Australian Broker Call

UBS rates AMA as Neutral (3) -

AMA Group's quarterly cash flow update has revealed covid continues to create havoc with the upcoming H1 results release this month about to reveal a material miss on UBS's forecasts.

But the broker does not seem fussed, not in the slightest, instead arguing investors are already looking forward into the upcoming recovery story that should unfold as sector consolidation continues and margins are poised for expansion.

For now, earnings estimates have been further reduced, and the Neutral rating is maintained because risk is still around. Target, on a two-year view, now sits at $0.43, down from $0.45 prior.

Target price is $0.43 Current Price is $0.43 Difference: $0
If AMA meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates ANN as Buy (1) -

Post profit warning, Citi is keeping its Buy rating as the share price, post sell-off, is considered of "undemanding" valuation. The price target has tumbled to $37.50 from $45.50 on reduced forecasts.

The broker explains the key factor responsible for the hefty guidance downgrade is a faster-than-expected drop in demand/prices for exam gloves, leading to inventory purchased at a high price being sold at a lower price, adding: this will normalise over time.

Target price is $37.50 Current Price is $26.76 Difference: $10.74
If ANN meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $31.25, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Credit Suisse rates ANN as Neutral (3) -

Margin compression driven by transport and labour costs, production shutdowns and demand decline has contributed to a notable -25% decline in year-on-year before tax earnings for Ansell, with Credit Suisse noting the company missed consensus expectations by -22%. 

The expected miss was more significant than predicted. The company issued a -20% reduction to earnings per share guidance for FY22, down to US$1.25-1.45, and the broker reduces its forecast to US$1.26 but expects this will be a stretch as pressures persist. 

The Neutral rating is retained and the target price decreases to $26.50 from $40.00.

Target price is $26.50 Current Price is $26.76 Difference: minus $0.26 (current price is over target).
If ANN meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.25, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

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

Ansell provided a preliminary first half result and updated FY22 guidance which were weaker than Macquarie expected, despite the broker foreseeing the covid-based supply and labour issues driving poor earnings numbers on in-line revenues.

Having been "comfortable" with its Underperform rating yesterday, the big share price fall has prompted the broker to upgrade to Neutral. On a -19% cut to FY22 earnings forecasts, target falls to 28.30 from $30.70.

Target price is $28.30 Current Price is $26.76 Difference: $1.54
If ANN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $31.25, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Morgan Stanley rates ANN as Overweight (1) -

Ansell lowered FY22 EPS guidance by -27%, as part of a FY22 trading update. This revealed margins were impacted by covid-related issues and softer demand for Exam/SU gloves, explains Morgan Stanley.

The broker lowers its target price to $33.27 from $47.32. This is mostly due to an around -20% decrease in estimated EPS for FY22 and FY23. Also, the previously-used multiple was marked-to-market due to a weaker stockmarket.

Margins were also impacted by increased freight and labor costs, notes the analyst. Management points to ongoing covid closures and current troubles accessing supply from a major supplier of Exam/SU gloves.

Overweight. Industry view In-Line.

Target price is $33.27 Current Price is $26.76 Difference: $6.51
If ANN meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $31.25, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

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

Following a 1H trading update by Ansell, Morgans lowers FY22-24 profit forecasts by -28%, -19% and -16%, respectively, mainly on lower estimated margins. As a result the target price falls to $28.95 from $41.87.

The broker assesses the majority of issues that weighed are covid related and deemed temporary in nature. However, the troubles to-date brings caution that more slippage may occur. Thus, the rating is lowered to Hold from Add.

Management downgraded FY22 guidance on various operational challenges including supply chain disruptions, increased labour/freight costs and lower demand for medical gloves.

Target price is $28.95 Current Price is $26.76 Difference: $2.19
If ANN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.25, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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 ANN as Accumulate (2) -

Ansell faced greater cost and production challenges in the December quarter than Ord Minnett had assumed. The bad news has continued into January, with a Malaysian facility again shut due to high case numbers and a key third-party supplier blocked by US Customs.

Yet despite supply challenges, and weaker than expected glove demand, Ansell posted solid sales growth, suggesting it will emerge from the pandemic in a stronger position, the broker notes.

The share price fall improves valuation appeal, although there are no near term catalysts apparent. Ord Minnett thus maintains an Accumulate rating. Target falls to $33.00 from $38.50.

Target price is $33.00 Current Price is $26.76 Difference: $6.24
If ANN meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $31.25, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Citi rates ARB as Buy (1) -

Citi reports ARB Corp's interim market update included a strong beat of both market consensus and the broker's forecasts. The analysts do point out they had earlier suggested risk seemed biased to the upside.

It is Citi's view that ARB has significant medium-term growth drivers including the company's partnership with Ford and distribution gain opportunities in the US, not to mention opportunities for expansion in Europe.

Citi reiterates its Buy rating with a price target of $57, up from $55.45 previously.

Target price is $57.00 Current Price is $46.15 Difference: $10.85
If ARB meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $51.02, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Credit Suisse rates ARB as Underperform (5) -

An early look at ARB Corporation's first half results have sales and profit before tax 12% and 21% ahead of Credit Suisse's forecasts respectively, driving the broker to lift earnings per share forecasts 20% and 15% for FY22 and FY23.

Credit Suisse looks to the upcoming release of complete first half results as a potential catalyst for the company. The broker expects current elevated gross profit margin levels can be sustained, but further spending is required and operating margins look unsustainable. 

The Underperform rating is retained and the target price increases to $40.60 from $38.00.

Target price is $40.60 Current Price is $46.15 Difference: minus $5.55 (current price is over target).
If ARB meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.02, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates ARB as Neutral (3) -

An update from ARB Corp showed a 4% beat on Macquarie's forecast for first half revenues and a 13-16% beat on the expected final profit range of $90-92m. Revenues and margins continue to track strongly.

ARB's success comes from solid inventory levels amid everyone else's supply shortage meeting ongoing strong demand.

The company is well placed to offset any headwinds from supply chain disruption, input costs and so forth through price increases, the broker suggests, and should benefit from scale efficiencies.

Neutral retained, target rises to $49.30 from $46.00.

Target price is $49.30 Current Price is $46.15 Difference: $3.15
If ARB meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $51.02, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgan Stanley rates ARB as Overweight (1) -

Morgan Stanley remains Overweight ARB Corporation, following a strong 1H update that revealed a 5.5% beat versus the consensus estimate.

The strong update was achieved in the face of supply chain uncertainty, cost inflation and investor questions over demand pull forward, explains the analyst. It's felt demand will continue in the medium term while “outdoors” as a holiday type continues to gain market share.

The Overweight rating and $56 target price are unchanged. Industry view: In-Line.

Target price is $56.00 Current Price is $46.15 Difference: $9.85
If ARB meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $51.02, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates ARB as Upgrade to Buy from Hold (1) -

ARB provided a positive market update, featuring first half sales up 26.5%, Ord Minnett notes, benefiting from continued strong demand for 4WD accessories domestically and offshore.

Operating margins have been maintained at the record levels achieved in the first half FY21. The broker has increased earnings forecasts across FY22-24.

Rating upgraded to Buy from Hold (bypassing Accumulate), target rises to $52.20 from $48.00.

Target price is $52.20 Current Price is $46.15 Difference: $6.05
If ARB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $51.02, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgans rates ART as Add (1) -

Airtasker's 2Q update demonstrated to Morgans the ongoing resilience of the marketplace, with gross market place volume (GMV) rebounding strongly over December as covid restrictions eased.

The broker remains attracted to the long growth pathway ahead both domestically and offshore. The Add rating and $1.27 target price are unchanged.

Target price is $1.27 Current Price is $0.72 Difference: $0.55
If ART meets the Morgans target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates AUA as Speculative Buy (1) -

Following Audeara's 2Q cashflow results, Morgans maintains its Speculative Buy rating and $0.33 target price.

The analyst highlights a step-change in sales over the quarter, and a small initial sales order generated in the US.

Target price is $0.33 Current Price is $0.11 Difference: $0.22
If AUA meets the Morgans target it will return approximately 200% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates BBT as Add (1) -

Morgans assesses a solid 2Q trading update by BlueBet Holdings that was in-line with estimates. Management expects to be a business-to-consumer (B2C) operator in three to five states in 2022, which should enable B2B partnership wins in 2023.

The broker lowers its target price to $1.60 from $2.60 after increasing the estimated opex investment for a launch into the company's second US state. Consequently, the revisions at the earnings (EBITDA) level are material over FY22-24.

Morgans cautions on the difficulty in accurately forecasting growth for the US business.

Target price is $1.60 Current Price is $0.95 Difference: $0.65
If BBT meets the Morgans target it will return approximately 68% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings' December quarter highlighted to Ord Minnett a business focused on disciplined deployment of capital. The Australian business performed well with active customers over 45k. The company achieved a healthy net win margin of 10%.

BlueBet is targeting a launch in three US states by the end of 2022, and a differentiated, capital-light strategy of developing a white-labelled  solution in the US in 2023 is a key reason Ord Minnett views the stock as an attractive investment proposition.

That said, the broker has increased its US risk weighting, resulting in a target cut to $2.00 from $2.70. Buy retained.

Target price is $2.00 Current Price is $0.95 Difference: $1.05
If BBT meets the Ord Minnett target it will return approximately 111% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates BUB as Buy (1) -

Citi expects Bubs Australia can continue to benefit from tailwinds that include continuing sales recovery, stabilisation of cross border e-commerce pricing, daigou channels exceeding pre-pandemic volumes, and potential for market share gain given its smaller size. 

Bubs Australia delivered better than expected gross sales and cash flow results in the second half, with gross sales up 73% on the previous comparable period. Citi's earnings per share forecasts increase 6% and 9% in FY22 and FY23. 

Bubs Australia remains Citi's top pick in the food and beverage sector. The Buy rating is retained and the target price increases to $0.68 from $0.63.

Target price is $0.68 Current Price is $0.47 Difference: $0.21
If BUB meets the Citi target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates BXB as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley reduces its rating for Brambles to Underweight from Equal-weight due to the ongoing supply chain environment and  increased lumber and transport prices. The target price falls to $9.30 from $11.60. Industry view: Inline.

The broker's FY22-24 profit forecasts decline on weaker estimated revenue growth and earnings margins, along with updated foreign exchange forecasts.

Target price is $9.30 Current Price is $9.67 Difference: minus $0.37 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.15, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Credit Suisse rates CAR as Upgrade to Outperform from Neutral (1) -

Consistent with Credit Suisse's expectations for 12% revenue growth, 7.5% underlying earnings growth and 27.6% profit after tax growth, Carsales.com is guiding to solid growth for each metric with a more significant second half skew given first half lockdowns.

Given the share price's comparatively low multiple, and the company's growth potential, Credit Suisse sees value for investors at current trading levels. 

The rating is upgraded to Outperform from Neutral and the target price of $25.80 is retained.

Target price is $25.80 Current Price is $22.04 Difference: $3.76
If CAR meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.61, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgan Stanley rates CNI as Overweight (1) -

Morgan Stanley awaits further detail at Centuria Capital Group's 1H results (February 9), following upgraded FY22 EPS guidance. The broker suspects a strong underlying asset performance has resulted in unbudgeted performance fees.

The analyst highlights the company's platforms all contributed to the around 16% asset under management (AUM) growth in the
last six months.

The Overweight rating and $3.45 target price are maintained. Industry view: In-line.

Target price is $3.45 Current Price is $2.97 Difference: $0.48
If CNI meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates COE as Add (1) -

Morgans maintains its Add rating and $0.34 target price for Cooper Energy following a 2Q result that was around expectations, with Sole considered to be performing well.

The outcome of ongoing talks with Orbost-operator APA Group ((APA)) remains a critical catalyst, with a new operating agreement the most likely outcome, predicts the analyst.

Target price is $0.34 Current Price is $0.30 Difference: $0.04
If COE meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgans rates CTD as Add (1) -

After including in forecasts Corporate Travel Management's acquisition of Helloworld Travel's ((HLO)) corporate travel business, Morgans' target price rises to $29 from $27.36.

From prior experience, the analyst is confident demand will recover quickly once it is safe to travel again, and believes patient investors will be rewarded. The Add rating is unchanged.

Target price is $29.00 Current Price is $20.79 Difference: $8.21
If CTD meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $26.27, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Macquarie rates CVN as Neutral (3) -

Drilling at Buffalo proved unsuccessful for Carnarvon Energy, Macquarie reports, but the value of the Dorado oil project is rising as a final investment decision approaches and oil prices strengthen.

A sell-down of Dorado and financing are becoming critical in the next six months, the broker warns, given a need to be prepared for Santos' ((STO)) project final investment decision mid-2022.

Success at Pavo and Apus would drive outperformance, but both are high-risk. Target falls to 28c from 33c, Neutral retained.

Target price is $0.28 Current Price is $0.27 Difference: $0.01
If CVN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates CWN as Neutral (3) -

Macquarie notes Crown Resorts is trading at a -16% annualised discount to the $13.10/share Blackstone takeover offer, assuming mid-2022 completion. First Crown has to report first half earnings, which the broker warns will be heavily covid-disrupted.

Thereafter the share price gap should narrow with more certainty, and the broker does not foresee any more compelling offers appearing.

Target rises to $12.60 from $12.20, which is the midpoint between the broker's $12.10 valuation and Blackstone's $13.10 offer. Neutral retained.

Target price is $12.60 Current Price is $12.09 Difference: $0.51
If CWN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.62, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates DCN as Outperform (1) -

Dacian Gold's December quarter was softer than expected, but then labour shortages impacting the underground ramp-up were well flagged, Macquarie notes. Dacian has kept FY22 production guidance but lifted cost guidance.

A big second half is anticipated from improving open pit output. Dacian is highly leveraged to the gold price and exchange rates, and at current spot, value would increase by 61% from the broker's base case.

Target rises to 25c from 23c, Outperform retained.

Target price is $0.25 Current Price is $0.18 Difference: $0.07
If DCN meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates DHG as Neutral (3) -

Credit Suisse expects Domain Holdings Australia's larger exposure to the Sydney market drove lower volume growth in the first quarter as the region was impacted by lockdowns, but anticipates a volume catch up in the second quarter ahead of the release of first half results.

The company has guided to a low double digit increase to full year costs, with the broker expecting a slight second half skew. The broker looks to commentary on listings volume and improved penetration in regions outside New South Wales and Victoria to improve outlook.

The Neutral rating and target price of $5.70 are retained. 

Target price is $5.70 Current Price is $4.69 Difference: $1.01
If DHG meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates DRR as Outperform (1) -

Deterra Royalties' December quarter was -11% weaker than Macquarie forecast and -44% down on the prior quarter, due to lower iron ore prices and an inventory build-up.

The broker retains Outperform, noting the continued ramp-up of South Flank remains the key catalyst. Deterra’s free cash flow yields and dividend yields at spot prices are 6% and 9% for FY22 and FY23.

Target unchanged at $5.20.

Target price is $5.20 Current Price is $4.28 Difference: $0.92
If DRR meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

Following Damstra Holdings' 2Q results, Morgan Stanley highlights a 16% quarter-on-quarter increase in revenue on increased activity and new wins in Australia. Some international opportunities are expected in the 3Q.

Management reaffirmed FY22 revenue guidance of $30-34m.

The Equal-weight rating and $0.44 target price are unchanged. Industry view: In-Line.

Target price is $0.44 Current Price is $0.31 Difference: $0.13
If DTC meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates EEG as Speculative Buy (1) -

Following a quarterly activities report, Morgans maintains its Speculative Buy rating for Empire Energy Group, while lowering its target price to $1.09 from $1.14. There's considered to be significant progress on de-risking the company via vertical wells and seismic mapping.

The company is renegotiating its grant applications with the Federal Government following the challenges to the grant program in the Federal Court being finalised.

Target price is $1.09 Current Price is $0.38 Difference: $0.71
If EEG meets the Morgans target it will return approximately 187% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates EHE as Downgrade to Hold from Accumulate (3) -

Estia Health provided a trading update that confirmed an escalation in the challenge from covid, leading to omicron outbreaks in more than 70% of residential aged-care homes, in turn leading to another drop in occupancy as affected homes cannot accept new residents.

Ord Minnett believes it will take time to recover occupancy and in the interim, the decline will have a significant impact on earnings.

Target falls to $2.15 from $2.70, downgrade to Hold from Accumulate.

Target price is $2.15 Current Price is $2.04 Difference: $0.11
If EHE meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates GDG as Add (1) -

A 2Q funds under management (FUM) update by Generation Development Group highlighted to Morgans continuing strong sales momentum.

Due to stronger-than-expected 2Q sales numbers, the broker's target price rises to $1.82 from $1.73. The Add rating is maintained.

Target price is $1.82 Current Price is $1.48 Difference: $0.34
If GDG meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates GOR as Outperform (1) -

Gold Road Resources' December quarter production was down -8% on Macquarie's forecast and costs 12% higher due to labour shortages and weather impacts delaying access to higher grades at Gruyere.

The broker's previous 2022 outlook is in line with guidance and the broker expects both grade and throughput to improve over the year, with processing capacity of 9Mtpa-plus required to meet the broker's forecast.

Target rises to $1.70 from $1.60, Outperform retained.

Target price is $1.70 Current Price is $1.33 Difference: $0.37
If GOR meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 posted a slightly softer December quarter than Ord Minnett expected due to labour shortages and weather
delaying access to higher grade zones at the Gruyere open pit.

This had little impact on the  broker's 2021 earnings estimates, with costs offsetting the softer production. The broker is more concerned over weaker than expected 2022 guidance but retains Buy, believing the company is undervalued.

Target falls to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.33 Difference: $0.27
If GOR meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates HT1 as Outperform (1) -

Ahead of the release of full year results, HT&E is guiding to year-on-year fourth quarter revenue growth of 5-10% from Australian Radio Network, and Credit Suisse anticipates this to result in 12.2% year-on-year second half revenue growth. 

The broker also looks to progress on the integration of the recently acquired Grant Broadcasters business to reinforce its expectation of the acquisition being earnings per share accretive in FY22. 

The Outperform rating and target price of $2.50 are retained. 

Target price is $2.50 Current Price is $1.88 Difference: $0.62
If HT1 meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates ICT as Buy (1) -

iCollege’s quarterly update contained little in the way of surprise for Ord Minnett, who believes the company is likely to be a key beneficiary from the reopening trade over 2022.

Following recent policy changes announced by the federal government, iCollege reports significantly increased levels of new international student inquiries, which is pleasing to hear, says Ord Minnett.

Buy and 21c target retained.

Target price is $0.21 Current Price is $0.11 Difference: $0.1
If ICT meets the Ord Minnett target it will return approximately 91% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates IGO as Buy (1) -

Citi reports IGO achieved a 5% production guidance beat at its Nova project in the December quarter while costs were down -13%, driving an expected full year costs beat. Solid production and slightly increased capital expenditure from the Greenbushes joint venture. 

Updated reserves from Greenbushes suggests mine life upwards of 25 years, and following commentary from IGO, Citi has increased FY22 capital expenditure expectations for the project noting the company suggests expenditure is accelerated rather than increased. 

The Buy rating is retained and the target price increases to $13.50 from $12.40.

Target price is $13.50 Current Price is $11.75 Difference: $1.75
If IGO meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates IGO as Outperform (1) -

A mixed bag from IGO during the December quarter according to Credit Suisse, with the Nova project performing well on both production and costs, while Greenbushes was low on production and high on costs. Higher than expected realised pricing drove an earnings beat. 

Despite decreasing earnings expectations given expected lower realised pricing and higher costs, the broker remains positive that IGO can capitalise on strong lithium demand in the medium term and expects peak pricing in FY23 as the company ramps up production. 

The Outperform rating is retained and the target price decreases to $15.30 from $16.30. 

Target price is $15.30 Current Price is $11.75 Difference: $3.55
If IGO meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates IGO as No Rating (-1) -

IGO’s December quarter result was mixed with higher output at Nova offset by higher costs at Greenbushes. First half earnings were in line with Macquarie's forecast.

The broker is on research restriction.

Current Price is $11.75. Target price not assessed.

Current consensus price target is $10.70, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgan Stanley rates IGO as Underweight (5) -

During IGO's 2Q results presentation, sustaining and growth capital expenditure FY22 guidance was provided for the Greenbushes lithium mine that far exceeded Morgan Stanley's estimate.

Management later explained it included an acceleration of expansion plans rather than any project budget increases. Costs include a new mine services area to accommodate expansion of the mining fleet, and work on a new tailings dam.

The Underweight rating and target price of $9.70 are retained. Industry view: Attractive.

Target price is $9.70 Current Price is $11.75 Difference: minus $2.05 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.70, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates IME as Add (1) -

Based upon ImexHS's 4Q cashflow report, showing a strong pick-up in cash receipts, Morgans is comfortable recommending investors buy shares (after recent weakness) prior to the FY21 result. The target price rises to $2.59 from $2.55. Add rating.

The analyst feels that extra clarity at the FY21 result, stemming from the expected splitting-out of distinct business units, will buoy sentiment toward the stock.

Target price is $2.59 Current Price is $1.01 Difference: $1.58
If IME meets the Morgans target it will return approximately 156% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates IPD as Speculative Buy (1) -

Morgans assesses a solid 2Q cashflow report for ImpediMed. No changes are made to forecasts and the broker's Speculative Buy rating and $0.25 target price are unchanged.

The analyst estimates the company is now well funded, after a recent capital raising, to move to cash flow breakeven over the next two years.

Target price is $0.25 Current Price is $0.18 Difference: $0.07
If IPD meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates JDO as Initiation of coverage with Neutral (3) -

Judo Capital Holdings is an SME challenger bank aimed to take advantage of the unmet customer need for credit from less agile major bank competitors. Macquarie initiates coverage with a Neutral rating and $2.00 target.

The broker believes Judo is well placed to grow loans materially ahead of system over the next three years, having built a $5bn loan book in only 2.5 years.

Target price is $2.00 Current Price is $1.91 Difference: $0.09
If JDO meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

Morgan Stanley considers Australian asset managers are no longer expensive versus global peers, though prefers diversity and
structural growth options. Super fund consolidation is thought to remain a challenge for Australian asset managers. 

Janus Henderson Group is considered to offer growth via product customisation/solutions and is investing in ESG, one of the best growth options for traditional asset managers, according to the analyst.

The Equal-weight rating is unchanged and the target price falls to $54.40 from $57.00. Industry view is In-line. 

Target price is $54.40 Current Price is $51.37 Difference: $3.03
If JHG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $59.58, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates KAR as Outperform (1) -

Karoon Energy's December quarter production beat Macquarie's forecast by 9%, with Baúna oil field continuing to outperform the acquisition case.

The company flagged it will book a large increase in provision for contingent payments to Petrobras, resulting from an increased oil price outlook.

Higher oil prices may make negotiating another acquisition in Brazil more challenging, the broker notes, but for now Karoon remains the broker's top small/medium energy sector pick. Target rises to $2.35 from $2.05, Outperform retained.

Target price is $2.35 Current Price is $1.91 Difference: $0.44
If KAR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates KAR as Overweight (1) -

Production and revenue achieved in the 2Q by Karoon Energy were a beat versus Morgan Stanley's estimates.

At spot oil prices, the analyst estimates free cash flow yield exceeds 15% over the next 12 months.

The Overweight rating and target price of $2.10 are retained. Industry view: Attractive.

Target price is $2.10 Current Price is $1.91 Difference: $0.19
If KAR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates KAR as Add (1) -

Morgans assesses an in-line underlying 2Q result for Karoon Energy, with revenue climbing 46% quarter-on-quarter on the stronger oil price and cargo timing.

The broker derives extra confidence from an ongoing impressive performance from the floating production storage and offloading (FPSO) vessel. The company's ability to maintain development capex guidance in an inflationary environment also lends credibility.

The Add rating is maintained and the target price rises to $2.30 from $2.25.

Target price is $2.30 Current Price is $1.91 Difference: $0.39
If KAR meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates KED as Outperform (1) -

Keypath Education's December quarter met Macquarie's forecast and FY22 prospectus revenue and earnings targets have been reaffirmed. The company added 5 new partners and 33 new programs in the quarter, and year to date enrolments are up 23.2%.

Keypath already has 28 new programs for FY23. Outperform retained.

On an enterprise value to revenue forecast readjustment, target falls to $4.00 from $4.30.

Target price is $4.00 Current Price is $2.40 Difference: $1.6
If KED meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates KLL as Outperform (1) -

Kalium Lakes ended the December quarter with cash and undrawn debt levels which should cover the remaining project expenditure to first production at Beyondie, Macquarie suggests.

A busy March quarter lays ahead, with purification plant rectification, evaporation rate optimisation and salt harvest planned and
a revised near-term production profile will be key to watch.

Completing the Beyondie ramp-up is now critical to maintain a healthy working capital position, concludes the broker. Outperform and 20c target retained.

Target price is $0.20 Current Price is $0.11 Difference: $0.09
If KLL meets the Macquarie target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates LTR as Outperform (1) -

Liontown Resources' recent equity raising has significantly improved the miner’s funding position ahead of the expected final investment decision on Kathleen Valley in the June quarter, Macquarie notes.

And a recently signed a binding offtake agreement for some 30% of Stage 1 spodumene has de-risked the overall project. The broker expects further offtake agreements to be announced in coming months, with total commitments likely to 70–85% of planned production.

Outperform and $2.20 target retained.

Target price is $2.20 Current Price is $1.42 Difference: $0.78
If LTR meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates M7T as Add (1) -

Following a solid 2Q  cashflow report for Mach7 Technologies, Morgans keeps an Add rating and $1.55 target price.

The broker likes the growth in the sales order book, which is considered a good leading indicator of future revenue growth.

Management expects to achieve the consensus revenue estimate of $28m and achieve positive earnings (EBITDA) for FY22.

Target price is $1.55 Current Price is $0.82 Difference: $0.73
If M7T meets the Morgans target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates MFG as Underweight (5) -

Morgan Stanley considers Australian asset managers are no longer expensive versus global peers, though prefers diversity and
structural growth options. Super fund consolidation is thought to remain a challenge for Australian asset managers. 

Magellan Financial Group is investing in ESG, one of the best growth options for traditional asset managers, according to the analyst.

The Underweight rating and $17.20 target price are unchanged. Industry view is In-Line.

Target price is $17.20 Current Price is $18.61 Difference: minus $1.41 (current price is over target).
If MFG 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 $24.99, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Credit Suisse rates NEC as Outperform (1) -

Ahead of the release of first half results, Credit Suisse expects results will not surprise with Nine Entertainment Co. Holdings having guided to first half underlying earnings growth of 10%. The broker forecasts growth slightly ahead of the company, at 11.5%. 

Looking ahead, commentary suggests bookings into the second half remain strong. Detail on the outlook for the TV ad market into the second half could provide confidence, with the broker expecting a stronger ad market in FY22 before a reversal in FY23. 

The Outperform rating and target price of $3.60 are retained.

Target price is $3.60 Current Price is $2.62 Difference: $0.98
If NEC meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.53, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates NWS as Outperform (1) -

Ahead of the release of first half results, Credit Suisse expects News Corporation to continue to deliver group earnings growth despite a likely underlying earnings drag caused by higher Subscription Video Services costs in the second half.

The broker is anticipating the cost increase to cause a -40% decline in underlying earnings for the segment, but for group underlying earnings to sustain a 4.5% year-on-year increase.

The Outperform rating and target price of $42.00 are retained.

Target price is $42.00 Current Price is $31.14 Difference: $10.86
If NWS meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $40.75, suggesting upside of 29.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Citi rates NXT as Buy (1) -

Citi analysts highlight the apparent ongoing momentum in bookings for NextDC as the company's trading update indicates total bookings in FY21 have already been met in FY22, and we still have many more months to go.

Equally important, the development of S3/M3 being on track could lead to further bookings in 2H22, the broker adds, plus the government in Singapore is reportedly starting to lift its moratorium on newly built data centres.

The latter, the broker explains, suggests NextDC's Asian expansion might be closer to take-off. Target price $15.40. Buy.

Target price is $15.40 Current Price is $10.67 Difference: $4.73
If NXT meets the Citi target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 40.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates OML as Neutral (3) -

Credit Suisse expects oOh!media's recovery was likely hindered in the December quarter, with data suggesting reduced foot traffic was driven by omicron variant impacts. 

As such, the broker has reduced its second half revenue growth forecast to 20.9% year-on-year, down from 25.8% year-on-year. 

The Neutral rating and target price of $1.60 are retained.

Target price is $1.60 Current Price is $1.62 Difference: minus $0.02 (current price is over target).
If OML meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.75, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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 December quarter showed the benefit of a commodity price recovery, Macquarie notes. Some hedging may delay the gains, but the trend is for stronger earnings growth in FY23 and FY24.

The recent sale of 10% of APLNG step-changes debt to a low risk level, at the same time as cashflow is improving, hence the broker sees scope for a share buyback.

Outperform retained, target rises to $6.37 from $5.90.

Target price is $6.37 Current Price is $5.62 Difference: $0.75
If ORG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.07, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates ORG as Hold (3) -

Origin Energy's December quarter exceeded Ord Minnett's expectations thanks to planned maintenance finishing earlier than expected and strong LNG prices. The broker expects further price increases on oil price-linked Japan-Korea cargoes.

The outlook for APLNG is thus positive, but the broker remains concerned about the energy markets business and the impact from lower wholesale electricity prices.

Hold retained, target rises to $6.05 from $6.00.

Target price is $6.05 Current Price is $5.62 Difference: $0.43
If ORG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.07, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates ORG as Buy (1) -

UBS found Origin Energy's December quarter performance was largely in-line, having made some adjustments for the reduction in equity in APLNG (to 27.5% from 37.5%).

The broker's Buy rating is based upon the forecast of higher gas/LNG prices and wholesale electricity prices that on its calculations should support 10-15% group EBITDA growth over FY22-24.

UBS expects a capital management announcement with the interim result on Feb 17. Target $6.60 (was $6.45). Buy.

Target price is $6.60 Current Price is $5.62 Difference: $0.98
If ORG meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.07, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates PDL as Overweight (1) -

Morgan Stanley considers Australian asset managers are no longer expensive versus global peers, though prefers diversity and
structural growth options. Super fund consolidation is thought to remain a challenge for Australian asset managers. 

On the theory ESG provides the best growth option for traditional asset managers, the broker likes Pendal Group for its broad ESG offering. The company is also considered to offer growth via product customisation/solutions.

Overweight. The target price falls to $7 from $8.80. Industry view is In-Line.

Target price is $7.00 Current Price is $4.81 Difference: $2.19
If PDL meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $7.48, suggesting upside of 44.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates PLS as Neutral (3) -

It is Citi's observation that apparent problems with production volumes are currently being overshadowed by record price levels for lithium. Following a disappointing December quarter, management at the company is now reviewing FY22 guidance.

Neutral/High Risk rating retained with an unchanged $3.60 price target as the analysts foresee ongoing high prices for lithium in the months ahead, and this translates into a boost for their estimates.

They specifically point out the company's challenges regarding labour shortages and sector cost inflation, which implies, according to Citi, no supply response is on the horizon anytime soon.

Target price is $3.60 Current Price is $3.20 Difference: $0.4
If PLS meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates PLS as Neutral (3) -

Credit Suisse has flagged a possible decrease in Pilbara Minerals' cost and production guidance as the company continues to be impacted by labour constraints and covid issues.

The company also appears to be attempting to capture market share and benefit from elevated pricing with the acceleration of expansion projects, with final investment decisions for the P680 and P1000 projects now expected in the June and December quarters.

The broker expects these projects to respectively reach full production levels six and twelve months earlier than previously anticipated. While positive pricing trends continue, the broker's earnings forecast for FY23 decreases -7% to account for near-term risks. 

The Neutral rating is retained and the target price decreases to $3.65 from $3.95.  

Target price is $3.65 Current Price is $3.20 Difference: $0.45
If PLS meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates PLS as Outperform (1) -

Labour shortages -- surprise, surprise -- led Pilbara Minerals to miss Macquarie's December quarter production forecast by -8%. The broker now anticpates a downgrade to FY22 production guidance and has cut its own forecast by -10%.

On the flipside, the broker has increased its spodumene prices assumptions for the rest of FY22, in line with Pilbara guidance. Outperform and $3.70 target retained.

Target price is $3.70 Current Price is $3.20 Difference: $0.5
If PLS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates PLS as Hold (3) -

Pilbara Minerals' December quarter production and shipments missed Ord Minnett's forecasts and costs came in higher as a result, implying the prospect of another guidance downgrade at the February result.

However strong lithium prices will provide an offset. Despite the pricing tailwinds, the stock looks fully priced versus the broker's discounted cash flow valuation based on a long-term US$850/t spodumene price.

Hold and $2.90 target retained, with the broker preferring Allkem ((AKE)) in the space.

Target price is $2.90 Current Price is $3.20 Difference: minus $0.3 (current price is over target).
If PLS meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.46, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgan Stanley rates PPT as Overweight (1) -

Morgan Stanley considers Australian asset managers are no longer expensive versus global peers, though prefers diversity and
structural growth options. Super fund consolidation is thought to remain a challenge for Australian asset managers. 

On the theory ESG provides the best growth option for traditional asset managers, the broker likes Perpetual for its broad ESG offering. The company is also considered to offer growth via product customisation/solutions.

Overweight. The target price eases to $44 from $45. Industry view is In-Line.

Target price is $44.00 Current Price is $32.70 Difference: $11.3
If PPT meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $40.52, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgan Stanley rates PTM as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley considers Australian asset managers are no longer expensive versus global peers, though prefers diversity and
structural growth options. Super fund consolidation is thought to remain a challenge for Australian asset managers. 

Platinum Asset Management is investing in ESG, one of the best growth option for traditional asset managers, according to the analyst.

The rating is upgraded to Equal-weight from Underweight, after recent share price weakness. Also, the broker explains the company has a relatively defensive channel mix with mostly retail clients, which reduces the risk of large mandate losses. 

The target price is reduced to $2.60 from $3.55. Industry view is In-Line.

Target price is $2.60 Current Price is $2.47 Difference: $0.13
If PTM meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.6

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

Credit Suisse rates REA as Neutral (3) -

Ahead of the release of first half results, Credit Suisse notes REA Group benefited from strong listings volumes in the first half with market data suggesting national listings were up 23% year-on-year and the Sydney and Melbourne markets' post-lockdown rebound. 

The broker further highlights second half comps will be more challenging, and Credit Suisse will look for further commentary on second half listings outlook with the release of results, as well as updates on impacts of cost pressures. 

The Neutral rating and target price of $166.50 are retained.

Target price is $166.50 Current Price is $145.10 Difference: $21.4
If REA meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $169.55, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgans rates RMD as Add (1) -

Morgans notes 2Q results for ResMed were softer than market expectations. There were modest Philips’ device recall gains and the gross margin fell on supply chain constraints and higher freight costs, explains the analyst.

The target price only falls marginally to $40.46 from $40.80, as the broker was impressed by double-digit product growth. This was thought due to recovering patient volumes and continued resilience in mask resupply. The Add rating is maintained.

Management expects “incredible industry growth”.

Target price is $40.46 Current Price is $31.90 Difference: $8.56
If RMD meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $38.24, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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 RMS as Add (1) -

Ramelius Resources delivered 2Q production figures in-line with guidance though Morgans notes a shortage of road train drivers means the trucking fleet cannot be fully utilised.

Nonetheless, the broker backs the company's strong track record of operational discipline and cost control. The Add rating is maintained.

Management guided to the lower end of production range for FY22. The target price falls to $1.91 from $2.09.

Target price is $1.91 Current Price is $1.34 Difference: $0.57
If RMS meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 42.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Ord Minnett rates SDR as Buy (1) -

SiteMinder's December quarter report and trading update provided "important comfort" to Ord Minnett at a time when the share price has been under pressure from a range of exogenous factors.

Key for the broker is that the company was able to deliver solid annualised growth in property numbers despite omicron-related disruptions to travel. Given omicron results in milder symptoms and should abate in a faster timeframe, the broker sees the June quarter as a critical barometer.

Target falls to $6.46 from $7.36, Buy retained.

Target price is $6.46 Current Price is $5.89 Difference: $0.57
If SDR 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 FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates SEK as Outperform (1) -

Ahead of the release of first half results, Credit Suisse is expecting Seek will upgrade FY22 guidance given current favourable employment market. The broker upgrades its FY22 volume growth by 25% to account for persisting strong listing volumes. 

The volume update has Credit Suisse anticipating revenue of $1,042m, underlying earnings of $472m and profit after tax of $220m, but the broker does expect these benefits to largely reverse in FY23. 

Strong earnings near-term could accelerate Seek's Australia Pacific platform unification, and the broker looks to further detail on this with the coming results. 

The Outperform rating is retained and the target price decreases to $39.25 from $39.50.

Target price is $39.25 Current Price is $28.99 Difference: $10.26
If SEK meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $35.60, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates SHV as Buy (1) -

Citi analysts have spotted a two-faced market update whereby Select Harvest's is doing well what the company can control, but market prices remain soft.

The company does anticipate improved pricing over the short to medium term, the analysts point out. The analysts are looking forward to more insights (and "colour") at the company's AGM, scheduled for February 25.

Price target $9. Buy.

Target price is $9.00 Current Price is $5.40 Difference: $3.6
If SHV meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates SWM as Outperform (1) -

Ahead of the release of first half results, Credit Suisse upgrades its full-year underlying earnings forecast for Seven West Media to $294m given strength in the ad market, now above the company's previous guidance range top end of $286m. 

The broker expects FY22 ad market growth of 3.0% year-on-year, previously 1.0%, noting this will likely be offset by declines in FY23, but looks to further commentary on ad market outlook from Seven West Media at the release of first half results.

The Outperform rating and target price of $0.90 are retained. 

Target price is $0.90 Current Price is $0.63 Difference: $0.27
If SWM meets the Credit Suisse target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates SWP as Upgrade to Speculative Buy from Hold (1) -

Morgans awaits more detail on Swoop Holdings' in-line 2Q report at 1H results due on February 22.

Due to a recent fall in share price during market-wide volatilty, the analyst lifts its rating to Speculative Buy from Hold.

While broker forecasts are unchanged, the valuation reduces around -20% on a peer de-rate. Further, the target price is set at a -10% discount to the valuation, due to lesser estimated M&A activity than previously forecast.

Target price is $2.16 Current Price is $1.32 Difference: $0.84
If SWP meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).

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) -

Growth of 75% year on year in underlying merchant sales in the December quarter has highlighted to Ord Minnett the benefits of
Sezzle’s large and diverse merchant base, along with highly engaged customer base.

There have been some strong merchant wins over the last few months, notably IKEA in USA and Canada, and Cotopaxi (a large outdoor brand in US). The broker sees merits on a tie-up with Zip Co ((Z1P)), but no news on that front.

Given a de-rating of the BNPL sector in recent months, target falls to $5.40 from $9.90, Buy retained.

Target price is $5.40 Current Price is $2.46 Difference: $2.94
If SZL meets the Ord Minnett target it will return approximately 120% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Morgans rates VHT as Add (1) -

Volpara Health Technologies reported a record 3Q for annual recurring revenue (ARR) and management stated revenue was on-track to meet FY22 guidance. While Morgans assesses a strong result, no changes are made to forecasts.

The Add rating and $1.94 target price are unchanged.

Target price is $1.94 Current Price is $0.94 Difference: $1
If VHT meets the Morgans target it will return approximately 106% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Ord Minnett rates WPR as Buy (1) -

Ord Minnett has updated its Waypoint REIT valuation model to account for recent capital management and increased Management & Administration and debt expenses. A portfolio revaluation lifted net tangible assets (NTA) by 6%.

The broker retains a Buy recommendation, noting Waypoint now trades at an -8% discount to NTA and an FY22 distribution yield of 6.3% and is supported by a $50m on-market security buy-back.

Target rises to $3.08 from $3.05.

Target price is $3.08 Current Price is $2.71 Difference: $0.37
If WPR meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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