Australian Broker Call

Macquarie rates 29M as Upgrade to Neutral from Underperform (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie raises 29Metals EPS forecasts in FY23 to reflect higher copper price forecasts. FY24 EPS forecasts fall.

Rating is upgraded to Neutral from Underperform. Target price rises 20% to $1.20 from $1.

Target price is $1.20 Current Price is $1.19 Difference: $0.01
If 29M meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 38.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Macquarie rates ALQ as Outperform (1) -

ALS Ltd has upgraded FY23 profit guidance ahead of its FY23 result by a modest 2% at the midpoint, higher prices boosting revenue and margins.

Guidance now outpaces consensus and Macquarie's estimates and the broker's EPS forecasts rise 2% in FY23 and 6% in FY24 and FY25.

Macquarie sheets the price rises back to the company's portfolio strength and growth drivers, stronger commodities prices, a recovery in junior commodities financing (it had all but dried up by mid last year), a likely rise in expenditure from senior gold producers, and continued strength in green commodities.

Outperform rating and $13.60 target price retained, the broker observing the company is trading at a -12% discount to global peers.

Target price is $13.60 Current Price is $12.10 Difference: $1.5
If ALQ meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.18, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates ALQ as Downgrade to Sell from Lighten (5) -

Ord Minnett downgrades its rating for ALS Ltd to Sell from Lighten on valuation after a recent share price rally.

No changes are made to the broker's forecasts and the $8.40 target is unchanged.

Target price is $8.40 Current Price is $12.10 Difference: minus $3.7 (current price is over target).
If ALQ meets the Ord Minnett target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.18, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates AMI as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie raises Aurelia Metals' EPS forecasts for FY23 and FY24 to reflect higher forecast copper prices, observing the company's strong leverage to the copper price.

Outperform rating retained. Target price rises to 25c from 23c.

Target price is $0.25 Current Price is $0.11 Difference: $0.145
If AMI meets the Macquarie target it will return approximately 138% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Morgan Stanley feels the breadth of the announced ASIC investigation into the ASX, and the wide range of potential outcomes, may not yet be fully reflected in the current share price. The shares are considered to be trading on a high multiple.

The investigation relates to the ASX's continuous disclosure obligations, as well as director and officer duties, during the October-2020 to March-2022 period, concerning the (ultimately failed) CHESS replacement program.

The Equal-weight rating and target price of $68.90 are retained. Industry view: In-Line.

Target price is $68.90 Current Price is $64.80 Difference: $4.1
If ASX meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $70.63, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates AWC as Underperform (5) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie raises Alumina Ltd's target price to $1.10 from $1.00 to reflect alumina price rises, but retains an Underperform rating to reflect forecast dividend yield challenges.

EPS forecasts fall sharply in FY23 to reflect cost challenges but rise sharply in FY24.

Target price is $1.10 Current Price is $1.44 Difference: minus $0.34 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.52, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.0

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

Shaw and Partners rates AZY as Buy (1) -

Antipa Minerals has significantly expanded its 2023 exploration program, notes Shaw and Partners, having significantly increased the mineral resource at the Minyari Dome project in WA.

The new exploration program will involve up to 12,000m of drilling from May 2023 onwards.

The pre-feasibility study will be paused to incorporate the 2023 drilling program results, with work expected to recommence in early 2024.

To better align with its emerging gold sector coverage, the broker alters its valuation method, and its target drops to 6c from 8c. Buy.

Target price is $0.06 Current Price is $0.02 Difference: $0.042
If AZY meets the Shaw and Partners target it will return approximately 233% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BGL as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Bellevue Gold is one of Macquarie's preferred sector picks. 

Outperform rating and $1.70 target price retained.

Target price is $1.70 Current Price is $1.21 Difference: $0.49
If BGL meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BHP as Outperform (1) -

Macquarie reviews global iron ore miners, upgrading near-term iron ore price forecasts to reflect rising demand; and a -2% reduction in shipments and lower port inventories as poor weather slowed operations.

Shipments from smaller ports in the year to date were a touch higher than forecast.

The broker raises target prices across the sector, observing free cash flow yields are rising.

Macquarie prefers BHP among the large caps, citing its stronger organic growth options. On the current run rate, the broker expects BHP's Pilbara shipments to be in the upper half of guidance, and Rio Tinto's ((RIO)) to be in the lower half of its guidance.

Mt Gibson's ((MGX)) target price falls to 50c from 60c.

Outperform rating retained for BHP. Target price rises to $53 from $52.

Target price is $53.00 Current Price is $45.00 Difference: $8
If BHP meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $44.47, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.2

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

Macquarie rates BOE as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Uranium forecasts are trimmed. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie cuts Boss Energy's EPS forecasts in FY24.

Outperform rating retained. Target price steady at $3.20.

Target price is $3.20 Current Price is $2.24 Difference: $0.96
If BOE meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie upgrades Champion Iron to Outperform from Neutral, nominating as a preferred sector pick. Target price rises to $8 from $7.70.

Target price is $8.00 Current Price is $6.80 Difference: $1.2
If CIA meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates CMM as Downgrade to Neutral from Outperform (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

Capricorn Metals's rating is downgraded to Neutral from Outperform after its recent share price run. Target price rises to $4.90 from $4.70. FY24 EPS forecasts rise sharply.

Target price is $4.90 Current Price is $4.74 Difference: $0.16
If CMM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates CRN as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie raises EPS forecasts for Coronado Global Resources in 2023 and 2024 but cuts thereafter to reflect the Kami expansion.

Outperform rating retained. Target price falls to $2.50 from $2.60.

Target price is $2.50 Current Price is $1.60 Difference: $0.9
If CRN meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Macquarie rates CTM as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Outperform rating and $1.60 target price retained for Centaurus Metals.

Target price is $1.60 Current Price is $0.94 Difference: $0.665
If CTM meets the Macquarie target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates DCN as Neutral (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie tinkers with Dacian Gold's EPS forecasts.

Neutral rating retained. Target price falls to 8c from 10c.

Target price is $0.08 Current Price is $0.08 Difference: $0.003
If DCN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates DEG as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

De Grey Mining is a preferred gold-sector pick. Outperform rating and $1.9 target price retained.

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

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates DRR as Neutral (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

EPS forecasts for Deterra Royalties rise near term but fall in FY25-26.

Outperfrom rating and $5 target price are retained. 

Target price is $5.00 Current Price is $4.76 Difference: $0.24
If DRR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates EVN as Neutral (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie raises Evolution Mining EPS forecasts 14% in FY23 and 15% in FY24, to reflect its additional exposure to the copper price.

Neutral rating retained. Target price rises to $3 from $2.80. 

Target price is $3.00 Current Price is $2.97 Difference: $0.03
If EVN meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.07, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates FMG as Underperform (5) -

Production at Fortescue Metals' Iron Bridge Magnetite Project has been postponed by about one month to the second half of April due to poor weather.

Management reiterated shipment and project capital estimates.

Macquarie observes spot iron ore prices suggest 54% and 92% higher earnings over FY24 and FY25, which could drive an upgrade, but notes it's a moving feast at the moment. The broker also observes uncertainty surrounding capital expenditure on Fortescue Future Industries.

FY24 and FY25 EPS forecasts rise sharply.

Underperform rating and $17.50 target price retained for now. 

Target price is $17.50 Current Price is $21.16 Difference: minus $3.66 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.36, suggesting downside of -24.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.9

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

Macquarie rates GOR as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Gold Road Resources is a preferred gold-sector pick. EPS forecasts rise 18% in 2023.

Outperform rating retained. Target price rises to $1.80 from $1.70.

Target price is $1.80 Current Price is $1.68 Difference: $0.125
If GOR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates IGO as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie favours IGO as a sector pick among the base metals given its lithium exposure. EPS forecasts are shaved for FY23 and FY24 to reflect weaker nickel prices.

Outperform rating retained. Target price falls to $19 from $20.

Target price is $19.00 Current Price is $12.69 Difference: $6.31
If IGO meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $15.58, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates JMS as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

EPS forecasts forecasts rise 14% for Jupiter Mines in FY23.

Outperform rating and 26c target price retained.

Target price is $0.26 Current Price is $0.22 Difference: $0.04
If JMS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates JRV as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

EPS forecasts for Jervois Global forecasts fall -38% to -182% across 2023 and 2027 due to a weaker than predicted cobalt price.

Outperform rating retained. Target price falls to 25c from 40c.

Target price is $0.25 Current Price is $0.07 Difference: $0.183
If JRV meets the Macquarie target it will return approximately 273% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates KLS as Buy (1) -

Ord Minnett believes the well-telegraphed decision by Kelsian Group to acquire US-based All aboard America! Holdings will be positively appreciated by the market. The transaction is expected to insulate FY24 earnings during a downgrade cycle.

All aboard America! Holdings provides a potential platform for growth in the US bus segment, which is hard to achieve without a track record, explains the analyst.

The company provides motorcoach services to corporate, government, education, LNG, and tourism sector customers across six brands in seven states of the US.

The broker expresses some concerns including the acquistion multiple paid and the use of diesel (as opposed to electric) across the bus fleet.

The target falls to $6.88 from $7.19 to reflects the acquisition, associated funding and a higher assumed weighted average cost of capital (WACC). Buy.

Target price is $6.88 Current Price is $5.88 Difference: $1
If KLS meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.66, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates LAU as Add (1) -

Morgans believes the demise of Scottt's Refrigerated Logistics, which fell into receivership in February, will drive market share growth for remaining participants in cold store Logistics services, including for Lindsay Australia.

Based on its strategic aims, the analyst suspects Lindsay will aim to acquire Scott's rail assets, and potentially some road assets and/or property.

The broker incorporates a greater share of market volumes into its forecasts and raises its target for Lindsay Australia to $1.07 from 86c. Add.

Target price is $1.07 Current Price is $0.97 Difference: $0.1
If LAU meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates LTR as Outperform (1) -

Macquarie has taken recent developments in its stride, including a rejected take-over approach by Albemarle at $2.50 per share. Operationally the broker sees ongoing upside potential.

Forecasts have gone up. New target price of $3 compares with $2.70 previously. Outperform.

Target price is $3.00 Current Price is $2.59 Difference: $0.41
If LTR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.69, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates LTR as Downgrade to Neutral from Buy (3) -

UBS raises its target for Liontown Resources to $2.70 from $1.85 after the board received and rejected the unsolicited $2.50 bid from Albemarle.

The new target allows for an anticipated market repricing of Liontown's assets and the lithium price outlook, explains the analyst. It's thought a further approach from Albemarle would need to be comfortably above the rejected bid.

The broker lowers its rating to Neutral from Buy after a rally in share price.

Target price is $2.70 Current Price is $2.59 Difference: $0.11
If LTR meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.69, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates MCR as Neutral (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

EPS forecasts for Mincor Resources rise in FY23 and fall in FY24. Neutral rating and $1.50 target price are retained.

Target price is $1.50 Current Price is $1.50 Difference: $0
If MCR meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates MGX as Neutral (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie raises Mount Gibson Iron's FY23 EPS forecasts sharply.

Neutral rating retained. Target price slumps -17% to 50c from 60c.

Target price is $0.50 Current Price is $0.50 Difference: $0
If MGX meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

Following a recent share price rally, Ord Minnett downgrades its rating for Monadelphous Group to Hold from Accumulate on valuation.

The broker's forecasts are unchanged and the $13.65 target is maintained.

Target price is $13.65 Current Price is $12.11 Difference: $1.54
If MND meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.23, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Ord Minnett rates MP1 as Buy (1) -

Ord Minnett continues to believe Megaport shares have been oversold over the course of the last year though concedes the board appears unconcerned with optics.

The analyst holds this view after an abrupt CFO exit (not entirely unexpected) only weeks after a similar outcome for the company CEO. However, the company simultaneously announced the CEO replacement will be Michael Reid, formerly of Cisco, effective from May 15.

In a positive, the broker points out Cisco was a key partner for Megaport's mobile virtual edge and software-defined wide area network services.

The Buy rating and $13 target are unchanged.

Target price is $13.00 Current Price is $3.96 Difference: $9.04
If MP1 meets the Ord Minnett target it will return approximately 228% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 118.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates NCM as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

EPS forecasts for Newcrest Mining rise 27% in FY23 and 10% in FY24, further buoyed by its additional exposure to copper.

Outperform rating retained. Target price rises to $28 from $26.

Target price is $28.00 Current Price is $26.61 Difference: $1.39
If NCM meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $27.65, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Macquarie rates NHC as Downgrade to Neutral from Outperform (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

EPS and DPS forecasts for New Hope fall -25% to -60% over FY23 to FY27 to reflect lower forecast coal prices.

Ratings downgraded to Neutral from Outperform. Target price falls to $5.50 from $6.00.

Target price is $5.50 Current Price is $5.46 Difference: $0.04
If NHC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.74, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates NIC as Neutral (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Neutral rating retained for Nickel Industries. Target price falls to 92c from $1.05 to reflect weaker forecast nickel prices. 

Target price is $0.92 Current Price is $0.89 Difference: $0.03
If NIC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Macquarie rates NST as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Northern Star Resources is a preferred gold-sector pick. EPS forecasts rise 18% in FY23 and 7% in FY24.

Outperform rating retained. Target price rises to $14.30 from $14.20.

Target price is $14.30 Current Price is $11.98 Difference: $2.32
If NST meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $12.43, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates OZL as No Rating (-1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is on rating restriction for OZ Minerals but EPS and DPS forecasts are sharply higher for FY23.

Current Price is $28.05. Target price not assessed.

Current consensus price target is $27.51, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates PAN as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

EPS forecasts for Panoramic Resources fall sharply in FY23 and FY24 to reflect forecast weakness in the nickel price.

Outperform rating retained. Target price falls to 19c from 20c.

Target price is $0.19 Current Price is $0.14 Difference: $0.05
If PAN meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PDN as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie trims uranium price forecasts and cuts Paladin Energy's FY24 EPS forecasts.

Outperform rating and $1 target price are retained.

Target price is $1.00 Current Price is $0.60 Difference: $0.4
If PDN meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 68.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Citi rates PLS as Buy (1) -

The board at Pilbara Minerals has approved the final investment decision for the P1000 project which is expected to produce 1000ktpa of spodumene concentrate.

Capex is around -$200m worse than the consensus forecast, which didn't surprise the analyst in the current inflationary environment.

The broker lowers its target to $4.60 from $4.80 though notes potential upside for realised pricing heading into the March quarter result. Buy.

Target price is $4.60 Current Price is $3.94 Difference: $0.66
If PLS meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.58, suggesting upside of 40.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates PLS as Outperform (1) -

Now that Pilbara Minerals has approved the P1000 project, Macquarie highlights this should increase production capacity to circa 1mtpa.

Staying on the conservative side, the broker's projections for both capex and production ramp up are more cautious than is the company's guidance.

Macquarie highlights Pilbara Minerals is generating strong cash flow. On its projections, free cash flow yields are 22% and 21% for this year and FY24 (labeled "impressive").

Price target has lifted to $7.70 from $7.50. Outperform.

Target price is $7.70 Current Price is $3.94 Difference: $3.76
If PLS meets the Macquarie target it will return approximately 95% (excluding dividends, fees and charges).

Current consensus price target is $5.58, suggesting upside of 40.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates PRU as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie raises Perseus Mining's EPS forecasts 7% in FY23 and 3% in FY24.

Outperform rating retained. Target price rises to $2.70 from $2.60.

Target price is $2.70 Current Price is $2.34 Difference: $0.36
If PRU meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates RMS as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie raise EPS forecasts for Ramelius Resources by 11% in FY23 and 4% in FY24.

Outperform rating retained. Target price rises to $1.35 from $1.30.

Target price is $1.30 Current Price is $1.20 Difference: $0.105
If RMS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates RRL as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

Regis Resources is one of the broker's favoured sector picks. EPS forecasts for Regis Resources rise 83% in FY23 and 4% in FY24, higher-cost stocks yielding the stronger earnings upgrades.

Outperform rating retained. Target price rises to $3.10 from $3.

Target price is $3.10 Current Price is $1.90 Difference: $1.2
If RRL meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates RSG as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie raises EPS forecasts for Resolute Mining by 37% in FY23 and cuts by -3% for FY24.

Outperform rating retained. Target price rises to 45c from 37c.

Target price is $0.45 Current Price is $0.39 Difference: $0.06
If RSG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates S32 as Upgrade to Outperform from Neutral (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie upgrades South32 to Outperform from Neutral to reflect higher forecast aluminium, alumina and copper prices (although weak coal prices are expected to offset these gains).

EPS forecasts for the company rise between 3% to 26%. Target price rises to $5.10 from $4.60.

Target price is $5.10 Current Price is $4.23 Difference: $0.87
If S32 meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates SBM as No Rating (-1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie raises St. Barbara's EPS forecasts 23% in FY23 and 11% in FY24.

Macquarie is rating-restricted on St. Barbara.

Current Price is $0.66. Target price not assessed.

Current consensus price target is $1.12, suggesting upside of 69.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates SFR as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie favours Sandfire Resources among the base miners, as Motheo ramps up on time and on budget.

The broker cuts the companys forecast loss per share by -75% and FY24 EPS forecasts roughly double.

Outperform rating retained. Target price rises to $7.30 from $7.

Target price is $7.30 Current Price is $6.25 Difference: $1.05
If SFR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates SLR as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie raises Silver Lake Resources' EPS forecasts by 27% in FY23 and 7% in FY24.

Outperform rating retained. Target price rises to $1.70 from $1.60.

Target price is $1.70 Current Price is $1.15 Difference: $0.555
If SLR meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates SRL as Neutral (3) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Neutral rating retained for Sunrise Energy Metals. Target price falls to $1.62 from $1.70. EPS forecasts are fairly steady.

Target price is $1.62 Current Price is $1.79 Difference: minus $0.17 (current price is over target).
If SRL meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates WAF as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

West African Resources is a preferred gold-sector pick. EPS forecasts rise 14% in 2023 and fall -2% in 2024 to reflect a forecast of a softer 2024 gold price.

Outperform rating and $1.70 target price retained.

Target price is $1.70 Current Price is $0.97 Difference: $0.73
If WAF meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates WGX as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

Macquarie is forecasting a 9% to 18% rise in the gold price between 2023 and 2027. 

While the broker acknowledges uncertainty surrounding US Federal Reserve movements post the banks debacle, Macquarie says China is ready to step in and buy the dip given its strong appetite for physical gold.

Macquarie raises Westgold Resources EPS forecasts by 34% in 2023 and 15% in 2024. 

Outperform rating retained. Target price rises to $1.50 from $1.40.

Target price is $1.50 Current Price is $1.26 Difference: $0.24
If WGX meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates WHC as Outperform (1) -

Macquarie reviews the Australian resources sector after revising commodity price forecasts: copper, gold and zinc forecasts are tipped to rise while nickel, cobalt, palladium and coal forecasts fall. Coking coal, iron ore and silver forecasts are mixed across the 2023 to 2027 forecast period. Coking coal forecasts fall sharply. Companies are upgraded and downgraded according to their exposures.

The broker upgrades near-term earnings forecasts between 14% to 23% for large caps with iron ore exposures.

EPS and DPS forecasts for Whitehaven Coal fall -25% to -60% over FY23 to FY27 to reflect lower forecast coal prices.

Outperform rating retained. Target price slumps -32% to $8.50 from $12.

Target price is $8.50 Current Price is $6.49 Difference: $2.01
If WHC meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $10.05, suggesting upside of 50.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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