Australian Broker Call

Credit Suisse rates 29M as Outperform (1) -

Credit Suisse makes earnings estimates changes to reflect the September quarter gold/FX marking to market. The focus for the quarterly update will be on the paste plant and Gossan Valley feasibility study.

Credit Suisse retains an Outperform rating and raises the target to $3.15 from $2.65.

Target price is $3.15 Current Price is $2.86 Difference: $0.29
If 29M meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates AD8 as Outperform (1) -

Audinate Group increased revenue 46.1% on the previous comparable period in the first quarter of FY22, totaling US$7.6m. Credit Suisse noted the company has a US$14.8m order backlog, implying underlying demand growth and longer lead times. 

With a supply shortage of a silicon chip used in products that have historically accounted for 43% of Audinate Group's revenue, including Brooklyn II, Broadway and Dante, management have flagged an acceleration of the next generation Brooklyn product to the fourth quarter. 

Revenue growth in FY22 is downgraded to 10% from 31%, and reduced by an additional -3-4% through to FY24.

The Outperform rating is retained and the target price decreases to $11.00 from $11.40.

Target price is $11.00 Current Price is $8.95 Difference: $2.05
If AD8 meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $11.25, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates AD8 as Overweight (1) -

While a first quarter trading update showed demand is growing, the share price fell on chip headwinds, a situation considered transitory by Morgan Stanley. The broker lowers its FY22 revenue forecast by -14% though retains its $12 target and Overweight rating.

The analyst points out the update has no bearing on long-term growth and the trajectory from FY23 is unchanged. Industry view is In-Line.

Target price is $12.00 Current Price is $8.95 Difference: $3.05
If AD8 meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $11.25, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates AD8 as Buy (1) -

First quarter revenue was US$7.6m, up 46%, and factory closures limited growth. The risk to chip supply is likely to impact on growth in the second half, and potentially FY23, UBS observes.

Hence, the focus could shift away from the new Dante-enabled OEM product releases. UBS considers this a supply constraint not an issue for demand and it does not change the long-term opportunity.

While recognising news flow in the short term could be subdued the broker remains positive on a 12-month view and retains a Buy rating. Target is $10.75, reduced from $11.75.

Target price is $10.75 Current Price is $8.95 Difference: $1.8
If AD8 meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $11.25, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates ALL as Outperform (1) -

Aristocrat Leisure has announced the cash acquisition of Playtech for $5bn, allowing Aristocrat Leisure to fill a strategic gap and enter the US iGaming space. 

Credit Suisse notes while the acquisition can add significant value, there is execution risk over the next three years and awaits further details on Aristocrat Leisure's plan. 

The Outperform rating and target price of $50.30 are retained.

Target price is $50.30 Current Price is $45.79 Difference: $4.51
If ALL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $48.34, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates ALL as Upgrade to Outperform from Neutral (1) -

Aristocrat Leisure has made an offer for the UK's Playtech, worth $5bn, to be funded cash, debt and equity. The acquisition will provide technology and scale in order to pursue the real money gaming (RMG) market, particularly North America where the company is yet to make its presence felt.

Macquarie considers the acquisition highly complementary to Aristocrat Leisure and notes many opportunities. The broker considers the valuation compelling and upgrades to Outperform from Neutral. Target is raised to $52.75 from $39.00.

Target price is $52.75 Current Price is $45.79 Difference: $6.96
If ALL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $48.34, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates ALL as Add (1) -

Aristocrat Leisure proposes to acquire UK-listed Playtech for -$5bn, in a deal creating immediate scale and capacity in the fast-growing online real money gaming (RMG) space, according to Morgans.

The company will now have technology platforms and business-to-business relationships that would have taken it years to replicate organically, explains the analyst. The target price rises to $52.90 from $45 and the Add rating is unchanged.

The acquisition will be funded via cash of $1.1bn, new debt of $2.8bn and equity of $1.3bn through an underwritten entitlement offer. Morgans concludes by saying Aristocrat Leisure is the kind of stock to own for the long term. 

Target price is $52.90 Current Price is $45.79 Difference: $7.11
If ALL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $48.34, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates ALL as Accumulate (2) -

Aristocrat Leisure has made a bid for the UK online gaming software provider, Playtech, implying an enterprise value of $3.9bn. Ord Minnett observes the acquisition will provide a robust base for earnings growth in both content and platform fees.

The broker increases operating earnings forecasts by 2.2% for 2021 and by 2.4% for 2022. Accumulate maintained. Target rises to $51.00 from $45.00.

Target price is $51.00 Current Price is $45.79 Difference: $5.21
If ALL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $48.34, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates ALX as Upgrade to Add from Hold (1) -

Morgans upgrades its rating to Add from Hold for Atlas Arteria on an attractive 12-month potential return and a 5-year equity internal rate of return of 8.6% per annum. The target price lifts to $6.61 from $6.44 on improved asset performance and valuation assumptions.

Had it not been for adverse exchange rate movements, the lift in target price would have been 21cps greater, explains the analyst. It's conceded there's still uncertainty over the shape of the traffic recovery.

Target price is $6.61 Current Price is $6.36 Difference: $0.25
If ALX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates AVN as No Rating (-1) -

Aventus Group will be acquired by Home Consortium ((HMC)) and HomeCo Daily Needs ((HDN)), with the approval of both boards of HomeCo and Aventus. Under the agreement, Aventus Group security holders will receive an implied value of $3.82 per security.

HomeCo is in contributing 93% of the total consideration to acquire ARPF, which holds all the Aventus real estate assets. Home Consortium is contributing 7% of the consideration to acquire Aventus Holdings.

HomeCo has indicated the transaction will be 4% accretive to FY22 while the accretion for Aventus is slated at 3.9%.

Macquarie is restricted on providing a rating and target at present.

Current Price is $3.46. Target price not assessed.

Current consensus price target is $3.41, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Aventus Group has agreed to a merger with HomeCo Daily Needs REIT ((HDN)) and the combined entity will be managed by Home Consortium ((HMC)). The deal will go to a vote in late January/early February 2022.

Aventus Group unitholders will receive 2.2 HomeCo Daily Needs REIT securities and 28.5cpu cash, equating to $3.82 per Aventus Group share. The combined entity expects to achieve $10.5m per year in synergies.

Separately, Aventus Group upgraded its FY22 guidance to 5.6% growth versus FY21, for funds from operations (FFO).

Target price is $3.30 Current Price is $3.46 Difference: minus $0.16 (current price is over target).
If AVN meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates AVN as Hold (3) -

HomeCo Daily Needs REIT ((HDN)) has announced a proposed merger with Aventus Group. The merged group will be managed by Home Consortium ((HMC)), which is expected to hold a 13.5% co-investment.

Morgans can see significant funds from operations (FFO) and net tangible asset (NTA) upside as a result of the merged group, with the land bank providing medium and long-term growth opportunities.

The analyst points out the merged portfolio will provide exposure to daily needs (34%), large format retail (50%) and health services (16%). The Hold rating and $3.34 target price are unchanged.

Target price is $3.34 Current Price is $3.46 Difference: minus $0.12 (current price is over target).
If AVN meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates AVN as Hold (3) -

Home Consortium ((HMC)) and HomeCo Daily Needs ((HDN)) plan to acquire Aventus Group at $3.82 a share. Ord Minnett assesses the deal is more favourable for Home Consortium compared with HomeCo Daily Needs based on the premiums paid.

Aventus Group has stated it expects growth in earnings per security of 5% in FY22, which is ahead of the broker's previous estimates.

Hold maintained. Target is raised to $3.70 from $2.99.

Target price is $3.70 Current Price is $3.46 Difference: $0.24
If AVN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates BHP as Outperform (1) -

BHP updated on its quarterly production earlier this morning and Macquarie, upon initial read, assesses the performance was a bit "soft" as iron ore and copper volumes missed expectations, while met coal volumes marked a more pronounced "miss".

On the other hand, volumes from the petroleum division were stronger. The broker observes guidance for all commodities remains unchanged.

Macquarie has retained its outperform rating, also noting at present spot prices, projected FY22 earnings rise by 19%, lifting the free cash flow yield to 23%. Target $56.

Target price is $56.00 Current Price is $39.19 Difference: $16.81
If BHP meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $47.30, suggesting upside of 23.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Ord Minnett rates BHP as No Rating (-1) -

In an initial response following the release of BHP Group's September quarter production report, Ord Minnett observes the Big Australian has left its guidances for full-year production volumes unchanged. The quarter itself is labeled "mixed".

Petroleum turned out the standout performer for the quarter, while maintenance kept iron ore volume below expectation. Labour shortages equally had an influence and together with maintenance impacted on met coal volumes, which disappointed.

Ord Minnett suspects consensus forecasts might be impacted, but finds it hard to call this early into the financial year.

Current Price is $39.19. Target price not assessed.

Current consensus price target is $47.30, suggesting upside of 23.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Citi rates BPT as Buy (1) -

Citi has updated on energy price forecasts, now forecasting Brent at US$85/bbl for the remainder of the year (compared with US$74/bbl previously) led by higher demand buoyed by gas-to-oil switching.

In addition, AUD is expected to soften vis-a-vis the greenback.

The result is for higher forecasts and a lift in price target for Beach Energy; to $1.70 from $1.56. Buy rating remains.

Target price is $1.70 Current Price is $1.49 Difference: $0.21
If BPT meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates BPT as Add (1) -

Morgans remains bullish on oil fundamentals, thinks the oil cycle has a long way to go and expects Australian oil and gas stocks to gradually re-rate. The broker upgrades its forecasts across the sector to mark-to-market the recent oil price strength.

Beach Energy is less exposed to current spot commodity prices though looks oversold to the analyst, when taking into account long-term value. The target price rises to $1.71 from $1.68 and the Add rating is unchanged.

Target price is $1.71 Current Price is $1.49 Difference: $0.22
If BPT meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates BSL as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley assesses US steel prices have peaked and finds it hard to see BlueScope Steel outperforming in an environment of declining prices. The broker lowers its rating to Equal-weight from Overweight and slashes its target price to $23.50 from $29.50.

According to the broker's US strategists, lead times in the US have declined and service center inventories are reading a point of inflexion.

Prices are likely to remain at historically favourable levels across FY22, which will be supportive for cash flows and potentially a continuation of capital management, believes the analyst.

Target price is $23.50 Current Price is $20.76 Difference: $2.74
If BSL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $27.28, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates COE as Add (1) -

Morgans remains bullish on oil fundamentals, thinks the oil cycle has a long way to go and expects Australian oil and gas stocks to gradually re-rate. The broker upgrades its forecasts across the sector to mark-to-market the recent oil price strength.

Cooper Energy is less exposed to current spot commodity prices though looks oversold to the analyst, when taking into account long-term value. The target price of $0.31 and the Add rating are unchanged.

Target price is $0.31 Current Price is $0.29 Difference: $0.02
If COE meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates CVN as Neutral (3) -

Carnarvon Petroleum is increasing drilling activity as Buffalo, Apus and Parvo are all expected to commence in the next six months.

Dorado is also progressing and with a net capital commitment of -$550m, Macquarie suspects the company may need to sell down its stake (20%) and raise project debt to participate in the final investment decision.

The broker retains a Neutral rating and $0.33 target.

Target price is $0.33 Current Price is $0.33 Difference: $0
If CVN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Credit Suisse rates EVN as Downgrade to Neutral from Outperform (3) -

Credit Suisse downgrades to Neutral from Outperform, given relative valuation. FY22 is expected to be weighted to the second half as the company incorporates the Kundana/EKJV assets. Cowal is also expected to provide softer production because of major maintenance in August.

The broker also makes changes to estimates for earnings per share to reflect a modest reduction in Ernest Henry production and the extension of the ramp up at Red Lake. Target is reduced to $3.80 from $4.30.

Target price is $3.80 Current Price is $3.77 Difference: $0.03
If EVN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Credit Suisse rates GPT as Downgrade to Neutral from Outperform (3) -

GPT Group has confirmed its acquisition of the Ascot portfolio for -$681.7m, containing 24 assets. The transaction is expected to complete in November, and the company is guiding to it being earnings accretive within the first year. 

While Credit Suisse estimates the acquisition to generate an additional $15m per annum, the broker notes there is uncertainty in GPT Group's earnings outlook.

The company has not acquired three office properties and one industrial property that were originally included in the portfolio, reducing the price from an initial $800m. Funds from operations forecasts increase 0.9%, 2.9% and 2.8% through to FY23. 

The rating is downgraded to Neutral from Outperform and the target price increases to $5.26 from $5.02. 

Target price is $5.26 Current Price is $5.08 Difference: $0.18
If GPT meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.15, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates GPT as Neutral (3) -

GPT Group has acquired a -$682m logistics portfolio and recently confirmed speculation the Wollongong and Casuarina assets are for sale. The acquisition should increase the industrial asset value to $4.1bn, Macquarie notes, with the segment increasing its weighting to 26%.

GPT Group is committed to achieving around 30% exposure to logistics. There are limited earnings implications for FY22 as the portfolio will settle in November. Gearing will move to 27.9%, below the midpoint of the target.

Macquarie believes, to justify the spread in cap rates between retail and industrial, rental growth will need to be achieved in industrial to realise attractive returns. Neutral maintained. Target is raised to $5.04 from $4.88.

Target price is $5.04 Current Price is $5.08 Difference: minus $0.04 (current price is over target).
If GPT meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.15, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates GPT as Accumulate (2) -

GPT Group is to acquire the Ascot portfolio for -$681.7m on initial yield of 4.3%. The portfolio comprises 23 industrial assets and one Canberra office asset.

This is slightly smaller than expected, as the company is not acquiring an industrial and three office assets held in the original portfolio.

Ord Minnett understands this is a good quality portfolio with limited income risk. Accumulate rating and $5.40 target maintained.

Target price is $5.40 Current Price is $5.08 Difference: $0.32
If GPT meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.15, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates HDN as No Rating (-1) -

Aventus Group ((AVN)) will be acquired by Home Consortium ((HMC)) and HomeCo Daily Needs, with the approval of both boards of HomeCo and Aventus. Under the agreement, Aventus Group security holders will receive an implied value of $3.82 per security.

HomeCo is in contributing 93% of the total consideration to acquire ARPF, which holds all the Aventus real estate assets. Home Consortium is contributing 7% of the consideration to acquire Aventus Holdings.

HomeCo has indicated the transaction will be 4% accretive to FY22 while the accretion for Aventus is slated at 3.9%.

Macquarie is restricted on providing a rating and target at present.

Current Price is $1.50. Target price not assessed.

Current consensus price target is $1.62, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates HDN as Add (1) -

HomeCo Daily Needs REIT has announced a proposed merger with Aventus Group ((AVN)). The merged group will be managed by Home Consortium ((HMC)), which is expected to hold a 13.5% co-investment.

Morgans can see significant funds from operations (FFO) and net tangible asset (NTA) upside as a result of the merged group, with the land bank providing medium and long-term growth opportunities.

The analyst points out the merged entity merged portfolio will provide exposure to daily needs (34%), large format retail (50%) and health services (16%). The Add rating and $1.69 target price are unchanged.

Target price is $1.69 Current Price is $1.50 Difference: $0.19
If HDN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates HDN as Hold (3) -

Home Consortium ((HMC)) and Homeco Daily Needs plan to acquire Aventus Group ((AVN)) at $3.82 per security. Ord Minnett assesses the deal is more favourable for Home Consortium compared with HomeCo Daily Needs based on the premiums paid.

HomeCo forecasts the transaction to be 3% accretive to FY22 earnings and the broker calculates, post merger, will have a free float market cap of $2.5bn.

Hold maintained. Target is $1.58.

Target price is $1.58 Current Price is $1.50 Difference: $0.08
If HDN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates HMC as Add (1) -

HomeCo Daily Needs REIT ((HDN)) has announced a proposed merger with Aventus Group ((AVN)). The merged group will be managed by Home Consortium, which is expected to hold a 13.5% co-investment.

Morgans can see significant funds from operations (FFO) and net tangible asset (NTA) upside as a result of the merged group, with the land bank providing medium and long-term growth opportunities.

The analyst points out the merged entity merged portfolio will provide exposure to daily needs (34%), large format retail (50%) and health services (16%). The Add rating and $6.71 target price are unchanged.

Target price is $6.71 Current Price is $7.68 Difference: minus $0.97 (current price is over target).
If HMC meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.37, suggesting downside of -21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates HMC as Upgrade to Hold from Lighten (3) -

Home Consortium and HomeCo Daily Needs ((HDN)) plan to acquire Aventus Group ((AVN)) at $3.82 a share. Ord Minnett observes the acquisition will lift Home Consortium's funds under management towards $5bn, ahead of its December 2022 target.

The broker is optimistic about the transaction for the company's investors, given the material earnings accretion. Rating is upgraded to Hold from Lighten and the target raised to $7.50 from $6.40.

Target price is $7.50 Current Price is $7.68 Difference: minus $0.18 (current price is over target).
If HMC meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.37, suggesting downside of -21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates HUB as Neutral (3) -

Hub24 will acquire Class ((CL1)) via a scheme of arrangement and the latter's board has unanimously recommended the offer. The offer is a cash and scrip deal worth -$386m, expected to be 8% accretive to Hub24 shareholders by FY23.

The deal is anticipated delivering cost synergies of around $2m although Macquarie notes this is reduced in later years as the current growth profile exceeds what it initially models for Class.

There is also a reliance on Class meeting consensus expectations, which include an accelerated growth profile. Macquarie retains a Neutral rating and raises the target to $30.60 from $29.00.

Target price is $30.60 Current Price is $32.77 Difference: minus $2.17 (current price is over target).
If HUB meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.01, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates HUB as Add (1) -

Hub24 is proposing to acquire leading cloud-based SMSF administration software provider Class Ltd ((CL1)) for an implied -$385m, funded mainly by scrip. While having some misgivings over price, Morgans is prepared to back the longer-term strategic direction of Hub24.

The analyst doesn't incorporate the transaction into forecasts as yet and maintains the Add rating and $34.20 target price.

Target price is $34.20 Current Price is $32.77 Difference: $1.43
If HUB meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.01, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates HUB as Accumulate (2) -

Hub24 plans to acquire Class ((CL1)) and will fund the majority of the purchase, worth -$383m, through the issue of equity to the Class shareholders.

Ord Minnett considers the deal has strategic merit, albeit looks expensive. Data connectivity is considered part of the deal, and is expected to play an increasingly important part in "whole of wealth" platforms. Accumulate maintained. Target is $33.

Target price is $33.00 Current Price is $32.77 Difference: $0.23
If HUB meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.01, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates IAP as No Rating (-1) -

Irongate Group has received a proposal from 360 Capital ((TGP)) and 360 Capital REIT ((TOT)) for all the stapled securities which 360 Capital does not own for $1.6047 cash. The proposal is by way of an agreed trust scheme, is indicative and conditional.

The Irongate Group board is considering the proposal and has indicated there is no certainty it will progress.

Macquarie is restricted on research and cannot provide a rating or target at present.

Current Price is $1.56. Target price not assessed.

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates IAP as Accumulate (2) -

Irongate Group has received an unsolicited indicative offer from 360 Capital ((TGP)) and 360 Capital REIT ((TOT)) at $1.6047 cash per share.

The company has advised investors to take no action at this stage. Ord Minnett considers the timing opportunistic as it comes just a week ahead of the first half result. The offer price implies a 13% premium to the company's last stated pro forma net tangible assets.

Ord Minnett retains an Accumulate rating and $1.65 target and suspects the offer is unlikely to be approved.

Target price is $1.65 Current Price is $1.56 Difference: $0.09
If IAP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates IFM as Buy (1) -

The CEO Jonathan Rubensztein has stepped down to pursue another opportunity in the tech sector. He will be replaced by non-executive director Jim Hassell as interim CEO before a permanent appointment is made.

The company has reaffirmed FY22 revenue guidance of $117-123m as well, which UBS calculates implies 8-14% organic growth. An update will be provided at the AGM on November 25. Buy rating and $2.20 target.

Target price is $2.20 Current Price is $1.39 Difference: $0.81
If IFM meets the UBS target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IGO as Upgrade to Outperform from Neutral (1) -

Credit Suisse upgrades to Outperform from Neutral, lifting its target multiple for the lithium business to 22x FY23.

The broker believes this multiple is warranted, given the exposure to a tier-1 lithium business, low cost profile and expansion opportunities. Target is raised to $10.70 from $9.20.

Target price is $10.70 Current Price is $9.48 Difference: $1.22
If IGO meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.24, suggesting downside of -15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Morgans rates KAR as Add (1) -

Morgans remains bullish on oil fundamentals, thinks the oil cycle has a long way to go and expects Australian oil and gas stocks to gradually re-rate. The broker upgrades its forecasts across the sector to mark-to-market the recent oil price strength.

Karoon Energy is Morgans' top pick among the small/mid-caps. It's thought high-margin barrels will help fund a more than doubling of production. The target price lifts to $2 from $1.90 and the Add rating is maintained.

Target price is $2.00 Current Price is $1.68 Difference: $0.32
If KAR meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates M7T as Add (1) -

Morgans assesses first quarter cash flow results were solid and was pleased with management's outlook commentary, which reaffirmed 2021 revenue guidance. The company expects positive earnings (EBITDA) for FY22.

The broker makes no changes to its FY22 forecast, maintains its Add rating and adjusts its target price to $1.55 from $1.56. 

Target price is $1.55 Current Price is $1.00 Difference: $0.55
If M7T meets the Morgans target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates MME as Add (1) -

MoneyMe's first quarter trading update showed record originations/revenue and the continued growth of the Autopay product, observes Morgans.

To help fund accelerating growth, management announced an increase to its existing major bank warehouse facility. The broker lifts its target price to $2.40 from $2.28 and maintains its Add rating.

Target price is $2.40 Current Price is $1.98 Difference: $0.42
If MME meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates NIC as Neutral (3) -

Nickel Mines has secured the sale of 150,000wmt of limonite ore, which presents upside risk to Macquarie's base case forecasts.

The broker is encouraged by the sale as the ore is already expensed as part of the mining of the saprolite ore and, as a result, could improve the economics and value of the Hengjaya mine.

While nickel prices have surged, the broker points out there is minimal upside to forecasts at spot prices because of high coal prices. Neutral rating and $0.95 target retained.

Target price is $0.95 Current Price is $1.03 Difference: minus $0.08 (current price is over target).
If NIC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.18, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Credit Suisse rates NST as Outperform (1) -

Credit Suisse expects a softer quarterly update will ensue after the divestment of Kundana/EKJV. There should be better grades from the underground at Thunderbox while the commissioning at Jundee will help improve grades.

The broker makes changes to earnings estimates to reflect minor adjustments to operating forecasts. Outperform maintained. Target is reduced to $11.65 from $12.15.

Target price is $11.65 Current Price is $9.41 Difference: $2.24
If NST meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates NXT as Outperform (1) -

While much of the focus has been on Sydney's fourth data centre and hyperscale development, Macquarie believes the market has overlooked the other end of the spectrum.

The broker believes obtaining its first Edge data centre should be the focus in FY22 and could be a catalyst to improve the overall margin profile for NextDC.

Overseas investment opportunities also exist and, with restrictions gradually easing in Australia, the broker suspects this will become more of a prospect.

Macquarie lowers FY22-24 estimates by -69-134% because of higher depreciation and thin margins. Target is raised to $16.10 from $14.05. The broker believes the stock is attractive on primary valuation methodology and retains an Outperform rating.

Target price is $16.10 Current Price is $12.07 Difference: $4.03
If NXT meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates OSH as Add (1) -

Morgans remains bullish on oil fundamentals, thinks the oil cycle has a long way to go and expects Australian oil and gas stocks to gradually re-rate. The broker upgrades its forecasts across the sector to mark-to-market the recent oil price strength.

The broker lacks conviction on Oil Search while the potential merger with Santos ((STO)) plays out. Merger or not, there's thought to be a win. It's thought a merger would unlock greater value than the sum of their parts, or the company independently enjoys leverage to the cycle.

The Add rating is maintained and the target price increases to $4.80 from $4.55.

Target price is $4.80 Current Price is $4.55 Difference: $0.25
If OSH meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Credit Suisse rates OZL as Underperform (5) -

Credit Suisse makes earnings estimates changes to reflect the September quarter gold/FX marking to market and increased production at Carrapateena in 2022 amid a reduced CentroGold contribution.

Underperform maintained. Target rises to $21.30 from $20.35.

Target price is $21.30 Current Price is $26.17 Difference: minus $4.87 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.71, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates PPS as Buy (1) -

The company experienced 10.6% growth in its funds on platform in the first quarter in Australia. Positive momentum continued internationally and Powerwrap was well ahead of Ord Minnett's expectations.

The broker assesses industry conditions remain favourable and reiterates a Buy rating. Target is raised to $1.60 from $1.45.

Target price is $1.60 Current Price is $1.25 Difference: $0.35
If PPS meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates PRU as Outperform (1) -

Credit Suisse makes earnings estimates changes to reflect the September quarter gold/FX marking to market and upgrades to Yaoure operating profile.

Outperform maintained. Target is raised to $1.90 from $1.60.

Target price is $1.90 Current Price is $1.72 Difference: $0.18
If PRU meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates RBL as Overweight (1) -

In a rolling review of Redbubble, Morgan Stanley examines copyright infringement and concludes it will be a cost of doing business and not an existential threat to the business. It's thought management is well placed to manage the risk given the scale and model of the business.

The Overweight rating and target price of $6.50 are retained. Industry view: In-Line. 

Target price is $6.50 Current Price is $3.84 Difference: $2.66
If RBL meets the Morgan Stanley target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates RMS as Outperform (1) -

Ramelius Resources has made a bid for Apollo Consolidated ((AOP)) at -$164m in cash and scrip. The primary asset is the Lake Rebecca gold project east of Kalgoorlie. The open pit resource estimate is 29.1mt at 1.2g/t for 1.1m ounces.

Ramelius intends to advance the early-stage project into a stand-alone mind with a life of 10 years. Macquarie considers this acquisition is different from past takeovers as these came with an operating plant or within trucking distance of one of the company's two gold mills.

Lake Rebecca has the potential to host another processing centre. Outperform maintained. Target is $1.90.

Target price is $1.90 Current Price is $1.59 Difference: $0.31
If RMS meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Credit Suisse rates SBM as Outperform (1) -

The focus in the quarterly update is likely to be on Simberi amid updates on the permits at Atlantic.

Credit Suisse makes earnings estimates changes to reflect reduced production forecasts at Atlantic and Simberi as well as the September quarter gold/FX marking to market.

Outperform maintained. Target is reduced to $1.90 from $2.00.

Target price is $1.90 Current Price is $1.52 Difference: $0.38
If SBM meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Credit Suisse rates SFR as Neutral (3) -

Credit Suisse makes earnings estimates changes to reflect the September quarter marking to market.

The broker increases the target to $6.65 from $6.00 and maintains a Neutral rating.

Target price is $6.65 Current Price is $5.99 Difference: $0.66
If SFR meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.62, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

Morgan Stanley likes the freeing-up of the balance sheet and divestment of non-core assets, following Superloop's agreement to sell Superloop Hong Kong and select assets from Singapore. The sale value is $140m (a 30% premium to carrying value).

The company will continue to operate the Singapore network for at least three years for a fee. Management will provide a further capital management update in February next year. The Equal-weight rating and $1.05 target price are retained. Industry view: In-line.

Target price is $1.05 Current Price is $1.19 Difference: minus $0.14 (current price is over target).
If SLC meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.27, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates SLC as Add (1) -

For a sale price around $20m above Morgans best case scenario, Superloop has sold its Hong Kong and Singaporean assets for an around 30% premium over book value. The Add rating is unchanged and the target price increases to $1.36 from $1.34.

After allowing for an increased investment spend and removing the Hong Kong and Singapore earnings, the analyst reduces forecast earnings (EBITDA) by circa -15% per annum. It's thought there will be ample cash for M&A or capital management by the end of FY22.

Target price is $1.36 Current Price is $1.19 Difference: $0.17
If SLC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates SLC as Accumulate (2) -

Superloop has sold its Hong Kong operations and some Singapore assets for $140m, which represents a 30% premium to the carrying value.

Ord Minnett notes the new owners will become strategic partners to Superloop and Superloop will operate the network in Singapore for at least three years.

The business will become simpler and there is now adequate capital to reinvest and drive higher growth, the broker adds. Accumulate maintained. Target is raised to $1.40 from $1.20.

Target price is $1.40 Current Price is $1.19 Difference: $0.21
If SLC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates STO as Add (1) -

Morgans remains bullish on oil fundamentals, thinks the oil cycle has a long way to go and expects Australian oil and gas stocks to gradually re-rate. The broker upgrades its forecasts across the sector to mark-to-market the recent oil price strength.

Among large caps, Morgans has Santos as the equal top preference alongside Woodside Petroleum ((WPL)), and likes the former's strong diversified earnings mix. The Add rating is maintained and the target price rises to $8.75 from $8.55.

The analyst notes the company has less leverage to rising prices given its large fixed-price gas business in WA and existing hedging.

Target price is $8.75 Current Price is $7.44 Difference: $1.31
If STO meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.08, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

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

Citi has responded to the prospect of a full take-over by Posco through a downgrade to Neutral from Buy for target Senex Energy.

Target $4.32. Citi sees limites scop for suitor Posco to increase its $4.40 offer to Senex shareholders.

Target price is $4.32 Current Price is $4.39 Difference: minus $0.07 (current price is over target).
If SXY 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 $4.00, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Senex Energy will potentially be taken over by Posco International after due diligence has been granted to Posco (the cash offer price is $4.4 per share). Morgan Stanley feels the offer is attractive versus its valuation ($3.50) and recent trading levels.

The broker suspects Posco's offer reflects a more aggressive view of Senex Energy's future reserves than the analyst's risk-adjusted levels suggest. Equal Weight rating retained. Target price steady at $3.50. Industry view: Attractive.

Target price is $3.50 Current Price is $4.39 Difference: minus $0.89 (current price is over target).
If SXY meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.00, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates SXY as Downgrade to Hold from Add (3) -

Morgans remains bullish on oil fundamentals, thinks the oil cycle has a long way to go and expects Australian oil and gas stocks to gradually re-rate. The broker upgrades its forecasts across the sector to mark-to-market the recent oil price strength.

After a 64% share price rise over the last 12 months for Senex Energy, the broker reduces its rating to Hold from Add. This is due to valuation and as the company has received a potential takeover offer from Posco International. The target price rises to $4.30 from $4.20.

Target price is $4.30 Current Price is $4.39 Difference: minus $0.09 (current price is over target).
If SXY meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.00, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Senex Energy has been in discussions regarding a potential takeover by South Korea's POSCO. Ord Minnett believes the conditional offer price of $4.40 is fair and with no obvious reason for the transaction it appears opportunistic.

The broker is also unsure whether there could be a counter bid. The Foreign Investment Review Board could also be a significant obstacle as Senex Energy services 4% of east coast gas demand.

Ord Minnett raises the target to $4.40 from $4.10 and downgrades to Hold from Buy.

Target price is $4.40 Current Price is $4.39 Difference: $0.01
If SXY meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Morgan Stanley resumes coverage of Transurban Group with an Equal-weight rating and $14.28 target price. Industry View: Cautious. It's thought the share price will see some re-rating on re-opening, even allowing for a West Gate Tunnel settlement.

The analyst makes a range of assumptions and concludes FY23 traffic will roughly be equal to FY19 on a same road basis. Beyond FY23, among other things, its anticipated airport traffic will pick up.

Target price is $14.28 Current Price is $13.73 Difference: $0.55
If TCL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.95, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates TPW as Outperform (1) -

Credit Suisse has highlighted continued sales growth for Temple & Webster Group, with the company reporting year-on-year sales up 56% to date. The broker upgrades forecasts given continuing sales performance strength and lowered costs of operating. 

The Outperform rating is retained and the target price increases to $15.89 from $15.73. 

Target price is $15.89 Current Price is $13.04 Difference: $2.85
If TPW meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.11, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates TPW as Neutral (3) -

At its AGM Temple & Webster has indicated the benefits of online shopping trends continue. The buoyant housing market is also supporting growth.

Sales were up 56% to October 15 and first half EBITDA margins are expected to exceed the 2-4% target range.

In the short term Macquarie expects the performance of the business will be affected by the uncertainty of post-pandemic trading expectations. Neutral maintained. Target rises to $13.45 from $12.60.

Target price is $13.45 Current Price is $13.04 Difference: $0.41
If TPW meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.11, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates TPW as Overweight (1) -

After a trading update, Morgan Stanley feels there are upside risks to consensus forecasts for revenue and earnings. It's thought $1bn in revenue in four to five years is achievable, due to a dominant position and potential online migration and share gains.

Revenue rose 56% year-on-year from 1 July to 15 October, an acceleration from 49% year-on-year from 1 July to 27 August. This implies to the analyst that growth accelerated to 65% from 28 August to 15 October.

The Overweight rating and target price of $16.00 are retained. Industry view: In-Line.

Target price is $16.00 Current Price is $13.04 Difference: $2.96
If TPW meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $15.11, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Citi rates WPL as Neutral (3) -

Citi has updated on energy price forecasts, now forecasting Brent at US$85/bbl for the remainder of the year (compared with US$74/bbl previously) led by higher demand buoyed by gas-to-oil switching.

In addition, AUD is expected to soften vis-a-vis the greenback.

The result is for higher forecasts and a lift in price target for Woodside Petroleum; to $23.56 from $22.74. Neutral rating remains.

Target price is $23.56 Current Price is $25.25 Difference: minus $1.69 (current price is over target).
If WPL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.17, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Morgans rates WPL as Add (1) -

Morgans remains bullish on oil fundamentals, thinks the oil cycle has a long way to go and expects Australian oil and gas stocks to gradually re-rate. The broker upgrades its forecasts across the sector to mark-to-market the recent oil price strength.

Among large caps, Morgans has Woodside Petroleum as the equal top preference alongside Santos ((STO)), and notes the former has much larger exposure to spot oil and gas prices. The Add rating is maintained and the target price increased to $30.90 from $29.

The analyst has increased conviction after the recently announced merger with BHP ((BHP)) Petroleum, as it should unlock healthy synergies. Moreover the company will gain access to expertise within BHP Petroleum's in-house global oil and gas teams.

Target price is $30.90 Current Price is $25.25 Difference: $5.65
If WPL meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $27.17, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Citi rates Z1P as Neutral (3) -

First quarter update was in line with Citi's expectations, although arrears in Australasia increased, as the second quarter is seasonally the more important.

US transaction value was slightly ahead of forecasts although growth is slowing notably. Citi assumes 119% growth in the second quarter.

Customer additions in the US slowed for the third consecutive quarter while the UK continues to grow modestly. Neutral rating and $7.40 target maintained.

Target price is $7.40 Current Price is $6.75 Difference: $0.65
If Z1P meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Macquarie rates Z1P as Underperform (5) -

First quarter revenue showed some negative impact in the US from the re-branding and Macquarie notes implied growth rates in September were well below what was disclosed at the FY21 results. Australasian growth is also moderated.

The second quarter is expected to be seasonally stronger, and with rebranding complete this will be critical in order to reverse slowing trends in customer growth, the broker asserts. Underperform maintained. Target is steady at $5.70.

Target price is $5.70 Current Price is $6.75 Difference: minus $1.05 (current price is over target).
If Z1P meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Morgans rates Z1P as Add (1) -

Morgans sees group sequential revenue growth of 8% as a reasonable outcome, following the company's first quarter update. However, the analyst feels the FY22 consensus revenue forecast will be hard to achieve and downgrades its FY22 and FY23 EPS forecasts.

As a result, the target price falls to $8.56 from $8.87 though the analyst continues to see longer-term upside. The Add rating is unchanged.

Target price is $8.56 Current Price is $6.75 Difference: $1.81
If Z1P meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $7.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Ord Minnett rates Z1P as Accumulate (2) -

Revenue and transaction value beat Ord Minnett's forecasts in the first quarter. US customers increased by 600,000 while Australasian additions proved slightly weaker than expected.

Heading into the seasonally strong end of year, the broker expects a significant increase in customer numbers and transaction value in each active jurisdiction. Accumulate maintained. Target is $9.50.

Target price is $9.50 Current Price is $6.75 Difference: $2.75
If Z1P meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $7.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

UBS rates Z1P as Sell (5) -

After the first half update UBS observes growth remains strong in absolute terms albeit below expectations. In the US the revenue yield was 7% and the number of transactions on average per customer fell to just 1.06 in the quarter.

The broker highlights the risk that there could be a tail of inactive customers that will disappear from the company's base over the next 1-3 quarters, resulting in lower absolute customer growth. UBS has a Sell rating and $5.40 target.

Target price is $5.40 Current Price is $6.75 Difference: minus $1.35 (current price is over target).
If Z1P meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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