Australian Broker Call

Macquarie rates A11 as Outperform (1) -

Macquarie makes minor changes to earnings forecasts after incorporating the June quarter cash flow report. FY23 EPS losses are reduced by -4%. The mining licence approval for the Ewoyaa project presents the near-term catalyst for Atlantic Lithium.

The broker remains conservative about the production ramp-up although notes the upside potential from the incorporation of modular DMS units. Outperform retained along with a $0.70 target.

Target price is $0.70 Current Price is $0.43 Difference: $0.27
If A11 meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates ABC as Neutral (3) -

Leading into the August reporting season, UBS prefers stocks in the Australian Building Materials sector with exposure to the US in preference to A&NZ and the EMEA region.

The broker's channel checks suggest a much "less worse" outlook for volumes in the US.

Adbri is one of the least preferred stocks by UBS in the sector. While the company has gained early traction on improving margins, upside is thought to be largely captured in the current share price and costs pressures are expected to persist for the next year.

The broker's target rises to $2.40 from $1.90. Neutral.

Target price is $2.40 Current Price is $2.49 Difference: minus $0.09 (current price is over target).
If ABC meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.05, suggesting downside of -18.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Macquarie rates AGY as Outperform (1) -

Argosy Minerals continues to progress its Rincon lithium brine project with work for the 2000tpa plant nearing completion. During commissioning, the plant is produced 20t of lithium carbonate with an average grade of 99.79%.

Macquarie observes achieving steady-state production and securing approvals for the 10,000tpa expansion are the near-term catalysts. Outperform rating and $0.80 target maintained.

Target price is $0.80 Current Price is $0.32 Difference: $0.48
If AGY meets the Macquarie target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates AIS as Outperform (1) -

Aeris Resources delivered copper production of 7900t in the June quarter, in line with Macquarie's forecasts and up 32% quarter on quarter. Costs were higher than expected while cash of $19.5m was below forecasts. No FY24 guidance was provided.

The upcoming catalysts are updates on the plan at Jaguar, FY24 guidance and the Constellation PFS. Outperform rating maintained. Target edges down to $0.60 from $0.65.

Target price is $0.60 Current Price is $0.38 Difference: $0.22
If AIS meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 111.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates AMA as Buy (1) -

Bell Potter notes underlying cash flows for AMA Group continue to improve with operating cash flow of $19.4m in the 4Q. The closing cash balance of $28.9m was a beat against the broker's forecast of $24.7m and rose by $8.4m for the quarter.

Management re-affirmed FY23 guidance of normalised earnings (EBITDA) in the range of $60-68m.

The broker sees a potential catalyst from a positive outcome on the Capital SMART repricing negotiations with Suncorp Group ((SUN)).

The target falls to 26c from 28c as the broker increases its weighted average cost of capital (WACC) assumption. Buy.

Target price is $0.26 Current Price is $0.14 Difference: $0.115
If AMA meets the Bell Potter target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates ARX as Add (1) -

Morgans makes no changes to its forecasts for Aroa Biosurgery following the release of its 1Q cashflow report. Cash outflow for the quarter was slightly higher than expected, while cash receipts were thought to be solid.

The broker expects both revenue and earnings will be skewed to the 2H after management reiterated FY24 guidance for 25-30% revenue growth, 85% gross margins and normalised earnings (EBITDA) of $1-2m.

The Add rating and $1.50 target are maintained.

Target price is $1.50 Current Price is $0.90 Difference: $0.6
If ARX meets the Morgans target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

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

Auteco Minerals is re-establishing gold production at the Pickle Crow Gold project in Ontario, Canada, and is currently assessing open pit mining opportunities as well as underground access options and associated permitting.

The broker notes a highly successful drilling campaign resulted in inferred resources increasing by 530koz (or 24%) to 2.8moz at 7.2g/t.

June quarter results revealed cash on hand of $6.34m.

Shaw and Partners maintains its Buy, High Risk rating and 13c target.

Target price is $0.13 Current Price is $0.03 Difference: $0.097
If AUT meets the Shaw and Partners target it will return approximately 294% (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 BBN as Upgrade to Neutral from Sell (3) -

FY23 net profit of $10.2m was broadly in line with Citi's estimates. Sales were better-than-expected, partially offset by weaker gross margins. The broker notes while sales trends have improved since early June they remained negative in the final three weeks of FY23, and in July.

Citi finds limited information regarding Baby Bunting's strategy and so lacks confidence that sales are on track to turn sustainably positive over the short term.

Rating is upgraded to Neutral from Sell while the Target is raised to $1.65 from $1.10 to reflect earnings changes and higher market and peer multiples.

Target price is $1.65 Current Price is $1.67 Difference: minus $0.015 (current price is over target).
If BBN 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 $1.67, suggesting downside of -16.9% (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

Macquarie rates BBN as Neutral (3) -

Baby Bunting's underlying net profit in FY23 was in line with the guidance in early June. Compositionally, Australia contributed $17.1bn to the outcome while New Zealand made a loss of -$2.6m.

In FY24 the company expects to cut costs by -$6-8m with five additional stores expected to open, including three in New Zealand.

Same-store sales have marginally recovered in recent weeks yet Macquarie expects elevated costs and losses in New Zealand will affect underlying net profit. Neutral rating and $1.55 target maintained.

Target price is $1.55 Current Price is $1.67 Difference: minus $0.115 (current price is over target).
If BBN meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.67, suggesting downside of -16.9% (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

Ord Minnett rates BBN as Hold (3) -

Ord Minnett considers FY23 a "poor" year for Baby Bunting amid the combined impact of lower sales volumes, tighter gross profit margins and rising costs.

Preliminary financial results reveal a -51% decline in underlying net profit to $14.5m, in line with the guidance provided in June.

Ord Minnett also considers a profit recovery will become more difficult over the short term because of rising costs, particularly labour and occupancy expense. Hold rating retained. Target is $1.60.

Target price is $1.60 Current Price is $1.67 Difference: minus $0.065 (current price is over target).
If BBN meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.67, suggesting downside of -16.9% (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

UBS rates BKW as Buy (1) -

Leading into the August reporting season, UBS prefers stocks in the Australian Building Materials sector with exposure to the US in preference to A&NZ and the EMEA region.

The broker's channel checks suggest a much "less worse" outlook for volumes in the US.

The target for Brickworks rises to $29 from $26.80 largely due to a lift in the broker's property and WH Soul Pattinson ((SOL)) valuation. Buy.

Target price is $29.00 Current Price is $25.91 Difference: $3.09
If BKW meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $27.11, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates BLD as Neutral (3) -

Leading into the August reporting season, UBS prefers stocks in the Australian Building Materials sector with exposure to the US in preference to A&NZ and the EMEA region.

The broker's channel checks suggest a much "less worse" outlook for volumes in the US.

Boral is one of the least preferred stocks by UBS in the sector. While the company has gained early traction on improving margins,  upside is thought to be largely captured in the current share price and costs pressures are expected to persist for the next year.

The broker's target rises to $4.39 from $4.00. Neutral.

Target price is $4.39 Current Price is $4.36 Difference: $0.03
If BLD meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -15.0% (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 BUB as Speculative Hold (3) -

Following 4Q results, Bell Potter considers progress in the US remains encouraging for Bubs Australia, insulating against weaker results in China.

The broker highlights branded gross revenues were down -55% year-on-year, which shows the impact of cycling large Alpha group orders in the previous corresponding period in China, while Australia and the US showed growth.

The Speculative Hold rating is unchanged and the target falls to 22c from 22.5c.

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

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates BXB as Buy (1) -

UBS feels there is potential for Brambles to sustain prices at CHEP Americas after around two years of strong increases given the broker's customer survey revealed predictions of a further 3% rise in pooled prices over the next year.

Moreover, on average customers expect to grow volume in FY24 on a return to demand growth and by expanding their businesses, explains the analyst. 

Buy rating and $15.90 target price retained.

Target price is $15.90 Current Price is $14.07 Difference: $1.83
If BXB meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $14.64, suggesting upside of 3.4% (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: 0.3

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

UBS rates CSR as Buy (1) -

Leading into the August reporting season, UBS prefers stocks in the Australian Building Materials sector with exposure to the US in preference to A&NZ and the EMEA region.

The broker's channel checks suggest a much "less worse" outlook for volumes in the US.

CSR is preferred by UBS in Australia given pricing power and a strong property portfolio. Buy rating. Target $6.50.

Target price is $6.50 Current Price is $5.72 Difference: $0.78
If CSR meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Shaw and Partners rates CY5 as Buy, High Risk (1) -

Cygnus Metals is advancing the Pontax  project in the James Bay lithium region of Quebec and Shaw and Partners highlights the drill program has completed ahead of the maiden Resource (due for release in the next few weeks).

The best drill results to-date of 23.4m at 1.4% Li2O from 367.8m have been released as part of 4Q results, notes the analyst. First desktop studies at the Sakami project have also identified multiple pegmatite targets.

The company finished June with $5.4m in cash. The broker maintains its Buy, High Risk rating and 46c target.

Target price is $0.46 Current Price is $0.32 Difference: $0.14
If CY5 meets the Shaw and Partners target it will return approximately 44% (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 DHG as Downgrade to Neutral from Buy (3) -

In a sector preview to the upcoming August reporting season in Australia, Citi analysts have decided to downgrade Domain Holdings Australia to Neutral from Buy.

The analysts continue to see strong results and upside to consensus forecasts, but they don't see the stock price as compelling enough to warrant a Buy rating.

Target price is $4.00 Current Price is $4.06 Difference: minus $0.06 (current price is over target).
If DHG 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 $3.41, suggesting downside of -17.4% (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

Shaw and Partners rates EV1 as Buy, High Risk (1) -

Shaw and Partners retains its Buy, High Risk rating and 72c target after reviewing 4Q results for Evolution Energy Minerals.

The broker assumes first production in FY26 from the Chilalo Graphite project in Tanzania. The project requires low upfront capital for a large flake sized product suitable for specialty end markets and optionality to move downstream into battery anode material.

The analyst likes the combination of high operating margins at Chilalo and downstream integration in the US. The company is expected to be one of the first graphite developers to produce into a tightening market.

The company ended the quarter with $4.4m in cash.

Target price is $0.72 Current Price is $0.20 Difference: $0.525
If EV1 meets the Shaw and Partners target it will return approximately 269% (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 FCL as Upgrade to Buy from Neutral (1) -

In a sector preview to the upcoming August reporting season in Australia, Citi analysts have upgraded Fineos Corp to Buy from Hold.

While the analysts feel more confident about the growth path ahead, they also still think Fineos needs additional capital and have now assumed an equity raise in 1H24.

Price target lifts to $2.95 (we had $1.39 up until now).

Target price is $2.95 Current Price is $2.26 Difference: $0.69
If FCL meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.94, suggesting upside of 25.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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

Macquarie rates GLN as Outperform (1) -

Galan Lithium has delivered its definitive feasibility study for Hombre Muerto West stage 1, which assumes an average production rate of 537,000tpa lithium carbonate equivalent, 34% ahead of Macquarie's prior forecasts.

The broker incorporates the FY23 production developments and revised equity-raising assumptions maintaining an Outperform rating. Target is reduced to $1.50 from $1.70.

Target price is $1.50 Current Price is $0.78 Difference: $0.725
If GLN meets the Macquarie target it will return approximately 94% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

June quarter production from Gold Road Resources was 3% ahead of Macquarie's estimates, at 76,100 ounces.

While operating rates of production drills and the availability of blasting resources have been below the mine plan, and adverse weather has weighed on material movements, the company has not lifted AISC guidance for 2023.

AISC is now expected to be at the upper end of the $1540-1660/oz guidance range. Macquarie upgrades to Outperform from Neutral and retains a $1.90 target.

Target price is $1.90 Current Price is $1.58 Difference: $0.325
If GOR meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 19.2% (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 Buy (1) -

Gold Road Resources delivered a June quarter result that was slightly better than Ord Minnett expected. Better mining costs led to a lower AISC estimate. The broker incorporates the outcome and continues to envisage value in the stock following the recent pull back.

While there is a delay in the receipt of material from the pit because of issues with drill and blast equipment, the broker's view this does not materially impair the intrinsic value of the Gruyere asset. Buy rating maintained. Target is raised to $2.05 from $2.00.

Target price is $2.05 Current Price is $1.58 Difference: $0.475
If GOR meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 19.2% (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 IDX as Outperform (1) -

Macquarie is positive on the industry outlook for diagnostic imaging over the longer term but tempers second half revenue growth forecasts for Integral Diagnostics following the release of recent Medicare data.

While reducing second half revenue forecasts, operating cost assumptions are largely unchanged, resulting in expectations for a more gradual margin recovery. Outperform maintained. Target is steady at $3.50.

Target price is $3.50 Current Price is $3.03 Difference: $0.47
If IDX meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting upside of 11.1% (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

Citi rates IGO as Neutral (3) -

Citi believes the good news from the June quarter production report from IGO, where production from operating assets beat expectations, was overshadowed by uncertainty regarding Cosmos as well as the downstream nickel and Kwinana train issues.

The broker suspects there is uncertainty over what the business could look like at the end of 2023 along with a new CEO coming in late in the fourth quarter. Modest-margin nickel continues to consume cash. Neutral retained and the target is lowered to $15.50 from $16.30.

Target price is $15.50 Current Price is $13.80 Difference: $1.7
If IGO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.72, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Macquarie rates IGO as Outperform (1) -

IGO posted a strong finish to the June quarter with spodumene production at Greenbushes 17% above Macquarie's forecasts. Cash costs were in line. Production at Nova also impressed the broker with nickel and copper output ahead of forecasts by 5% and 3%, respectively.

Capital expenditure guidance for FY24 at Greenbushes is materially higher than expected and Macquarie adjusts forecasts to match guidance.

Still, Greenbushes continues to generate strong cash flow and the broker believes it should enable higher dividends as a result. Outperform maintained. Target is reduced to $18 from $19.

Target price is $18.00 Current Price is $13.80 Difference: $4.2
If IGO meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $15.72, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

The June quarter production numbers from IGO were largely in line with Morgan Stanley's expectations.

The company has provided an update to its capital management intentions, and shareholder returns are to be 20-40% of underlying free cash flow when liquidity is less than $1bn and higher returns may be considered when liquidity moves above that figure.

FY24 capital expenditure guidance of $915-1035m is well ahead of the broker's expectations.

Equal-Weight and $14.70 target retained. Industry view: Attractive.

Target price is $14.70 Current Price is $13.80 Difference: $0.9
If IGO meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $15.72, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates IGO as Buy (1) -

In a strong finish to FY23, according to UBS, June quarter production of 395kt spodumene and sales of 429kt for IGO exceeded forecasts by both the broker and consensus.

While FY24 production guidance was in line with the analysts' estimate, capex spend of $850-950m far exceeded expectations, on increasing investment in Greenbushes for the future. Nova is considered to be tracking well.

The capex increase reduces the outlook for dividends from the Tianqi Lithium Energy Australia (TLEA) joint venture, suggests the analyst. 

The target falls to $16.50 from $17.30. Buy.

Target price is $16.50 Current Price is $13.80 Difference: $2.7
If IGO meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $15.72, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates JHX as Buy (1) -

Leading into the August reporting season, UBS prefers stocks in the Australian Building Materials sector with exposure to the US in preference to A&NZ and the EMEA region.

The broker's channel checks suggest a much "less worse" outlook for volumes in the US.

From stock under UBS coverage, James Hardie Industries is the preferred exposure in the sector given market volumes are only down -5-10% in July (channel checks again) and continue to recover rapidly. Also, management has issued conservative FY24 guidance.

The price target rises to $49.50 from $46.50 due to the broker's revised US new construction and R&R forecasts. Buy.

Target price is $49.50 Current Price is $43.48 Difference: $6.02
If JHX meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $43.70, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in March.

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

Macquarie rates JMS as Outperform (1) -

Jupiter Mines delivered stronger-than-expected production in the June quarter while sales and earnings were marginally below Macquarie's estimates.

The company's financial year end has moved to June and thus a transition period has been reported, consisting of the four months to June 2023.

For the year to June, the company produced 3.3mt and shipped 3.5mt of manganese. Incorporating the transition results has minimal impact on Macquarie's earnings forecasts.

Several studies and efficiency updates are expected over the next 12 months. Outperform rating maintained. Target is steady at $0.28.

Target price is $0.28 Current Price is $0.21 Difference: $0.075
If JMS meets the Macquarie target it will return approximately 37% (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 LLL as Outperform (1) -

Leo Lithium has reiterated first spodumene production is expected the second quarter of 2024. Goulamina's resource was recently updated to 211mt with a grade of1.37% lithium.

Incorporating the June quarter results means Macquarie narrows forecast losses while earnings estimates are unchanged for 2024 and beyond. Outperform rating and $1.55 target maintained.

Target price is $1.55 Current Price is $1.19 Difference: $0.365
If LLL meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 LYC as Neutral (3) -

Lynas Rare Earths delivered record production of NdPr in the June quarter with Citi noting operations were "smooth". The average selling price of $38,900/kg was slightly higher than expected albeit down -51% year-on-year.

Citi expects the build up in finished goods inventory at Kalgoorlie will offset a reduction in third quarter FY24 production during the ramp-up.

The broker notes the main area of construction required for first production of MREC at Kalgoorlie is the waste gas treatment plant. The target for first production has been pushed back to September 2023 from August.

Neutral maintained. Target is raised to $7.60 from $7.55.

Target price is $7.60 Current Price is $6.73 Difference: $0.87
If LYC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.77, suggesting upside of 12.0% (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

Macquarie rates LYC as Outperform (1) -

Lynas Rare Earths' June-quarter result outpaced Macquarie's production forecasts but lagged on sales, both on volumes and revenue (due to a weaker product mix). 

The broker observes the Kalgoorlie Rare Earths Processing Facility is proceeding apace, now in full plant commissioning stage.

The last part of the project to be completed wil be the Waste Gas Treatment plant, which is expected to be finished within the next few months and the company has postponed first mixed rare earth carbonate production to September to accommodate its completion.

Macquarie's FY23 EPS forecasts fall -21% to reflect the pairing of lower revenue and higher costs; FY24 forecasts fall -20% to reflect costs associated with the Kalgoorlie ramp-up; and EPS forecasts fall -7% to -8% thereafter out to FY29.

Outperform rating retained. Target price falls to $7.70 from $8.30.

Target price is $7.70 Current Price is $6.73 Difference: $0.97
If LYC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.77, suggesting upside of 12.0% (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

UBS rates LYC as Neutral (3) -

Record NdPr production of 1,864t for Lynas Rare Earths in the 4Q came in ahead of the prior forecasts by UBS and consensus for 1,700t and 1,654t, respectively.

The broker continues to highlight near-term risks around both Ndpr pricing (positive in the long-term) and ramp-up plans for the processing facility at Kalgoorlie. 

Management noted the Mt Weld expansion project is progressing as planned and is within capex guidance of $500m. 

The Neutral rating and $8.30 target are unchanged.

Target price is $8.30 Current Price is $6.73 Difference: $1.57
If LYC meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.77, suggesting upside of 12.0% (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

Citi rates MND as Buy (1) -

Citi estimates around $900m to $1.2bn of large E&C opportunities exist in lithium and rare earths for award over the near term.

Moreover, the awarding of the contract for a hydrometallurgical plant at the Arafura ((ARU)) Nolan project could be imminent and Monadelphous Group is well-positioned in this regard.

The broker also understands the Kathleen Valley project for Liontown Resources ((LTR)) is another one being pursued by Monadelphous. Buy rating and $14.45 target maintained.

Target price is $14.45 Current Price is $13.62 Difference: $0.83
If MND meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.93, suggesting upside of 1.9% (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 NHF as Neutral (3) -

Department of Home Affairs June quarter 2023 visa statistics show the number of student visas granted was 119% higher than the previous June quarter.

Macquarie advises the statistics are a strong lead indicator for the nib Holdings IIHI division, which constituted 17% of group earnings prior to covid.

Meanwhile, work visas rose 134% which Macquarie says should flow positively into the company's graduate visa division, in which the company is overweight, given NHF's worker plus visitors pricing is the cheapest among the majors.

Neutral rating and $8.25 target price retained on valuation given variation in the pace of ARHI claims catch-up.

Target price is $8.25 Current Price is $8.28 Difference: minus $0.03 (current price is over target).
If NHF 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 $8.26, suggesting upside of 0.0% (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

Citi rates NIC as Neutral/High Risk (3) -

The June quarter earnings of $55.9m for Nickel Industries were in line with the prior release. Citi expects the September quarter should deliver higher volumes and reduced costs.

Lower nickel pig iron estimates are included in forecasts, which reduces EBITDA estimates by -18% for 2023 and -8% for 2024. Neutral/High Risk rating maintained and the target is $1.00.

Target price is $1.00 Current Price is $0.83 Difference: $0.175
If NIC meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates NIC as Outperform (1) -

Nickel Industries' June-quarter result appears to have satisfied Macquarie, after a 16% increase in nickel metal sales was stuck on a 19% lower realised price from the March quarter.

Underlying earnings and interim dividend met the broker's forecasts, with earnings (EBITDA) from RKEF outpacing by 5% and EBITDA from Hengjaya missing by -5%.

The company closed the quarter with cash, receivables and inventor of US872.4m, a -3% miss but up 9% on the previous quarter thanks to a 34% jump in cash. The dividend was in line.

EPS forecasts rise 2% for 2023; and 1% in FY24 (the latter benefiting from an improvement in nickel matte grades).

Outperform rating and $1.10 target price retained.

Target price is $1.10 Current Price is $0.83 Difference: $0.275
If NIC meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates ORG as Outperform (1) -

Origin Energy's June-quarter result pleased Macquarie, the company reporting an in-line retail result in its energy market division, while generation from Eraring sharply outpaced.

The APLNG division met the broker's forecast, weaker pricing (due to less international spot sales) offsetting a beat on production and volume.

The dividend of $1.49 slightly outpaced Macquarie's forecast of $1.47bn, and the broker is pegging an FY24 dividend of roughly $1.3bn. The broker also spies potential for a special dividend given growing tax losses suggest a rising franking balance.

FY23 EPS forecasts fall -3% to reflect softer APLNG earnings; but rise 13.9% in FY24; and 6% to FY25, the broker expecting rising APLNG volumes and a likely improvement in pricing arising from strong energy markets.

Outperform rating and $8.89 target price retained. 

Target price is $8.89 Current Price is $8.47 Difference: $0.42
If ORG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.74, suggesting upside of 3.0% (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 PAC as Buy (1) -

Pacific Current Group posted funds under management of $204.4bn as of June, up 9.1% over the quarter and largely in line with Ord Minnett's forecasts.

The broker expects the non-binding indicative bid from Regal Partners and intended proposal from GQG Partners will be the driver of the share price in the short term. Buy rating and $11.20 target maintained.

Target price is $11.20 Current Price is $10.22 Difference: $0.98
If PAC meets the Ord Minnett target it will return approximately 10% (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 PMT as Outperform (1) -

Patriot Battery Metals has published a maiden result for its CV5 deposit at Corvette in Canada and appears to have met Macquarie's expectations.

The broker observes the result is only based on the large pegmatite resource at CV5 and does not include other pegmatites already discovered at Corvette and spies strong upside to the published result once other projects are drilled out. 

Outperform rating and $2.30 target price retained.

Target price is $2.30 Current Price is $1.51 Difference: $0.79
If PMT meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Ord Minnett rates PMV as Hold (3) -

As demand wanes, Ord Minnett suspects apparel retailers have increased discounting to move seasonal stock, which will hurt gross profit margins.

In the context of inflation across most retail categories, clothing and footwear stand out with virtually no price inflation in the June quarter.

The broker expects Premier Investments' underlying operating margins, excluding profits from associates, will decline to 20% in FY23, from 22% in FY22.

Margins are also estimated to further tighten to 17% in FY24, expected to be maintainable over the longer term. Hold rating maintained. Target is $19.

Target price is $19.00 Current Price is $22.12 Difference: minus $3.12 (current price is over target).
If PMV meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.34, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates QBE as Overweight (1) -

Stronger pricing and higher investment yields are driving earnings growth for QBE Insurance and Morgan Stanley believes the stock will continue to re-rate amid improved consistency of earnings. The broker updates its model for AASB17 and pre-reported items for the first half.

Morgan Stanley notes pricing remains strong and inflation is slowing. The main risk to watch going into the second half is the crop outlook as the US drought continues in key states.

Overweight rating reiterated. Target is raised to $18.20 from $17.50. Industry View: In-Line.

Target price is $18.20 Current Price is $15.77 Difference: $2.43
If QBE meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $16.67, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

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

Ahead of the earnings report on August 4, Morgan Stanley notes device growth has occurred for ResMed amidst unimpeded supply. The broker expects revenue of US$4.24bn.

Strong device growth occurred in the third quarter amid unrestricted access of directly connected cloud S10 devices and improving supply of the S11 platform. The broker believes this will translate to several more strong quarters given the absence of Philips.

The Equal-weight rating and $34.70 target are unchanged. industry View: In-Line.

Target price is $34.70 Current Price is $33.64 Difference: $1.06
If RMD meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.00, suggesting upside of 13.3% (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 RNU as Outperform (1) -

Renascor Resources' quarterly report points to greater exploration potential at Siviour and the company's memorandum of understanding with Mitsubishi, causing Macquarie to increase in FY23 EPS forecasts 6%.

On the downside, the Battery Anode Material study has been postponed to August.

The broker spies upside to its PSG production estimate but a blowout in capital expenditure costs to well above the definitive feasibility study estimate of $200m has blown the wind out of those sails.

Macquarie appreciates the company's balance sheet, Renascor Resources closing the quarter with $129m in cash on hand (in line), after capital expenditure of $5.9m. Long lead items are next off the spending block.

Outperform rating and 30c target price retained.

Target price is $0.30 Current Price is $0.18 Difference: $0.12
If RNU meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates RWC as Buy (1) -

Leading into the August reporting season, UBS prefers stocks in the Australian Building Materials sector with exposure to the US in preference to A&NZ and the EMEA region.

The broker's channel checks suggest a much "less worse" outlook for volumes in the US.

Both Reliance Worldwide and James Hardie Industries benefit from the improving US outlook and are Buy-rated, but Reliance ranks lower given European weakness and the risk of pricing pressure.

The price target rises to $4.70 from $4.60 due to the broker's revised US new construction and R&R forecasts. 

Target price is $4.70 Current Price is $4.22 Difference: $0.48
If RWC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting downside of -0.2% (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: 0.5

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

Macquarie rates RXM as Outperform (1) -

Rex Minerals' Hillside partnering has been postponed to later this year due time extensions requests from the parties.

Meanwhile, the company's finished the June quarter with $6.6m in line with Macquarie's forecasts.

The broker observes financing from Hillside is under way, and assumes $315m will be needed to fund the project.

Macquarie describes the company as a sleeping giant, given Hillside is Australia's second larges undeveloped copper reserve which could generate average annual earnings (EBITDA) on a margin of 46% in its first 10 years. The company is selling a minority stake (Macquarie estimates 30% for $100m).

EPS loss forecasts rise -8% and less than -1% thereafter. Outperform rating and 32c target price retained.

Target price is $0.32 Current Price is $0.25 Difference: $0.07
If RXM meets the Macquarie target it will return approximately 28% (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 SLR as Outperform (1) -

While Silver Lake Resources has met FY23 guidance and sharply outpaced Macquarie's forecast, FY24 guidance proved a bit miss, due to rising costs and news that Sugar Zone will be idled (Macquarie expects 1.5 years) for drilling and upgrades aimed at delivering higher margins and longer mine life. 

FY23 EPS forecasts rise 27% to reflect a beat on Macquarie's expectations but FY24 takes a hit due to the Sugar Zone idling, and FY25 to FY27 EPS forecasts fall -29% to -58%.

Outperform rating retained. Target price falls -18% to $1.40 to reflect Sugar Zone uncertainty.

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

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates SLR as Buy (1) -

Silver Lake Resources delivered a June quarter result that was largely in line given the pre-released metrics.

The main surprise, Ord Minnett observes, was the outlook for FY24 as Sugar Zone production was excluded while the company idles mining/processing activities to focus on drilling and infrastructure upgrades.

The broker assesses the sell-off in the stock is overdone and there is an opportunity for investors seeking relative value. Buy rating retained. Target is reduced to $2.00 from $2.35.

Target price is $2.00 Current Price is $0.89 Difference: $1.11
If SLR meets the Ord Minnett target it will return approximately 125% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Shaw and Partners positive view of both positive view Saunders International and the broader Engineering & Construction sector has been bolstered by the former winning a $44m contract.

The contract with Quantem is to more than double its diesel storage capacity at its Pelican Point terminal in Adelaide.

The broker forecasts a total contribution to Saunders’ earnings (EBIT) of around $2.9m beginning over FY24 and FY25.

Buy, High Risk rating reiterated. Target is $1.35.

Target price is $1.35 Current Price is $1.06 Difference: $0.29
If SND meets the Shaw and Partners target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates SYA as Outperform (1) -

Macquarie observes that a ramp-up at Sayona Mining's North American Lithium operations confirms that lower grade production result in higher recovery and larger production, operations hitting a daily production record of 643t at 5.67% Lithium oxide and 71% recovery in early June.

The operation's first shipment is on schedule for the September quarter.

Preliminary studies for the company's carbonate plant are continuing apace and Sayona expects to commission the plant in 2026.

The company's $200m equity raising was finalised at 18c a share.

FY23 EPS losses  fall -9%. FY24 EPS forecasts are steady. Outperform rating and 24c target price retained.

Target price is $0.24 Current Price is $0.14 Difference: $0.1
If SYA meets the Macquarie target it will return approximately 71% (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 SZL as Buy (1) -

Sezzle posted a strong update with earnings of US$2.5m and reported net profit of US$1.1m for the June quarter. Ord Minnett found the revenue margin of 9.1% healthy, assisted by a growing subscriber base.

The stock is considered undervalued, as among the North American Buy Now Pay Later sector the company stands out as the only one generating positive cash flow on a sustained basis. Buy rating retained. Target is reduced to $41.90 from $48.10.

Target price is $41.90 Current Price is $19.47 Difference: $22.43
If SZL meets the Ord Minnett target it will return approximately 115% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Morgan Stanley rates TWE as Overweight (1) -

Morgan Stanley explores the key risks around further downgrades to FY24 estimates from Treasury Wine Estates.

Assuming the luxury brands deliver modest growth it appears to the broker consensus expectations are looking for declines in premium/commercial brands of a further -10-15%.

Yet, Morgan Stanley points out, while not ruling out further downgrades in FY24 altogether, the headwinds to premium/commercial are already reflected in expectations, 19 Crimes has shown recent improvement and the luxury growth is a significant offset.

The $14.70 target and Overweight rating are maintained. Industry view: In-line.

Target price is $14.70 Current Price is $11.25 Difference: $3.45
If TWE meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $12.75, suggesting upside of 12.9% (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

Citi rates UNI as Neutral (3) -

Citi observes consumer sentiment appears to have softened since Universal Store issued a downgrade in May. Moreover, increased costs are likely to put downward pressure on margins in FY24.

There is a risk the company could report declining like-for-like sales in its first half trading update, even though the comparables being cycled will be relatively undemanding.

The broker reduces FY23-25 estimates for net profit by -3-10% and raises the target to $3.43 from $3.34, as earnings changes are more than offset by higher market and peer multiples. Neutral maintained.

Target price is $3.43 Current Price is $3.58 Difference: minus $0.15 (current price is over target).
If UNI meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.48, suggesting downside of -5.6% (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

Ord Minnett rates WBC as Accumulate (2) -

Ord Minnett acknowledges investors appear unconvinced that Westpac can grow revenue in line with peers and simultaneously achieve operating cost savings.

Yet the broker is more optimistic and expects the bank will increase home loans in line with the market, while the regulatory clouds are passing.

Ord Minnett believes the market is overly focusing on market share losses yet with approval times improving and funding cost advantages over small banks and non-bank lenders Westpac is expected to hold market share in the future. Accumulate rating and $28 target retained.

Target price is $28.00 Current Price is $22.34 Difference: $5.66
If WBC meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $23.45, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in September.

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 WOR as Buy (1) -

UBS upgrades its medium-term EPS forecasts for Worley on a higher growth outlook based on the rising global need to decarbonise. There's also considered to be increasing opportunities for the company in the LNG market.

The broker feels management has been conservative in guiding to a greater than 110bps earnings (EBITDA) margin uplift, given the increasing skew to higher-margin sustainability work and premium prices based on strong demand for engineers.

The target rises to $20.50 from $18.90. Buy.

Target price is $20.50 Current Price is $17.36 Difference: $3.14
If WOR meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $17.03, suggesting downside of -2.6% (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

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

In a sector preview to the upcoming August reporting season in Australia, Citi analysts have upgraded their rating for Zip Co to Neutral from Sell.

The justification for the move is explained through the fact management has achieved stronger than expected progress on expanding gross profit margins and reducing costs.

Target price is $0.47 Current Price is $0.45 Difference: $0.02
If ZIP meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 67.7% (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