections enhances the optionality of Oracle Ridge, Shaw and Partners notes, supporting either bulk mining or selective high-grade mining scenarios.

Buy and 30c target retained.

Target price is $0.30 Current Price is $0.06 Difference: $0.243
If EM2 meets the Shaw and Partners target it will return approximately 426% (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 EVN as Accumulate (2) -

Ord Minnett makes only minor changes to forecasts following Evolution Mining's 4Q operational results showing production in line with the consensus forecast.

The broker maintains a preference for Evolution over larger peers Northern Star Resources ((NST)) and Sandfire Resources ((SFR)). 

At FY24 results on August 17, Ord Minnett forecasts FY25 guidance for 730koz at $1430/oz cost (AISC) with a growth spend of circa -$530m.

Accumulate. Target slips to $4.00 from $4.05.

Target price is $4.00 Current Price is $3.94 Difference: $0.06
If EVN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates FLT as Buy (1) -

Following an initial assessment of today's trading update released by Flight Centre Travel, Citi believes FY24 guidance marginally beat (2%) market forecasts.

The broker is "optimistic" positive momentum can continue as the market generally seems to be gaining momentum and FCM client wins will be moving into year two of profitable years.

Falling airline tickets are taken as yet another positive. Citi sees upside to market expectations regarding profit margins. Flight Centre Travel is the broker's preferred pick for the sector.

Buy rating and target price of $24.15.

Target price is $24.15 Current Price is $23.01 Difference: $1.14
If FLT meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.28, suggesting upside of 19.9% (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

Shaw and Partners rates GL1 as Buy (1) -

Global Lithium Resources reported June Q results. The resource at Manna is upgraded by 43%. Incorporation of ore sorting technology into the process flow-sheet will also increase mill feed grade.

The miner is extremely well positioned to benefit from a turnaround in lithium market conditions over 2024 and 2025, Shaw and Partners suggests.

The 100%-owned Manna and Marble Bar lithium projects are both in WA and located alongside world class lithium deposits in a sector that is rapidly consolidating. Buy and $2.20 target retained.

Target price is $2.20 Current Price is $0.29 Difference: $1.91
If GL1 meets the Shaw and Partners target it will return approximately 659% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 378.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

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

Ord Minnett raises its target for Genesis Minerals to $2.00 from $1.90 on incremental forecast earnings/cash flow improvements for FY25/26 following Q4 results. 

Updated FY25 guidance at FY24 results will likely reflect an acceleration at the Laverton/Ulysses projects, suggests the analyst.

While production was broadly in line with the broker's forecast in the 4Q, costs rose as some mining costs and growth spend were brought forward.

Ord Minnett downgrades its rating for Genesis Minerals to Hold from Accumulate after a 25% share price rally since management's Aspire 400 outlook was released in early-May.

Target price is $2.00 Current Price is $2.12 Difference: minus $0.12 (current price is over target).
If GMD meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.35, suggesting upside of 8.3% (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 HVN as Underweight (5) -

While share prices for JB Hi-Fi and Harvey Norman are higher based on prospects for the AI-led product replacement cycle, Morgan Stanley is only anticipating low single digit earnings upside.

The broker expects a slower Australian start to the consumer upgrade cycle as household budgets remain under pressure and the current limited range of AI products.

Unchanged Underweight rating for Harvey Norman. The target rises to $4.20 from $4.10. Industry View: In-line.

Target price is $4.20 Current Price is $4.58 Difference: minus $0.38 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.90, suggesting upside of 5.8% (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

Bell Potter rates IGL as Buy (1) -

IVE Group has reconfirmed its FY24 earnings guidance, consistent with Bell Potter's forecasts, and the broker does not expect any surprises at the FY24 result. There could nevertheless be a positive surprise in FY25 guidance.

Bell Potter forecasts 8% FY25 earnings growth, excluding acquisitions, and notes consensus is higher still.

A valuation roll-forward leads to a dip in target to $2.65 from $2.70, Buy retained.

Target price is $2.65 Current Price is $2.12 Difference: $0.53
If IGL meets the Bell Potter target it will return approximately 25% (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 ILU as Buy (1) -

Combined June quarter sales of zircon, rutile and synthetic rutile for Iluka Resources of $137kt fell short of Citi's forecast for 155kt. The synthetic rutile price achieved in the period was US$1,194/t, down -7% on the prior quarter.

As expected by the broker, unit production costs were -69% worse compared to the previous corresponding period due to paused synthetic rutile kiln production.

Citi 's Buy rating and $7.80 target are unchanged.

Target price is $7.80 Current Price is $6.19 Difference: $1.61
If ILU meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates ILU as Neutral (3) -

Second quarter production results for Iluka Resources were "strong", according to Macquarie, with all mineral sands volumes ahead of expectations.

Collective sales of 136.5kt for zircon, rutile, and synthetic rutile were - 3% below the broker's forecast as higher zircon shipments were more than offset by lower sales of rutile and synthetic rutile.

Macquarie feels the company is "turning the corner" slowly and expects an interim dividend of 4cps.

The Neutral rating and $7 target price are retained.

Target price is $7.00 Current Price is $6.19 Difference: $0.81
If ILU meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Equal-weight (3) -

End markets for Iluka Resources remain challenging, observes Morgan Stanley, noting contracted synthetic rutile sales in particular were weak in Q2.

Total zircon, rutile, and synthetic rutile sales of 136.5kt missed forecasts by the broker and consensus by -21.6% and -4.5%, respectively.

While production and costs improved significantly, the analysts point out this was largely due to higher grades processed at the company's assets.

The Equal-weight rating and $6.70 target are maintained. Industry view is Attractive.

Target price is $6.70 Current Price is $6.19 Difference: $0.51
If ILU meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Buy (1) -

Ord Minnett's target for Iluka Resources falls to $7.30 from $8.00 after 2Q sales and pricing for zircon, rutile and synthetic rutile missed expectations.

Sales for these minerals were -5% shy of forecasts by the broker and consensus, while production came in ahead of estimates by 12% and 15%, respectively.

The broker's forecasts across 2024-26 fall on lower forecast sales volumes and weaker titanium dioxide feedstock pricing. Buy.

Target price is $7.30 Current Price is $6.19 Difference: $1.11
If ILU meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 21.5% (ex-dividends)

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

UBS rates ILU as Neutral (3) -

Iluka Resources reported June Q production up 64% on March as the company continues to manage volumes into the market. More importantly, suggests UBS, sales were broadly in line with forecasts and still positive quarter on quarter.

The mineral sands outlook is mixed, the broker notes, with weakness in the TiO2 feedstock markets partly offset by a strengthening zircon market.

Increased risk around Eneabba sees UBS update its risk weighting. Combined with earnings changes, the broker's target falls to $7.05 from $7.70, Neutral retained.

Target price is $7.05 Current Price is $6.19 Difference: $0.86
If ILU meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

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 JBH as Underweight (5) -

While share prices for JB Hi-Fi and Harvey Norman are higher based on prospects for the AI-led product replacement cycle, Morgan Stanley is only anticipating low single digit earnings upside.

The broker expects a slower Australian start to the consumer upgrade cycle as household budgets remain under pressure and the current limited range of AI products.

Unchanged Underweight rating for JB Hi-Fi. The target rises to $54.70 from $53.80.  Industry View: In-line.

Target price is $54.70 Current Price is $67.58 Difference: minus $12.88 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $58.37, suggesting downside of -14.0% (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

Citi rates LIC as Buy (1) -

In reaction to Lifestyle Communities last week withdrawing all forward-looking guidance, citing sales uncertainty from the VCAT resident complaints challenging exit fees, Citi lowers its target to $11.70 from $17.20.

The target suffers from increased uncertainty, lower development margins and slightly higher expenses, explain the analysts.

The broker believes the consensus earnings multiple for development earnings is too high in FY24 given lower settlements than the through-the-cycle average for the company.

The Buy rating is kept as Lifestyle Communities should be a key beneficiary of strong industry growth in land lease.

Target price is $11.70 Current Price is $9.58 Difference: $2.12
If LIC meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.38, suggesting upside of 29.3% (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

Bell Potter rates LYC as Buy (1) -

Lynas Rare Earths' June Q production report was marred by lower production, continued depressed NdPr pricing and a push back in the timing for Mt Weld expansion completion, Bell Potter notes. A shipping delay caused NdPr production to slide -13% in the period.

The only silver lining the broker took was the view that prices can’t stay low forever.

Bell Potter has updated its model to incorporate the result, primarily reducing expectations for operating costs on continued capitalisation of Kalgoorlie ramp-up costs and adjusting the depreciation charge for the full year.

A valuation roll forward increases the target to $8.50 from $7.80, Buy retained.

Target price is $8.50 Current Price is $6.02 Difference: $2.48
If LYC meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 9.9% (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

Citi rates LYC as Sell (5) -

Fourth quarter neodymium praseodymium (NdPr) production for Lynas Rare Earths fell -16% short of Citi's forecast due to challenges receiving concentrates and an unplanned maintenance shutdown.

The broker's Sell rating is maintained and the target slips to $5.20 from $5.30 on a more conservative production ramp-up forecast due to lower market demand.

While cost implications remain unclear, note the analysts, management doesn't anticipate the current lack of availability of sulphuric acid will restrict the Kalgoorlie ramp-up.

Target price is $5.20 Current Price is $6.02 Difference: minus $0.82 (current price is over target).
If LYC meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.66, suggesting upside of 9.9% (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 LYC as Outperform (1) -

Set against consensus expectations, 4Q production and sales for Lynas Rare Earths missed by -48% and -16%, respectively, due to logistics disruptions and unplanned maintenance, explains Macquarie.

The broker sees an increased likelihood of lower production in FY25 against the backdrop of a soft rare earths market.

The target falls by -6% to $6.60. Outperform. Macquarie is constructive on the long-term attractiveness of the neodymium-praseodymium (NdPr) market.

Target price is $6.60 Current Price is $6.02 Difference: $0.58
If LYC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 9.9% (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

Morgan Stanley rates LYC as Underweight (5) -

In a weak finish to FY24, Morgan Stanley notes production and sales for Lynas Rare Earths in Q4 missed consensus forecasts by -15% and -18%, respectively. It's felt FY25 may be difficult should neodymium-praseodymium (Ndpr) market conditions and prices remain weak.

Management explained lower production volumes in Malaysia reflected some disturbances in the global shipping industry (which resulted in delays in receiving concentrate), and some essential maintenance was also performed, notes the broker.

Morgan Stanley maintains an Underweight rating. The target is reduced to $4.75 from $4.85. Industry View: Attractive.

Target price is $4.75 Current Price is $6.02 Difference: minus $1.27 (current price is over target).
If LYC 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 $6.66, suggesting upside of 9.9% (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

Ord Minnett rates LYC as Buy (1) -

Ord Minnett notes Lynas Rare Earths was able to meet sales demand in the 4Q by reducing inventory. A maintenance issue (causing a slippage in production) probably came at a good time (of weak demand), suggest the analysts.

The broker couldn't draw any major conclusions around costs given an odd production mix muddied the unit cost metrics.

The quarter-ending cash balance was higher-than-expected by the broker.

No change to the Buy rating and $8 target price.

Target price is $8.00 Current Price is $6.02 Difference: $1.98
If LYC meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 9.9% (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

UBS rates LYC as Buy (1) -

Lynas Rare Earths' June Q production missed UBS' forecast on unexpected maintenance at the LAMP. Depressed market conditions have reduced the urgency of Lynas' original growth plans, the broker notes.

The main focus for investors will be on the near-term growth trajectory and ensuring Lynas remains cost competitive with operations expanding from Malaysia to Australia and eventually the US.

UBS has trimmed its earnings forecasts on lower production but retains a $6.90 target and Buy rating.

Target price is $6.90 Current Price is $6.02 Difference: $0.88
If LYC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 9.9% (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

Ord Minnett rates MAC as Buy (1) -

Copper production for Metals Acquisition in the 2Q of 10,900t beat expectations by Ord Minnett and consensus by 4% and 10%, respectively, largely due to improved ore grades.

Management noted 2024 production is tracking near the midpoint of the prior guidance range of between 38,000-43,000t.

The Buy rating is maintained, and the target slips to $29 from $30 after the broker incorporates -2% worse costs into forecasts to reflect the latest rate of expenditure and some conservatism.

Target price is $29.00 Current Price is $19.37 Difference: $9.63
If MAC meets the Ord Minnett target it will return approximately 50% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates PFP as Outperform (1) -

After reviewing death data across Australian states for the period January to June, Macquarie forecasts total volumes for Propel Funeral Partners will be slightly above the midpoint of management guidance for between 21,000-23,000.

For FY25, the broker forecasts the company will benefit from around 1,200 in acquired volumes. Propel is considered well placed (with sufficient funding capacity) for further M&A activity, which represents upside risk to the analyst's earnings forecasts.

The Outperform rating and $6.58 target are retained.

Target price is $6.58 Current Price is $5.86 Difference: $0.72
If PFP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 7.6% (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

Citi rates PLS as Sell (5) -

Upon initial assessment, Citi (Sell, target $3.20) comments Pilbara Minerals' June quarter surprised positively on many items, including record production and recovery, and better costs.

FY25 also contains guidance for higher costs, as expected by the analysts, who conclude Pilbara Minerals' operational performance sets this company apart from peers.

Target price is $3.20 Current Price is $2.89 Difference: $0.31
If PLS meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 7.8% (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 PMV as Overweight (1) -

Morgan Stanley includes Premier Investments among key small/mid cap ideas where the broker has conviction into the FY24 result in late-September (July year end) and on outperformance into FY25.

Based on better-than-expected recent reporting by listed peers, the broker sees upside to the consensus forecast of $342m for Retail earnings (EBIT).

Overall, the risk/reward scenario currently looks attractive to the broker, with demerger valuation upside via a potential demerger of Smiggle and Peter Alexander, as well as the potential merger of Premier Investments Apparel with Myer ((MYR)).

The Overweight rating and $39.50 target are maintained. Industry view: In-Line.

Target price is $39.50 Current Price is $31.34 Difference: $8.16
If PMV meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $32.20, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in July.

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 PNV as Outperform (1) -

FY24 sales for PolyNovo in the US and the ROW rose by 49% and 73.1%, respectively, highlights Macquarie, with total sales beating the consensus forecast by 2%. Newly launched regions (such as India) are expected to grow as a proportion of total revenue.

The broker forecasts FY24 profit (uNPAT) of $3.7m, the first full year of profitability for the company.

The analyst makes no changes to earnings forecasts and the Outperform rating and $2.75 target are retained.

Target price is $2.75 Current Price is $2.60 Difference: $0.15
If PNV meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting downside of -22.3% (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

Citi rates PRN as Buy (1) -

In an encouraging recent update, according to Citi, Perenti released to the ASX FY24 free cash flow (FCF) numbers materially above guidance along with notification of a contract win and contract extensions.

The broker highlights fleet redeployment from discontinued nickel projects resulted in net capex tracking around -13% below previous guidance in FY24.

Also, better debtor collection, including contract rate adjustments, drove higher cash conversion for the financial year, explain the analysts.

The Buy rating is maintained. The broker's target rises to $1.30 from $1.25 due to the improved near-term cash performance.

Target price is $1.30 Current Price is $1.02 Difference: $0.28
If PRN meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates RWC as Outperform (1) -

Macquarie forecasts a FY24 profit just shy of the consensus forecast when Reliance Worldwide reports on August 20.

While the broker anticipates FY25 growth for Reliance via a US recovery as interest rate pressures ease, a slower-than-expected US R&R recovery and a stronger US dollar will likely weigh.

The Outperform rating is unchanged. The target falls to $6.00 from $6.10.

Target price is $6.00 Current Price is $4.95 Difference: $1.05
If RWC meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.46, suggesting upside of 10.0% (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: 0.8

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

Morgan Stanley rates S32 as Equal-weight (3) -

Morgan Stanley slashes its target for South32 to $3.05 from $3.80 following a disappointing 4Q and FY25 guidance. The Equal-weight rating is maintained. Industry view: Attractive. 

Approval issues at Worsley (and the resulting impairment) indicate a significant change to the mine plan and a potentially negative impact on operating costs, highlight the analysts. The (lower) book value number for the asset is now adopted in the broker's forecasts.

As group capex expectations remain more than -US$1bn for FY25 and FY26, management may be reluctant to implement the $100m buyback Morgan Stanley speculates.

Target price is $3.05 Current Price is $2.98 Difference: $0.07
If S32 meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.71, suggesting upside of 25.3% (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

Shaw and Partners rates SRG as Buy (1) -

SRG Global provided a trading update that included FY24 earnings tracking towards the top end of guidance, a very strong cash conversion result, and ongoing double-digit earnings growth forecast for FY25.

SRG noted continued strong margin performance, Shaw and Partners reports, underpinned by "excellent" operational execution.

Shaw has reflected the trading update into forecasts and its target increases to $1.30 from $1.20. Given the expected total
shareholder return of circa 44%, the broker retains a Buy rating.

Target price is $1.30 Current Price is $0.93 Difference: $0.375
If SRG meets the Shaw and Partners target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 31.9% (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

Shaw and Partners rates SXG as Buy (1) -

Southern Cross Gold has announced results from four diamond drill holes from the Golden Dyke and Rising Sun prospects at the 100%-owned Sunday Creek Gold-Antimony Project.

Shaw and Partners recently upgraded its gold price forecasts to US$3,000/oz in 2025 and 2026 and expects outperformance in ASX-listed gold equities to continue.

The broker's Southern Cross Gold valuation rises to $6.28 from $3.26 under the revised commodity price deck and development scenario at Sunday Creek. Buy retained.

Target price is $6.28 Current Price is $2.18 Difference: $4.1
If SXG meets the Shaw and Partners target it will return approximately 188% (excluding dividends, fees and charges).

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

Citi rates TCL as Buy (1) -

Despite the market's view of limited options for growth in Australia, Citi is encouraged by Transurban Group's progress around the widening of the western section of its Logan Motorway project in Brisbane.

The group has now reached the Binding Upgrade Proposal stage between Transurban Queensland and the Queensland Government. Community consultation is expected to commence on this project in the 2H of this year.

The Buy rating and $15.50 target are maintained.

Target price is $15.50 Current Price is $12.93 Difference: $2.57
If TCL meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $13.51, suggesting upside of 4.9% (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

UBS rates TCL as Buy (1) -

The Logan Motorway widening project has moved to a "Binding Upgrade Proposal".

Details of the project are unclear at this stage, however UBS estimates the investment from Transurban could be -$400-600m, with the main swing factors being project capex and government contributions.

The Logan Widening, if it is to proceed, would not be material to the size of the Transurban portfolio. However, UBS thinks the signal of continued success in progressing growth opportunities in Australia could help with confidence in the growth outlook.

Buy and $14.60 target retained.

Target price is $14.60 Current Price is $12.93 Difference: $1.67
If TCL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.51, suggesting upside of 4.9% (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

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

Customer feedback in key demographics has been positive, giving UBS confidence around the sustainability of TechnologyOne's 115-120% pa net revenue retention target. Even as the benefit from SaaS flips unwinds, the broker identifies important supports for NRR.

The next catalyst is TechnologyOne's Investor Day on 30 July, at which UBS expects new detail around product/technology capabilities.

TechnologyOne carries a relatively rich multiple, the broker notes, but not inconsistent with ASX tech/software stocks on a growth-adjusted basis.

UBS does not necessarily expect multiple expansion, but sees a company growing profits at near-20% pa to deliver attractive shareholder returns.

Target rises to $21.90 from $17.20, upgrade to Buy from Neutral.

Target price is $21.90 Current Price is $18.97 Difference: $2.93
If TNE meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $18.44, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

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) -

A more than -40% fall in the Temple & Webster share price since a peak in March represents a buying opportunity, in Citi's view. 

Weakening web traffic might be a result of overstatement in the previous corresponding period, suggest the analysts. Also, recent industry feedback has been turning positive on the Furniture category and the company's market share gains, notes the broker.

Recent trading updates have also been strong by Accent Group ((AX1)) and Universal Store ((UNI)), which also cater to the younger demographic, explains Citi.

The Buy rating and $11 target are retained.

Target price is $11.00 Current Price is $9.25 Difference: $1.75
If TPW meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $11.45, suggesting upside of 15.9% (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 TWE as Neutral (3) -

Citi feels the US channel for Treasury Wine Estates may remain soft heading into FY25, based on the broker's tracking of key indicators (which are still in decline).

A possible counter, suggest the analysts, is medium-term upside potential from the opportunity in China.

No changes to earnings forecasts. Neutral rating with a $12.95 target price.

Target price is $12.95 Current Price is $12.55 Difference: $0.4
If TWE meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $13.78, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates WDS as Outperform (1) -

While Woodside Energy's 2Q production of 44.4mmboe was in line with Macquarie's forecast, LNG price realisations were a -14% miss (though offset by higher-than-expected sales volumes).

Overall, lower revenues were more than offset by lower operating costs and D&A, and the analyst retains an Outperform rating and $32 target price.

Commenting on the recent Tellurian takeover, Macquarie feels the Driftwood LNG project is an attractive opportunity for Woodside to pursue with the aim of growing the company's LNG marketing and trading business.

Target price is $32.00 Current Price is $27.53 Difference: $4.47
If WDS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $31.58, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Morgan Stanley rates WDS as Overweight (1) -

Following recent negative revisions to consensus estimates, Morgan Stanley anticipates a muted reaction to Woodside Energy's 2Q production result, which missed forecasts by the broker and consensus by -8% and -4%, respectively.

The broker highlights weather impacts on the North West Shelf, and unplanned outages at Wheatstone and Julimar, were partly offset by first oil from Sangomar and high gas demand from Victoria (Bass Strait).

Overweight rating. Target $35. Industry view: Attractive. First half results are due on August 27.

Target price is $35.00 Current Price is $27.53 Difference: $7.47
If WDS meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $31.58, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Morgans rates WDS as Add (1) -

Woodside Energy has announced "the right kind of deal" in Morgans' opinion, acquiring a large LNG project for which the vast majority of investment will go into development capex rather than acquisition premium.

The crux of the Tellurian acquisition is that Woodside will acquire the Driftwood LNG project in the US at an offer level some -42% below Tellurian’s share price a year ago.

Morgans maintains an Add rating with a $35.00 target, down from $36.00, believing the stock offers attractive long-term value.

With gearing of 13% and available liquidity of US$8.5bn, the broker expects Woodside to also maintain its dividend profile while working to improve its long-term growth profile through Scarborough and Driftwood LNG.

Target price is $35.00 Current Price is $27.53 Difference: $7.47
If WDS meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $31.58, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Ord Minnett rates WDS as Hold (3) -

Ord Minnett notes a minor fall in production in Q2 for Woodside Energy and small rise in revenue largely offset each other. 

Production missed the consensus forecast by -3% largely due to planned maintenance at Pyrenees and the North West Shelf (NWS),
unplanned stoppages at Wheatstone, and bad weather at NWS, explains the analyst.

A key takeaway (and surprise) for the broker within the Q4 update was the -4% worse total cost for the now 67%-complete
Scarborough gas project in WA. Industry-wide inflation and a slow approval process may have weighed, suggests the analyst.

The Hold rating is kept, and the target slips to $28.50 from $29.50.

Target price is $28.50 Current Price is $27.53 Difference: $0.97
If WDS meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $31.58, suggesting upside of 15.9% (ex-dividends)

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: 0.5

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

UBS rates WDS as Neutral (3) -

Woodside Energy's June Q sales revenues were in line with UBS, with strong realised prices offsetting the impact of softer production volumes due to various turnarounds and outages.

Woodside has also announced the acquisition of a US company, the prime asset of which is the Driftwood LNG project in Louisiana.

As per the broker, Driftwood is comfortably funded and will not constrain the company from pursuing further opportunities in line with its stated growth objectives.

But capex will weigh on free cash flow, UBS warns. Neutral and $31 target retained.

Target price is $31.00 Current Price is $27.53 Difference: $3.47
If WDS meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $31.58, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Ord Minnett rates WHC as Buy (1) -

While 4Q sales for Whitehaven Coal of 6.5t were -15% softer than Ord Minnett's forecast due to a logistics issue at Daunia and an inventory build at Blackwater, the broker expects a sales pick up in FY25.

A potential -20% sell-down of Blackwater would provide near-term upside for returns in FY25, explains the broker. Before contemplating this potential increase, Ord Minnett already forecasts a 12c final dividend in FY24, growing to 39cps in FY25.

Ord Minnett lowers its target to $10.00 from $10.30. Buy.

Target price is $10.00 Current Price is $7.91 Difference: $2.09
If WHC meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $9.57, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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