Australian Broker Call

Ord Minnett rates AMI as Speculative Buy (1) -

While its early days, Ord Minnett's key takeaways from 1Q results were rising confidence in operational delivery at existing assets and comforting news development at Federation is tracking to both schedule and budget.

Gold production was stronger than the broker had expected, driven by higher grades at Peak. However, Peak base metals and gold production at Dargues negatively impacted.

Stronger overall production resulted in marginally lower costs, note the analysts. Speculative Buy rating and 20c target are retained. 

Target price is $0.20 Current Price is $0.09 Difference: $0.107
If AMI meets the Ord Minnett target it will return approximately 115% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates ARB as Sell (5) -

Overall, Citi considers the trading update at ARB Corp's AGM to be positive, with Sep Q profit growth well ahead of expectations. The beat appears to be driven by margins as sales were flat, below a forecast of 4% growth.

The broker believes the market will view the 30% investment in Off Road Warehouse as positive as it suggests ARB is taking a more aggressive approach to resolve its US export issues which have largely arisen from the sale of 4 Wheel Parts last year.

Sell and $24.40 target retained.

Target price is $24.40 Current Price is $30.53 Difference: minus $6.13 (current price is over target).
If ARB meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.68, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates ARB as Underperform (5) -

ARB Corp 's AGM trading update showed Sep Q group sales revenue up 0.7% year on year. Gross margins improved and are back to FY21-22 levels.

ARB has taken stakes in two US offroad-related companies. Macquarie finds these investments "interesting" but awaits further details. ARB's pilot retail store in Seatlle is likely delayed but remains a key priority, the broker suggests.

Target rises to $26.90 from $26.25, Underperform retained.

Target price is $26.90 Current Price is $30.53 Difference: minus $3.63 (current price is over target).
If ARB meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.68, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

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

Morgan Stanley assesses a relatively strong 1Q profit for ARB Corp given flat revenue growth. Profit growth of 10% only slightly trailed the consensus forecast for around 12% for FY24.

On the negative side of the equation, the broker notes sentiment continues to be volatile. Also, despite a weaker Australian dollar, business in the US is currently soft and the first store has been delayed. Inventory also remains elevated.

Equal-weight. Target is $31. Industry view: In-Line. 

Target price is $31.00 Current Price is $30.53 Difference: $0.47
If ARB meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates ARB as Buy (1) -

While 1Q Australian Aftermarket sales growth of 2% disappointed Ord Minnett, the order book continues to grow. Management also announced at the AGM further investment initiatives to create longer-term growth opportunities.

Investment in the store network is being accelerated, with plans to upgrade ten stores to the new flagship format and add an additional five new stores.

To help offest declining sales in North America, ARB will partner with ORW (Off Road Warehouse), a US-based retail chain specialising in 4x4 accessories, explain the analysts. ORW has nine stores with plans for further expansion.

Buy rating and $36 target price retained.

Target price is $36.00 Current Price is $30.53 Difference: $5.47
If ARB meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Ord Minnett rates ASX as Accumulate (2) -

The analyst at Ord Minnett came away from the AGM impressed by the determination of ASX management to correct past mistakes. Leadership is being refreshed and management incentives revised, notes the broker.

Most importantly, according to Ord Minnett, the company is investing heavily into its technology systems. It's felt the market's focus on near-term expenses and capital expenditure growth is overdone. 

Current expenditure on exchange technology should be considered a pull-forward of investment from future years, in the broker's opinion.

The Accumulate rating and $72.50 target are unchanged.

Target price is $72.50 Current Price is $55.37 Difference: $17.13
If ASX meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $61.62, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.1

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

Ord Minnett rates AVH as Accumulate (2) -

Avita Medical's 3Q commercial revenue was in line with Ord Minnett's forecast and prior management guidance. A gross margin of 84.5%, up from 81% in the 2Q, was around the broker's 83% estimate for FY23.

The company reiterated FY23 commercial revenue guidance.

Helping avoid dilutive equity financing, in the analyst's view, the company has obtained new funding from OrbiMed, which will allow Avita to finance development and commercialisation activities.

OrbiMed has provided new debt and capital of US$40m and US$50m, respectively. The Accumulate rating and $5.60 target are unchanged.

Target price is $5.60 Current Price is $3.24 Difference: $2.36
If AVH meets the Ord Minnett target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 98.7% (ex-dividends)

The company's fiscal year ends in December.

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 AWC as Underperform (5) -

Alumina Ltd's Sep Q results (released via partner Alcoa) were within 8% of Macquarie's expectations. Costs were slightly higher. There was no change to 2023 guidance.

Bauxite grades at AWAC are expected to remain suboptimal, the broker notes, until moving into a new mining area, not expected before 2027. AWAC is working with the state government in the approvals process for the Huntly and Willowdale mines in WA.

The main (potentially negative) upcoming catalyst is the outcome from the Enviromental Protection Agency public comment period which closed in mid-August, Macquarie warns.

Underperform retained, target falls to 80c from 88c.

Target price is $0.80 Current Price is $0.89 Difference: minus $0.09 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.20, suggesting upside of 46.3% (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: 0.3

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

Morgan Stanley rates AWC as Overweight (1) -

Following JV partner's Alcoa's 3Q earnings results, Morgan Stanley notes cost and price were in line with its expectations, while distributions were a slight beat. It's thought pressure on net distributions remain.

Realised prices came in at US$345/t, in line with forecasts by both the broker and consensus.

The analysts maintain an Overweight rating for Alumina Ltd which has a 40% equity stake in the AWAC joint venture with Alcoa.

Overweight. Industry View: Attractive.

Target price is $1.40 Current Price is $0.89 Difference: $0.51
If AWC meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting upside of 46.3% (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: 0.3

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

Morgans rates CCP as Add (1) -

A sustained deterioration in collection conditions has resulted in Credit Corp lowering FY24 profit guidance by -10%, after a -US$45m impairment in the US ledger book.

While this has negative connotations for the existing book valuation and cashflow, Morgans believes this is incorporated into current purchased debt ledger (PDL) pricing.

The broker suggests the valuation de-rate for the company's shares is overdone, yet recovery will require a return of confidence via earnings delivery, which may take some time.

The Add rating is unchanged, while the target falls to $18.75 from $23.40.

Target price is $18.75 Current Price is $12.04 Difference: $6.71
If CCP meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $15.03, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgan Stanley rates CTD as Overweight (1) -

In stark contrast to the deceleration evident at Webjet's ((WEB)) AGM on August 31, notes Morgan Stanley, Corporate Travel Management's trading update has shown a 36% year-on-year rise in revenue. This compares to a 34% increase at FY23 results in August.

This latest update, which the broker believes will be positively received by the market, shows a group earnings (EBITDA) margin of 30.1% compared to 15.9% in the previous corresponding period.

Management noted FY24 will be a record EPS year, which implies to the analyst earnings will come in above the low-end of the FY24 guidance range.

Overweight. Target $29. Industry View: In-Line.

Target price is $29.00 Current Price is $17.08 Difference: $11.92
If CTD meets the Morgan Stanley target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $23.16, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates CTD as Hold (3) -

Following 1Q results, Ord Minnett praises management for navigating a very challenging covid period by winning material new corporate travel accounts, along with the UK Home Office procurement contract.

While normalised earnings (EBITDA) rose by 157% for the quarter, the broker remains cautious due to slowing global growth and several structural headwinds. These include: sustainability impacts on business travel and a potential direct to corporate approach by airlines.

A large government and essential services client portfolio provides a partial offset, points out the analyst.

The target falls by -7% to $18.19 and the Hold rating is unchanged.

Target price is $18.19 Current Price is $17.08 Difference: $1.11
If CTD meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $23.16, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates CTD as Buy (1) -

Corporate Travel Management's Q1 trading update marks a strong start into FY24, UBS finds. The broker believes there's strong upside risk for the remainder of the year.

Current developments in the Middle East do warrant a more conservative approach, the broker acknowledges.

New client wins remain strong and this, the broker explains, suggests the growth outlook for FY25 is likely to remain solid.

Only minor changes have been made to forecasts. Buy rating retained. Target unchanged at $25.60.

Target price is $25.60 Current Price is $17.08 Difference: $8.52
If CTD meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $23.16, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Shaw and Partners rates CY5 as Buy (1) -

Cygnus Metals has intersected multiple visual spodumene bearing pegmatites up to 13.9km wide in its first drilling program at Auclair, potentially suggesting a large swarm system. 

Shaw and Partners points out Auclair is just one of three projects owned by Cygnus Metals within the James Bay area, having already declared a substantial maiden resource of 10.1m tonnes 1.04% lihtium at its Pontax site.

Desktop studies have also identified multiple pegmatite targets at Sakami. The Buy rating and target price of 50 cents are retained.

Target price is $0.50 Current Price is $0.15 Difference: $0.35
If CY5 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

UBS rates DHG as Neutral (3) -

National property listings are suggesting market dynamics for both Domain Holdings Australia and REA Group are improving and UBS analysts suspect a better mix in the capital cities of Melbourne and Sydney is providing further upside potential.

The broker has lifted its forecasts for both, though also believes share prices are fairly valued, which is why both Neutral ratings have been retained.

Target price has increased to $4 from $3.85.

Target price is $4.00 Current Price is $3.76 Difference: $0.24
If DHG meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting downside of -8.7% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.4

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

Ord Minnett rates EXP as Buy (1) -

Ord Minnett leaves EPS estimates unchanged for Experience Co following the most positive trading (1Q) and outlook comments since covid.

It's felt the biggest post-covid laggard, the Skydiving division, has turned the corner thanks to improving A&NZ tourism. The broker also notes the all-important Chinese visitor seems to be returning.

Management pointed to a stronger performance by the Treetops business driven by the NSW and Cape Tribulation sites, which suggests to the analyst potential upside for these assets in reaction to the tightening of household leisure budgets.

The Buy rating and 35c target are unchanged.

Target price is $0.35 Current Price is $0.21 Difference: $0.145
If EXP meets the Ord Minnett target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates GOZ as Buy (1) -

Growthpoint Properties Australia has updated on its Q1 performance and Citi analysts, taking it all into account, have dropped their price target to $2.70 from $3. Buy rating retained.

The broker explains a major near-term risk is the earnings and asset value impact of higher interest rate costs and pressure on the underlying consumer. Another key risk relates to the potential for expanding cap rates and lower valuations.

Target price is $2.70 Current Price is $2.13 Difference: $0.57
If GOZ meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 46.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates ILU as Buy (1) -

Sales of zircon/rutile were down -54% for Iluka Resources in the Sep Q from the Jun Q and -19% below Citi's forecast, impacted by ongoing weakness in China's property and construction markets.

The company's kilns are now offline for maintenance until January and Iluka will sell down inventories. Production was down -23% in the quarter.

Citi has downgraded its 2023 earnings forecast on lower zircon sales but increased 2024 on rutile prices holding up. Buy and $10.20 target retained.

Target price is $10.20 Current Price is $7.15 Difference: $3.05
If ILU meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $9.09, suggesting upside of 30.6% (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 ILU as Outperform (1) -

Iluka Resource' Sep Q results were soft, Macquarie suggests, with production mixed and sales weak. Against the backdrop of challenging
economic conditions and lacklustre downstream demand, the broker expects sales to remain soft in the Dec Q.

The 'winter' for the Chinese property market was longer than Macquarie initially anticipated, while European ceramic tile producers are ramping up operating rates at a slower pace. The broker has cut its zircon price forecast.

Iluka  nonetheless has multiple catalysts and growth paths, including Eneabba phase 3, which is progressing, and Balranald, with an engineering contract awarded. Outperform retained, target falls to $9.60 from $10.00.

Target price is $9.60 Current Price is $7.15 Difference: $2.45
If ILU meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $9.09, suggesting upside of 30.6% (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

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

Morgan Stanley suspects inventory builds in the 3Q were at the heart of weaker sales across all products for Iluka Resources. While production was in line with the broker's forecast, it fell short of the consensus estimate.

Pricing across zircon, rutile and synthetic rutile was weaker due to product mix, despite management previously flagging price stability, notes the broker.

Helping to alleviate some pressure on inventories, synthetic rutile production is due for a restart in January following outages, explain the analysts.

Equal-weight. Target is $8.20. Industry view: Attractive.

Target price is $8.20 Current Price is $7.15 Difference: $1.05
If ILU meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.09, suggesting upside of 30.6% (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

UBS rates ILU as Sell (5) -

UBS has turned "incrementally negative" on the outlook for mineral sands and thus for Iluka Resources as well, downgrading EPS forecasts by -30% in 2023 and by -3% and -8% for the two subsequent years.

The reported Q1 report was mostly in line, though the broker does highlight a sales "miss" by the company. The broker sees headwinds building for synthetic rutile, zircon and TiO2.

Sell rating retained, alongside a reduced price target of $6.95, down -16%.

Target price is $6.95 Current Price is $7.15 Difference: minus $0.2 (current price is over target).
If ILU meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.09, suggesting upside of 30.6% (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

Bell Potter rates IMD as Hold (3) -

Imdex has provided an update on its first quarter, highlighting core business revenue has risen 2% on the previous comparable period to $107.9m. alongside annual revenue per unit growth of 4%. 

The result offsets the impact of a -9% reduction in average sensors on hire, says Bell Potter, while subdued junior activity has kept the product mix consistent with FY23.

The broker remains positive on the medium to long-term earnings outlook, but near-term risk to exploration activity remains. The Hold rating is retained and the target price decreases to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.44 Difference: $0.16
If IMD meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates IMD as Neutral (3) -

There are many headwinds facing Imdex, Citi notes, including tougher comparables, weak exploration and volatile junior financings. However the company has navigated well through these challenges in the Sep Q, Citi suggests.

Imdex has delivered largely in-line revenue year on year, underpinned by cross-selling and roll-out of solution-selling models across its network.

A favourable business mix-shift and growth in average revenue per unit should bring improved margins ahead, the broker believes. Neutral and $1.60 target retained.

Target price is $1.60 Current Price is $1.44 Difference: $0.16
If IMD meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates IMD as Outperform (1) -

Imdex' Sep Q trading update at its AGM revealed revenue grew 19% driven by the Devico acquisition, while organic growth was up 2% year on year which Macquarie suggests is a solid outcome in a tough market.

Revenue mix is improving on back of sensors growth and SaaS, with Devico showing some green shoots.

The broker has lifted earnings forecasts on the back of higher revenue and adjusting for geographical splits to better reflect trading update.

Target rises to $2.07 from $2.05, Outperform retained.

Target price is $2.07 Current Price is $1.44 Difference: $0.63
If IMD meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

UBS rates IMD as Buy (1) -

It is UBS's assessment Imdex delivered a "solid" trading update at the AGM. The broker would use the label "better than feared", given challenges in Canada and Australia.

The broker sees positive inflection points in global mineral exploration activity, and on this basis UBS reiterates its Buy rating for the stock.

If the exploration cycle returns to a growth phase, UBS  explains, one should anticipate a substantial P/E multiple re-rate well away from the low-end of Imdex's historical range.

Price target $2.10. No changes made to forecasts.

Target price is $2.10 Current Price is $1.44 Difference: $0.66
If IMD meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates LTR as Upgrade to Neutral from Sell (3) -

Liontown Resources had previously disclosed a funding gap and that has been resolved with this week's capital raising, Citi concludes.

The broker does acknowledge some investors might be disappointed, with the new shares issued at $1.80, well below what Albemarle was prepared to pay to obtain full ownership.

Citi finds the whole exercise reasonable, comparing metrics against where the sector is trading and valued at. Net Asset Value is being diluted by some -6%.

Citi's price target loses -40c to $1.90. The broker upgrades to Neutral from Sell, while pointing out the intentions of Gina Rinehart's Hancock Prospecting (19.9% equity) remain unclear.

Target price is $1.90 Current Price is $2.79 Difference: minus $0.89 (current price is over target).
If LTR meets the Citi target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.81, suggesting upside of 47.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Shaw and Partners rates MMI as Buy (1) -

Metro Mining reported a record quarter, with 1.61m tonnes of bauxite shipped generating earnings of $16m. Shaw and Partners considers this a positive step toward a targeted 6-7m tonnes shipments in 2024, which the broker expects to generate over $100m in earnings. 

According to Shaw and Partners, Metro Mining is ramping up volumes as the bauxite market is strengthening. The broker expects unit costs to reduce with scale, and considers Metro Mining set up for a strong 2024 that is not yet priced in to the share price. 

The Buy rating and target price of 6 cents are retained.

Target price is $0.06 Current Price is $0.02 Difference: $0.04
If MMI meets the Shaw and Partners target it will return approximately 200% (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 NCK as Upgrade to Outperform from Neutral (1) -

At its AGM, Nick Scali delivered maiden first half profit guidance down -32% year on year but 14% ahead of Macquarie, who notes the first half FY23 benefited from a significant unwind of the order book.

Written sales orders have improved since July and while store traffic was down -10-15% in the Sep Q, management noted store conversion rates have improved driven by "better value product offerings for both brands".

Management set a longer-term gross margin target of 62-63% but the broker expects higher margins in the near-term driven by ongoing
benefit from group sourcing and reduced freight.

Target rises to $12.60 from $12.20, upgrade to Outperform from Neutral.

Target price is $12.60 Current Price is $10.38 Difference: $2.22
If NCK meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates NST as Neutral (3) -

On Citi's assessment, Northern Star Resources' September quarter production report yet again missed the broker's forecasts, as well as market consensus. The misses on production and costs are labelled "modest".

Citi observes the shares have underperformed the XGD gold index by some -3% over the past three months. The broker is happy to stick with its Neutral rating, target $12.30 (unchanged).

Management's key focus remains with organic growth and Citi notes the gold miner is edging closer to delivery of the East Wall remediation area currently at circa 80% completion.

This will unlock access to the high-grade Golden Pike North area which has been inaccessible since the 2019 slip, the broker recalls. Short term forecasts have been slightly reduced.

Target price is $12.30 Current Price is $11.98 Difference: $0.32
If NST meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.52, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources' Sep Q production and sales slightly beat Macquarie but costs were higher than expected. Guidance is retained and management continues to expect a stronger second half via grade lifts at KCGM and Jundee, the Thunderbox mill ramp-up and
improvements at Pogo.

Free cash flow was muted as expected after the flagged softer start to FY24, but the broker expects improvement over the remainder of FY24, particularly in the second half.

Outperform and $15.00 target retained.

Target price is $15.00 Current Price is $11.98 Difference: $3.02
If NST meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $12.52, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Ord Minnett rates NST as Hold (3) -

First quarter results for Northern Star Resources were only slightly weaker than Ord Minnett had anticipated. It's felt a better performance relative to peers was behind the post-results share price rally.

Cash flow appeal is being somewhat limited by management's desire to re-invest for growth and improve margins, explains the broker.

Despite minor forecast earnings reductions, a financial model roll-forward results in a $12.20 target, up from $12. The broker feels the current valuation for Northern Star Resources is full.

Target price is $12.20 Current Price is $11.98 Difference: $0.22
If NST meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.52, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

UBS rates NST as Neutral (3) -

Northern Star Resources has flagged a slow start to the year given portfolio-wdie maintenance, and has reported an accordingly in-line result for the September quarter with gold sales of 369,000 ounces at an all in sustaining cost of $2,748 per ounce. 

The company retains full year guidance, and UBS remains at the lower end of the range. The broker expects gold to perform well amid current geopolitical tensions, but notes Northern Star Resources is exposed to unique risk being at the start of its investment cycle. 

The Neutral rating and target price of $11.20 are retained.

Target price is $11.20 Current Price is $11.98 Difference: minus $0.78 (current price is over target).
If NST meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.52, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

UBS rates NUF as Buy (1) -

It is UBS's opinion that significant changes made by Nufarm to its base crop protection business over the last 4-5 years will enable annual earnings to consistently exceed $400m, allowing the company's seeds division to be the earnings growth engine over the same period.

The broker anticipates this can underpin a three year earnings per share compound annual growth rate of 15% through to FY26, and considers this position to be highly attractive. UBS sees potential for multiple re-rates as the  market gains confidence. 

The Buy rating and target price of $7.00 are retained.

Target price is $7.00 Current Price is $4.69 Difference: $2.31
If NUF meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $6.44, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Citi rates NWL as Downgrade to Sell from Neutral (5) -

Netwealth’s Sep Q net flows of $2.0bn were down -34% from the Jun Q and -31% year on year, missing Citi's forecast of $2.5bn. Outflows
are stabilising but continue to be elevated.

Citi sees the underperformance relative to Hub24’s ((HUB)) Sep Q as a function of Netwealth’s skew towards Wrap, which represents 66% of funds under management, rather than Super.

With the stock trading on a 42x FY24 forecast PE, Citi downgrades to Sell from Neutral. Target falls to $13.45 from $14.45.

Target price is $13.45 Current Price is $13.63 Difference: minus $0.18 (current price is over target).
If NWL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.71, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates NWL as Neutral (3) -

Netwealth Group's Sep Q custodial net inflows of $2.0bn were below Macquarie's expectations. Gross outflows remain elevated due to clients continuing to increase their allocation to off-platform investments such as term deposits, and to large partial withdrawals for large accounts.

Netwealth has launched or is in the process of launching a variety of measures to offset the impact of this trend. The relative
attractiveness of term deposits relative to the platform's cash transaction account and equities remains a headwind to margins, the broker notes.

Target falls to $14.20 from $14.50, Neutral retained.

Target price is $14.20 Current Price is $13.63 Difference: $0.57
If NWL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.71, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates NWL as Accumulate (2) -

As cyclical headwinds have persisted for longer than Ord Minnett had entertained, Netwealth Group's 1Q update came in just below  expectations.

Net flows of $2.1bn were below the $2.5bn anticipated by the broker, which management attributed to outflows directed to term deposits.

Group funds under administration rose by 2.4% from the prior quarter and by 23.9% for the year, while total accounts over these time periods increased by 1.6% and 9.4%, respectively.

The broker makes only modest forecast EPS downgrades and the target falls to $14.70 from $15. Accumulate. Market share gains are expected in an improving net flow environment.

Target price is $14.70 Current Price is $13.63 Difference: $1.07
If NWL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.71, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates NWL as Buy (1) -

Netwealth Group's first quarter flows have disappointed UBS's expectations, which the broker believes partly reflects the more nimble, non-fee paying, high net worth client base and a yield product gap in the platform. 

According to the broker, Netwealth Group retains an above-average proportion of funds in non-super. The company is addressing the yield gap through a number of initiatives to improve flows, and to address client demand. 

The Buy rating is retained and the target price decreases to $16.20 from $16.40.

Target price is $16.20 Current Price is $13.63 Difference: $2.57
If NWL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $14.71, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates ORA as Outperform (1) -

Orora's AGM re-affirmed earnings growth guidance and Macquarie factors in modest underlying growth in FY24, noting the company is a beneficiary of a weak A$.

Due to timing of regulatory approvals, Orora expects to close the Saverglass acquisition end-December with earnings expected to flow from January -- a little later than the broker had assumed.

Strength in cans continues in Australia with ramp-up of additional cans capacity, and Macquarie expects this to offset softer glass trading which remains impacted by weakness in commercial wine.

The broker believes the stock is cheap and the valuation discount should gradually close as the market gains more confidence in Saverglass along with a solid base-business outlook.

Outperform and $3.40 target retained.

Target price is $3.40 Current Price is $2.59 Difference: $0.81
If ORA meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.57, suggesting upside of 40.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates ORG as Hold (3) -

Ord Minnett believes a 4% takeover premium is insufficient and recommends shareholders vote against the offer made by the Brookfield consortium for Origin Energy.

A year has lapsed since the largely unchanged bid landed, and the broker points out Origin's earnings have recovered strongly in the interim, and uncertainty over the energy crisis has diminished.

At current exchange rates, the offer price is around $8.81 per share compared to the independent expert's value of between $8.45- $9.48/share, highlights the analyst.

The broker's $8.80 target and Hold rating are maintained.

Target price is $8.80 Current Price is $9.22 Difference: minus $0.42 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.92, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates QAL as Outperform (1) -

Qualitas' investor day presentation focused on growth opportunities, including an FY28 committed funds under management target of $18bn. Macquarie estimates there may be some 60% of profit upside to forecasts if this is achieved as Qualitas continues to build a track record of growth.

Although there is significant uncertainty between now and FY28, the target nonetheless suggests material upside risk into the medium-term, in the broker's view, if structural tailwinds supporting the platform persist.

Macquarie retains Outperform and a $3.05 target, being positive on structural drivers and the strategy of the Qualitas platform.

Target price is $3.05 Current Price is $2.26 Difference: $0.79
If QAL meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley expects strong operating conditions and robust commercial pricing will continue, when QBE Insurance reports 3Q results on November 27.

US crop pricing has been weak, yet downside risk appears to be modest, in the broker's view. Positively, bond yields have held up better-than-expected with three-year corporate yields across the US, UK and AUS all tracking greater than 5%.

Overweight. Target $18.30. Industry View: In-Line.

Target price is $18.30 Current Price is $15.86 Difference: $2.44
If QBE meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $17.06, suggesting upside of 9.3% (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: 0.8

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

UBS rates REA as Neutral (3) -

National property listings are suggesting market dynamics for both Domain Holdings Australia and REA Group are improving and UBS analysts suspect a better mix in the capital cities of Melbourne and Sydney is providing further upside potential.

The broker has lifted its forecasts for both, though also believes share prices are fairly valued, which is why both Neutral ratings have been retained.

Target price for REA Group has lifted to $167 from $162.40.

Target price is $167.00 Current Price is $156.86 Difference: $10.14
If REA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $157.25, suggesting upside of 0.9% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates RHC as Neutral (3) -

An analysis of data for areas across Ramsay Health Care’s Australian hospital portfolio highlights key characteristics which Macquarie sees as favourable for private hospital volumes.

This includes a higher proportion of the population aged 55 and over relative to the national average as well as higher private health insurance participation.

While noting the inherent value of Australian assets, the broker sees this as only likely to be realised as part of a change of control transaction and based on the current structure, sees valuation as fair. Neutral and $52.50 target retained.

Target price is $52.50 Current Price is $50.49 Difference: $2.01
If RHC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $58.20, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgan Stanley rates SGM as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley highlights East Asian ferrous scrap prices are still falling, Turkish scrap prices have continued their downwards trajectory, while US heavy melting steel (HMS) prices have tracked sideways.

The broker now forecasts a 1H earnings (EBIT) loss for Sims and expects the share price will fall on negative near-term sentiment and earnings downgrade risk.

The rating is downgraded to Underweight from Equal-weight and the target falls to $12 from $13.50. Industry view is In-Line.

Target price is $12.00 Current Price is $12.65 Difference: minus $0.65 (current price is over target).
If SGM 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 $13.38, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Citi rates STO as Buy (1) -

Following Santos' Sep Q report, Citi upgrades its 2023-25 earnings forecasts by 4%-10% on less conservative assumptions for Hides decline at PNG LNG, strong PNG oil production, and stronger domestic gas realised pricing, offset by stronger decline in Cooper Basin oil.

Citi retains Buy and a $9.00 target on a supportive valuation complemented by Barossa approvals likely in the coming 1-3 months, another 5% stake in PNG LNG assumed to be sold down in the coming 1-6 months to de-gear, and a strategic review which could unlock latent value in the eclectic mix of assets.

Target price is $9.00 Current Price is $7.85 Difference: $1.15
If STO meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 18.4% (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: 0.8

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

Macquarie rates STO as Outperform (1) -

Santos' Sep Q production and revenue were in line with Macquarie. The broker had concerns in August that soft output could force management to cut production guidance, however improved trends through the Sep Q have alleviated these fears.

Overhangs from the drawn-out PNG LNG sell-down and halted Barossa offshore works have driven a deep discount in Santos' share price versus key peer Woodside Energy ((WDS)). Key dates on both are now drawing nearer, which Macquarie suggests is something investors need to be mindful of.

Target rises to $9.80 from $9.60 due to progress at Papua LNG and Barossa. Outperform retained.

Target price is $9.80 Current Price is $7.85 Difference: $1.95
If STO meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 18.4% (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: 0.8

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

Morgan Stanley rates STO as Overweight (1) -

Following recent negative revisions to consensus forecasts for Santos, Morgan Stanley anticipates a muted share market reaction to the company's 3Q result.

Production rose by 2% quarter-on-quarter due to increased crude production from PNG, while sales revenue climbed by 7% owing to higher average realised prices. 

Management noted Moomba CCS is 75% complete, targeting commencement by mid-2024. Overweight rating. Target is $8.88. Industry view: Attractive.

Target price is $8.88 Current Price is $7.85 Difference: $1.03
If STO meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 18.4% (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: 0.8

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

Ord Minnett rates STO as Accumulate (2) -

Average oil and gas prices for Santos in the 3Q were better than Ord Minnett forecast, while marginally softer-than-expected production was a partial offset.

Lower gas production than the broker anticipated overshadowed better performances from PNG LNG and Bayu-Undan-related cargoes.

Ord Minnett is pleased by progress on development projects including the Barossa field.

The Accumulate rating and $12.30 target are unchanged.

Target price is $12.30 Current Price is $7.85 Difference: $4.45
If STO meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 18.4% (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: 0.8

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

UBS rates STO as Buy (1) -

An in-line September quarter from Santos, according to UBS, included revenues of $1.44bn. The broker credits the strong result to contributions from PNG LNG, despite being slightly offset by maintenance activities. 

Given a strengthening outlook for oil and gas prices, UBS expects Santos can outperform over the second half if, as it expects, regulators allow drilling to resume at Barossa.

The Buy rating is retained and the target price increases to $9.05 from $8.95.

Target price is $9.05 Current Price is $7.85 Difference: $1.2
If STO meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 18.4% (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: 0.8

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

Ord Minnett rates SXL as Buy (1) -

Ord Minnett considers the bid for Southern Cross Media by ARN Media is too cheap at a -45% discount to the broker's $1.70 target price.

The broker feels the offer of 0.753 ARN shares and 29.6c per Southern Cross Media share is an opportunistic play, with ARN swooping at a time of weakness for both the regional TV and digital audio segments.

The Buy rating is unchanged.

Target price is $1.70 Current Price is $0.89 Difference: $0.81
If SXL meets the Ord Minnett target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $1.00, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates TCL as Outperform (1) -

Transurban Group reported traffic was strong in Melbourne and Brisbane in the Sep Q but softer in Sydney, given impact of road works on Eastern Distributor, Lane Cove Tunnel and M2, and diversion on Cross-City Tunnel.

This drag should continue in the coming quarters, Macquarie notes. Dividend guidance was reiterated but with expectation of upside at the first half results.

Target falls to $13.65 from $13.97 due to higher refinancing rates. Outperform retained.

Target price is $13.65 Current Price is $12.05 Difference: $1.6
If TCL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $14.26, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

In response to Transurban Group's 1Q traffic and revenue update, Morgan Stanley anticipates a modest positive reaction on the share market.

Compared to the previous corresponding period, gross average daily traffic (ADT) rose by 3%, while the company's proportional ADT was up by 1.4%.

Management re-affirmed FY24 distribution guidance of 62cps.

Target $14.28. Equal Weight. Industry View: Cautious.

Target price is $14.28 Current Price is $12.05 Difference: $2.23
If TCL meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $14.26, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Bell Potter rates TLX as Buy (1) -

Telix Pharmaceuticals has reported 11% quarter-on-quarter revenue growth in the third quarter, with revenue for the period totaling $133.6m. The result was ahead of Bell Potter's expectations to the tune of around $3m.

The period also marked a fourth consecutive quarter of positive operating cash flows for Telix Pharmaceuticals, but despite ongoing top line growth, a negative market reaction was sparked by perceived negatives including a $5.6m increase in research and development spend.

Bell Potter finds demand for the company's Illuccix continues to grow month-on-month. The Buy rating and target price of $14.00 are retained.

Target price is $14.00 Current Price is $9.20 Difference: $4.8
If TLX meets the Bell Potter target it will return approximately 52% (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 TYR as Accumulate (2) -

While Ord Minnett leaves its earnings forecasts unchanged, the broker's target for Tyro Payments is slashed to $2.00 from $2.60.

The analyst's cost of equity assumption was raised to 9% from 7.5% to align with larger global peers. It's felt company shares are greatly undervalued and operating leverage is emerging. 

The Accumulate rating is unchanged.

Target price is $2.00 Current Price is $1.02 Difference: $0.98
If TYR meets the Ord Minnett target it will return approximately 96% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 85.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates WDS as Accumulate (2) -

Ord Minnett is more heartened by progress on Woodside Energy's development projects relative to any concerns over -5% lower-than-expected 3Q production results.

A strong operating result from Pluto LNG following the completion of maintenance still helped deliver an 8% increase in 3Q production, points out the analyst.

The broker suggests cost-effective delivery of the Scarborough/Pluto T2 is a potential catalyst to lift the Woodside share price.

The broker retains an Accumulate rating and $45 target.

Target price is $45.00 Current Price is $36.56 Difference: $8.44
If WDS meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $36.82, suggesting upside of 1.1% (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: 0.1

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

Bell Potter rates WHC as Sell (5) -

Whitehaven Coal is set to acquire full ownership of the Blackwater and Daunia met coal mines from the BHP Mitsubishi Alliance at a total potential consideration of -$6.4bn, inclusive of an upfront consideration of -$3.3bn. 

Bell Potter points out the purchase will largely be cash funded, alongside a US$0.9bn debt facility. The combined assets are expected to produce an average 17m tonnes per annum between FY24 and FY28, more than doubling equity coal sales for Whitehaven Coal. 

The Sell rating is retained and the target price increases to $7.00 from $6.00.

Target price is $7.00 Current Price is $7.48 Difference: minus $0.48 (current price is over target).
If WHC meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.36, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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