Australian Broker Call

Ord Minnett rates AGL as Downgrade to Accumulate from Buy (2) -

After reducing earnings forecasts for AGL Energy and lowering the assumed multiple, Ord Minnett's target falls by -19% to $11.20 and the rating is downgraded to Accumulate from Buy.

These changes result from the broker's review of medium-term earnings risk from the expiry of cheap coal and gas supply contracts.

The analyst believes consensus is only allowing for one third of the potential -$300m hit to earnings (EBITDA) over FY27-30 from the upcoming expiries of the Queensland Gas Company’s gas supply contract and the Wilpinjong coal supply contract.

Ord Minnett sees better relative value in Origin Energy ((ORG)) and APA Group ((APA)).

Target price is $11.20 Current Price is $10.48 Difference: $0.72
If AGL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.59, suggesting upside of 9.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates AIS as Outperform (1) -

Aeris Resources' Tritton, Cracow, and Mt Colin mines all beat Macquarie's forecast on costs for Q1. 

Regarding production, Mt Colin's was soft, resulting in a -2.4kt miss against the analyst's forecast for group production of 6kt. On the other hand, total copper production beat expectation by 11%.

Management reaffirmed guidance for FY25 production of copper, prompting Macquarie to note a strong catch-up over 2Q-4Q will be needed to meet the range of 27-32kt.

The target rises to 25c from 24c. Outperform.

Target price is $0.25 Current Price is $0.23 Difference: $0.025
If AIS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates AMC as Neutral (3) -

Upon initial glance over this morning's Q1 update, Citi analysts report Amcor's sales missed consensus by some -4% with sales retreating by -2% from a year ago.

Top line headwinds are identified as healthcare and North-American beverages.

Citi also saw good cost control from management during the quarter. This saw EBIT at US$365m only narrowly missing market consensus forecast of US$368m.

Amcor met consensus at the EPS level (US16.2c). Citi notes management has left FY25 EPS guidance intact at US72-76c.

Target $17. Neutral.

Target price is $17.00 Current Price is $16.73 Difference: $0.27
If AMC meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.87, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

UBS rates AMC as Neutral (3) -

In a quick assessment, UBS analysts comment Amcor's 1Q25 result revealed EPS which met consensus forecasts with 2% volume growth. 

Management reiterated FY25 guidance and UBS notes gearing levels were slightly assisted by the sale of Bericap North America for US$122m.

The analyst points to 2% volume growth over the period despite "patchy" end markets in US and Europe with ongoing de-stocking in healthcare.

Neutral rating and $16.65 target price.

Target price is $16.65 Current Price is $16.73 Difference: minus $0.08 (current price is over target).
If AMC meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.87, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Citi rates ARB as Buy (1) -

The BYD Shark 6, Australia's first plug-in hybrid (PHEV) ute, was launched this week in Australia, posing potential risks to ARB Corp's 2H Australian Aftermarket sales, notes Citi.

Recalling history, the broker suggests management will respond rapidly should the Shark 6 prove successful. Previously, the company has flown vehicles (eg. Tacoma, Landcruiser) across the world to expedite product development.

It's also noted the Shark is already selling overseas. The $50 target and Buy rating are unchanged.

Target price is $50.00 Current Price is $41.50 Difference: $8.5
If ARB meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $43.18, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates ART as Add (1) -

Morgans assesses a broadly positive 1Q trading update by Airtasker. According to the analyst, positives includes an improved booked task performance across marketplaces, a higher monetisation rate (20.8%) and increasing momentum in the UK business.

Group revenue rose by 8.5% on the previous corresponding period. After a 12% rise for US gross marketplace volume (GMV), management will launch a 2Q advertising campaign into this market, observes the broker.

Add and 52c target retained.

Target price is $0.52 Current Price is $0.31 Difference: $0.215
If ART meets the Morgans target it will return approximately 70% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates AUB as Outperform (1) -

At the AUB Group AGM, management reaffirmed FY25 underlying profit guidance and noted a focus on building out UK Retail capability.

The Chairman noted "Integration of Tysers has granted AUB valuable access to Lloyd’s and opened opportunities in new markets through its extensive client base and distribution network...[supporting] further expansion into both existing and prospective markets".

The Outperform rating and $34.20 target are retained.

Target price is $34.20 Current Price is $31.98 Difference: $2.22
If AUB meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $36.40, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates AVL as Buy (1) -

Shaw and Partners notes the 1Q25 update from Australian Vanadium. The company successfully used a vanadium flow battery with Australian Vanadium-manufactured vanadium electrolyte at Horizon power site in WA.

During the quarter a non-binding letter of interest from the Export Bank of US for up to US$31m in financing was received, the broker notes, on top of $49m from the Australian government.

The company finished the period with cash on hand at $30.7m. Shaw retains a Buy, High Risk rating with an 8c target price.

Target price is $0.08 Current Price is $0.02 Difference: $0.064
If AVL meets the Shaw and Partners target it will return approximately 400% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates BUB as Speculative Hold (3) -

Bell Potter observes softer than expected 1Q25 results for Bubs Australia because of US label transition. Revenues were broadly in line with estimates with a gross margin slightly above estimates.

Management guided to FY25 net revenue of $102m and a gross margin over 40% with expectations to be EBITDA positive pre-share-based payments.

Speculative Hold rating unchanged. Target price dips to 14.5c from 15c. No change to the broker's earnings forecasts.

Target price is $0.14 Current Price is $0.13 Difference: $0.02
If BUB meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates CIA as Buy (1) -

Bell Potter observes Champion Iron reported 2Q25 production and revenues which came in below the broker's forecasts. Total material mined achieved 18.6mt despite forest fire impacts for a few days and planned plant maintenance shutdowns.

Realised prices were lower than expected with the company ending the quarter with a net debt position of CA$336m versus CA$272m in the June quarter.

The broker lowers EPS forecast for FY25 by -18% with no change to FY26. Buy rating unchanged. Target price falls to $7.10 from $7.15.

Target price is $7.10 Current Price is $5.86 Difference: $1.24
If CIA meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Citi rates CIA as Buy (1) -

Ater a further review of yesterday's September quarterly, Citi lowers its target for Champion Iron to $6.80 from $7.20 as lower forecast earnings are partly offset by a favourable currency movement. The Buy rating is maintained.

Yesterday's Broker Report noted: Citi observes Champion Iron missed EBITDA for Sept quarter trading update versus consensus, a fall of -59% on the previous quarter and down -52% year-on-year.

Revenues came in lower than the analyst's forecast by -7% and concentrate sales -2% lower. Net income fell -76% on the previous quarter and -70% annually.

Target price is $6.80 Current Price is $5.86 Difference: $0.94
If CIA meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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 CNU as Outperform (1) -

A 1Q connections update by Chorus revealed fibre uptake increased by 0.2 percentage points to 71.6% with broadband connections relatively steady at 1,179,000, observes Macquarie.

FY25 EBITDA guidance was reaffirmed.

Outperform. The broker's target is raised to NZ$9.38 from NZ$8.67 on a roll-forward of valuation.

Current Price is $8.04. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

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

Macquarie raises its target for Cochlear to $289 from $283 and upgrades to Neutral from Underperform.

After a -16% share price slump since FY24 results on weaker-than-expected FY25 guidance, the current share price implies market-share gains and a NPAT margin in line with the broker's forecasts.

Macquarie still sees greater appeal in other healthcare names CSL ((CSL)) and ResMed ((RMD)).

Target price is $289.00 Current Price is $283.22 Difference: $5.78
If COH meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $293.00, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Bell Potter rates COL as Buy (1) -

On the back of Coles Group's 1Q25 earnings update, Bell Potter views FY25 as a consolidation period for the company. Revenue growth of 3% was slightly below expectations due to 1.5% price growth year-on-year versus 2% estimated and inflation at 3.3%.

Liquor revenue met expectations, but remains "subdued". Management inferred 2Q25 trading like 1Q25. A -$850m investment in a new automated distribution centre in VIC has been announced with commencement in FY25 and expected completion in five years.

Bell Potter lowers net profit after tax forecasts by -4% in FY26/FY26. Buy rating remains. Target price declines to $20.50 from $21.55.

Target price is $20.50 Current Price is $17.59 Difference: $2.91
If COL meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $19.61, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates COL as Outperform (1) -

After reviewing 1Q sales, Macquarie believes strategic initiatives will largely offset any margin headwinds for Coles Group from customers' increasing focus on value and promotions.

The analyst points to several tailwinds supportive of margins in FY25 including the Simplify & Save to Invest program.

Management announced a new Victorian automated distribution centre which will result in full automation of the east coast network once completed.

Outperform. Target falls by -3% to $19.50.

Target price is $19.50 Current Price is $17.59 Difference: $1.91
If COL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.61, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

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

Morgan Stanley notes 1Q25 trading update from Coles Group with supermarket sales up 3.5%, slowing from 3.7% and below Woolworths Group ((WOW)).

Same store sales growth for food came in at 2.4% versus 2H24 at 2.6% and liquor was down -4.4% with macro constrained spending.

Management highlighted 2Q25 sales are in line with 1Q supermarket results. The company is constructing a third Wilton distribution centre in VIC with 15% more capacity than NSW and QLD

From the conference call, Morgan Stanley highlights produce inflation is expected to "normalise" except cocoa, sugar and shipping costs pushing up near term inflation.

No change to target at $18.80, Equal-weight retained. Industry view: In Line.

Target price is $18.80 Current Price is $17.59 Difference: $1.21
If COL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $19.61, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates COL as Hold (3) -

Coles Group's 1Q sales growth was broadly in line with Morgans' expectation and the broker maintains its preference for the company relative to Woolworths Group ((WOW)).

As opposed to Woolworths' recent update, the analyst highlights there was no mention by management at Coles of actual margin pressure from changing customer trends, other than commentary around a larger focus on promotions and loyalty programs etc.

Hold. The broker's target falls to $17.95 from $19.20 on more conservative margin assumptions relating to the value conscious customer and the ongoing shift in sales mix toward the lower margin e-commerce channel.

Target price is $17.95 Current Price is $17.59 Difference: $0.36
If COL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $19.61, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates COL as Upgrade to Accumulate from Hold (2) -

Ord Minnett raises its target for Coles Group to $19.50 from $19.00 and upgrades to Accumulate from Hold following evidence of strong management execution with "healthy" Q1 sales and clear cost discipline.

Further, the analyst anticipates healthy free cash flow (FCF) and dividends given tightly managed capex spending. A focus on the core food business while maintaining cost control is proving successful, in Ord Minnett's view.

On the broker's numbers, Coles is now trading at a -16% valuation discount to Woolworths Group ((WOW)).

Target price is $19.50 Current Price is $17.59 Difference: $1.91
If COL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.61, suggesting upside of 11.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates COL as Buy (1) -

UBS states total group sales in Q1 proved better-than-anticipated, but supermarket sales for the period fell short of market consensus, though they proved in line with the broker's estimate.

Same story for liquor sales; short of consensus, in line with UBS. The broker has slightly reduced its forecasts.

UBS makes the point Coles has been better in managing the consumer's shift to 'value' shopping than competitor Woolworths Group ((WOW)).

As upside is anticipated from the supermarket business, UBS sticks with its Buy rating. Price target $20.

Target price is $20.00 Current Price is $17.59 Difference: $2.41
If COL meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.61, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates CTD as Buy (1) -

Citi raises its target for Corporate Travel Management to $13.90 from $13.50 and retains a Buy rating in a further reaction to management's guidance update.

Yesterday's Broker Call Report stated: Citi highlighted Corporate Travel Management reconfirmed FY25 guidance versus some of the travel peers, which suggests EBITDA of around $210m for FY25 which is circa 2% above consensus estimates.

The analyst notes the company's model is volume based and lower airfares support business budgets. The company has also been selected on a US government panel.

Management provided a caveat to guidance, the UK government's budget which included opex reductions to departmental travel, Citi observes.

Target price is $13.90 Current Price is $12.40 Difference: $1.5
If CTD meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.20, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates CTD as Neutral (3) -

Macquarie feels an elevated 2H skew creates heightened risk for reaffirmed FY25 guidance by Corporate Travel Management given the company's recent downgrade cycle.

In fact, management has flagged a potential risk to European guidance for revenue and earnings given uncertainty around UK Government budgets.

Neutral rating. The target rises to $13.36 from $13.31 after the broker's earnings (UEBITDA) downgrades are less than the benefits of a valuation roll-forward.

Target price is $13.36 Current Price is $12.40 Difference: $0.96
If CTD meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.20, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates CTD as Overweight (1) -

Corporate Travel Management offered a trading update at its AGM.

Morgan Stanley notes the UK government budget represents a risk to travel spending. Europe is less than 20% of the group's earnings with the UK government representing around 10% of group exposure..

Management pointed to growth in revenue from rest-of-the-world at 10% and EBITDA margins of 27.5%, while refuting lower airfares were a headwind to growth.

The company reaffirmed 1H25 earnings slant of 35% for FY25. Capex is on track and new clients wins at a $1bn budget with 97% retention.

Target price retained at $17. Rating is Overweight. Industry view is In-Line.

Target price is $17.00 Current Price is $12.40 Difference: $4.6
If CTD meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $14.20, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

For what management could control, Morgans deems the AGM trading update by Corporate Travel Management was positive, but a recent UK government announcement is set to weigh.

The downside cannot as yet be quantified for the company's largest contract after the UK government announced its intention to reduce spending, including on travel, explains the broker.

Given this announcement creates uncertainty around the company's Europe near-term earnings, the analysts downgrade to Hold from Add. The target also falls to $13.50 from $15.95.

Elsewhere, the trading updated showed North America and the A&NZ region have started the year strongly, according to Morgans.

Target price is $13.50 Current Price is $12.40 Difference: $1.1
If CTD meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.20, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Shaw and Partners rates CTD as Buy (1) -

Shaw and Partners observes a doubling in the short position for Corporate Travel Management post Aug results to circa 7.7% from 3.6%.

Management reiterated FY25 guidance at the AGM attaching some possible risks to expectations, including the UK Budget announcement on a planned reduction in departmental operating budgets.

The broker highlights Europe represents under 20% of the company's revenue and the UK government circa half that.

North America and A&NZ are underpinning guided 10% growth in rest-of-the-world revenue growth in FY25.

Buy, High risk. Target price unchanged at $15.90. Earnings forecasts also unchanged.

Target price is $15.90 Current Price is $12.40 Difference: $3.5
If CTD meets the Shaw and Partners target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $14.20, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Bell Potter rates CWP as Buy (1) -

Bell Potter notes Cedar Woods Properties updated guidance for FY25 of 10% net profit after tax growth versus consensus at 8% and the analyst's estimate at 11%.

The 1Q25 trading update shows the company booked around one 25% of FY25 settlements with revenues and net profit slightly above the guided ranges.

Gross sales in WA are the largest contributor to the company and slowed with QLD and SA underpinning the sales growth. The broker points to a strong balance sheet with $150m in liquidity.

No change to Buy rating. Target price lifts to $7.20 from $7.15.

Target price is $7.20 Current Price is $5.75 Difference: $1.45
If CWP meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.97, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates CWP as Add (1) -

Management at Cedar Woods Properties reiterated 10% profit growth guidance for FY25, and management raises earnings forecasts slightly after the 1Q trading update. The target rises to $6.70 from $6.50. Add.

The business is experiencing strong enquiry and conversion levels, notes the broker, with the pipeline of presales substantially underpinning FY25 earnings, according to management.

Target price is $6.70 Current Price is $5.75 Difference: $0.95
If CWP meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.97, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates CXL as Buy (1) -

Shaw and Partners is disappointed the joint venture between Calix and Pilbara Minerals ((PLS)) for construction of a mid-stream demonstration plant has been paused with around -$30m more in investment remaining.

The pause relates to the state of the lithium market, currently dominated by weak conditions.

Buy, High risk. The target price drops to $2 from $3 because of increased debt assumptions and a higher risk premium for the stock.

Target price is $2.00 Current Price is $0.89 Difference: $1.115
If CXL meets the Shaw and Partners target it will return approximately 126% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates DBI as Add (1) -

Morgans undertakes a review of its investment thesis for Dalrymple Bay Infrastructure.

Potential for long-term valuation upside (to $4.30 per share) would be undermined in the broker's view, should management take advantage of current share price strength (currently $3.31) and raise capital for any value-destructive M&A activity.

Add. The broker's target rises to $3.50 from $3.28 following adjustments to debt draws and capex in the terminal value cashflow in FY33, and a valuation roll-forward.

Target price is $3.50 Current Price is $3.35 Difference: $0.15
If DBI meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates DUG as Buy (1) -

Dug Technology raised $30m from an institutional placement at $1.90 per share, a discount of -12% to the last closing price.

Shaw and Partners notes the funds are intended to construct new data centre infrastructure, Middle East expansion and DUG Nomad.

Management announced FY25 EBITDA margin guidance of 30% which meets FY23, but is lower than in FY24. The decline is due to investments.

Buy, High risk. Target price is lowered to $3.50.

Target price is $3.50 Current Price is $1.86 Difference: $1.64
If DUG meets the Shaw and Partners target it will return approximately 88% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates EOS as Buy (1) -

Bell Potter noted Electro Optic Systems' investor update with no major contract announcements for Q32024, as expected. The analyst believes the company reported a "solid performance" with a return to positive cash flow.

Looking ahead, the focus will be on growth in the orderbook via conversion on sales opportunities, the broker posits.

The analyst envisages a possible $181m conditional contract with Ukraine; a $100m opportunity with Hanwha on the LAND400 Australian project, and high energy laser weapon sales in Europe/Middle East at $50m-$100m

The Buy rating and $2.20 target are retained. Minor changes to EPS forecasts.

Target price is $2.20 Current Price is $1.44 Difference: $0.765
If EOS meets the Bell Potter target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates EOS as Buy (1) -

There were no significant changes or announcements within the 3Q report by Electro Optic Systems, according to Ord Minnett.

The broker suggests the main highlight is the building pipeline, now more than $1.2bn. It's felt converting the pipeline to contract wins will act as the catalyst for share price appreciation.

The Buy rating and $2.80 target are kept.

Target price is $2.80 Current Price is $1.44 Difference: $1.365
If EOS meets the Ord Minnett target it will return approximately 95% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates FDV as Speculative Buy (1) -

Frontier Digital Ventures reported a fall in group revenue of -4% year-on-year at 3Q24 trading update, notes Bell Potter, due to falls in 360LATAM revenues and margins resulting from lower Uruguay transactions.

Management announced a review into how to increase shareholder value with 360LATAM.

Bell Potter lowers EPS forecasts by -14% in 2024 and -5% in 2025.

No change to Speculative Buy rating or the 70c target price.

Target price is $0.70 Current Price is $0.45 Difference: $0.25
If FDV meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates FFM as Buy (1) -

FireFly Metals reported 1Q25 results with a rise of 42% in resource at its Green Bay copper-gold project, Shaw and Partners notes, stressing the project is "catalyst rich" over the next 12-months.

The analyst expects another resource upgrade and the rapid resource growth "rhymes", the broker explains, with the strategy at Bellevue Gold ((BGL)).

FireFly has cash of $88m placing it in good position for future investments. Buy, High risk. Target price $1.90, unchanged.

Target price is $1.90 Current Price is $1.27 Difference: $0.625
If FFM meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates FLC as Speculative Hold (3) -

Bell Potter highlights mixed results from Fluence's 3Q2024 results. Revenues declined -14% year-on-year with year-to-date revenue falling -28% on the previous corresponding period.

The broker plays down the declines because of the year-on-year "unfavourable" comparisons with the legacy EUR48m Ivory Coast project which is not expected to start until 4Q24, delayed from 3Q24.

Management lowered 2024 guidance to a net loss of US$3-$4.5m from breakeven. Bell Potter lowers sales forecasts by -20% in 2024 and -9% in 2025.

Speculative Hold rating unchanged. Target price falls to 10c from 12.5c.

Target price is $0.10 Current Price is $0.08 Difference: $0.02
If FLC meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Bell Potter rates GSS as Speculative Buy (1) -

Genetic Signatures reported a "strong" 1Q25 result, notes Bell Potter, with sales advancing 194% year-on-year and up 4% on the quarter.

Australian sales, excluding covid-specfic tests, were in line following the resolution of FluB test issues. 

Bell Potter believes the rollout in the US of the first diagnostic test is "critical" to the investment case for the company. No US sales have been reported yet, the analyst notes, with expectations of sales in 1H25.

The Speculative Buy rating and $1.10 target are maintained. No change to EPS forecasts.

Target price is $1.10 Current Price is $0.67 Difference: $0.43
If GSS meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates HLI as Neutral (3) -

Lenders mortgage insurance provider Helia Group beat Macquarie's underlying insurance forecast as total incurred claims
continue to go backwards, falling by -$15m in Q3 compared to -$10m in Q2.

Despite this positive outcome, the broker still believes underlying consumer conditions continue to slowly deteriorate as rates remain elevated.

The company's prescribed capital amount (PCA) coverage ratio is well above the target range providing scope for capital management, highlights the broker.

The Neutral rating and $3.80 target are maintained.

Target price is $3.80 Current Price is $4.07 Difference: minus $0.27 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates JBH as Downgrade to Lighten from Hold (4) -

Ord Minnett assesses an "impressive" 1Q trading update by JB Hi-Fi with 5% like-for-like sales growth for JB Hi-Fi Australia and The Good Guys exceeding consensus expectations.

The broker raises its EPS forecasts across FY25-27, underpinning a target price rise to $71 from $68. Following recent share price strength, the broker downgrades its rating to Lighten from Hold. 

Target price is $71.00 Current Price is $82.03 Difference: minus $11.03 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $75.44, suggesting downside of -8.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates JBH as Sell (5) -

JB Hi-Fi's 1Q25 sales update showed strength across three brands, UBS states. 

The broker believes the Australian like-for-like sales growth was a surprise with momentum from July rates maintained even with more challenging annual comps. 

Market share improvements are the key factor with limited store growth, UBS highlights, with telcos and computers the two leading product categories. 

Like-for-like sales growth for The Good Guys improved from July which the analyst believes is a good sign for Harvey Norman's ((HVN)) AGM on Nov 27. NZ sales growth improved from new stores with five more forecast for FY25.

Sell rating unchanged. Target price rises to $72 from $64. UBS lifts EPS forecasts by 4% for FY25/FY26.

Target price is $72.00 Current Price is $82.03 Difference: minus $10.03 (current price is over target).
If JBH meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $75.44, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates JMS as Outperform (1) -

While Q1 for Jupiter Mines was weaker-than expected by Macquarie due to lower realised prices, the manganese price may have bottomed, thereby providing a more stable outlook.

Earnings (EBITDA) and profit missed the broker's forecasts by -54% and -58%, respectively.

At the Tshipi mine, production was higher than sales as inventory was stockpiled in preparation for the upcoming wet season, explains the broker.

The Outperform rating and 22c target price are maintained.

Target price is $0.22 Current Price is $0.18 Difference: $0.045
If JMS meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates MAP as Speculative Buy (1) -

Microba Life Sciences reported 1Q25 revenue, which was in line with Bell Potter's expectations, including organic growth in testing business from a relatively low base and slight declines in Invivo, the acquired business. 

The analyst highlights 1Q is typically the most subdued for the company with an expected ramp up in both MetaXplore and MetaPanel in Australia for FY25.

First sales of MetaXplore were achieved in Oct as the company begins to maximise the commercial infrastructure acquired with Invivo.

Unchanged Speculative Buy rating and 35c target price.

Target price is $0.35 Current Price is $0.18 Difference: $0.173
If MAP meets the Bell Potter target it will return approximately 98% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates MIN as Buy (1) -

Bell Potter highlights 1Q25 results for Mineral Resources were in line with expectations with earnings estimated to be more 2H25 weighted due to the ongoing ramp up of Onslow.

Notably, the company announced the sale of its gas discoveries to Hancock Prospecting for upfront $804m with an additional price adjustment of $327m, subject to conditions being met.

The broker notes a joint venture structure will allow Mineral Resources to retain exposure to around 75% of the original Perth Basin tenure and 100% of Carnarvon Basin exposure. An announcement from the board's governance is due Nov 4.

No change to Buy rating. Target price slips to $61.50 from $62.

Target price is $61.50 Current Price is $39.40 Difference: $22.1
If MIN meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $45.93, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley notes 1Q25 results from Mineral Resources were "strong". The company also announced the sale of 100% of its exploration permits in the Perth basin to Hancock Prospecting with two remaining joint venture agreements for onshore Perth and Carnarvon basin acreage.

The broker notes completion is expected by end of 2024, including cash consideration of $804m and $327m in contingents.

The quarterly result revealed strong prices for old assets with better-than-expected prices at Onslow. Wodgina performed weaker on "transitional ore".

Target $56. Overweight. Industry View: Attractive. Mineral Resources is the broker's most preferred lithium play.

Target price is $56.00 Current Price is $39.40 Difference: $16.6
If MIN meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $45.93, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgans rates MIN as Hold (3) -

Morgans describes a steady 1Q operating result for Mineral Resources. Shipments were in line with expectations, though Mt Marion delivered a beat due to 20kt of port inventories shipped. Realised prices were also in line with the broker's estimates.

The company will receive $1.13bn from the sale of gas assets to Hancock Prospecting and the analyst assumes a $797.6m cash inflow pre-tax before the end of 2024, which reduces the broker's net-debt forecasts.

The $39 target is unchanged. The broker's Hold rating is kept due to weak underlying commodity markets combined with the company’s elevated leverage.

Target price is $39.00 Current Price is $39.40 Difference: minus $0.4 (current price is over target).
If MIN meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.93, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates MQG as Sell (5) -

Macquarie Group released interim financials this morning and Citi, upon first glance, reports cash earnings have missed consensus by some -7%, although they proved in line with the broker's estimate.

Weaker revenues and a higher effective tax rate overwhelmed good cost control by management, judging from the broker's commentary.

Management has lowered FY25 guidance and cut the dividend payout to circa 60% from 70%.

The analysts are happy to stick with their Sell rating. Target price is $176.

Target price is $176.00 Current Price is $231.51 Difference: minus $55.51 (current price is over target).
If MQG meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $209.62, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

UBS rates MQG as Neutral (3) -

In an initial response to today's interim report release, UBS analysts report Macquarie Group's performance has missed expectations with weaker revenues from trading in commodities to blame.

All key financial metrics lined up, including net profit, revenues, EPS and the dividend, have missed the broker's forecasts.

UBS notes management seems cautious about the outlook and points out Macquarie needs to deliver its third best half on record if it wants to meet consensus forecasts for the full year.

Neutral. Target $200.

Target price is $200.00 Current Price is $231.51 Difference: minus $31.51 (current price is over target).
If MQG meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $209.62, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Ord Minnett rates NTU as Speculative Buy (1) -

Northern Minerals reported a 1Q cash balance of $16m following receipt of $17m from the combined $47m capital raise in September. The second tranche, which includes a $4m share purchase plan, is expected to arrive this quarter, subject to shareholder approval.

Management noted the updated mineral resource estimate (MRE) and definitive feasibility study (DFS) have been delayed until this quarter and the March quarter 2025, respectively. The Wolverine construction start-date is now the end of 2025.

The analyst speculates the delays may have resulted from uncertainty surrounding Iluka Resources' ((ILU)) decision to proceed with
its Eneabba REO refinery. Iluka is the buyer of Wolverine’s concentrate.

For Northern Minerals, the Speculative Buy rating is unchanged. The target is reduced to 3c from 4c.

Target price is $0.03 Current Price is $0.02 Difference: $0.01
If NTU meets the Ord Minnett target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates NXL as Buy (1) -

Shaw and Partners reiterates its Buy rating on Nuix, noting the share price has risen 40% since the XLR8 conference early Sept in Sydney.

The analyst compares Nuix to Palantir (US listed) in terms of the growing demand for data analytics. Although the companies are at different scales, both are experiencing strong demand for their products.

The broker observes Nuix Neo's launch is underpinning an acceleration in growth. The broker lifts revenue forecasts between 6% to 15% for FY25-FY27.

EBITDA estimates are raised by 14%-25% over the same period. Target price is lifted to $7.20 from $5.20.

Target price is $7.20 Current Price is $7.74 Difference: minus $0.54 (current price is over target).
If NXL meets the Shaw and Partners target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates ORG as Buy (1) -

Origin Energy's 1Q update was largely in line with Citi's expectations. LNG sales beat the broker's forecast by 3% due to timing of cargoes, while realised prices were in line.

Electricity sales were also in line, while natural gas sales were ahead of the analyst's estimate by 4% due to a colder July, partially offset by a milder August.

APLNG has begun paying tax, allowing for franked dividends payable to Origin Energy, highlights Citi.

The Buy rating and $11.00 target are maintained.

Target price is $11.00 Current Price is $9.63 Difference: $1.37
If ORG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.59, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates ORG as Outperform (1) -

Macquarie highlights Octopus Energy's proprietary technology platform, Kraken, continued to win customers for Origin Energy in Q1, lifting accounts by 15%.

Also, APLNG performed slightly better-than-expected by the broker, with good price outcomes.

The target falls to $10.35 from $10.50. No change to Outperform rating.

Target price is $10.35 Current Price is $9.63 Difference: $0.72
If ORG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.59, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates ORG as Buy (1) -

Origin Energy's 1Q sales revenue for APLNG beat forecasts by Ord Minnett and consensus by 9% and 7%, respectively, due to stronger domestic gas prices. Also, a higher proportion of sales were directed towards liquefied natural gas (LNG), explains the analyst.

Overall, the company reported production of 47.7 petajoules, a miss against forecasts by the broker and consensus of -1% and -2%, respectively.

The broker anticipates consensus upgrades given management's guidance for lower FY25 depreciation and amortisation expenses.

On a changed forecast for tax expense, the broker's target falls to $11.00 from $11.20. Buy.

Target price is $11.00 Current Price is $9.63 Difference: $1.37
If ORG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.59, suggesting upside of 8.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates ORG as Buy (1) -

UBS considers Origin Energy reported 1Q25 results which were in line with expectations, including the APLNG sales revenues.

The 22.7% owned Octopus Energy advanced its retail customer base by 600k, the broker notes, with 8m customers added to Kraken customers, a rise of 15% from August results.

Octopus is expected to beat the target of 100m global customers subscribed to Kraken by 2027.

UBS lifts EPS forecasts by over 20% for FY25-FY27 on the back of lower depreciation/amortisation charges and tax expenses as APLNG distributions are fully franked in 1H25 and from FY26 onward.

Target price moves to $11.75. Buy rating retained.

Target price is $11.75 Current Price is $9.63 Difference: $2.12
If ORG meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $10.59, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Shaw and Partners rates PEN as Buy (1) -

Peninsula Energy announced 1Q25 activities report including the construction at Lance Uranium project in Wyoming which is on track for a production restart in December. Shaw and Partners notes the company was cash flow positive with US$78m cash at September end.

The broker notes the company aims to ramp up to 1.8mlb steady state by 2029 with another -US$44m investment required.

Buy, High Risk and 26c target retained.

Target price is $0.26 Current Price is $0.09 Difference: $0.167
If PEN meets the Shaw and Partners target it will return approximately 180% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Ord Minnett assesses another strong operational outcome for Pilbara Minerals at Pilgangoora in Q1, despite weak realised prices.

Management is planning to shut the Ngungaju plant and operate the Pilgan plant standalone due to depressed market conditions, which also resulted in a downgrade to FY25 volume guidance.

Despite lower volumes, the analyst points out significant upcoming savings in opex and capex, and management forecasts a cash flow improvement of approximately $200m in FY25.

Ord Minnett is currently under research restriction on Pilbara Minerals and offers no target or rating.

Current Price is $2.85. Target price not assessed.

Current consensus price target is $2.82, suggesting downside of -1.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates RMS as Neutral (3) -

First quarter production for Ramelius Resources fell short of forecasts by Macquarie and consensus by -9% and -13%, respectively, due to an operational focus on the development of the Cue deposit.

Due to the drawdown of stockpiles at Edna May, explains the broker, group costs (AISC) missed forecasts by the broker and consensus by -6% and -8%, respectively.

Management retained its FY25 production guidance.

The Neutral rating and $2.50 target are unchanged.

Target price is $2.50 Current Price is $2.39 Difference: $0.11
If RMS meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates RMY as Speculative Buy (1) -

RMA Global announced the acquisition of US-based RE social media marketing platform for -$3.7m with an additional -$2.2m, contingent on 10-month revenue growth targets.

The consideration is a scrip/cash mix which is being funded by a $3m placement and share purchase plans of $2m at 4.8c, Bell Potter notes.

The analyst highlights Curated Social generated revenues of $2.4m in FY24 on 4.7k subscribers, with positive EBITDA.

The broker lifts EPS forecasts by 14% in FY25/FY26. Speculative Buy rating unchanged. Target price lifts to 12c from 11c on a lower assumed cost of capital.

Target price is $0.12 Current Price is $0.05 Difference: $0.073
If RMY meets the Bell Potter target it will return approximately 155% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates STX as Neutral (3) -

Macquarie questions whether Hancock Prospecting's move to acquire the Perth Basin gas asset of Mineral Resources ((MIN)) will create a delay for the final investment decision (FID) on West Erregulla. 

Hancock and Strike are joint venture partners in West Erregulla.

The broker feels Hancock is now more heavily invested in operated acreage to the north (Lockyer and North Erregulla) and would need to focus here in FY25.

Target price slips -4.5% to 21c. Neutral.

Target price is $0.21 Current Price is $0.22 Difference: minus $0.005 (current price is over target).
If STX meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.28, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates TLG as Speculative Buy (1) -

Bell Potter points to the positive update from Talga Group to its Natura 2000, Nunasvaara natural graphite project in Sweden with appeals lodged to the Supreme Court dismissed.

The analyst notes the environmental permit is in force with the permit for mining/exploration given on Oct 18.

Accordingly, the production expectations have been adjusted with 24 months of construction, starting in 3Q25 and first production in 2027.

Speculative Buy rating remains. Target price falls to $1.90 from $2.35.

Target price is $1.90 Current Price is $0.58 Difference: $1.32
If TLG meets the Bell Potter target it will return approximately 228% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 133.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates UNI as Buy (1) -

Accounting for the 1Q25 trading update from Universal Store, Bell Potter raises like-for-like sales forecasts for US and Perfect Stranger to 10.5% growth in 1H25 and 6.8% in 2H25. New store assumptions also expand to 13 net adds in FY25.

The analyst expects gross margins to rise 90bps to 60.6% for 1H25 and higher incremental fixed costs for doing business which results in a decline in forecast net profit after tax of -3.2% in FY25 and -0.9% in FY26.

Buy rating unchanged. Target price lifts to $8.85 from $7.80.

Target price is $8.85 Current Price is $7.88 Difference: $0.97
If UNI meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates UNI as Downgrade to Accumulate from Buy (2) -

Ord Minnett raises its target for Universal Store to $8.20 from $7.50 and downgrades to Accumulate from Buy after recent share price strength. Accelerating like-for-like sales and an improving gross margin were noted from the recent trading update.

The analyst believes 1H EBIT is tracking broadly in line with consensus, but a higher cost-of doing-business (CODB) outcome could provide a full offset.

The broker reels of a list of positives for Universal Store including high single-digit EPS growth over the next three years, net cash optionality, and potential for index inclusion.

Target price is $8.20 Current Price is $7.88 Difference: $0.32
If UNI meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 9.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates UNI as Buy (1) -

Universal Store's AGM trading update revealed an acceleration in like-for-like sales growth, Universal store sales rose 13.8% for the first 17 weeks with Perfect Stranger's up 29.9%, UBS highlights.

Management guided to between 9-15 new stores openings with four targeted before Christmas.

Cost-of-doing-business to sales rose 100bps from inflation and "capability investments", the analyst states.

UBS raises EPS estimates by 6.6% in FY25 and 6.1% in FY26 because of better sales growth and margin improvements.

The broker retains its Buy rating. Target price lifts to $9 from $8.

Target price is $9.00 Current Price is $7.88 Difference: $1.12
If UNI meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates WES as Upgrade to Lighten from Sell (4) -

Following Wesfarmers' AGM trading update, Ord Minnett lowers its target to $59 from $60 and upgrades to Lighten from Sell.

Management provided insights on Bunnings and Kmart which matched the broker's expectations. Business customer weakness was noted for Officeworks, while the Wesfarmers Industrial and Safety (WIS) division is experiencing softer trading, notes the broker.

Target price is $59.00 Current Price is $67.28 Difference: minus $8.28 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $65.00, suggesting downside of -2.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates WGX as Outperform (1) -

Westgold Resources' 1Q gold production was pre-reported at 77.4koz and was delivered at a higher cost (AISC) compared to Macquarie's forecast.

Management reiterated both FY25 production and cost guidance.

The cash balance at quarter's end was $55m, down from $236m in June, observes Macquarie, mainly due to -$153m of merger-related costs, as well as higher operating costs at Karora.

The Outperform rating and $3.50 target are maintained.

Target price is $3.50 Current Price is $3.22 Difference: $0.28
If WGX meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates WGX as Upgrade to Buy from Accumulate (1) -

After reviewing an uneventful 1Q operational update, the broker upgrades its rating for Westgold Resources to Buy from Accumulate based on materially less cash flow risks post the merger with Karora Resources ((KRR)).

Management maintained FY25 production guidance.

The $3.85 target is unchanged.

Target price is $3.85 Current Price is $3.22 Difference: $0.63
If WGX meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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