Australian Broker Call

Macquarie rates 29M as Neutral (3) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

Macquarie reduces the target price of 29Metals to $0.90 from $1.00, driven by short and medium-term zinc price reductions that are offset by increased copper and gold prices as well as a lower Australian dollar forecast. Neutral maintained.

Target price is $0.90 Current Price is $0.83 Difference: $0.075
If 29M meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.91, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates ANN as Accumulate (2) -

Shares of Ansell continue to trade at a discount to Ord Minnett's $30 target price. It's felt the market is too pessimistic on margin pressures which the analyst expects will continue to ease.

Management is still guiding to sequential group margin improvement in the 2H of FY23, particularly in the Industrial segment after recent product price rises.

The broker expects the group gross margin will bounce back to 39% by FY24 from 37% in the 1H of FY23. Structural margin expansion is expected over the longer-term via better utilisation of newer manufacturing facilities and an improved sales mix to higher margin products.

The Accumulate rating and $30 target are unchanged.

Target price is $30.00 Current Price is $25.89 Difference: $4.11
If ANN meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.93, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.1

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

Bell Potter rates AZS as Initiation of coverage with Speculative Buy (1) -

Bell Potter initiates coverage on Azure Minerals with a Speculative Buy rating and $2 target. The company has identified more than 700 individual outcropping pegmatites at the Andover project.

Initial drill testing returned broad intersections in the first target with the potential for economic grade lithium mineralisation.

The broker believes the success to date signals Tier-1 lithium mine potential and there is a chance exploration will delineate a large lithium resource over the next year which could support a strategically significant spodumene concentrate business.

Target price is $2.00 Current Price is $1.35 Difference: $0.655
If AZS meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates BHP as Neutral (3) -

Citi reviews its cost and production assumptions ahead of BHP Group's quarterly production report on July 20. Downgrades to copper and iron ore have produced FY23 and FY24 EBITDA by -2% and -4%, respectively.

Adjustments to longer-dated price assumptions mean the target is increased to $44 from $43 while a Neutral rating is maintained.

Target price is $44.00 Current Price is $44.60 Difference: minus $0.6 (current price is over target).
If BHP meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.48, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.2

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

Macquarie rates BHP as Outperform (1) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

The broker downgrades near-term earnings by -10-20% for the large cap miners that are exposed to lower iron ore prices. Macquarie continues to prefer BHP Group in this segment, as it has a strong balance sheet and multiple organic growth opportunities.

Outperform maintained. Target is reduced to $49 from $52.

Target price is $49.00 Current Price is $44.60 Difference: $4.4
If BHP meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $44.48, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.2

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

Macquarie rates CHN as Outperform (1) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

Among base metal producers, Chalice Mining's target is reduced to $9.20 from $9.60 as a result of cobalt price reductions from 2028 onwards. Outperform rating maintained.

Target price is $9.20 Current Price is $6.33 Difference: $2.87
If CHN meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $8.63, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc. Gold price forecasts are increased by 4% in 2024.

Amid recent share price weakness Capricorn Metals is upgraded to Outperform from Neutral and the $4.80 target is retained.

Target price is $4.80 Current Price is $4.05 Difference: $0.75
If CMM meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Ord Minnett upgrades its rating for Cromwell Property to Bu from Accumulate on valuation after a recent share price retracement.

No changes are made to the broker's forecasts and the 90c target is unchanged.

Target price is $0.90 Current Price is $0.50 Difference: $0.4
If CMW meets the Ord Minnett target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates COH as Underperform (5) -

Macquarie has surveyed 11 US-based audiologists and, on average, they indicated that new cochlear implant patient numbers were 24% ahead of pre-pandemic levels. This implies a growth rate in 6%.

Cochlear received the highest rating in relation to its offering and was also considered the best for meeting key characteristics relevant to adult/paediatric patients. Yet the overall rating for Advanced Bionics continued to improve.

While recognising the strength of the brand, the broker assesses growth is constrained by lack of awareness of implants. Valuation is also considered elevated and an Underperform rating and $198 target are maintained.

Target price is $198.00 Current Price is $227.96 Difference: minus $29.96 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $223.43, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Ord Minnett rates COH as Lighten (4) -

Cochlear's acquisition of Demant's hearing implants business Oticon Medical has been partly prohibited by the UK Competition and Markets Authority (CMA).

While the acquisition of the implants business has passed competition concerns and is permitted to proceed, the acquisition of the bone conduction implants business would substantially lessen competition in the UK, according to the CMA.

Management now anticipates around $10m in annualised revenue will be added, or roughly 2% of its services revenue. The broker expects Ord Minnett will develop profitable new sound processors compatible with Oticon's implants.

Lighten rating and $193 target maintained.

Target price is $193.00 Current Price is $227.96 Difference: minus $34.96 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $223.43, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Bell Potter rates DLI as Speculative Buy (1) -

Delta Lithium as drilling results from Yinnetharra, Western Australia. Two broad and high-grade intercepts of 33m at 1.9% lithium from 218m and 19m at 1.6% lithium from 190m has meant Bell Potter updates  its modelling.

The valuation for the project is increased by 55%. The capital structure is also updated for the recent $46m placement. The Speculative Buy rating is unchanged. Target is raised to $1.25 from $1.05.

Target price is $1.25 Current Price is $0.95 Difference: $0.3
If DLI meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates EDV as Outperform (1) -

Macquarie observes Australian consumer expenditure appears to be at a tipping point and has become cautious on discretionary retail earnings while believing the market is more bullish on the outlook for margins in food and beverages.

Endeavour Group remains a top pick in the category and the broker retains an Outperform rating while reducing the target to $6.90 from $7.10.

Target price is $6.90 Current Price is $6.27 Difference: $0.63
If EDV meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates EVN as Underperform (5) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term gold price upgrades drive modest increases to targets for gold stocks as well as near-term earnings.

Evolution Mining estimates are also adjusted by a downgrade to the copper price outlook. Underperform maintained. Target is raised to $3.10 from $3.00.

Target price is $3.10 Current Price is $3.30 Difference: minus $0.2 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.33, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Ord Minnett rates HLO as Upgrade to Accumulate from Lighten (2) -

Ord Minnett upgrades its rating for Helloworld Travel by two notches to Accumulate from Lighten on valuation after a recent share price fall. It's suggested prospective investors adopt a buy on weakness approach.

Moreover, the broker has a positive view on the acquisition of Express Travel Group for $70m target for cash and scrip. The company is considered one of the most well-regarded and managed unlisted travel agency groups in the Australian market.

The target is increased to $2.84 from $2.62. The analysts also notes the large scale of Helloworld Travel's business is an advantage, as highlighted by Qantas Airways ((QAN)) recently playing hard ball on agency distribution costs.

Target price is $2.84 Current Price is $2.47 Difference: $0.37
If HLO meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

HMC Capital has attracted its first ever institutional inflow ($350m) and has reached first close in its Last Mile Logistics (LML) funds series.

HomeCo Daily Needs REIT ((HDN)) will provide an additional $50m and 50% gearing implies $800m of total capacity, which the analysts note is less than the $1bn originally mooted, as recently as February.

The seven-year closed-end fund will acquire, reposition and then divest daily needs shopping malls.

The broker notes the seed asset (Menai Marketpace, Sydney) was purchased for $150m in December 2022 and has already been revalued to $175m.

Equal-weight and $4.35 taregt retained. Industry view: In-Line.

Target price is $4.35 Current Price is $4.77 Difference: minus $0.42 (current price is over target).
If HMC meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.87, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates HVN as Neutral (3) -

Macquarie observes Australian consumer expenditure appears to be at a tipping point and has become cautious on discretionary retail earnings while believing the market is more bullish on the outlook for margins in food and beverages.

Furthermore, Harvey Norman appears to have ceded share to JB Hi-Fi. Neutral rating maintained. Target is reduced to $3.60 from $3.90.

Target price is $3.60 Current Price is $3.22 Difference: $0.38
If HVN meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.4

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

Macquarie rates JBH as Underperform (5) -

Macquarie observes Australian consumer expenditure appears to be at a tipping point and has become cautious on discretionary retail earnings while believing the market is more bullish on the outlook for margins in food and beverages.

Hence, while JB Hi-Fi appears to have taken share in the discretionary market compared with its competitor Harvey Norman the Underperform rating is maintained in the target is reduced to $ 41.60 from $42.40.

Target price is $41.60 Current Price is $41.68 Difference: minus $0.08 (current price is over target).
If JBH meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.40, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Macquarie rates JRV as Neutral (3) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

Among base metal producers, Jervois Global has one of the largest reductions in its target, -11%, largely because of cobalt price reductions from 2028 onwards. Target is reduced to 8c from 9c and a Neutral rating is maintained.

Target price is $0.08 Current Price is $0.07 Difference: $0.011
If JRV meets the Macquarie target it will return approximately 16% (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

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

Ord Minnett upgrades its rating for Lovisa Holdings to Accumulate from Hold on valuation after a recent share price fall.

No changes are made to the broker's forecasts and the $22 target is unchanged.

Target price is $22.00 Current Price is $18.03 Difference: $3.97
If LOV meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $26.85, suggesting upside of 47.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates MGR as Accumulate (2) -

There are emerging signs weather delay for residential developers are easing, providing some relief for the likes of Mirvac Group, given construction interruptions experienced in late-2022 and early-2023. Labour and materials shortages have also diminished.

The weather outlook for eastern Australia has improved, notes the broker, with the odds increasing of an El Nino event, which typically limits rainfall in winter and spring.

The analyst notes Mirvac Group has one of the strongest balance sheets in the Property sector. The Accumulate rating and $3.10 target are unchanged.

Target price is $3.10 Current Price is $2.20 Difference: $0.9
If MGR meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates MIN as Outperform (1) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

Movements in spot iron ore and spodumene prices present the most material risk to earnings forecasts for Mineral Resources.

The target is lowered to $105 from $107. Outperform maintained.

Target price is $105.00 Current Price is $71.96 Difference: $33.04
If MIN meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $85.43, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

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

Ord Minnett upgrades its rating for Monadelphous Group to Accumulate from Hold on valuation.

No changes are made to the broker's forecasts and the $14.25 target is unchanged.

Target price is $14.25 Current Price is $11.68 Difference: $2.57
If MND meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $13.51, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates NCM as Neutral (3) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term gold price upgrades drive modest increases to targets for gold stocks with the exception of Newcrest Mining.

Its target is reduced to $27 from $30 because a reduction in the broker's NAV multiple which aligns with valuation and the implied value of the Newmont offer. Neutral maintained.

Target price is $27.00 Current Price is $25.88 Difference: $1.12
If NCM meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $27.72, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.1

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

Macquarie rates NHC as Downgrade to Underperform from Neutral (5) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals.

Thermal coal is downgraded -8-21% over the next three years. Hence, New Hope is downgraded to Underperform from Neutral. Target price is reduced to $4.50 from $5.40.

Target price is $4.50 Current Price is $5.05 Difference: minus $0.55 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.24, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources has approved the expansion of the KCGM plant. This will take process capacity to 27mtpa from the current 13mtpa. The project is expected to take three years to complete followed by a two-year ramp-up.

Cost is expected to be around $1.5bn. Macquarie considers the expansion the key driver of growth for the company, in order to sustain production above the prior 2mozpa target in FY26.

Moreover, further synergies could be realised at other deposits in the area given the strong cost improvement the expansion provides. Outperform rating and $15 target maintained.

Target price is $15.00 Current Price is $12.30 Difference: $2.7
If NST meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $13.39, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates S32 as Outperform (1) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

The broker downgrades near-term earnings by -10-20% for the large cap miners that are exposed to lower iron ore prices.

Macquarie reiterates an Outperform rating for South32, noting the company has a different commodity portfolio (alumina, base metals and coking coal) compared with the other iron ore majors. Target is reduced to $4.60 from $4.80.

Target price is $4.60 Current Price is $3.72 Difference: $0.88
If S32 meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates SFR as Outperform (1) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

An upgrade to copper & nickel in the short term and downgrades to zinc & cobalt price forecasts drives a decrease in the target for Sandfire Resources to $7.10 from $7.30.

The stock is Macquarie's key pick among base metal producers, successfully producing its first concentrate from Motheo in the second quarter of 2023 with ramp up expected to continue through the year. Outperform maintained.

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

Current consensus price target is $6.93, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Ord Minnett rates SGP as Hold (3) -

There are emerging signs weather delay for residential developers are easing, providing some relief for the likes of Stockland, given construction interruptions experienced in late-2022 and early-2023. Labour and materials shortages have also diminished.

The weather outlook for eastern Australia has improved, notes the broker, with the odds increasing of an El Nino event, which typically limits rainfall in winter and spring.

The analyst notes Stockland has one of the strongest balance sheets in the Property sector. The Hold rating and $4.35 target are unchanged.

Target price is $4.35 Current Price is $4.01 Difference: $0.34
If SGP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates SRL as Neutral (3) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

Among base metal producers, Sunrise Energy Metals has the largest reduction in its target, -28%, largely because of cobalt price reductions from 2028 onwards. Target is reduced to $1.06 from $1.47. Neutral maintained.

Target price is $1.06 Current Price is $1.02 Difference: $0.035
If SRL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates WHC as Outperform (1) -

Macquarie updates earnings forecasts to incorporate its latest commodity price outlook. Short-term price forecasts have been downgraded, particularly for bulks and base metals, notably zinc.

Given large decreases in thermal coal price forecasts, Macquarie reduces the target for Whitehaven Coal to $7.70 from $8.50. Earnings estimates are downgraded by -12-40% over FY24-26. Outperform maintained.

Target price is $7.70 Current Price is $6.66 Difference: $1.04
If WHC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.01, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates WOR as Lighten (4) -

While Ord Minnett feels the current share price of Worley is expensive, it still feels the company is ideally positioned to prosper from the low carbon transition, while still not ignoring its traditional business.

The target rises by 5% to $12.60 due to the time value of money and the Lighten rating is unchanged.

Apart from improved risk allocation across contracts and elimination of lower-margin contracts, the analyst is forecasting margin improvement via operating leverage and an increasing number of complex, large-scale, sustainability-related projects.

Target price is $12.60 Current Price is $15.65 Difference: minus $3.05 (current price is over target).
If WOR meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.63, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates WOW as Neutral (3) -

As Macquarie continues to envisage a switch to staples in the current economic environment earnings forecasts are revised up for Woolworths.

Consumer staple names have broadly flat margin expectations over the next three years. Neutral maintained. Target rises to $40.00 from $39.50.

Target price is $40.00 Current Price is $39.86 Difference: $0.14
If WOW meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $36.73, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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