Australian Broker Call

Citi rates 29M as Neutral (3) -

Notwithstanding the Capricorn Copper suspension, the March Q was a soft start for 29Metals with Golden Grove’s performance below Citi's expectations on lower grades and mill-run rates. The Capricorn Copper recovery plan remains unchanged with Phase 1 to restart mid-Sep Q.

Management is expected to update the market in mid-May with revised guidance and costs for Capricorn Copper and Golden Grove outlooks post FY23. Citi has cut its target to $1.20 from $1.50, suggesting it’s hard to be more positive here with both sites facing
operational headwinds and limited balance sheet headroom on estimates.

Neutral (High Risk) retained.

Target price is $1.20 Current Price is $1.19 Difference: $0.015
If 29M meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.41, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates A11 as Outperform (1) -

Atlantic Lithium has updated on the Ewoyaa definitive feasibility study, stating it remains on track for the second quarter of 2023. The revised plan now expects crushing and screening at the concentrator to produce three different products with three sizes.

Macquarie makes modest changes to forecasts, raising estimates for FY23 by 8%. The mining licence approval is the key near-term catalyst. Outperform and 80c target retained.

Target price is $0.80 Current Price is $0.60 Difference: $0.2
If A11 meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates AIA as Outperform (1) -

Macquarie expects Auckland International Airport will  announced its final pricing in early June and by the end of FY23 passenger recovery will be entrenched.

The capital expenditure plan should be consistent with preliminary guidance for $6bn over 10 years, the broker adds. As public consultation has supported a sell-down of the Council's 18% stake, the remaining decision to be made is whether all or part of the stake will be sold.

Outperform and NZ$9.23 target retained.

Current Price is $8.21. Target price not assessed.

Current consensus price target is $7.05, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Ord Minnett rates AIS as Buy (1) -

Aeris Resources posted a soft March quarter, having downgraded copper production for FY23. Ord Minnett takes a more conservative approach for Tritton and EBITDA estimates are reduced by -26% for FY23.

FY24 estimates are reduced by -9% as cost assumptions are normalised across the asset base. Delivery on plan, particularly at Tritton, should mean the discount implied in the target, reduced to $0.90 from $0.93, will unwind. Buy maintained.

Target price is $0.90 Current Price is $0.48 Difference: $0.425
If AIS meets the Ord Minnett target it will return approximately 89% (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

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

Morgan Stanley anticipates APA Group's Network REZolution consortium has likely not been successful in its bid for the grid operator role at the CWOREZ project. The NSW government has appointed ACE Energy consortium as "first ranked".

This is a proposed transmission project to support the delivery of a pilot renewable energy zone (REZ) in the Central-West Orana region of NSW (CWOR).

The broker notes the project was a priority growth opportunity for APA Group and suggests the news may induce a modestly negative share price reaction.

Equal-weight rating. Target is $10.68 and a Cautious industry view is maintained.

Target price is $10.68 Current Price is $10.28 Difference: $0.4
If APA meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.39, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Shaw and Partners rates BC8 as Buy (1) -

High-grade gold intercepts from underground drilling at Black Cat Syndicate's Paulsens project bode well for another resource upgrade in May, suggests Shaw and Partners.

The analyst believes these results along with prior positive results in the upper part of the orebody will lead to a decision to restart mining operations at Paulsens in mid-2023.

The 77c target and Buy rating are unchanged.

Target price is $0.77 Current Price is $0.43 Difference: $0.34
If BC8 meets the Shaw and Partners target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BKT as Outperform (1) -

Black Rock Mining has made progress, advancing its debt financing and signing and MoU with the Tanzania Zambia Railway Authority.

The company is also exploring an option of alternative financing for Mahenge, which may involve bringing a partner in at the project level. Macquarie currently assumes a funding mix with debt of $150m and equity of $50m.

Outperform rating and $0.28 target maintained.

Target price is $0.28 Current Price is $0.14 Difference: $0.145
If BKT meets the Macquarie target it will return approximately 107% (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

Shaw and Partners rates BMT as Buy (1) -

Highlights for Shaw and Partners from Beamtree Holdings' 3Q trading update include FY23 year-to-date organic revenue growth of 24% compared to cost growth of around 10%.

Management also noted the FY23 outlook remains robust, with the revenue/cost trends expected to continue into the 4Q.

Moreover, on the international scene, the Abbott Laboratories partnership (to distribute RippleDown) has now broadly doubled annual recurring revenue (ARR) in just a few months. Also, NHS customers in the UK are moving to procurement across several products.

The company provides one of the best exposures to the AI thematic on the ASX, suggests the analyst. The Buy rating and 70c target are maintained.

Target price is $0.70 Current Price is $0.32 Difference: $0.38
If BMT meets the Shaw and Partners target it will return approximately 119% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BOE as Outperform (1) -

Honeymoon is on time and on budget with capital now committed. Boss Energy has reiterated first production for the fourth quarter of 2023, in line with Macquarie's forecasts.

A total of $65m in capital expenditure has been committed, which represents 62% of the total budget. Macquarie notes there is upside to both the life-of-mine and production on exploration success.

Outperform rating retained. Target price steady at $3.20.

Target price is $3.20 Current Price is $2.63 Difference: $0.57
If BOE meets the Macquarie target it will return approximately 22% (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

Bell Potter rates BUB as Speculative Hold (3) -

Bell Potter downgrades revenue forecasts by -27% FY23 and  -37% for FY24 which results in materially higher forecast EBITDA losses. In the March quarter Bubs Australia reported gross revenue of $15.8m, down -10%. Brand investment lifted 153%.

While no quantitative guidance was provided China's inventory positions are elevated which is affecting replenishment and the board has commenced a strategic review of its businesses.

In Bell Potter's view, the strategic review implies current strategies are not delivering anticipated returns. Speculative Hold rating maintained. Target is reduced to $0.22 from $0.29.

Target price is $0.22 Current Price is $0.20 Difference: $0.025
If BUB meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Shaw and Partners rates C79 as Buy (1) -

Following 3Q results for Chrysos, Shaw and Partners suggests FY23 prospectus forecasts remain on-track. The business is thought to represent a compelling market penetration story that is rapidly de-risking the longer-term potential. Buy.

Management now expects the FY23 target of 21 units deployed will be be achieved early in the 1Q of  FY24. Four new units were successfully deployed in three regions concurrently in the 3Q, bringing the total number of units to 18.

The broker's $5.70 price target is unchanged.

Target price is $5.70 Current Price is $4.07 Difference: $1.63
If C79 meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates CHC as Buy (1) -

Ord Minnett observes the large office A-REITs are significantly undervalued and A-grade city offices owned by the majors should outperform B-grade or fringe assets.

2023 earnings look less risky now, in the broker's view, as employment growth should eventually offset the hit from "working from home" and be a positive for major office A-REITs.

The broker believes strong population growth will drive future employment growth. By rating and $16.20 target maintained for Charter Hall.

Target price is $16.20 Current Price is $11.13 Difference: $5.07
If CHC meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $14.77, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates CHN as Outperform (1) -

Chalice Mining is in search of a development partner to accelerate the development of Julimar. A formal process has commenced discussions now extending to mining companies.

Macquarie notes the Gonneville deposit is world-class and remains open at depth and along strike. The material catalysts are updates on the metallurgical test work and the release of a scoping study. Target is raised to $9.60 from $9.50. Outperform.

Target price is $9.60 Current Price is $7.94 Difference: $1.66
If CHN meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.63, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates CLU as Speculative Buy (1) -

Cluey produced a weak quarterly result, Bell Potter observes. A decline in Cluey Learning revenue was driven by a -11% reduction in customer acquisition expenditure.

The broker alters key metric assumptions, reducing revenue forecasts by -7% and -9% for FY23 and FY24, respectively.

The broker points out a tough macro backdrop and a focus on profitability contributed to the softer topline growth but the current valuation remains undemanding.

Speculative Buy rating maintained. Target is reduced to $0.35 from $0.50.

Target price is $0.35 Current Price is $0.14 Difference: $0.215
If CLU meets the Bell Potter target it will return approximately 159% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates CNB as No Rating (-1) -

Carnaby Resources has had strong drill results from Mount Hope Central, including 39m at 5.2% copper, 0.5 g/t gold and 83m at 2.4% copper, 0.3g/t gold.

The main catalyst forthcoming is the mineral resource for Greater Duchess, expected in the third quarter of 2023. Macquarie is currently on research restrictions and cannot provide a rating or target.

Current Price is $1.29. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Citi rates COL as Buy (1) -

Coles reported March Q sales growth in excess of Citi's forecast. The broker believes about half of the growth has been driven by Coles’ Exclusive Brand portfolio as consumers trade down from best in category to private label.

Citi sees upside to consensus Food earnings growth in the second half given strong top line growth and falling covid costs. The broker also believes the market is too cautious on top line growth going into FY24, with industry feedback suggesting inflation around mid-single digits and population growth of 2%.

Buy and $20.20 target retained.

Target price is $20.20 Current Price is $18.20 Difference: $2
If COL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $17.76, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates COL as Outperform (1) -

Coles Group reported comparable sales growth of 6.5% in the March quarter. Macquarie is concerned the rising cost of living will erode discretionary expenditure in the second half of 2023. As a result, relative safety is sought in staples, particularly Coles.

The "own brand" sales growth was strong in both supermarkets and liquor, up 11.4% and 15.2%, respectively. This suggests customers remain price conscious as household budgets are affected by macro economic factors.

The broker also points out 75% of customers have  begun to change their shopping behaviour. Outperform ratting maintained. Target is steady at $20.

Target price is $20.00 Current Price is $18.20 Difference: $1.8
If COL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.76, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates COL as Underweight (5) -

Coles Group's 3Q revenue was in line with the consensus forecast, observes Morgan Stanley, and management noted volumes remained modestly positive in early 4Q trade. 

The company expects supplier input cost pressure will continue to moderate in the 4Q.

In the analyst's subsequent meeting with management, it was noted customers are looking at ways to optimise grocery spend and are switching to own brand away from premium and priority brands. 

This global trend toward own brand is not only benefiting discount retailers but also Coles Group (having increased its own brand range), notes Morgan Stanley. 

The Underweight rating and $14 target is unchanged. Industry View: In-Line.

Target price is $14.00 Current Price is $18.20 Difference: minus $4.2 (current price is over target).
If COL meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.76, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates COL as Add (1) -

Coles Group's 3Q sales beat Morgans expectation, and management noted Supermarkets sales growth has continued into the 4Q with volumes remaining modestly positive. The company expects ongoing moderation in supplier input cost inflation.

Liquor like-for-like sales increased 1.5% (the analyst forecast 2.5%) with the business no longer cycling on-premise restrictions in the previous corresponding period.

The broker lifts EBIT forecasts across FY23-25 by 1% and the target rises to $19.85 from $19.60. Add.

Target price is $19.85 Current Price is $18.20 Difference: $1.65
If COL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $17.76, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Ord Minnett rates COL as Sell (5) -

Research from Coles Group has indicated customers are changing their shopping behaviour to accommodate their budgets. As a result, and an example, private-label spaghetti sales are up 40%.

Ord Minnett infers from the pronounced shift to private labels that discounter Aldi could take market share in the current environment with its greater private-label penetration.

This presents a near-term risk to estimates and potentially to longer-term forecasts if new customers at Aldi remains sticky through the cycle.

The broker maintains FY23 estimates for sales growth in earnings and retains a Sell rating and $14 target, assessing the stock as overvalued.

Target price is $14.00 Current Price is $18.20 Difference: minus $4.2 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.76, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates COL as Neutral (3) -

Sales revenue in the March quarter was below UBS' estimates. Despite an expected moderation over 2023, inflation is likely to remain the primary driver of like-for-like sales growth amid ongoing supply chain and input cost pressures.

Hence, the broker observes trading down is a key theme for Coles Group with strong private-label growth that is skewed to "good" product rather than "better" or "best". The broker remains concerned about the prospect of market share gains by Aldi.

Neutral rating. Target is $18.50.

Target price is $18.50 Current Price is $18.20 Difference: $0.3
If COL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $17.76, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Bell Potter rates CRN as Buy (1) -

Coronado Global Resources reported saleable coal production of 3.7mt for March quarter, with 75% metallurgical coal. The quarter was affected by wet weather at Curragh resulting in further volume slippage.

Guidance for 2023 of 16.8-17.2mt of saleable coal production has been reaffirmed with mining costs of US$84-87/t and capital expenditure of US$260-290m.

Bell Potter believes this is an indicator of confidence that volumes will recover strongly at Curragh over the remainder of the year. Buy rating maintained. Target is reduced to $2.15 from $2.20.

Target price is $2.15 Current Price is $1.65 Difference: $0.5
If CRN meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 26.3% (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

Macquarie rates CRN as Outperform (1) -

Production for the March quarter was in line with forecasts and sales -11% below. Macquarie observes weather and the derailment affected Curragh in the quarter while realised pricing was also below expectations.

Guidance has been maintained yet the broker envisages a risk to cost guidance given elevated costs in the first quarter. Metallurgical coal prices remain buoyant and drive the upside for Coronado Global Resources.

Outperform rating retained. Target price falls to $2.40 from $2.50.

Target price is $2.40 Current Price is $1.65 Difference: $0.75
If CRN meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 26.3% (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

Ord Minnett rates CRN as Hold (3) -

Ord Minnett was disappointed with the March quarter results amid lower saleable production. The broker anticipates better weather and logistics should support improved results later this year and deliver production of 16.8mt in 2023.

The broker remains hopeful that the new management of Coronado Global Resources will avoid some of the issues that have led to misses to prior guidance. Hold rating maintained. Target is reduced to $1.55 from $1.70.

Target price is $1.55 Current Price is $1.65 Difference: minus $0.1 (current price is over target).
If CRN meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.11, suggesting upside of 26.3% (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 CRN as Buy (1) -

Coronado Global Resources reported 6.2mt of total production and 3.7mt in sales in the March quarter with Curragh affected by rain, maintenance and a train derailment.

The company has reiterated 22023 guidance and UBS models "One Curragh" growing to 13..4mtpa in 2025. The company remains interested in Blackwater/Daunia but the broker notes the process has a way to go.

Buy retained. Target is reduced to $1.95 from $2.00.

Target price is $1.95 Current Price is $1.65 Difference: $0.3
If CRN meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 26.3% (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

Macquarie rates CTM as Outperform (1) -

Centaurus Metals has reported strong progress with the Jaguar pilot plant nickel sulphate test. Macquarie notes, as the Brazilian power grid is 80% sourced from renewables, once Jaguar commences production the project should be able to source 100% renewable power.

The next catalyst is the feasibility study in the fourth quarter of 2023, which the broker believes should significantly increase the mine life to over 20 years. Incorporating quarterly cash flow drives a -9% reduction to forecasts for 2023 because of higher-than-expected exploration expenditure.

Outperform rating and $1.60 target price retained.

Target price is $1.60 Current Price is $0.86 Difference: $0.74
If CTM meets the Macquarie target it will return approximately 86% (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

UBS rates DMP as Neutral (3) -

Domino's Pizza Enterprises has indicated new store growth in the US will be affected by store construction and supply chain challenges. Still, the company is confident of of gradual recovery in FY23 and inflection in FY24.

UBS believes store milestones are achievable and that there will be franchisees to operate these stores, although the franchisee economics are not compelling.

Meanwhile, the company is trialing removal of delivery surcharges in Australasia which suggests customer numbers in terms of delivery may not have recovered enough since the pandemic. Neutral rating and $60 target maintained.

Target price is $60.00 Current Price is $50.42 Difference: $9.58
If DMP meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $64.33, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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 DSE as Buy (1) -

In the wake of 1Q results, Shaw and Partners forecasts higher cash flows for Dropsuite and raises its target to 34c from 30c.

The broker gleans from talks with management annual recurring revenue (ARR) growth continues to be strong with no suggestion of any impact from the macroeconomic slowdown. Also, the FY23 gross margin target of around 66% looks likely to be exceeded.

Management reiterated its key outlook statements.

The Buy rating is maintained.

Target price is $0.34 Current Price is $0.27 Difference: $0.07
If DSE meets the Shaw and Partners target it will return approximately 26% (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

Morgan Stanley rates DTC as Underweight (5) -

Morgan Stanley maintains its Underweight rating and 9c target for Damstra Holdings following its 3Q report. Industry view: In-Line.

The most important outcome, according to the broker, was updated FY23 guidance. The revenue guidance range fell to $29.5-31m from $32-34m on delays and deferrals domestically and in Asia.

However, earnings (EBITDA) margin guidance rose to 20-25% from 14-18%, which implies to the analyst an upgrade of earnings guidance to $5.8-7.8m from $4.5-6.1m.

Target price is $0.09 Current Price is $0.07 Difference: $0.022
If DTC meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates DXS as Accumulate (2) -

Ord Minnett observes the large office A-REITs are significantly undervalued with the looming office building disposals by Dexus likely to be around -15% discount to book value.

Yet, 2023 earnings look less risky now, in the broker's view, as employment growth should eventually offset the hit from "working from home" and be a positive for major office A-REITs.

The broker believes strong population growth will drive future employment growth. Accumulate rating and $10.80 target maintained.

Target price is $10.80 Current Price is $7.78 Difference: $3.02
If DXS meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates GL1 as Outperform (1) -

Macquarie is encouraged by the recent drilling update at Manna as known mineralisation has extended to the north-east. Intersections a deeper but, importantly, around 50% is higher grade than the current resource.

Global Lithium will introduce a resource update to incorporate the results and has now progressed to the definitive feasibility study phase. Outperform rating and $2.20 target unchanged.

Target price is $2.20 Current Price is $1.39 Difference: $0.81
If GL1 meets the Macquarie target it will return approximately 58% (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

Shaw and Partners rates GL1 as Buy (1) -

As part of 3Q results, Global Lithium Resources announced the latest assay results from the 2022 Manna drilling program, which point to a large, north-eastern extension of the existing deposit, explains Shaw and Partners.

The company also released a Scoping Study on Manna that highlighted compelling value to the broker.

While the analyst retains a Buy rating, the target falls to $3.50 from $3.80 due to lower peer group multiples.

Target price is $3.50 Current Price is $1.39 Difference: $2.11
If GL1 meets the Shaw and Partners target it will return approximately 152% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates GLN as Outperform (1) -

Galan Lithium is advancing the Hombre Muerto West pilot project. Work on the definitive feasibility study is ongoing with the scope being split into two parts and the first part, being focused on pilot production, expected in May 2023.

Once all approvals are received Macquarie expects the company will lodge development plans and permits for the full-scale plant. Outperform maintained. Target is reduced to $1.70 from $1.90, given a weaker earnings outlook for the medium-longer term.

Target price is $1.70 Current Price is $1.07 Difference: $0.63
If GLN meets the Macquarie target it will return approximately 59% (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

Ord Minnett rates GPT as Accumulate (2) -

Ord Minnett assesses the large office A-REITs are significantly undervalued. 2023 earnings look less risky now, in the broker's view, as employment growth should eventually offset the hit from "working from home" and be a positive for major office A-REITs.

The broker believes strong population growth will drive future employment growth. Accumulate rating and $5.40 target maintained for GPT Group.

Target price is $5.40 Current Price is $4.41 Difference: $0.99
If GPT meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates HCW as Outperform (1) -

HealthCo Healthcare & Wellness REIT has completed the equity raising and the acquisition of the Healthscope properties. Macquarie  notes the acquisition is accretive to FY24 and materially shifts the asset composition of the portfolio.

The broker estimates the transaction increases FY24 cash flow by 1%, aided by a 5.3% yield, development upside and low cost of debt.  Macquarie resumes coverage following a short period of restriction and has a Outperform rating with a $1.64 target.

Target price is $1.64 Current Price is $1.34 Difference: $0.305
If HCW meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates IGO as Buy (1) -

Greenbushes proved the highlight of IGO's March Q, Citi notes, benefiting from the lagged pricing mechanism to deliver an earnings margin of 90% on record quarterly earnings. IGO notes the lithium market is volatile but doesn’t expect any issues selling spodumene.

Kwinana running at 81- 85% battery grade conversion and is now about ramping up rather than quality, the broker suggests.

The not so good news is an expected impairment of the $1.26bn Western Areas assets and likely capex overruns.

Target falls to $16.80 from $17.10. Citi retains Buy, noting IGO is a unique mix of battery metals exposure which trades at a discount to the broker's net asset valuation.

Target price is $16.80 Current Price is $13.75 Difference: $3.05
If IGO meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $16.01, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates IGO as Outperform (1) -

Macquarie observes stronger cash flow from lithium in the March quarter offset a weaker performance in nickel. Greenbushes production, cash costs and prices were all in line with estimates. Kwinana volumes were better-than-expected.

IGO has indicated it will impair the book value of the Western Areas assets in the FY23 result. Macquarie makes modest changes to earnings forecasts, reducing FY23 earnings estimates by -1% and lifting FY24 by 9%.

Outperform rating maintained. Target rises to $20 from $19.

Target price is $20.00 Current Price is $13.75 Difference: $6.25
If IGO meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $16.01, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates IGO as Underweight (5) -

IGO's third quarter results showed weakness across operations, while lower lithium sales indicated some inventory build, highlights Morgan Stanley.

Spodumene sales were a -12% miss versus the broker's forecast. It's thought the sales miss could be due to the -6% miss on production. The company has guided for higher spodumene sales in the 4Q.

Given a strong recent price for nickel, the analyst awaits an explanation from management why it expects to recognise a non-cash impairment on assets acquired via the Western Areas acquisition.

The Underweight rating and $10.55 target are maintained. Industry view: Attractive. 

Target price is $10.55 Current Price is $13.75 Difference: minus $3.2 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.01, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates IGO as Buy (1) -

Nickel production of 8,400t in the March quarter showed a "good" bounce, UBS asserts, despite the drag of Forrestania, amid a recovery at Nova. Greenbushes is on track for FY23 guidance and CPG3 for first ore in mid 2025.

IGO remains one of the preferred lithium names in the UBS coverage and the business is considered well on track for guidance  of 1.35-1.45mt in FY23.

The broker retains a Buy rating and reduces the target to $18.80 from $19.10.

Target price is $18.80 Current Price is $13.75 Difference: $5.05
If IGO meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $16.01, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Shaw and Partners rates JAN as Buy (1) -

Following a similar agreement with Cambridge University Press and Assessment last September, Janison Education has announced a global agreement with Oxford University Press.

The latest deal will assist the digital transformation of the company, suggests Shaw and Partners, and allow the provision of Oxford's 
digital assessment technology and event support services.

The analyst points out Janison now serves as a strategic partner to two of the three largest higher education institutions globally.

Shaw and Partners maintains its Buy rating and target price of 80c.

Target price is $0.80 Current Price is $0.40 Difference: $0.4
If JAN meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates JMS as Outperform (1) -

Jupiter Mines posted a strong FY23 result, in Macquarie's view, as it focuses on becoming the largest manganese producer globally. The near-term catalysts include detailed planning for efficiency projects and the downstream EV option.

These developments are expected to be forthcoming over 2023 and 2024. The broker observes manganese prices have remain buoyant and there is around 50% earnings upside in a spot scenario. Outperform rating and $0.30 target are unchanged.

Target price is $0.30 Current Price is $0.25 Difference: $0.05
If JMS meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates LLL as Outperform (1) -

Leo Lithium has signalled the Goulamina project is tracking to plan with construction and engineering completion at 20% and 70%, respectively.

DSO shipments will commence before the end of 2023 and the company will deliver spodumene concentrate production in the second half of 2024. Macquarie includes DSO shipments in line with guidance in its forecasts but adds a four-month delay to first spodumene.

Outperform rating and $1.50 target maintained.

Target price is $1.50 Current Price is $0.53 Difference: $0.975
If LLL meets the Macquarie target it will return approximately 186% (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 LM8 as Outperform (1) -

Lunnon Metals has reported strong progress on the Baker PFS and expects to release the study in the fourth quarter of FY23. Several important updates are expected in coming months including a maiden reserve.

The company is considering a combined Baker and Foster development which lines up with Macquarie's base case. The broker raises the target to $1.40 from $1.30 and maintains an Outperform rating.

Target price is $1.40 Current Price is $1.15 Difference: $0.25
If LM8 meets the Macquarie target it will return approximately 22% (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

Shaw and Partners rates LOT as Buy (1) -

Following the release of 3Q results by Lotus Resources, Shaw and Partners notes re-start plans are progressing at the Kayelekera uranium project in Malawi.

At the close of the quarter, the analyst highlights the company was carrying no debt and had a cash balance of $17.9m.

The broker outlines positive fundamentals for the uranium market and believes pricing is trending upwards as a result of looming supply deficits.

The Buy rating and 35c target are unchanged.

Target price is $0.35 Current Price is $0.20 Difference: $0.155
If LOT meets the Shaw and Partners target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Bell Potter rates LOV as Buy (1) -

Another analyst takes up coverage of Lovisa Holdings and Bell Potter reiterates a Buy rating with a $32.50 target. The broker believes the current trading multiple is justified, given market expectations for the highest one-year forward EBITDA growth within the global peer group.

In a slower consumer spending environment, the broker believes the business is insulated compared with other retail names, supported by growth in new stores over the longer term and leeway in gross margins.

Target price is $32.50 Current Price is $26.55 Difference: $5.95
If LOV meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $29.04, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates LTR as Neutral (3) -

Liontown Resources reported early mining and construction activities progressed to plan over the March Q with Kathleen Valley remaining on track for first production mid-2024. An update on Direct Shipping Ore opportunities is expected in the June Q, as is a project funding update.

On the takeover front, Albemarle holds 4.4% of the register with stock bought below $2.50 cash bid price. The market is expecting a counteroffer with Liontown trading 8% above the bid. Citi's target is unchanged at $2.80, in line with expectations of an increased bid.

Neutral retained.

Target price is $2.80 Current Price is $2.74 Difference: $0.06
If LTR meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates LTR as Outperform (1) -

Liontown Resources has commenced open pit mining and should award the underground contract in the second half of 2023. Construction is underway at Kathleen Valley spodumene.

Given the scale and expansion potential at Kathleen Valley, Macquarie comprehends the recent rejection of the proposal from Albemarle and believes a premium to valuation is justified in a change of control transaction. Outperform rating maintained. Target is steady at $3.

Target price is $3.00 Current Price is $2.74 Difference: $0.26
If LTR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates M7T as Add (1) -

Mach7 Technologies had surpassed FY23 sales order guidance by the end of the 3Q following another strong quarter in sales orders, according to Morgans. 

Around 55% of sales orders were recurring in nature. The broker anticipates significant cash collections in the 4Q will elevate FY23 operating cash flows to positive territory. 

The analyst maintains an Add rating and $1.34 target and views the company as a key pick in the space.

Target price is $1.34 Current Price is $0.69 Difference: $0.65
If M7T meets the Morgans target it will return approximately 94% (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

Shaw and Partners rates M7T as Buy (1) -

Sales orders already exceed the FY23 target, notes Shaw and Partners, following Mach7 Technologies' 3Q trading update and cashflow report.

Management expects more sales orders in the 4Q and aims to be cash positive for FY23. While guidance was not reiterated, Shaw and Partners anticipates the (original) FY23 revenue growth target of over 20% will be met.

The Buy rating and $1.30 target are retained. According to the analyst, there is no evidence of any impact from any macroeconomic slowdown upon Mach7 Technologies.

Target price is $1.30 Current Price is $0.69 Difference: $0.61
If M7T 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 FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates MGH as Add (1) -

Maas Group will spend -$39m to acquire a 75% interest in South East Queensland asphalt business Austek Asphalt.

The broker factors the EPS accretive May-23 acquisition into its forecasts, along with a reduced share count following a recent buy-back. The target rises to $4.00 from $3.80.

The Add rating is retained as the analyst believes volumes will be supported by the ongoing theme of regional infrastructure spend, despite a slowing residential real estate market in the near-term.

Target price is $4.00 Current Price is $3.02 Difference: $0.98
If MGH meets the Morgans target it will return approximately 32% (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

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

Mirvac Group has unexpectedly downgraded FY23 earnings guidance by -5% driven by lower residential settlements and delayed recognition of industrial development profits (now in FY24).

On the positive side, Citi notes, residential enquiries are rising, Mirvac has made good progress on capital partnering and asset sales with almost all assets identified for sale at the beginning of FY23 now close to being sold.

Looking ahead, the lower earning base puts Mirvac in a better position to grow earnings in FY24, the broker suggests, and proceeds from asset sales will help fund the development pipeline. However, Mirvac has a large office portfolio, which may cap upside.

Downgrade to Neutral from Buy. Target rises to $2.50 from $2.40.

Target price is $2.50 Current Price is $2.41 Difference: $0.09
If MGR meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates MGR as Neutral (3) -

Macquarie assesses the earnings profile of Mirvac Group has been re-based, with progress on asset sales and capital partnering providing a strong balance sheet.

The broker has downgraded short-term operating earnings forecasts but this is mainly because of project delays and this should recover in subsequent years.

Execution on the company's refined strategy should provide upside risk to the medium-term forecasts. Amid limited valuation support a Neutral rating is maintained. Targets slips to $2.34 from $2.38.

Target price is $2.34 Current Price is $2.41 Difference: minus $0.07 (current price is over target).
If MGR meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates MGR as Overweight (1) -

As part of Mirvac Group's 3Q operational update, FY23 EPS guidance was lowered to 14.7c from 15.5c and lot settlement guidance fell to 2,200 from 2,500 due to weather delays. 

While consensus had been expecting FY23 EPS of 15.4c, the analyst points out residential delays had been previously flagged. It's thought the company is now set for a stronger position leading into FY24.

The Overweight rating and $2.55 target are unchanged. Industry view is In-Line.

Target price is $2.55 Current Price is $2.41 Difference: $0.14
If MGR meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates MGR as Accumulate (2) -

Ord Minnett notes Mirvac Group is poised to sell its Sydney city assets Metcentre and 60 Margaret Street for around $820m.

Nevertheless, 2023 earnings look less risky now, in the broker's view, as employment growth should eventually offset the hit from "working from home" and be a positive for major office A-REITs.

The broker believes these office A-REITs are substantially undervalued and strong population growth will drive future employment growth. Accumulate and $3.10 target maintained.

Target price is $3.10 Current Price is $2.41 Difference: $0.69
If MGR meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates MGR as Neutral (3) -

Mirvac Group has downgraded FY23 guidance for earnings per share by -5% because of residential settlement delays and a planning delay at the Aspect logistics development.

UBS highlights, to deliver the large development pipeline, the company requires third-party capital and asset sales. The BTR fund has advanced and a logistics fund will also partially de-risk C&I profits in FY23-24.

The company will be benefiting from increased confidence into FY24 as settlement delays are partially de-risked and there is progress on capital initiatives. Neutral rating is retained and target is steady at $2.37.

Target price is $2.37 Current Price is $2.41 Difference: minus $0.04 (current price is over target).
If MGR meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates MP1 as Overweight (1) -

On reviewing last week's 3Q results for Megaport, Morgan Stanley noted FY23 and FY24 earnings (EBITDA) guidance had exceeded consensus forecasts by 90% and 45%, respectively.

This outcome de-risks investor concerns around management changes and ongoing cash-burn, suggests the broker.

Morgan Stanley attributes these guidance beats to positive cash flow initiatives which should deliver an around $30m improvement to annualised cash flows. This comprises impacts from work force reductions, price increases and COGS/Opex cost-out of around $10m, $12m and $8m, respectively.

Revenue in the 3Q was a 5% beat compared to the analyst's forecast. It's felt the key question is now whether a re-calibrated shift back to direct sales can deliver three year consensus revenue compound annual growth (CAGR) of over 20%.

Overweight. Target $8.50. Industry View: Attractive.

Target price is $8.50 Current Price is $5.63 Difference: $2.87
If MP1 meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 63.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates MP1 as Buy (1) -

Ord Minnett was pleased with the March quarter update, believing the business is on track. An organisational review has been completed by Megaport over the past two months and -16% of the workforce was cut in April. Yet the firm will now bring on more direct sales people.

It has also corrected underpricing of its virtual cross connects and implemented a new pricing strategy in March. Ord Minnett looks forward to an "excellent" FY23 amid accelerating revenue growth and the first year of EBITDA profitability.

The Buy rating and $13 target are unchanged.

Target price is $13.00 Current Price is $5.63 Difference: $7.37
If MP1 meets the Ord Minnett target it will return approximately 131% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 63.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates MVF as Outperform (1) -

Total cycles were up 0.3% in March. Monash IVF has noted strong inbound inquiries in January, particularly in NSW.

Macquarie envisages second half growth will be supported by specialist recruitment as well as incremental benefits from the PIVET acquisition. As a result, more significant market share gains are expected in the second half.

The $1.30 target is unchanged and an Outperform rating is maintained.

Target price is $1.30 Current Price is $1.16 Difference: $0.145
If MVF meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates ORG as Outperform (1) -

Origin Energy's APLNG volumes were in line with expectations in the March quarter. Macquarie notes revenue realisation was in line in offshore markets while lower domestically. There is no change to earnings guidance.

Gas volumes are likely to be lower than the broker previously expected amid a loss of a contract in South Australia and generally lower usage. Gas-fired generation was down as there was limited volatility over summer.

The broker retains an Outperform rating and raises the target to $8.89 from $8.06.

Target price is $8.89 Current Price is $8.34 Difference: $0.55
If ORG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.71, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Bell Potter rates ORR as Speculative Buy (1) -

Bell Potter updates the valuation to take into account the latest gold forecasts. The Nyanzaga gold project is sensitive to the gold price and the update results in a 5% increase to the broker's underlying, un-risked valuation.

OreCorp continues to screen well compared with peers, Bell Potter adds, and being highly leveraged to a rising gold price has an opportunity in the current environment. Speculative Buy rating maintained. Target rises to $0.97 from $0.93.

Target price is $0.97 Current Price is $0.40 Difference: $0.575
If ORR meets the Bell Potter target it will return approximately 146% (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

Ord Minnett rates PAC as Buy (1) -

Ord Minnett believes the outlook from Pacific Current Group is positive with the company reporting funds under management up 6.9% over the March quarter. The stock is "inexpensive" in the broker's view and should achieve solid growth over the forecast period.

A Buy rating is reiterated as Ord Minnett considers the suite of diversified, private capital strategies an appealing investment proposition. Target is steady at $11.20.

Target price is $11.20 Current Price is $7.53 Difference: $3.67
If PAC meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PAN as Outperform (1) -

Macquarie welcomes the results from the March quarter, given extreme weather and logistical challenges faced by the mine. Importantly, Panoramic Resources improved its cash balance and continued the ramp up of operations.

The company has completed its final concentrate shipment to Jinchuan following the conclusion of the offtake agreement. A new offtake has commenced with Trafigura with first concentrate occurring during March.

The broker notes the upcoming catalysts include drilling results and the continued ramp up of Savannah. Outperform rating retained. Target price is 19c.

Target price is $0.19 Current Price is $0.15 Difference: $0.04
If PAN meets the Macquarie target it will return approximately 27% (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

Morgans rates PAN as Add (1) -

The 3Q production update by Panoramic Resources showed the impact of a significant weather event in January, explains Morgans, with a softening in mining and milling rates compared to the 2Q.

While ore mined was down -2%, and ore milled fell by -4% quarter-on-quarter, metal recoveries through the processing plant showed ongoing improvement, notes the analyst.

The broker anticipates a stronger production ramp-up in the 4Q as planned maintenance has finished, Savannah is now fully staffed and capital development remains ahead of the original schedule at North Savannah.

The target falls to 23c from 25c and the Add rating is unchanged.

Target price is $0.23 Current Price is $0.15 Difference: $0.08
If PAN meets the Morgans target it will return approximately 53% (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

Bell Potter rates PBH as Speculative Buy (1) -

PointsBet Holdings posted a "solid" quarter, Bell Potter observes, with total net wins for the group up 39%. The company is also in discussions with multiple parties in respect of some transactions that could involve all or part of the North American business.

The broker downgrades revenue forecasts for FY23-25 by -5-14% although makes little change to EBITDA or net profit forecasts. Speculative Buy rating maintained. Target is reduced to $2.90 from $3.00.

Target price is $2.90 Current Price is $1.55 Difference: $1.35
If PBH meets the Bell Potter target it will return approximately 87% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates PBH as Hold (3) -

Total net wins for PointsBet Holdings in the March quarter were $106.6m, ahead of expectations. With 14 US states now operating, Ord Minnett does not envisage more being added in the next 12 months.

Combined with the recent -12% reduction in personnel in North America, this should mean cash burn is reduced, the broker points out. Hold rating maintained. Target is raised to $1.45 from $1.42.

Target price is $1.45 Current Price is $1.55 Difference: minus $0.1 (current price is over target).
If PBH meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates PLS as Add (1) -

While Pilbara Minerals revealed in-line 3Q production (a -9% fall on the prior period), pricing was a -5% miss, and Morgans expects realised prices will continue to soften in the coming quarters given weak chemical pricing.

As a result of the weaker pricing outlook, the broker lowers its target to $5.00 from $5.30 yet still sees potential for short-term price momentum when the Chinese market strengthens.

Management noted the labour market remains tight in WA but felt unit costs will moderate with efficiency gains coming from future production growth.

The Add rating is maintained.

Target price is $5.00 Current Price is $4.24 Difference: $0.76
If PLS meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates PLY as Buy (1) -

Third quarter revenue for Playside Studios exceeded Shaw and Partners forecast, while cash flows were considered strong. Original IP revenue also outperformed forecasts, largely due to a better-than-expected spike in Dumb Ways to Die portfolio downloads.

Management now expects FY23 revenue will exceed $35m, driven by Original IP with the Work-For-Hire forecast unchanged.

The broker retains its 70c target and Buy rating. 

Target price is $0.70 Current Price is $0.35 Difference: $0.35
If PLY meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie - Cessation of coverage

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: 0.5

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

Bell Potter rates PPT as Buy (1) -

Perpetual's third quarter update showed an increase in funds under management of 4% to $210bn. This was better than Bell Potter expected and the business is seen delivering on the merger while cost synergies have increased.

The broker believes the shares were heavily sold off late in 2022 amid fears of continued outflows and doubts about the merger. This announcement is considered the first step in countering the negative views.

The broker continues to find the combined group attractive, with greater scale and diversity, and retains a Buy rating. Target is raised to $30.60 from $30.50.

Target price is $30.60 Current Price is $24.53 Difference: $6.07
If PPT meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $30.67, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates PPT as Accumulate (2) -

Ord Minnett found some positive aspects to Perpetual's March quarter update with net outflows lower-than-expected and new cost synergies identified. Yet, the impending termination of a $1bn mandate from JO Hambro signals there could be further redemptions to come.

Ord Minnett forecast funds under management for Perpetual will compound 6% per year to reach $262bn by FY27 from a forecast $204bn in FY23. Accumulate maintained. Target is steady at $33.

Target price is $33.00 Current Price is $24.53 Difference: $8.47
If PPT meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $30.67, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates QUB as Neutral (3) -

Container volumes were up 1% in March while full container imports were down -1%. UBS observes modest growth in March follows a -19% downturn in February and breaks a trend of year-on-year declines recorded since November.

The new-found stability may indicate that the covid consumption surge has been absorbed and/or there is less risk of a continued de-stocking of goods, the broker assesses.

A Neutral rating is retained for Qube Holdings and the target price is $3.35.

Target price is $3.35 Current Price is $3.07 Difference: $0.28
If QUB meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates RMD as Buy (1) -

The highlight of ResMed's March Q result for Citi was 43% constant-currency growth in Devices sales as the company was no longer restricted in its ability to supply the US market with cloud-connected devices.

Gross margin was lower than anticipated on product mix. ResMed continues to expect devices sales to be sequentially higher throughout 2023 and Citi expect Philips to return to market in the March Q 2024, but the timing remains uncertain.

The broker retains Buy, noting the supply chain situation is improving, and the competitive dynamic remains in ResMed’s favour. Target rises to $40.50 from $39.00.

Target price is $40.50 Current Price is $33.71 Difference: $6.79
If RMD meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $38.00, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates RMD as Outperform (1) -

Improved component supply/device availability underpinned robust device growth for ResMed in the March Q, Macquarie notes, with increased new patient set-ups driving mask/accessories growth.

Geographically, the US is now unconstrained in relation to cloud-connected devices, with ResMed able to meet all current customer demand. In other markets, device availability is expected to improve over coming quarters, the broker reports.

The weak point was a gross margin of 56.1%, -130bps below Macquarie's forecast. In the near-term, the broker is looking for a continuation of robust revenue and the delivery of operating leverage. Updates from Philips remain a key near-term catalyst.

Target rises to $38.00 from $37.85, Outperform retained.

Target price is $38.00 Current Price is $33.71 Difference: $4.29
If RMD meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $38.00, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

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

Morgan Stanley  increases its target for ResMed to $34.70 from $30.80 following 3Q results. Industry view: In-line. 

The broker retains its Equal-weight rating on valuation though concedes Philips may not compete for some time yet and management is confident in retaining market share gains.

Moreover, easing supply constraints is expected to result in plentiful supply of S10 cloud connected devices and improving production of the S11.

March quarter revenue beat Morgan Stanley's expectations, up 29%. This was attributed to a strong performance across all regions as supply chain issues eased.

ResMed's US device sales were up 48% while the rest of the world sales were up 29%. Mask sales in the US were up 14% and the rest of the world 9%.

Target price is $34.70 Current Price is $33.71 Difference: $0.99
If RMD meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.00, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Morgans rates RMD as Add (1) -

ResMed's 3Q profit of US$248 beat the forecasts of Morgans and consensus of US$245m and US$237m, respectively, on strong sales across all product lines. 

SaaS revenue benefited from the Medifox Dan acquisition, notes the broker, and organic growth of 9% via the Home Medical Equipment channel.

More negatively, the analyst highlights gross margin headwinds and higher opex, which limited robust operating leverage.

The adjusted gross profit margin fell -200bp to 56.1%, mainly on unfavourable product mix and higher component costs, partially offset by increased price, explains Morgans.

The target rises to $37.80 from $37.24. Add.

Target price is $37.80 Current Price is $33.71 Difference: $4.09
If RMD meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $38.00, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

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

A key driver of Ord Minnett's strong March Q sales was an improving supply environment, Ord Minnett suggests. The company was able to provide unrestrained access to its cloud-connected device in North America, and improved access globally.

This led to ResMed recording its highest quarter of new patient set-ups. The clear negative in the result was a contraction in gross margin from the prior quarter.

This was mainly due to the sales-mix shifting towards lower margin devices and higher component costs offset by higher prices, the broker notes. But management has called the bottom for margins.

Upgrade to Accumulate from Hold, fair value rises to $39 from $35.

Target price is $39.00 Current Price is $33.71 Difference: $5.29
If RMD meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $38.00, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates RNU as Outperform (1) -

Macquarie retains its 30c price target for Renascor Resources after reviewing 3Q results. Cash on hand of $134m was in line with the analyst's forecasts, following around -$2m of capital expenditure in the quarter.

Management is currently conducting an optimisation study for the Siviour BAM project, observes the broker, which is likely to see an increase in targeted PSG production to better match mine volumes.

While Macquarie notes a risk of materially higher capital expenditure than planned, the Outperform rating is unchanged.

Target price is $0.30 Current Price is $0.21 Difference: $0.09
If RNU meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates RRL as Outperform (1) -

Following in-line 3Q production (pre-released) from Regis Resources, Macquarie retains its $2.90 target and Outperform rating. All-in sustaining costs (AISC) were 8% better than expected.

A strong performance at Duketon South offset softer results at Duketon North (bad weather) and Tropicana, explains the analyst. Tropicana was impacted by fleet availability and productivity issues, which have now been rectified.

Target price is $2.90 Current Price is $2.13 Difference: $0.77
If RRL meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates SLR as Outperform (1) -

Despite a -9% miss against Macquarie's forecast for 3Q production by Silver Lake Resources, Macquarie retains its $1.70 target. All-in sustaining costs (AISC) were in line with the analyst's forecast.

Management retained FY23 guidance, which implies to the analyst a big finish to the financial year, with high-grade Deflector South West and Tank mines ramping-up.

The broker also notes management has taken advantage of high gold prices to hedge 110koz at $3,006/oz for FY24-26.

Target price is $1.70 Current Price is $1.27 Difference: $0.43
If SLR meets the Macquarie target it will return approximately 34% (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

Ord Minnett rates SLR as Buy (1) -

Silver Lake Resources produced a slightly softer result in the March quarter, amid lower grades/plant utilisation at Deflector. This was somewhat offset by better grades at Mount Monger.

The broker assesses an inflection point for free cash flow has been reached and, with more positive signs at Mount Monger and Deflector, is convinced that production fundamentals should significantly improve from the fourth quarter of FY24 onwards. Buy rating and $2.30 target maintained.

Target price is $2.30 Current Price is $1.27 Difference: $1.03
If SLR meets the Ord Minnett target it will return approximately 81% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates SRL as Neutral (3) -

Following reporting of 3Q cash flows by Sunrise Energy Metals, Macquarie lowers its EPS forecasts and its target by -9% to $1.47, after also allowing for a change of its equity funding scenario for the Sunrise project.

The broker now anticipates the capital cost for the Sunrise project is US$2.4bn, a -31% increase on the September 2020 PEP
updates from the 2018 definitive feasibility study.

The securing of a strategic partner for funding and offtake remains a key catalyst, made easier by the project's ESG credentials, suggests the analyst. Construction is expected to commence in 2025 and first production should occur in late-2027. Neutral.

Target price is $1.47 Current Price is $1.32 Difference: $0.15
If SRL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates SRX as Add (1) -

Sierra Rutile maintains 2023 guidance despite misses against Morgans forecasts for production and sales volumes in the 1Q.

The broker leaves its forecasts, 55c target and Add rating unchanged. It's noted the value of cash on hand equates to around 88% of the company's current market capitalisation.

Net cash increased by $19.6m to $57.3m over the quarter.

Target price is $0.55 Current Price is $0.23 Difference: $0.325
If SRX meets the Morgans target it will return approximately 144% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Ord Minnett rates STX as Hold (3) -

Ord Minnett notes Strike Energy remains on the verge of being a producer, although slightly later than originally expected. The main issue is how effectively the company can monetise its gas position, being the largest holder of gas resources in the Perth Basin.

The balance sheet has been buoyed by this shale of shares in Warrego following an unsuccessful takeover bid. While Walyering should be the first the company has ambitions for four projects by the end of 2025.

The broker notes the shares have pulled back -10% from the highs in April and retains a Hold rating with a $0.45 target.

Target price is $0.45 Current Price is $0.48 Difference: minus $0.025 (current price is over target).
If STX 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 $0.44, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates SYA as Outperform (1) -

Production of 3.5kt of spodumene concentrate in the 3Q by Sayona Mining exceeded Macquarie's forecast of 3.0kt for the North American Lithium (NAL) project.

Management expects to deliver first lithium shipment in July and continues to target 85-115kt of production in the 1H of FY24, ahead of the broker's more conservative 58.6kt forecast. 

The recent resource upgrade at Moblan presents upside risk to the analyst's development scenario for the project.

The Outperform rating and 30c target are unchanged.

Target price is $0.30 Current Price is $0.20 Difference: $0.1
If SYA meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates TBN as Outperform (1) -

Following 3Q reporting by Tamboran Resources, Macquarie expects management to report 30-day flow rates from its first operated Beetaloo lateral well, Amungee 2H, in coming weeks.

Should strong flow rates be achieved, the broker suggests the case will be improved for the Beetaloo wells becoming a key source of new gas for the under supplied East Coast.

The Outperform rating and 35c target are unchanged.

Target price is $0.35 Current Price is $0.19 Difference: $0.16
If TBN meets the Macquarie target it will return approximately 84% (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

Shaw and Partners rates TBN as Buy (1) -

After a recent initiation of research coverage for Tamboran Resources, Shaw and Partners retains its Buy rating and 50c target following 3Q results.

The broker highlights the Amungee 2H well has been successfully completed and the company has commenced a 30-day initial production flow test. 

Results are expected in late-May, and the analyst anticipates a flow outcome in excess of the 5mmscfd, which would demonstrate commerciality and be a positive catalyst for the company's share price.

Target price is $0.50 Current Price is $0.19 Difference: $0.31
If TBN meets the Shaw and Partners target it will return approximately 163% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates TLG as Outperform (1) -

Talga Group's cash on hand at the close of the 3Q was a slight miss against Macquarie's forecast due to a -$7m spend on exploration and development.

The broker highlights the Vittangi graphite anode project is progressing and expects a positive near-term catalyst will result from confirmation of environmental licenses at both the mine and refinery.

The $2.00 target and Outperform rating are unchanged.

Target price is $2.00 Current Price is $1.60 Difference: $0.4
If TLG meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates TLX as Buy (1) -

Following the recent quarterly update, which beat Bell Potter's forecast by 20%, revenue estimates for FY23 and FY24 are upgraded by 24% and 29%, respectively.

The broker finds great potential in AI for recognising the patterns in huge datasets and herein lies the opportunity for Telix Pharmaceuticals.

The next major catalysts include further data from recent clinical trials. Buy rating maintained. Target rises to $14 from $9.

Target price is $14.00 Current Price is $10.15 Difference: $3.85
If TLX meets the Bell Potter target it will return approximately 38% (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

UBS rates TWE as Buy (1) -

Wine Australia export data shows value down -10.8% in March quarter and volume down -1.4%.  The key growth market in the $10-plus/bottle segment was Hong Kong and Singapore, key markets for Treasury Wine Estates' Penfolds brand.

UBs also notes grocery purchases of wine, as opposed to on-premises, could gain share in Australia's largest wine export market, the UK, in the face of rising cost-of-living pressures, which would be a positive for the company.

The company has guided to second half EBITS in line with the first half, expecting conditions will remain broadly similar. Buy rating and $15 target maintained.

Target price is $15.00 Current Price is $13.93 Difference: $1.07
If TWE meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.35, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates URW as Buy (1) -

Unibail-Rodamco-Westfield presented a solid first quarter and Ord Minnett believes the securities are significantly undervalued.

Gross rental income for the quarter rose 3% and like-for-like rental growth of 7.8% overcame the losses from numerous asset disposals in 2022 in both Europe and the US.

The broker notes the company is also in active discussions relating to several of its US regional assets. Ord Minnett retains a Buy rating and $7.80 target.

Target price is $7.80 Current Price is $4.04 Difference: $3.76
If URW meets the Ord Minnett target it will return approximately 93% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

This company reports in EUR. 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

Morgans rates VHT as Add (1) -

Volpara Health Technologies generated its second consecutive quarter of positive net operating cashflow, in a solid 4Q performance, assesses Morgans. Cash receipts of NZ$10m rose by 25% on the previous corresponding period.

Management anticipates cashflow profitability in FY25, though investors should be prepared for a negative 1Q of FY23 due to the timing of annual staff performance payments.

The broker retains its Add rating and $1.21 target.

Target price is $1.21 Current Price is $0.79 Difference: $0.42
If VHT meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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