Australian Broker Call

Ord Minnett rates ABB as Accumulate (2) -

Aussie Broadband's quarterly updated was positive, opines Ord Minnett, including a re-affirmation of FY24 guidance. The number of 731,785 broadband connections was some 7,700 higher than what the broker was expecting.

Ord Minnett states the company should be very close to overtaking the Vocus brands as the fourth largest residential broadband provider in Australia.

Due diligence on Symbio Holdings ((SYM)) continues. Accumulate rating retained. Price target improves to $4.19 from $4.15.

Target price is $4.19 Current Price is $3.94 Difference: $0.25
If ABB meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

Argosy Minerals' lithium carbonate project has not achieved a continuous production state and its ramp-up has suffered multiple delays.

The delay of environmental approval presents a key hurdle for stage 2 construction and the capacity expansion plan, in Macquarie's view.

The broker downgrades to Neutral from Outperform given a weakened earnings outlook and uncertainties in stage 1 production ramp-up and environmental approvals.

Target falls to 18c from 40c.

Target price is $0.18 Current Price is $0.17 Difference: $0.01
If AGY meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

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

Bell Potter rates AKE as Buy (1) -

Despite a strong production quarter from Allkem, including a record quarter from Mt Cattlin, average realised prices were weak although consistent with the market, concludes Bell Potter.

Olaroz Stage 2 reported first production in mid-July, delivering 4,400 tonnes over the period, while Mt Cattlin produced 73,000 tonnes, with favourable head grades expected to continue throughout FY24.

Bell Potter expects operational performance to continues to improve underpinned by Mt Cattlin production and Olaroz ramp up. The Buy rating is retained and the target price increases to $18.45 from $18.10.

Target price is $18.45 Current Price is $10.09 Difference: $8.36
If AKE meets the Bell Potter target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $15.76, suggesting upside of 55.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates AKE as Buy (1) -

Following 1Q results for Allkem, Citi highlights SC6 spodumene pricing of US$3,000/t was in line or better than peers to date. Olaroz carbonate pricing of US$25,981/t was a modest -5% below the broker's expectations, but a miss on consensus.

Mt Cattlin was the standout performer, in the broker's view, by delivering around $100m in free cash flow (FCF) over the quarter.

Compared to the analysts' forecasts, quarter-on-quarter production at Olaroz was a -15% miss, while Mt Cattlin outperformed.

The Allkem/Livent scheme book is due next month.

The $13.50 target and Buy rating are maintained.

Target price is $13.50 Current Price is $10.09 Difference: $3.41
If AKE meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $15.76, suggesting upside of 55.1% (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

Macquarie rates AKE as Outperform (1) -

Allkem's Sep Q result was mixed, Macquarie notes, with strong operational performance at Mt Cattlin offsetting lower production and sales at Olaroz.

The broker comments recent changes to contract pricing mechanism exacerbated price realisation weakness in a downward-trending lithium market.

Updates on the merger proposal with Livent present the key near-term catalyst, the broker suggests.

Target falls to $17.00 from $17.50, Outperform retained.

Target price is $17.00 Current Price is $10.09 Difference: $6.91
If AKE meets the Macquarie target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $15.76, suggesting upside of 55.1% (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

Morgan Stanley rates AKE as No Rating (-1) -

Morgan Stanley assesses a strong 1Q strong operational performance by Allkem, driven by robust plant reliability and low downtime.

At Oloroz Stage 1, Production and sales were beats of 39% and 42%, respectively, versus the broker's forecasts, while beats against consensus were 10%/12%.

On the flipside, realised pricing at Olaroz missed estimates by the broker and consensus by -29% and -23%, respectively. A weaker cost performance was partly impacted by elevated input costs and the removal of export incentives.

A production beat against the broker at Mt Cattlin was similar to Olaroz, while sales were a 39% beat, while realised pricing missed by -29%.

Industry View: Attractive. Morgan Stanley is currently restricted on research for Allkem and cannot provide a rating or target.

Current Price is $10.09. Target price not assessed.

Current consensus price target is $15.76, suggesting upside of 55.1% (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

Morgans rates AKE as Add (1) -

Despite softer 1Q lithium pricing for spodumene and carbonate, a stronger-than-expected production performance at Mt Cattlin kept Allkem's revenue flat compared to the prior quarter, explains Morgans.

While the broker had anticipated the -12% quarter-on-quarter fall in Olaroz production, revenue from these operations was around -30% lower than expected due to lower carbonate prices.

The target falls to $14.10 from $15.30 and the Add rating is unchanged on large growth potential, though Morgans concedes softer lithium pricing could play out in the short-term.

Target price is $14.10 Current Price is $10.09 Difference: $4.01
If AKE meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $15.76, suggesting upside of 55.1% (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

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

Morgan Stanley lifts its target for Ampol to $35.48 from $34.82 following 3Q results and a modest lift in the the broker's 2024 refining margin estimate. An Equal-weight rating is retained. Industry view is Attractive.

Prior research by the broker on 3Q results was summarised as follows:

During 3Q results, Ampol's unveiled a Lytton Refiner Margin (LRM) 41% ahead of what both Morgan Stanley and consensus were expecting. 

The analysts' explain the Fluidised Catalytic Cracking Unit restarted in May and there was strength in gasoline and diesel product cracks.

Stronger refining margins and trading gains resulted in replacement cost operating profit (RCOP) group earnings (EBIT) rising by 61% on the previous corresponding period. This outcome exceeded forecasts by the broker and consensus by 46% and 36%, respectively.

Target price is $35.48 Current Price is $31.77 Difference: $3.71
If ALD meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.60, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates ALD as Neutral (3) -

It is UBS's assessment Ampol released a "strong" Q1 trading update. EBIT proved no less than 35% better than the broker's forecast on a much higher Lytton Refining Margin and Trading & Shipping surprising too.

The broker does temper the achievement as crack spreads have softened in recent weeks and Trading & Shipping won't be repeating a similar surprise in the next quarter (Ampol has closed out open trading positions and taken profits).

The December quarter is usually a strong one for the company but this time around the broker remains cautious.

UBS believes the shares should remain yield supported and there could even be room for a special dividend. Neutral. Target creeps up to $33.90 from $32.60 on higher forecasts.

Target price is $33.90 Current Price is $31.77 Difference: $2.13
If ALD meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.60, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Bell Potter rates ALK as Buy (1) -

A solid start to the year from Alkane Resources according to Bell Potter, with total gold production of 15,860 ounces. The company managed to beat Bell Potter's expected average gold price, securing an average sale price of $2,897 per ounce in the period. 

Off the back of the quarter, Bell Potter lowers its full year production forecast to 65,000 tonnes, having previously anticipated a beat to guidance. This drives a -15% decrease to the broker's earnings per share forecast for FY24.

The Buy rating is retained and the target price decreases to $1.00 from  $1.05.

Target price is $1.00 Current Price is $0.59 Difference: $0.415
If ALK meets the Bell Potter target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates AZY as Buy (1) -

Antipa Resources reported September quarter results, for a quarter comprised part of the most active six months of drilling in Antipa’s history, Shaw and Partners notes, targeting rapid, sizeable success at GEO-01, Tetris and Pacman.

Antipa was an early mover into the Paterson region in WA, Shaw points out, and has attracted majors such as Rio Tinto ((RIO)), Newcrest Mining and IGO Ltd ((IGO)) via joint venture and farm-ins and have a potential standalone development opportunity in Dome, near Telfer.

The miner is considered well funded to complete future works programs. Buy and 6c target retained.

Target price is $0.06 Current Price is $0.01 Difference: $0.049
If AZY meets the Shaw and Partners target it will return approximately 445% (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

Macquarie rates BPT as Neutral (3) -

Beach Energy's Sep Q production was in line with Macquarie but revenue disappointed on softer-than-expected pricing. Otway's reliance on Origin Energy ((ORG)) was highlighted, as 10PJ of available gas went un-nominated.

Management is still negotiating Otway gas pricing with Origin, and it appears likely that Origin may continue to nominate low/minimum
volumes most days through the rest of 2023, the broker notes.

With Waitsia not online until mid-2024, FY25 is now the key growth year, Macquarie suggests.The dividend is set to triple in FY25.

Target falls to $1.50 from $1.55, Neutral retained.

Target price is $1.50 Current Price is $1.54 Difference: minus $0.04 (current price is over target).
If BPT 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 $1.79, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates BPT as Buy (1) -

Post Beach Energy releasing a quarterly update in line with expectations, complemented by the announcement it has secured native title approval to produce uncontracted Enterprise gas in the Otway from May/Jun-24, UBS has decided Beach is now its most favoured stock in the energy sector.

Regarding operational issues at Otway and Waitsia Stage 2, the broker takes the view execution risks have been mitigated substantially. The new CEO, Brett Woods, ex Santos, is also supporting the broker's confidence.

Estimates have been lifted (slightly) on higher production forecasts. Target rises 5c to $1.90. Buy.

Target price is $1.90 Current Price is $1.54 Difference: $0.36
If BPT meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

Citi downgrades its rating for Brambles to Sell from Neutral and lowers its target to $13.15 from $16.

Yesterday's summary of the broker's research following 1Q results was as follows:

Brambles, earlier today, released a strong Q1 trading update, Citi comments in an initial response. Volumes continuing were "muted" the broker suggests but price and rollover benefits stole the show.

Citi analysts doubt whether pricing power is structural, plus Brambles will be cycling tougher comparables. The combination of the two makes the broker more cautious from here onwards.

Further adding to the broker's caution, it is noted management mentioning increasing competitor activity/changing whitewood dynamics, plus there's a year-on-year decline in average pallet prices paid, and Brambles' price realisation will align with a lower cost-to-serve environment.

Target price is $13.15 Current Price is $13.98 Difference: minus $0.83 (current price is over target).
If BXB meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.96, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

Macquarie rates BXB as Outperform (1) -

Brambles reported 13% constant-currency sales revenue growth in the Sep Q, mainly driven by prior-year pricing initiatives, and reiterated FY24 guidance. Volumes were broadly flat at a group level, albeit the rate of decline is moderating, Macquarie notes.

While the broker expects to see sales revenue growth moderate sequentially on a quarterly basis during FY24, it still sees the possibility of an upgrade to guidance at the first half result.

Macquarie's forecasts continue to sit at the high end of constant-currency guidance. Outperform retained, target rises to $15.70 from $15.45.

Target price is $15.70 Current Price is $13.98 Difference: $1.72
If BXB meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.96, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

Morgans rates BXB as Hold (3) -

Brambles' 1Q benefited from prior year price increases and sales growth was 13% ahead of Morgans forecasts. 

FY24 guidance for sales growth, free cash flow before dividends and underlying earnings growth was maintained.

Because management is expecting moderation of pricing growth over FY24, the broker lowers FY25 and FY26 earnings forecasts due to both lower price and volume estimates.

The target falls to $14.95 from $15.70. Hold.

Target price is $14.95 Current Price is $13.98 Difference: $0.97
If BXB meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.96, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

UBS rates BXB as Buy (1) -

Brambles has reported 13% year-on-year sales growth in its first quarter, with CHEP Americas up 12%, CHEP EMEA up 14% and CHEP APAC up 13%. Not only was this result better than UBS had anticipated, it exceeded the company's full year guidance range. 

The company has not changed its guidance, a move the broker finds conservative but cautious given it is cycling strong top line metrics. UBS is at the top end of guidance range having lifted its own forecasts. 

The Buy rating is retained and the target price decreases to $16.55 from $16.95.

Target price is $16.55 Current Price is $13.98 Difference: $2.57
If BXB meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.96, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

Shaw and Partners rates C79 as Buy (High Risk) (1) -

Chrysos has released its Sep Q cashflow and operating update, in which it reiterated of “at least” 18 deployed units in FY24.

Shaw and Partners comments customer stories continue to validate the industry adoption of its Photon Assay technology, and the potential for contracting, particularly in North America, sounds encouraging in the near term.

Shaw and Partners assumes revenue and earnings guidance is unchanged. Management is executing well and this stock remains the “gold standard” for growth stocks on the ASX, in the broker's view.

Buy (High Risk) and $6.90 target retained.

Target price is $6.90 Current Price is $6.20 Difference: $0.7
If C79 meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates CIA as Buy (1) -

Champion Iron's 2Q net income beat Citi's forecast but was adrift of the consensus estimate. While production was in line, ongoing rail constraints weighed on shipments. Lower cash costs provided an offsetting benefit.

Management anticipates even lower costs in future due to higher railed tonnes, the stabilisation of Phase 2 production and reduced use of contractors.

The broker's $8.70 target and Buy rating are retained. It's felt the company will be favoured by forecast premiums on offer for high-grade iron products.

Target price is $8.70 Current Price is $6.49 Difference: $2.21
If CIA meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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 CIA as Outperform (1) -

Champion Iron 's production was a record for a quarter and in line with Macquarie's forecasts, however forrest fires and the Bloom Lake phase 2 ramp-up saw sales come in lower than forecast.

Earnings proved stronger than expected on higher realised prices and lower cash costs.

Iron ore prices and high-grade premiums remain solid and would drive a 30% lift to earnings for FY25-26 were the broker to use spot prices.

Outperform retained, target rises to $7.80 from $7.60.

Target price is $7.80 Current Price is $6.49 Difference: $1.31
If CIA meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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 COL as Buy (1) -

Citi makes only minor forecast changes for Coles Group following 1Q results, with lower sales projections offset by an improved gross margin outlook.

Like-for-like sales growth of 4.6% in Food compared unfavourably to the 5.5% recently reported by Woolworths Group ((WOW)), point out the analysts. Sales for Food missed the broker's bullish forecast and sit just under the consensus estimate.

Liquor sales growth was in line with the broker's forecast. The rollout of technology to combat the currently high stock loss rate is achieving expected benefits, according to management.

The target falls to $17.50 from $18.30 after the broker adopts lower peer multiples; the Buy rating is retained.

Target price is $17.50 Current Price is $14.98 Difference: $2.52
If COL meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates COL as Outperform (1) -

Coles' total Sep Q sales growth was 4.7%, below consensus expectations of 5.6%. Waste and markdown improvements should support margins in the first half, Macquarie suggests, and anti-theft measures should deliver benefits in the second.

Management has noted that progress on Ocado remains in line with guidance. In the Witron project, the Redbank ADC continues to ramp up and transition as scheduled, while the Kemps Creek site is on track to receive its first inbound delivery in the March Q.

In terms of implementation costs, management noted Ocado costs will be weighted to the second half, while Witron costs should be broadly similar over the halves.

Target falls to $17.40 from $18.20 on lower peer multiples, Outperform retained.

Target price is $17.40 Current Price is $14.98 Difference: $2.42
If COL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates COL as Underweight (5) -

While inflation is moderating (actual deflation in fresh), Morgan Stanley notes comparable item growth in food was positive for Coles Group in the 1Q, partly offset by lower volumes in non-food discretionary categories.

Consensus had been expecting 5.3% same store sales (SSS) in Supermarkets and 4.6% was reported. Management noted customer trends remain broadly in line with the prior quarter, though focus on value has increased.

Management also revealed 2Q sales trends are in line with the 1Q so far.

Underweight. Target $14.75. Industry View: In-Line.

Target price is $14.75 Current Price is $14.98 Difference: minus $0.23 (current price is over target).
If COL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates COL as Hold (3) -

Coles Group's 1Q like-for-like sales growth for Supermarkets was in line with Morgans forecast, while Liquor sales growth was softer, resulting in a "slightly weaker" overall result than expected.

Supermarkets sales increased by 4.6%,which was below the 5.5% growth in the Australian Food segment. The company noted customers are increasingly eating in and entertaining at home in response to cost of living pressures.

Early sales growth for Q2 for both divisions is matching Q1, stated management. Labour inflation remains a headwind, notes the analyst, but should be mitigated by the ‘Simplify & Save to Invest’ program.

The target falls to $16.60 from !6.90. Hold

Target price is $16.60 Current Price is $14.98 Difference: $1.62
If COL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates COL as Lighten (4) -

Defensive yield stocks, like supermarket operators, may not be the place to hide in 2024 because of RBA rate hikes, suggests Ord Minnett.

If the broker's current forecasts prove correct, margins will remain under pressure as wage inflation of 6% is outstripping food sales growth of 5%, with the revenue tailwind from food inflation forecast to abate further.

Online sales are growing, but also lower margin, points out the broker, also highlighting Coles slightly underperformed Woolworths Group ((WOW)) in Q1.

Fair value calculation: $14.50. Lighten.

Target price is $14.50 Current Price is $14.98 Difference: minus $0.48 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates COL as Neutral (3) -

Coles Group has reported first quarter sales revenue of $10.3bn, despite its supermarkets division performing slightly below market. While the supermarket division did disappoint UBS's expectations, the broker points out volumes improved, lead by digital sales.

Supermarket earnings and margins are expected to decline over the first half, as the company feels the impact of margin headwinds, but Coles has announced initiatives aimed at minimising the compression. 

The Neutral rating is retained and the target price decreases to $16.25 from $16.50.

Target price is $16.25 Current Price is $14.98 Difference: $1.27
If COL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates CSL as Buy (1) -

September quarter results for competitor Takeda were supportive of Citi's around 20% immunoglobulin sales growth forecast for CSL.

Takeda is seeing “strong demand globally, especially in the US coupled with steady and growing supply”.

The Buy rating and target price of $325.00 are retained.

Target price is $325.00 Current Price is $234.34 Difference: $90.66
If CSL meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $329.70, suggesting upside of 40.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Bell Potter rates DVP as Buy (1) -

Develop Global has continued to progress its proposed acquisition of Essential Metals ((ESS)), with shareholders of the latter having now approved the Scheme of Arrangement. 

With this hurdle satisfied, Bell Potter now incorporates Essential Metals and its assets into its modeling for Develop Global. The broker considers the acquisition value accretive, particularly with the flagship asset, Pioneer Dome, set to ramp up sales from FY26.

The Buy rating is retained and the target price increases to $4.30 from $3.70.

Target price is $4.30 Current Price is $3.21 Difference: $1.09
If DVP meets the Bell Potter 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 FCL as Accumulate (2) -

Fineos Corp shares remain substantially undervalued, maintains Ord Minnett. While acknowledging the first quarter included some minor set backs, nothing of that should prevent the company to expand margins over the longer term.

Ord Minnett maintains the outlook remains positive for Fineos. Fair value estimate has fallen to $3.10 from $3.30.

Revenue is building, points out the analyst, though the decline in cash receipts is definitely a disappointment. Accumulate.

Target price is $3.10 Current Price is $1.69 Difference: $1.41
If FCL meets the Ord Minnett target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 84.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Macquarie rates FMG as Underperform (5) -

Fortescue Metals' Sep Q iron ore production was stronger than expected, while sales, realised prices and costs were in line with Macquarie.

FY24 volume, costs and capex guidance are unchanged, however the broker notes Iron Bridge shipments were downgraded at the recent site tour.

With Fortescue trading on free cash flow yields of only 6-8%, and with uncertainty over the capital commitment to Fortescue Future Industries, the broker retains Underperform. Target rises to $16.80 from $16.60.

Target price is $16.80 Current Price is $22.21 Difference: minus $5.41 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.68, suggesting downside of -20.5% (ex-dividends)

The company's fiscal year ends in June.

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: -0.9

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

Morgan Stanley rates FMG as Underweight (5) -

In Morgan Stanley's assessment, Fortescue Metals delivered an in-line 1Q production result.

Shipments were a miss versus estimates by the broker and consensus due to maintenance activity and lower stocks at port, suggesting to the analyst a build of inventory.

Average realised pricing and costs were in line with the analysts projections.

Underweight. Target $16.35. Industry View: Attractive.

Target price is $16.35 Current Price is $22.21 Difference: minus $5.86 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.68, suggesting downside of -20.5% (ex-dividends)

The company's fiscal year ends in June.

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: -0.9

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

Ord Minnett rates FMG as Lighten (4) -

Commentary suggests Fortescue Metals' quarterly update was in line with Ord Minnett retaining a fair value estimate of $16.

The broker notes the shares are trading at a much higher price level and speculates this might be due to iron ore prices remaining higher-for-longer for the time being.

Ord Minnett also suspects early enthusiasm for the company's green ambitions might play a part too, but maintains it remains way too early to get excited about that just yet.

Small reductions to forecasts have occurred. Lighten.

Target price is $16.00 Current Price is $22.21 Difference: minus $6.21 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.68, suggesting downside of -20.5% (ex-dividends)

The company's fiscal year ends in June.

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: -0.9

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

UBS rates FMG as Downgrade to Sell from Neutral (5) -

UBS says Fortescue Metals performance in Q1 was in line with expectations. The realised product price of US$100/t was better than market consensus.

The broker does believe risks are now skewed towards more negative news flow (such as the Iron Bridge ramp up) and has decided to downgrade to Sell from Neutral.

Target price remains $20.80. The broker also keeps an eye out for progress on the court case regarding potential Yindjibarndi compensation related to Solomon activity.

Target price is $20.80 Current Price is $22.21 Difference: minus $1.41 (current price is over target).
If FMG meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.68, suggesting downside of -20.5% (ex-dividends)

The company's fiscal year ends in June.

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: -0.9

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) -

Global Lithium Resources has released impressive results from 2023’s Manna drilling program which are likely to inform part of a resource upgrade early in 2024, Shaw and Partners notes.

The broker maintains a Buy recommendation and $3.20 target, based on Global Lithium further expanding its resource base by 25% in the next 12 months.

Target price is $3.20 Current Price is $1.23 Difference: $1.97
If GL1 meets the Shaw and Partners target it will return approximately 160% (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

Macquarie rates GMD as Outperform (1) -

Genesis Minerals has released its Sep Q report. With key production metrics released prior, Macquarie notes Leonora costs were -8% better than expected.

The Ulysses underground is scheduled to commence in the March quarter 2024, nine months sooner than the broker anticipated. At that point Genesis will provide a five-year outlook which will be a key catalyst for the stock, the broker suggests.

Outperform and $1.90 target retained.

Target price is $1.90 Current Price is $1.46 Difference: $0.445
If GMD meets the Macquarie target it will return approximately 31% (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 GOR as Buy (1) -

Gold Road Resources reported production of 88,700 ounces of gold from its Gruyere site during the quarter, alongside sales of 44,000 ounces. Record free cash flow saw the company close out the period with cash of $209.3m, up from $157.0m in the previous quarter. 

Off the back of the quarter, notes Bell Potter, the company contributed $62.7m to De Grey Mining's ((DEG)) capital raising, thereby increasing its stake in the company to 19.9%. 

The Buy rating is retained and the target price increases to $2.10 from $2.05.

Target price is $2.10 Current Price is $1.84 Difference: $0.265
If GOR meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates GOR as Outperform (1) -

Gold Road Resources' Sep Q production was 6% ahead of Macquarie's estimates while costs were -8% lower. FY24 production and cost guidance were reiterated. Gold sold during the period was a 6% beat.

The miner has highlighted that total material movement is expected to rise in the Dec Q enabled by improved drill and blast activity and
additional mining fleet.

Gruyere achieving consistent mill throughput of 9.5Mtpa in the longer term is important to the broker's base case.

Outperform and $2.00 target retained.

Target price is $2.00 Current Price is $1.84 Difference: $0.165
If GOR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates GOR as Speculative Buy (1) -

Ord Minnett saw Gold Road Resources releasing a "solid" quarterly update, its own forecasts beaten by some 9% on higher grades/recoveries.

In free cash flow terms, this was a record quarter, the broker highlights. Gold Road should achieve guidance for FY24, on the broker's assessment.

A re-rating could be on the cards, is the suggestion made, on the premise management continues executing well and cash flows continue flowing.

Target price improves to $2.25 (up 5c). Speculative Buy.

Target price is $2.25 Current Price is $1.84 Difference: $0.415
If GOR meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates GUD as Buy (1) -

Citi's earnings forecast for G.U.D. Holdings is unchanged following the company's AGM.

The Buy rating is retained and the target falls to $13.27 from $13.78 as the broker adopt's lower peer and market valuation multiples.

Target price is $13.27 Current Price is $10.80 Difference: $2.47
If GUD meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.88, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Macquarie rates GUD as Outperform (1) -

GUD Holdings noted at its AGM that Autoparts Group is on track with revenue and earnings growth expected in FY24, while trading conditions in Auto remain solid ex-New Zealand.

Price rises planned for the March quarter should be effective in managing margins, Macquarie notes. Australian independent workshop feedback is supportive of robust end-user demand, with bookings out to two weeks and beyond.

The risk of trading conditions softening outside NZ, higher opex investment to drive growth, and higher corporate costs lead to forecast earnings reductions. Target falls to $13.25 from $14.25, Outperform retained.

Target price is $13.25 Current Price is $10.80 Difference: $2.45
If GUD meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.88, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

UBS rates GUD as Buy (1) -

UBS found G.U.D. Holdings' commentary and indications at the AGM roughly in line with expectations. This also reinforces the idea that Bapcor ((BAP)) is simply the negative outlier in the sector currently, the broker adds.

While reducing forecasts slightly, the broker does point out there should be relative certainty in earnings medium term given the defensive nature of the company's core operations.

UBS remains of the view the shares are cheaply priced. Buy rating retained. Price target $13 (-10c).

Target price is $13.00 Current Price is $10.80 Difference: $2.2
If GUD meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.88, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Citi rates IFL as Neutral (3) -

Management's claims of better times ahead in FY25 for Insignia Financial invokes scepticism from Citi due to recent execution and the departing ceo in February next year.

At 1Q results, the company guided to an earnings (EBITDA) margin fall of between -0-0.5bps on the 11.8% achieved in FY23. However, the broker notes this target assumes normalised markets, which have not been in evidence so far this year.

Flows are challenged in the short-term, note the analysts, with the formal announcement of the MLC wrap migration causing increased 1Q outflows.

The new target of $2.10 (down from $2.50) is set at a -20% (was -15%) discount to Citi 's valuation. Neutral.

Target price is $2.10 Current Price is $2.01 Difference: $0.09
If IFL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

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

Morgan Stanley suggests outflows will likely get worse before any improvement, after reviewing Insignia Financial's 1Q results. The ceo transition is adding to overall uncertainty though most risks are already in the stock price, in the analysts' view.

Platform outflows were greater than Morgan Stanley's forecast  by -$0.8bn, and were the largest in three years. The broker cautions the company is at risk of losing some of its scale advantage due to the size of these outflows.

The MLC Wrap transition to the Expand platform contributed to outflows in the 1Q, notes the broker, and outflows look to be accelerating. The transition will be complete by the end of FY24.

Target $2.85. Equal Weight. Industry view In-line.

Target price is $2.85 Current Price is $2.01 Difference: $0.84
If IFL meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates IFL as Neutral (3) -

FNArena previously believed Insignia Financial was no longer actively covered by UBS, but today's update proves us wrong. Analyst Scott Russel found the Q1 funds flows update quite disappointing.

Plus the CEO has announced his departure too!

UBS is of the view near-term operational risks are to the downside. Target price reduced to $2 from $2.70. Neutral.

Target price is $2.00 Current Price is $2.01 Difference: minus $0.01 (current price is over target).
If IFL 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 $2.71, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Citi rates JBH as Neutral (3) -

While sales at JB Hi-Fi are tracking ahead of Citi's forecasts (and outperforming market expectations) following 1Q results, the broker is cautious on Q2 with its economics team forecasting interest rate rises in November and December.

JB Hi-Fi Australia's outperformance against expectations owed to superior execution within categories and less exposure to home maker categories that are experiencing more significant declines, explains the broker.

In line with the July trading update, note the analysts, sales growth at The Good Guys experienced a significant decline.

Neutral rating retained. The broker's target price eases to $48 from $51 on lower peer and market multiples.

Target price is $48.00 Current Price is $44.02 Difference: $3.98
If JBH meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $44.32, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Morgan Stanley rates JBH as Underweight (5) -

Fourth quarter sales for JB Hi-Fi Australia improved by comparison to the July trading update, observes Morgan Stanley, and came in ahead of the consensus forecast. Sales growth at The Good Guys was a slight miss.

JB Hi-Fi New Zealand, however, experienced a material sales growth slowdown in comparison to the July trading update, note the analysts.

Overall, sales were in line with management's expectation though "the group continues to see variability in category performance."

Target $40.40. Underweight. Industry View: In-Line.

Target price is $40.40 Current Price is $44.02 Difference: minus $3.62 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.32, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

UBS rates JBH as Neutral (3) -

JB Hi-Fi has provided an update on its first quarter performance, with mixed results across its brands. JB Hi-Fi Australia reported improved like-for-like sales, while The Good Guys were flattish and JB Hi-Fi New Zealand declined. 

UBS remains concerned about slowing sales and the consumer is increasingly challenged, and about the more broad challenge of the rising cost of doing business. It highlights JB Hi-Fi is a low cost business, with few cost saving opportunities. 

The Neutral rating and target price of $47.00 are retained.

Target price is $47.00 Current Price is $44.02 Difference: $2.98
If JBH meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $44.32, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Macquarie rates JRV as Neutral (3) -

Jervois Global reported Sep Q cobalt production -4% lower than Macquarie. Cobalt sales were -9% weaker with Jervois reporting cyclical softness in demand in end-use segments, and intra-year variability in shipment and customer order timing.

Sales guidance is maintained for Jervois Finland. Finland earnings of US$0.5m were -US$3.5m lower than expected.

The balance sheet is a growing concern, and continued weak cobalt prices could result in Jervois needing additional debt, additional equity, or government grants, to bolster its balance sheet, in the broker's view.

Target falls to 3c from 4c, Neutral retained.

Target price is $0.03 Current Price is $0.03 Difference: $0
If JRV meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

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 KAR as Outperform (1) -

Karoon Energy is seeing the rewards of its growth investment, Macquarie suggests, with the Sep Q delivering record production and solid net cash.

A new debt facility will support second asset M&A, but the resilient oil price and departure of key Brazil executive lowers the probability of a near-term deal.

Reflecting both single-asset risk, which the broker believes is justified, and Brazil country risk, which the broker believes is overstated,  Karoon trades on a material discount to its larger diversified ASX peers.

Karoon should trade on a higher multiple once a second producing asset is added to the portfolio, Macquarie suggests. Target falls -7.3% to $3.20, Outperform retained.

Target price is $3.20 Current Price is $2.51 Difference: $0.69
If KAR meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.8

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

Morgan Stanley rates KAR as Overweight (1) -

Morgan Stanley anticipates a neutral share market reaction following 1Q results by Karoon Energy, with a production beat compared to forecasts by the broker and consensus of 2% and 1%, respectively.

Guidance for FY24 production, cost guidance and capital expenditure was unchanged.

Morgan Stanley's Overweight rating and $2.80 target are maintained. Industry view: Attractive.

Target price is $2.80 Current Price is $2.51 Difference: $0.29
If KAR meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.8

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

Morgans rates KAR as Add (1) -

Karoon Energy's 1Q oil production was bang on forecasts by Morgans and consensus, while realised prices slightly exceeded estimates.

FY24 production and cost guidance is unchanged. Capital expenditure guidance is also unchanged, with the broker noting a -87% fall in the 1Q compared to the prior quarter as the company exits a capex-heavy FY23.

Karoon remains a top energy pick for Morgans and the Add rating is retained, while the target rises to $3.30 from $3.15.

Target price is $3.30 Current Price is $2.51 Difference: $0.79
If KAR meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.8

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

Citi rates LIC as Buy (1) -

Following attendance at the Lifestyle Communities investor day, Citi came away with an untarnished favourable investment view on the stock. 

In a likely good lead indicator for demand, suggests the broker, management noted the residential market backdrop is positive in the outer suburbs of Melbourne, with house prices rising and days on market declining.

Citi also expects an improvement in the residential market, which will benefit Lifestyle Communities' pipeline, and maintains its Buy rating and $21 target.

The analysts suggest the company continues to lead the way in the land lease space with a quality product and service.

Target price is $21.00 Current Price is $15.47 Difference: $5.53
If LIC meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $18.37, suggesting upside of 17.3% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Shaw and Partners rates LOT as Buy (High Risk) (1) -

Lotus Resources has released its September quarter activities report. The company is progressing towards a final investment decision on a restart at the Kayelekera Uranium Project in Malawi.

Lotus is planning to make significant improvements to Kayelekera which will result in significantly lower operating costs than the asset's historical performance, Shaw and Partners notes.

During the quarter Lotus completed a merger with A-Cap to acquire the Letlhakane uranium deposit in Botswana.

Buy (High Risk) and 53c target retained.

Target price is $0.53 Current Price is $0.25 Difference: $0.285
If LOT meets the Shaw and Partners target it will return approximately 116% (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 LTR as Upgrade to Buy from Hold (1) -

Having successfully raised $365m and refinanced existing debt, alongside a further $45m share purchase plan, Bell Potter notes Liontown Resources is fully funded for the development of its Kathleen Valley project. 

The total capital expenditure for the project is estimated at -$951m, which according to the broker should leave Liontown Resources with a cash buffer of around $350m. 

Liontown Resources is set  to move from lithium developer to producer in the coming year, at a time when near to production lithium resources are scarce globally, the broker highlights.

The broker adds: major lithium groups have highlighted the strategic nature of Kathleen Valley's near-term production. The rating increases to Buy from Hold and the target price decreases to $2.75 from $3.35.

Target price is $2.75 Current Price is $1.71 Difference: $1.04
If LTR meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates MP1 as Buy (1) -

Megaport's 1Q update was weaker than Citi expected, especially customer growth, which suggests another weak quarter for monthly recurring revenue (MRR) growth in the 2Q.

Any share price weakness is a buying opportunity, in the broker's view, due to conservative earnings guidance and an expected recovery in MRR growth towards the 4Q.

The analysts highlight ongoing gross margin improvement in the 1Q driven by lower partner commissions, which more than offsets direct network costs of 20% of revenue, up from 19%.

The Buy rating and $12.50 target are unchanged.

Target price is $12.50 Current Price is $9.63 Difference: $2.87
If MP1 meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Macquarie rates MP1 as Outperform (1) -

Megaport's trading update was soft, but Macquarie suggests it is too early to expect an uplift in KPIs from new hires until the second half.

Data show that customers older than one year make up around 95% of group revenue, reinforcing the broker's view that revenue-generating total services' growth is the key driver of revenue.

Margins may get worse before they get better, but Macquarie is focused on the medium-to-long-term opportunity.

Outperform and $14.10 target retained.

Target price is $14.10 Current Price is $9.63 Difference: $4.47
If MP1 meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgan Stanley rates MP1 as Equal-weight (3) -

While Megaport's Q1 FY24 revenue and earnings (EBITDA) met expectations, Morgan Stanley believes an easing in key KPI's implies a material slowdown.

This slowdown was previously flagged by management, notes the broker, and FY24 guidance for earnings and revenue was maintained.

The broker is now focused on FY25, in anticipation of a 12-18 month recalibrating period, after the 90%-complete hiring of the new direct sales force.

Equal-weight. Target $10.20. Industry View: Attractive.

Target price is $10.20 Current Price is $9.63 Difference: $0.57
If MP1 meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgans rates MP1 as Hold (3) -

All is going to plan for Megaport, according to Morgans, in the wake of 1Q results and a significant share price fall in response. It's felt management is correct in reminding shareholders real progress takes time.

While key performance indicators were slightly weaker than the analysts anticipated, the overall result exceeded expectations.

One key factor in hitting FY24 guidance is costs, which the broker believes are comfortably under control. The second factor involves rebuilding the sales structure and hiring new sales, which is mostly done.

The valuation is unchanged, yet the broker's target falls to $10 from $13 as Morgans expects the next few quarters will deliver subdued sales. It's thought the stock is unlikely to attract marginal buyers in the interim. Hold.

Target price is $10.00 Current Price is $9.63 Difference: $0.37
If MP1 meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Ord Minnett rates MP1 as Accumulate (2) -

Irrational panic, yet again, is how Ord Minnett responds to yet another shellacking for the Megaport share price following the release of the latest quarterly trading update.

It simply typifies the "overreactive short-termism" of this market, but it does turn Megaport shares into extraordinarily volatile ones, the broker suggests.

Nothing in the quarterly update changes anything to the investment thesis, assures the broker. This thesis continues to centre around fast revenue growth, ramping profitability and services that will be in continually higher demand as more and more enterprises come to rely on data connectivity and connections to the cloud.

Ord Minnett observes management has stuck with its FY24 guidance. The broker predicts customer growth will accelerate in the quarters ahead.  Accumulate. Fair value estimate is $17. Both remain unchanged.

No changes were made to forecasts.

Target price is $17.00 Current Price is $9.63 Difference: $7.37
If MP1 meets the Ord Minnett target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Bell Potter rates NXD as Buy (1) -

While NextEd Group reiterated its first half revenue guidance after the first quarter, the company is now anticipating revenues at the lower end of its guidance range given 

First quarter revenue was up 56% year-on-year, and while active student numbers were flat month-on-month in September they remained three times pre-covid levels.

New international student enrolments fell -25% in the quarter, which Bell Potter attributed to impacts of the 408 visa. 

The Buy rating and target price of $1.10 are retained. 

Target price is $1.10 Current Price is $0.81 Difference: $0.29
If NXD meets the Bell Potter target it will return approximately 36% (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

Ord Minnett rates NXD as Buy (1) -

According to Ord Minnett, NextEd Group’s recent trading update has indicated any impact from the recent ceasing of the 408 Visa is yet to materialise, although the company points to November (next month) as a starting point.

While English laguage student numbers missed the broker's estimate, management at the company has indicated numbers are stabilising around 6000.

The industry is facing headwinds, but Ord Minnett thinks NextEd can increase market share. Buy rating retained, alongside a target price of $1.12 (down from $1.15).

Target price is $1.12 Current Price is $0.81 Difference: $0.31
If NXD meets the Ord Minnett target it will return approximately 38% (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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals produced spodumene concentrate in the Sep Q equivalent to 21% of the FY24 guidance production midpoint. The average sales price was -16% lower than Macquarie's forecast.

The upcoming catalyst is study which is exploring potential expansion of production capacity, the broker suggests. The company has indicated that it will not proceed with a one-off capital management initiative (share buyback/special dividend).

Outperform and $7.10 target retained.

Target price is $7.10 Current Price is $3.86 Difference: $3.24
If PLS meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgan Stanley rates PLS as Underweight (5) -

First quarter realised pricing of US$2,240/t for Pilbara Minerals missed forecasts by Morgan Stanley and consensus by -25% and -19%, respectively.

However, the broker has long been flagging pricing risks and consensus had already lowered pricing estimates by -15% from US$3,175/t. over October 9-15.

Sales volumes also missed the analysts' and consensus forecasts by -10% and -5%, respectively, impacted by -11%/-6% misses on production. 

Management's one-off capital management initiative has been scrapped due to soft market conditions and upcoming capex.

Underweight rating. Target $3.45. Industry View: Attractive.

Target price is $3.45 Current Price is $3.86 Difference: minus $0.41 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgans rates PLS as Add (1) -

Following 1Q results for Pilbara Minerals, Morgans still sees strong long-term value and retains an Add rating, but investors may have to endure ongoing lithium price volatility.

Faster-than-expected price falls for spodumene, along with production interruptions from brownfields expansion, resulted in a significant miss on revenue for the quarter against the broker's forecast.

The target falls to $5.00 from $5.10.

Target price is $5.00 Current Price is $3.86 Difference: $1.14
If PLS meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates PLS as Neutral (3) -

UBS saw Pilbara Minerals releasing marginally disappointing September quarter sales numbers, though management at the lithium miner believes FY24 guidance will be achieved.

The broker has lowered forecasts towards the bottom of the guidance range. UBS acknowledges the company continues to execute well, and medium term growth remains on track, but it's all about what happens to the lithium price in the short term.

The realised price for the quarter (US$2,240/t) beat UBS's estimate slightly, but market consensus had higher expectations.

UBS retains its Neutral rating and $4.15 price target, but highlights the risk is for lower prices in the short term.

Target price is $4.15 Current Price is $3.86 Difference: $0.29
If PLS meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Shaw and Partners rates PLY as Buy (1) -

Playside Studios Sep Q operating update highlighted the continued success of Dumb Ways to Die, reinforcing its franchise value, and that “Project Phoenix” remains on track, which builds Shaw and Partners' confidence in FY25 revenue growth.

The company is also currently exploring larger game concepts that could materially move the needle.

Playside is trading on an FY24 enterprise value to revenue multiple of 2.8x which the broker argues is cheap for the open innovation platform option value. Buy and 80c target retained.

Target price is $0.80 Current Price is $0.44 Difference: $0.36
If PLY meets the Shaw and Partners target it will return approximately 82% (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

Ord Minnett rates PPE as Buy (1) -

Ord Minnett proactively lowers its FY24 earnings forecasts for PeopleIN due to the impacts of a challenging economic environment in the recruitment and resource management markets, as recently detailed by global peers.

On this negative near-term sentiment, the broker's target falls to $2.19 from $2.89. The Buy rating is retained given the company is trading on discounted valuation metrics compared to peers and the company's own five-year average.

Target price is $2.19 Current Price is $1.58 Difference: $0.61
If PPE meets the Ord Minnett target it will return approximately 39% (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

Macquarie rates REH as Underperform (5) -

Reece's group sales were up 3% in the Sep Q year on year, slightly ahead of company expectations. Macquarie expects 1.3% group sales growth, up from 0.8%, in the first half FY24.

The numbers were broadly in line with the broker's expectations but the outlook remains weak and visibility has waned.

Reece remains cautious on outlook and still expects pressure in housing markets to reduce volumes. Meanwhile, the group expects ongoing cost of doing business inflation, most notably in employee costs.

Target falls to $15.40 from $15.90. Underperform retained on a stretched valuation.

Target price is $15.40 Current Price is $17.55 Difference: minus $2.15 (current price is over target).
If REH meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.32, suggesting downside of -18.6% (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

Ord Minnett rates REH as Lighten (4) -

First quarter sales for Reece increased by 3%, yet this was a retreat from the 9% growth achieved in the 2H of FY23, points out Ord Minnett.  Sales in the US were flat on a constant currency basis, while A&NZ sales rose by 3%.

The broker feels activity levels will decline further in the 2Q and lowers earnings forecasts across FY24 and FY25, resulting in a target of $15.50, down from $16.50. Volumes are expected to decline in both regions over the next twelve months. Lighten.

Target price is $15.50 Current Price is $17.55 Difference: minus $2.05 (current price is over target).
If REH 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 $14.32, suggesting downside of -18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -1.0

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

Citi rates RMD as Buy (1) -

Earlier today, ResMed released Q1 financials and Citi analysts, upon first assessment, comment EPS was in line with forecasts, as was the top line, but underlying the product mix was different.

Devices growth of 8%, with rest of the world significantly beating the US, proved weaker-than-anticipated while growth in Masks (21%) was some 7% better than forecasts.

The gross margin (adjusted) of 56% was as expected and management repeated its forecast for the gross margin to improve over FY24. ResMed is reducing its workforce by -5% and unwinding its JV, and Citi remarks this should support margin improvement.

The company has made it clear GLP-1s will only impact "at the margin" when it comes to CPAP demand. Management expects to beat pre-covid growth rates in devices and masks through demand generation initiatives, reports the broker.

Citi analysts agree with ResMed management in that market fears about GLP-1 impact look overly pessimistic, but also suggests PE multiples could well remain under pressure pending Select and Surmount-OSA trials data next month and mid-2024 respectively.

Buy. Target $39.

Target price is $39.00 Current Price is $22.46 Difference: $16.54
If RMD meets the Citi target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $36.81, suggesting upside of 70.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Bell Potter rates RMY as Buy (1) -

A first quarter update from RMA Global outlined continued resilience in US subscriptions, with claimed profiles in the region up 3.5% quarter-on-quarter and subscription revenue up 10.0%. 

Bell Potter believes the key driver for shareholder value for RMA Global is the US market. Despite the economic backdrop, the company has managed to consistently grow subscription revenues in the region. 

The Buy rating is retained and the target price decreases to 13 cents from 15 cents.

Target price is $0.13 Current Price is $0.07 Difference: $0.065
If RMY meets the Bell Potter target it will return approximately 100% (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 RRL as Buy (1) -

Bell Potter described a good start to the financial year for Regis Resources, with the company reporting quarterly production of 111,400 ounces at $2,106 per ounce. Both Duketon and Tropicana beat Bell Potter's production expectations, while the latter also beat on costs.

The broker believes the positive quarter will help with sentiment toward the stock, and reiterates the company's sector leading leverage to rising gold prices. It considers Regis Resources an appealing corporate target for acquisition. 

The Buy rating is retained and the target price increases to $2.31 from $2.26.

Target price is $2.31 Current Price is $1.71 Difference: $0.605
If RRL meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates RRL as Outperform (1) -

Regis Resources' Sep Q report showed production and costs both 4% better than Macquarie's estimates. FY24 guidance is retained with the miner comfortably on track.

The broker expects production in the top half and costs in the bottom half of their respective ranges. The McPhillamys' updated study presents a key catalyst for the stock ahead of a final investment decision for the project in the June quarter, Macquarie suggests.

Outperform and $2.40 target retained.

Target price is $2.40 Current Price is $1.71 Difference: $0.695
If RRL meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgans rates RRL as Add (1) -

Cost numbers and gold production in the 1Q for Regis Resources were in line with the estimates of both Morgans and consensus.

The broker highlights delivery of operational stability and the third consecutive quarter of cash-build, and notes the low-price hedge book is scheduled to roll-off at the end of FY24.

The $2.01 target and Add rating are unchanged.

Target price is $2.01 Current Price is $1.71 Difference: $0.305
If RRL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates RWC as Outperform (1) -

Reliance Worldwide's AGM noted that broadly, trading is to plan, apart from softness in UK speciality product sales. 

Guidance of flat FY24 earnings margins on FY23 points to good cost control, Macquarie suggests, while cash remains a priority and the manufacturing transition seems to be on track.

Inventory reduction remains a focus, the broker notes, which will drag marginally on operating efficiencies.

An increase in the US risk-free rate assumption leads to a target price cut to $4.05 from $4.55. Outperform retained.

Target price is $4.05 Current Price is $3.47 Difference: $0.58
If RWC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

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

Apart from Europe, Morgan Stanley feels the 1Q performance by Reliance Worldwide was in line with management's prior outlook. Market conditions deteriorated further in continental Europe as indicated by a -10% fall in external revenues.

A modest softening of revenue guidance appears to the broker a better outcome than signaled by the around -20% drop in share price since September 1.

The analysts believe delivery of cost-out initiatives will offset likely softer volumes going forward.

Equal-weight. Target $4.20. Industry view: In-Line.

Target price is $4.20 Current Price is $3.47 Difference: $0.73
If RWC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Ord Minnett rates RWC as Hold (3) -

Revenue declines for the 1Q in the Americas and the APAC region were consistent with Ord Minnett's forecasts for Reliance Worldwide, though sales in the EMEA region declined more sharply than expected.

Management lowered its sales guidance and the broker now anticipates lower sales in all three regions, partially offest by cost-out initiatives, and the target slips to $3.90 from $4.10.

The broker's Hold rating is unchanged on uncertain trading conditions.

Target price is $3.90 Current Price is $3.47 Difference: $0.43
If RWC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

UBS rates RWC as Buy (1) -

Reliance Worldwide's Q1 trading update revealed weakness in the EMEA region but with sales in APAC stronger than previously suggested, point out analysts at UBS.

Sales in the USA remain slightly negative but with higher margins, weighted towards H2. Group guidance for FY24 has been left unchanged.

UBS sees the update as a positive, with the added notion that weakness of end markets in EMEA has already been captured in the broker's forecasts for FY25.

Target remains at $4.50. Buy.

Target price is $4.50 Current Price is $3.47 Difference: $1.03
If RWC meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Citi rates SFR as Neutral High Risk (3) -

Citi stands ready to swoop on Sandfire Resources shares in the event of a pullback as ASX copper exposures are scarce, but retains its Neutral rating for now.

A share price retreat could occur given recent outperformace compared to global peers and Citi's forecast for weaker copper prices in the near-term.

The broker assesses a solid 1Q with the MATSA operations in Spain tracking to plan, with encouraging resource upside, and the ramp-up at Motheo is also progressing well.

The Neutral/High Risk rating and $6.90 target are unchanged.

Target price is $6.90 Current Price is $5.95 Difference: $0.95
If SFR meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Macquarie rates SFR as Outperform (1) -

Sandfire Resources' Sep Q copper production was 11% ahead of Macquarie and zinc production -16% below. The Motheo ramp-up is progressing well, the broker notes, with robust copper recoveries of 92% compared to an 81% forecast.

Incorporating the production report and adjusting FY24 forecasts in line with FY24 guidance results in an -8% earnings decrease.

Outperform and $7.50 target retained.

Target price is $7.50 Current Price is $5.95 Difference: $1.55
If SFR meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

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

The September quarter result for Sandfire Resources was broadly in line with Morgan Stanley's expectations, though production beat the consensus forecast by 10%.

Costs were in line with the broker's forecast and FY24 guidance was unchanged.

On a discounted cash flow valuation basis, Morgan Stanley believes shares of Sandfire are expensive with a longer mine life key to raising the broker's valuation.

The Equal-weight rating and $6.05 target are unchanged. Industry view: Attractive.

Target price is $6.05 Current Price is $5.95 Difference: $0.1
If SFR meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

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

As there was no deterioration in underlying fundamentals evident from 1Q results, Ord Minnett now sees further upside to the Sandfire Resources share price, especially after recent falls on weak copper sentiment.

The broker upgrades its rating to Buy from Accumulate and suggests investors adopt a longer-term view and await a turn in the cycle. 

There's thought to be around  20% upside to the broker's fair value assumption. De-risked elements of operations at Motheo are also noted.

After making conservative adjustments to forecasts, Ord Minnett lowers its target to $7.10 from $7.25

Target price is $7.10 Current Price is $5.95 Difference: $1.15
If SFR meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

UBS rates SFR as Buy (1) -

Sandfire Resources' quarterly update, in line with expectations, is keeping the company on track to achieve FY24 guidance, opines UBS.

This company remains the broker's preferred exposure among copper exposures on the ASX.

Buy rating retained, alongside a price target of $7.60.

Target price is $7.60 Current Price is $5.95 Difference: $1.65
If SFR meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

UBS rates SGR as Buy (1) -

With several states in Australia working towards a restructuring of the gaming industry, including the introduction of cashless cards, UBS analysts believe the range of potential outcomes for the industry remains wide.

The broker reminds investors it is believed some 20% of gamblers in Australia is responsible for circa 80% of total slot revenues.

At this point, clubs and pubs are not included and the scope is on casinos only. Amidst increased uncertainty, UBS has kept its Buy rating and 95c price target for Star Entertainment.

Target price is $0.95 Current Price is $0.60 Difference: $0.355
If SGR meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $0.95, suggesting upside of 61.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Macquarie rates SLR as Outperform (1) -

Silver Lake Resources' Sep Q production was 12% ahead of Macquarie's estimate while costs were -11% better. Underlying cash flows were softer largely due to higher capex, exploration and a negative working capital move.

Silver Lake retained FY24 guidance and is well-placed, the broker suggests, with Sep Q sales at 27% of the mid-point of guidance and costs ticking down below the range.

Outperform and $1.50 target retained.

Target price is $1.50 Current Price is $0.98 Difference: $0.525
If SLR meets the Macquarie target it will return approximately 54% (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

Ord Minnett rates SLR as Buy (1) -

First quarter production for Silver Lake Resources was "strong" suggests Ord Minnett, with higher-than-expected grades at Mt Monger driving a beat on costs. Higher negative non-cash inventory adjustments at Deflector also helped out on costs.

While 2Q production should ease, partly due to Mt Monger mill maintenance, the analysts expect an improvement in the 2H will help achieve the top end of sales guidance.

The broker's FY24 earnings forecast rises but a model roll-forward keeps the target price unchanged at $1.85. The Buy rating is unchanged.

Target price is $1.85 Current Price is $0.98 Difference: $0.875
If SLR meets the Ord Minnett target it will return approximately 90% (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

Shaw and Partners rates SYR as Buy (High Risk) (1) -

Syrah Resources has released its (lengthy) interpretation of China’s export controls over graphite, due to come into effect on 1 December.

According to Syrah these controls introduce significantly higher uncertainty, administrative barriers and delays in export supply of the designated materials and heighten the criticality of ex-China supply of graphite materials for the lithium-ion battery chain in particular.

One of the areas of remaining uncertainty is exactly how stringent the controls will be once in force, Shaw and Partners notes. If similar export controls over gallium and geranium are any sort of precedent then the answer is extremely stringent.

Medium term, the brokers' thesis remains intact: forecast graphite shortages and a lack of new supply means graphite prices must move up to incentivise new production. Buy (High Risk) and $1.30 target retained.

Target price is $1.30 Current Price is $0.67 Difference: $0.635
If SYR meets the Shaw and Partners target it will return approximately 95% (excluding dividends, fees and charges).

Current consensus price target is $0.99, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

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

Morgan Stanley lowers its target for Viva Energy to $3.21 from $3.22 following 3Q results and a modest lift in the the broker's 2024 refining margin estimate. An Equal-weight rating is retained. Industry view is Attractive.

Prior research by the broker on 3Q results was summarised as follows:

Viva Energy's 3Q sales were flat quarter-on-quarter and missed by -2% compared to forecasts by Morgan Stanley and consensus.

Despite recent negative revisions by consensus, the broker anticipates a modest negative market reaction to the update.

Target price is $3.21 Current Price is $2.84 Difference: $0.37
If VEA meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in December.

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

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

In an announcement with no material impact on Morgan Stanley's investment case for Westpac, notable items of -$351m after tax are to be included in the upcoming 2H23 result due on November 6. The broker had forecast -$46m.

The largest notable item of -$176m relates to provisions for customer remediation, litigation, fines and penalties.

The Equal-Weight rating and $20.10 target are retained. Industry View: In-Line.

Target price is $20.10 Current Price is $20.57 Difference: minus $0.47 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.50, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates WES as Buy (1) -

As per its recent annual general, Wesfarmers is confident its leading brands are well-positioned depite an increasingly challenged customer, describing itself as suited to the current environment given its competitive advantages. 

UBS notes the retail conglomerate continues to leverage scale and sourcing capabilities to combat cost pressures. Bunnings' trading in the first sixteen weeks has been in line with the second half, while Kmart should prove well positioned to benefit from cost of living pressures.  

The Buy rating and target price of $56.50 are retained.

Target price is $56.50 Current Price is $50.37 Difference: $6.13
If WES meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $50.36, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Citi rates WHC as Neutral (3) -

Citi raises its target for Whitehaven Coal to $8.45 from $7.60 after incorporating the Daunia/Blackwater acquisitions from BHP Group ((BHP)) into forecasts.

The Neutral rating is kept, given the around 14% share price rally since the deal was announced, explains the broker. Shares have also rallied circa 26% since lows in September.

Target price is $8.45 Current Price is $7.77 Difference: $0.68
If WHC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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