Australian Broker Call

Macquarie rates ABP as Outperform (1) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker, which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)). Against a strong consumer backdrop the broker also rates Abacus Property Group as Outperform. The $3.05 price target is retained.

Target price is $3.05 Current Price is $3.14 Difference: minus $0.09 (current price is over target).
If ABP meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.01, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

UBS rates AIZ as Sell (5) -

UBS assesses the equity value of Air New Zealand depends on the duration of border closures and the pace of a recovery in travel. The broker expects New Zealand's borders will gradually re-open in FY23 based on the vaccine roll-out.

This would require an equity recapitalisation of around NZ$900m to restore liquidity and move gearing back in line with targets, in the broker's view. The company envisages a pre-tax loss of around -NZ$450m in FY21 and a similar level in FY22.

UBS retains a Sell rating and raises the target to NZ$0.75 from NZ$0.71.

Current Price is $1.50. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates AMI as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Aurelia Metals has significant copper exposure, above and beyond gold, and Macquarie adjusts EPS forecasts accordingly. The broker also expects positive news flow over 2021, with drill results from the Federation project near Hera likely to be a highlight.

The Outperform rating and $0.60 target are maintained.

Target price is $0.60 Current Price is $0.37 Difference: $0.23
If AMI meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 AST as Neutral (3) -

FY21 operating earnings were below Credit Suisse estimates, largely because of a one-off impairment and also lower revenue on unregulated transmission assets.

The broker notes flat FY22 guidance for distributions of 9.5c is also below expectations. As FY21 dividends are not covered by cash flows Credit Suisse prefers Spark Infrastructure ((SKI)). Neutral maintained. Target is reduced to $1.75 from $1.95.

Target price is $1.75 Current Price is $1.83 Difference: minus $0.08 (current price is over target).
If AST meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.82, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Morgans rates AUA as Initiation of coverage with Add (1) -

Morgans initiates coverage on Audeara with a Speculative Buy rating and target price of $0.33. It’s considered the current share price represents a clear buying opportunity, given weakness since the IPO in May, 2021.

The company’s primary product is the A-01 headset and BT-01 transceiver bundle, which is sold in 712 clinics across three major global audiology groups in Australia. There is a recent distribution agreement allowing access to a further 12,000 clinics globally.

A hearing test identifies which areas of a user’s hearing is stronger or weaker, and by what amount. This enables the company’s specialised algorithms to adjust the sound profile of the device to perfectly suit the listener’s unique hearing profile.

Downside risks include delays in securing additional clinics and prolonged sales per clinic below Morgans medium to long-term forecasts.

Target price is $0.33 Current Price is $0.13 Difference: $0.2
If AUA meets the Morgans target it will return approximately 154% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates AVN as Outperform (1) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker,  which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)). Against a strong consumer backdrop the broker also rates Aventus Group as Outperform. The $3.15 price target is retained.

Target price is $3.15 Current Price is $3.06 Difference: $0.09
If AVN meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates AWC as Underperform (5) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Alumina Ltd did not materially benefit from the aluminium price upgrades with Macquarie's alumina price forecasts remaining largely unchanged. As a result, the Underperform rating and $1.50 target are unchanged.

Target price is $1.50 Current Price is $1.63 Difference: minus $0.13 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.87, suggesting upside of 18.1% (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: 0.5

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

Ord Minnett rates AWC as Hold (3) -

Week alumina prices are the exception across Ord Minnett's review of commodity prices, meaning further downgrades for Alumina Ltd.

With the tax overhang yet to be settled a Hold rating is maintained. Target is reduced to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.63 Difference: $0.07
If AWC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.87, suggesting upside of 18.1% (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: 0.5

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

Macquarie rates BGL as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Among exploration plays in the gold sector, Bellevue Gold is a key pick by Macquarie. The Outperform rating and $1.20 target are retained.

Target price is $1.20 Current Price is $0.87 Difference: $0.33
If BGL meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates BHP as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025. The improved earnings outlook drives forecast upgrades of 3% for BHP Group. The Outperform rating is retained and the target lifts to $63 from $61.

Target price is $63.00 Current Price is $46.52 Difference: $16.48
If BHP meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $50.04, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Ord Minnett rates BHP as Buy (1) -

Despite significant strength in commodity prices Ord Minnett has been disappointed with the performance of the large-cap stocks.

The broker believes these are likely to re-rate into the August results when strong dividends and balance sheets should become the focus.

Buy rating maintained. Target rises to $59 from $57.

Target price is $59.00 Current Price is $46.52 Difference: $12.48
If BHP meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $50.04, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

UBS rates BHP as Neutral (3) -

Updating on its potash plans, BHP Group suggested potash is a 'high quality' commodity with attractive fundamentals, and the Jansen project is a world-class asset which improves the group's diversification and provides value-add.

Management nevertheless reassured it is evaluating Jansen versus other projects and returning cash to shareholders. If approved, Jansen will likely start up in 2027.

In the near term, the broker sees BHP's risk/reward as balanced, with cash returns supportive but iron ore price risk to the downside. Neutral and $42 target retained.

Target price is $42.00 Current Price is $46.52 Difference: minus $4.52 (current price is over target).
If BHP meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $50.04, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Ord Minnett rates BSL as Buy (1) -

Ord Minnett continues to envisage upside in BlueScope Steel, which has materially underperformed offshore peers. Consensus estimates appear way too low, the broker adds.

Ord Minnett retains a Buy rating and raises the target to $29 from $26.

Target price is $29.00 Current Price is $21.21 Difference: $7.79
If BSL meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $24.07, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates CCX as Neutral (3) -

Citi's analysis of the City Chic websites indicates the focus on Avenue and Evans is appropriate but further investment may be required.

While growth in May slowed marginally this is unlikely to be a concern at present. The broker maintains a Neutral rating, noting the stock appears to be factoring in the upside. Target is $4.30.

Target price is $4.30 Current Price is $5.20 Difference: minus $0.9 (current price is over target).
If CCX meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.69, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates CHN as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Challice Mining is one of Macquarie's key picks within its entire coverage universe. The Gonneville discovery at Julimar is still being defined, with ongoing drilling results offering potential positive catalysts in the near term, explains the broker.

The Outperform rating is unchanged. The target price is $9.70.

Target price is $9.70 Current Price is $7.17 Difference: $2.53
If CHN meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates CIA as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Champion Iron remains a key preference in bulk commodities, offering strong iron-ore price leverage and production growth. The Outperform rating is retained by Macquarie. The target falls to $10 from $11, due to changes to Canadian dollar assumptions.

Target price is $10.00 Current Price is $6.48 Difference: $3.52
If CIA meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Ord Minnett rates CIP as Buy (1) -

Ord Minnett updates forecasts to incorporate the recent off-market acquisition of three assets for $86.1m at a blended initial yield of 5%.

In the broker's view, Centuria Industrial REIT has consistently demonstrated its ability to source industrial assets off market at attractive prices.

The broker retains a Buy rating and raises the target to $4.00 from $3.90.

Target price is $4.00 Current Price is $3.74 Difference: $0.26
If CIP meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates CMM as Neutral (3) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. The Neutral rating is unchanged for Capricorn Metals. The target price is $2.10.

Target price is $2.10 Current Price is $2.03 Difference: $0.07
If CMM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates CQR as Outperform (1) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker, which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)). Against a strong consumer backdrop the broker also rates Charter Hall Retail REIT as Outperform. The $4.18 price target is retained.

Target price is $4.18 Current Price is $3.88 Difference: $0.3
If CQR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

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 CRN as Neutral (3) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Coronado Global Resources benefits from the broker's near-term upgrades to thermal coal price forecasts, with material upgrades to earnings estimates for FY21 and FY22. The Neutral rating and $0.80 target are unchanged.

Target price is $0.80 Current Price is $0.81 Difference: minus $0.01 (current price is over target).
If CRN meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting upside of 44.5% (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: 0.5

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

Macquarie rates DCN as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. The Outperform rating and $0.32 target price are unchanged for Dacian Gold.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If DCN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates DRR as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Buoyant iron-ore prices continue to underpin strong earnings upgrade momentum for the iron-ore producers such as Deterra Royalties, explains the analyst. The Outperform rating and $5.50 target are maintained.

Target price is $5.50 Current Price is $4.57 Difference: $0.93
If DRR meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates EVN as Neutral (3) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. Northern star Resources ((NSR)) remains the broker's key pick and is preferred over Evolution Mining. The Neutral rating is unchanged and the target lifts to $4.90 from $4.80.

Target price is $4.90 Current Price is $4.67 Difference: $0.23
If EVN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Credit Suisse rates FLT as Upgrade to Neutral from Underperform (3) -

Flight Centre's leisure business is, globally, one the last travel recovery stories, Credit Suisse asserts, because of onerous government restrictions. The long-term earnings potential of this division is also an issue and the broker prefers other operators in the sector.

That said, increased travel complexity could benefit bricks & mortar participants although the store footprint has halved, reducing the scale advantage.

Credit Suisse transfers coverage to another analyst, noting the corporate business is the value driver and new business has been won during the travel shutdown. The broker upgrades to Neutral from Underperform and raises the target to $17.00 from $15.44.

Target price is $17.00 Current Price is $16.11 Difference: $0.89
If FLT meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.97, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates FMG as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie reiterates Fortescue Metals Group offers the greatest earnings upside risk at spot prices of the large cap iron ore producers. The Outperform rating and $27 target price are maintained.

Target price is $27.00 Current Price is $22.42 Difference: $4.58
If FMG meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $22.18, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.1

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

Morgan Stanley rates GMG as Overweight (1) -

Goodman Group will start developing Australia's first multi-storey warehouse in southern Sydney. Based on Morgan Stanley's analysis this could deliver around a 50% development margin.

While construction costs may be much greater than for a single storey, the broker believes land values in Sydney justify a more complicated structure.

The broker estimates that the company owns around 15-20% of land in South Sydney, providing potential for lucrative Australian development upside well into the decade.

Most rival developers are offering Kemps Creek/Eastern Creek opportunities over the next 5-10 years so Morgan Stanley considers this unique position for Goodman Group is one of the reasons to own the stock.

Overweight rating maintained. Target rises to $23.00 from $20.90. In-Line industry view.

Target price is $23.00 Current Price is $20.90 Difference: $2.1
If GMG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $21.30, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates GOR as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

December year-end producers, such as Gold Road Resources receive material forecast EPS upgrades from the broker in 2021, due to the 2021 gold upgrades aligning with the reporting period. The Outperform rating is unchanged and the target lifts to $1.60 from $1.50.

Target price is $1.60 Current Price is $1.44 Difference: $0.16
If GOR meets the Macquarie target it will return approximately 11% (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

Macquarie rates GPT as Neutral (3) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker, which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)), over GPT Group. The Neutral rating and $4.69 target are retained.

Target price is $4.69 Current Price is $4.82 Difference: minus $0.13 (current price is over target).
If GPT meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.69, suggesting downside of -3.1% (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 GXY as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie remains bullish on the outlook for lithium and Galaxy Resources remains the preferred pick of the pure play names. The Outperform rating and $4.50 target are retained.

Target price is $4.50 Current Price is $3.38 Difference: $1.12
If GXY meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting upside of 12.5% (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 HDN as Outperform (1) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker,  which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)). Against a strong consumer backdrop the broker also rates HomeCo Daily Needs REIT as Outperform. The $1.40 price target is retained.

Target price is $1.40 Current Price is $1.46 Difference: minus $0.06 (current price is over target).
If HDN meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.45, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates IGO as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie remains bullish on the outlook for lithium and Galaxy Resources ((GXY)) remains the preferred pick of the pure play names. IGO is also a key preference, albeit with a more diversified earnings outlook. Outperform rating and target rises to $8.70 from $8.50.

Target price is $8.70 Current Price is $7.15 Difference: $1.55
If IGO meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates ILU as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices also rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie sees rising commodity price upside risk from both rutile and zircon for Iluka Resources. The Outperform rating is maintained. The target price is $8.70.

Target price is $8.70 Current Price is $7.96 Difference: $0.74
If ILU meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.25, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

After assessing the outlook across a range of commodity prices, Ord Minnett downgrades Iluka Resources to Hold from Accumulate as the stock is trading in line with valuation. Target is raised to $8.10 from $8.00.

Target price is $8.10 Current Price is $7.96 Difference: $0.14
If ILU meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.25, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

The cuts to manganese forecasts drive material downgrades to Jupiter Mine’s forecasts by Macquarie. FY22-24 earnings forecasts fall by -20%, -32% and -4%, respectively. The rating is downgraded to Neutral from Outperform. The target falls to $0.30 from $0.35.

Target price is $0.30 Current Price is $0.30 Difference: $0
If JMS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

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 KLL as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

For potash, Macquarie continues to prefer Kalium Lakes over Salt Lake Potash ((SO4)), due to lower perceived ramp-up risk at Beyondie versus Lake Way. The Outperform rating and $0.40 target are retained.

Target price is $0.40 Current Price is $0.26 Difference: $0.14
If KLL meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates MCR as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Mincor Resources is Macquarie's key development pick. Outperform rating and $1.30 target retained.

Target price is $1.30 Current Price is $1.00 Difference: $0.3
If MCR meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates MGX as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Buoyant iron-ore prices continue to underpin strong earnings upgrade momentum for the iron-ore producers such as Mount Gibson Iron, explains the analyst. The Outperform rating and $1.20 target are maintained.

Target price is $1.20 Current Price is $0.91 Difference: $0.29
If MGX meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates MIN as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Mineral Resources remains a key preference in bulk commodities, offering strong iron-ore price leverage and production growth. The company is also considered a key preference for lithium exposure. The Outperform rating and $73 target are retained.

For copper, the company is well funded to move to producer status before the end of this year, and the broker sees upside through exploration success.

Target price is $73.00 Current Price is $50.50 Difference: $22.5
If MIN meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $50.44, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates NCM as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. Northern star Resources ((NSR)) remains the broker's key pick due to superior growth though the copper upgrades have closed the gap for Newcrest Mining.

The Outperform rating is unchanged and the target lifts to $31 from $29.50.

Target price is $31.00 Current Price is $25.96 Difference: $5.04
If NCM meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $31.85, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

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

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

Adjusting thermal coal prices for the June quarter, Credit Suisse lifts FY21 estimates for New Hope's operating earnings by 23% to $350m. The broker also increases the Newcastle thermal price assumption to US$100/t for FY22.

This drives an expected earnings upgrade of 95% for FY22. The broker upgrades to Outperform from Neutral and raises the target to $1.95 from $1.30.

Target price is $1.95 Current Price is $1.90 Difference: $0.05
If NHC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates NHC as Neutral (3) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

New Hope Corporation benefits from the broker's near-term upgrades to thermal coal price forecasts, with material upgrades to earnings estimates for FY21 and FY22. The Neutral rating is unchanged and the target rises to $1.90 from $1.70.

Target price is $1.90 Current Price is $1.90 Difference: $0
If NHC meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates NIC as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie prefers Nickel Mines for longer-term leverage to nickel. The Outperform rating is maintained. The target price is $1.20.

Target price is $1.20 Current Price is $1.02 Difference: $0.18
If NIC meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 32.7% (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: 1.0

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

Macquarie rates NST as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. Northern star Resources remains the broker's key pick due to superior growth though the copper upgrades have closed the gap for Newcrest Mining ((NCM)).

The Outperform rating and $13.30 target are unchanged.

Target price is $13.30 Current Price is $9.90 Difference: $3.4
If NST meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $13.08, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates OGC as Underperform (5) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

December year-end producers, such as OceanaGold Corp receive material forecast EPS upgrades from the broker in 2021, due to the 2021 gold upgrades aligning with the reporting period. The Underperform rating is unchanged and the target rises to $2.20 from $2.

Target price is $2.20 Current Price is $2.60 Difference: minus $0.4 (current price is over target).
If OGC meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.30, suggesting downside of -9.4% (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: 0.0

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

Macquarie rates ORE as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie remains bullish on the outlook for lithium and Galaxy Resources ((GXY)) remains the preferred pick of the pure play names. The Outperform rating and $7.10 target are maintained for Orocobre.

Target price is $7.10 Current Price is $5.93 Difference: $1.17
If ORE meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates OZL as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices also rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

The upgrades to the copper price outlook have enhanced Macquarie's preference for OZ Minerals in base metals. The Outperform rating is maintained. The target price is $31.

Target price is $31.00 Current Price is $22.51 Difference: $8.49
If OZL meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $23.53, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates PAN as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

The upgrade to price forecasts for copper, a key by-product at Savannah, benefits Panoramic Resources, explains Macquarie. The Outperform Rating and $0.19 target are retained.

Target price is $0.19 Current Price is $0.14 Difference: $0.05
If PAN meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates PLS as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie remains bullish on the outlook for lithium and Galaxy Resources ((GXY)) remains the preferred pick of the pure play names. The Outperform rating and target of $1.50 are unchanged for Pilbara Minerals.

Target price is $1.50 Current Price is $1.40 Difference: $0.1
If PLS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates PRU as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

From the mid-cap names one of Macquarie's top picks remains Perseus Mining. The company is moving ex-capex from developments in FY21 leading to production and cash flow growth in both FY22 and FY23. 

Outperform retained with the target increasing to $1.60 from $1.50. 

Target price is $1.60 Current Price is $1.39 Difference: $0.21
If PRU meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates REA as Overweight (1) -

REA Group has recently announced the sale of its online real estate business in Malaysia and Thailand in return for a 16.3% shareholding in rival PropertyGuru.

Yet Morgan Stanley notes a media report indicating PropertyGuru is now in talks to merge with US-listed SPAC. PropertyGuru is a private company based in Singapore.

The broker suspects there could be valuation upside for REA Group's Southeast Asian assets if a deal with SPAC eventuates.

Nevertheless, the broker emphasises its Overweight rating is based on a positive view of the Australian property cycle and attractive returns in Australian business. The $185 target is retained. Industry view: Attractive.

Target price is $185.00 Current Price is $170.07 Difference: $14.93
If REA meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $159.42, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in June.

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 RIO as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

The improved earnings outlook drives upgrades by the broker of 4% for Rio Tinto. The Outperform rating is retained and the target lifts to $163 from $157.

Target price is $163.00 Current Price is $123.47 Difference: $39.53
If RIO meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $132.14, suggesting upside of 10.1% (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: 0.4

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

Ord Minnett rates RIO as Buy (1) -

Despite significant strength in commodity prices Ord Minnett has been disappointed with the performance of the large-cap stocks.

The broker believes these are likely to re-rate into the August results when strong dividends and balance sheets should become the focus.

Buy rating maintained. Target rises to $170 from $161.

Target price is $170.00 Current Price is $123.47 Difference: $46.53
If RIO meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $132.14, suggesting upside of 10.1% (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: 0.4

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

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

Rio Tinto has delivered a total shareholder return of 79% over the past 12 months, largely thanks to the iron ore price. While substantial cash flow suggests shareholder returns should remain elevated in 2021, UBS believes the top of the cycle may have been reached.

The broker forecasts iron ore prices to retreat in excess of -50% in the 12-18 months. Nearer term, the Fed is turning more hawkish and China is taking action to deflate commodity prices, while Brazilian iron ore production begins to recover.

While retaining a $104 target, UBS downgrades to Sell from Neutral.

Target price is $104.00 Current Price is $123.47 Difference: minus $19.47 (current price is over target).
If RIO meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $132.14, suggesting upside of 10.1% (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: 0.4

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

Macquarie rates RMS as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. The Outperform rating is unchanged and the target price lifts to $2 from $1.90 for Ramelius Resources.

Target price is $2.00 Current Price is $1.75 Difference: $0.25
If RMS meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates RRL as Neutral (3) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. The analyst reduces the target price for Regis Resources to $2.70 from $2.80 due to rolling forward the valuation period and upwards revisions to operating cost assumptions for McPhillamys.

The Neutral rating is maintained.

Target price is $2.70 Current Price is $2.53 Difference: $0.17
If RRL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates RSG as Neutral (3) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

December year-end producers, such as Resolute Mining receive material forecast EPS upgrades from the broker in 2021, due to the 2021 gold upgrades aligning with the reporting period. The Neutral rating and $0.60 target are retained.

Target price is $0.60 Current Price is $0.54 Difference: $0.06
If RSG meets the Macquarie target it will return approximately 11% (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: 0.5

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

Macquarie rates S32 as Upgrade to Outperform from Neutral (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

The bullish outlook for aluminium has driven strong longer-term earnings upgrades for South32 and the broker lifts the rating to Outperform from Neutral. The price target lifts to $3.50 from $3.10.

Target price is $3.50 Current Price is $2.78 Difference: $0.72
If S32 meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

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: 0.7

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

Macquarie rates SBM as Underperform (5) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie makes modest changes to earnings forecasts for the gold miners. The Underperform rating and $1.70 target are maintained for St Barbara.

Target price is $1.70 Current Price is $1.78 Difference: minus $0.08 (current price is over target).
If SBM meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting upside of 33.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates SCG as Underperform (5) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker,  which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)) over Scentre Group. The Underperform rating and $2.62 target are retained.

Target price is $2.62 Current Price is $2.86 Difference: minus $0.24 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.84, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Macquarie rates SCP as Outperform (1) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker,  which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)). Against a strong consumer backdrop the broker also rates Shopping Centres Australasia Property Group as Outperform. The $2.68 price target is retained.

Target price is $2.68 Current Price is $2.56 Difference: $0.12
If SCP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates SDF as Outperform (1) -

Macquarie assesses that commentary from global peer Arthur J Gallagher is supportive of the investment case for Steadfast Group. The Outperform rating and $4.70 price target are retained.

Arthur J Gallagher reports organic growth through the first two months of 2Q21 is better than 1Q21 with growth across all regions, including A&NZ. This is due to improving new business trends, a small tailwind from volumes and positive policy endorsements.

The broker concludes sector operating conditions remain supportive, with additional potential M&A activity.

Target price is $4.70 Current Price is $4.32 Difference: $0.38
If SDF meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates SFR as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025. 

All base metal miners boast strong earnings upgrade momentum under a spot price scenario, explains Macquarie.  Sandfire Resources is considered to offer significant earnings upside at spot prices. The Outperform rating is unchanged and the target rises to $10 from $8.90.

Target price is $10.00 Current Price is $6.70 Difference: $3.3
If SFR meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $7.50, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates SGP as Neutral (3) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker,  which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres ((VCX)), over Stockland. The Neutral rating and $4.67 target are retained.

Target price is $4.67 Current Price is $4.74 Difference: minus $0.07 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.63, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates SLR as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

From the mid-cap names one of Macquarie's top picks remains Silver Lake Resources. The company is moving ex-capex from developments in FY21 leading to production and cash flow growth in both FY22 and FY23.

The Outperform rating is maintained and the target price increases to $2.30 from $2.20.

Target price is $2.30 Current Price is $1.65 Difference: $0.65
If SLR meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates SO4 as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

For potash, Macquarie continues to prefer Kalium Lakes ((KLL)) over Salt Lake Potash, due to lower perceived ramp-up risk at Beyondie versus Lake Way. The Outperform rating and $0.65 target are retained.

Target price is $0.65 Current Price is $0.39 Difference: $0.26
If SO4 meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates SRL as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Sunrise Energy offers exposure to long-term cobalt, notes Macquarie. The Outperform rating is unchanged. The target price is $2.50. 

Target price is $2.50 Current Price is $2.04 Difference: $0.46
If SRL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates STX as Outperform (1) -

After various site visits in Western Australia, Macquarie reiterates that Strike Energy remains the broker's small to mid-size energy preference. The Outperform rating and $0.60 target are maintained.

The analyst highlights WE-5 reached total depth and flow testing at WE-5 and WE-4 should follow soon. These will be important for reserve certification in July.

Macquarie also notes the company has been adding high-quality people to management and other highly experienced nitrogen-based fertiliser executives in part-time advisory capacities.

Target price is $0.60 Current Price is $0.36 Difference: $0.24
If STX meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates SWM as Outperform (1) -

Macquarie raises EPS forecasts for FY21-23 by 24%, 24% and 35%, respectively, to reflect digital platform cash flows and stronger-than-expected TV/BVOD (broadcaster video on demand) market recovery. Additionally, there has been TV market share gains.

This comes as management has provided FY21 earnings (EBITDA) guidance of $250-255m. The broker highlights digital earnings are expected to more than double in FY22, reflecting continued strength in BVOD and cash flows from the digital platforms (Google/Facebook).

The Outperform rating is maintained and the target price rises to $0.68 from $0.62.

Target price is $0.68 Current Price is $0.48 Difference: $0.2
If SWM meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $0.68, suggesting upside of 42.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates SYD as Neutral (3) -

Macquarie assesses an incremental positive for Sydney Airport from the release of the Sydney Airport Demand Management Scheme, which provides some additional peak-hour capacity.

Closer monitoring of slot use may also prove attractive, as it ensures airlines like Qantas ((QAN)) meet their obligations, explains the broker. Neutral rating retained with a target of $6.04.

Target price is $6.04 Current Price is $6.07 Difference: minus $0.03 (current price is over target).
If SYD 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 $6.19, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates SYD as Hold (3) -

Sydney Airport has updated on May traffic numbers. Total passenger numbers fell -59% on 2019, with domestic down -39% and international down -93%. Domestic numbers were weaker than Ord Minnett expected because of Victoria's lockdown during the month.

The broker continues to expect a broad-based recovery in domestic passengers in 2022 while the recovery in international passengers is likely to be prolonged along with the roll-out of the covid-19 vaccine.

Hold rating and $5.70 target maintained.

Target price is $5.70 Current Price is $6.07 Difference: minus $0.37 (current price is over target).
If SYD meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.19, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates VCX as Outperform (1) -

Heading into August results, Macquarie remains cautious on large retail assets over potential ceding of market share. Additionally, it's considered the strong sales growth backdrop isn’t translating to significant improvements in leasing spreads.

Positively, covid deals appear to be coming close to finalisation, according to the broker,  which will allow landlords to look forward. It's thought vacancy appears to be moderating, albeit remaining above historical trends.

In the large caps, Macquarie's preferred way to play a recovery in retail is Vicinity Centres. The Outperform rating and $1.64 target are unchanged.

Target price is $1.64 Current Price is $1.66 Difference: minus $0.02 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.63, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

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

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

December year-end producers, such as West African Resources receive material forecast EPS upgrades from the broker in 2021, due to the 2021 gold upgrades aligning with the reporting period.

Macquarie lifts the rating to Outperform from Neutral following recent weakness in the company’s share price. The price target of $1.10 is unchanged.

Target price is $1.10 Current Price is $0.91 Difference: $0.19
If WAF meets the Macquarie target it will return approximately 21% (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 WHC as Outperform (1) -

Whitehaven Coal has downgraded FY21 production guidance to 20.4mt. Narrabri has again underperformed because of equipment downtime associated with another geological event. Guidance for Gunnedah was also trimmed.

Maules Greek continues to outperform, partially offsetting the volume downgrade. Credit Suisse adjusts FY21 volume as per guidance but considers the damage limited given spot prices remain above US$120/t.

The broker also increases the Newcastle thermal price assumption to US$100/t for FY22. Outperform maintained. Target rises to $2.05 from $1.55.

Target price is $2.05 Current Price is $1.91 Difference: $0.14
If WHC meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates WHC as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie continues to prefer Whitehaven Coal in the sector with the recent upgrade to the long-term metallurgical coal outlook a key driver behind the preference. the Outperform rating is maintained. The target price is increased to $2.50 from $2.30.

Target price is $2.50 Current Price is $1.91 Difference: $0.59
If WHC meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates WSA as Outperform (1) -

After recent upgrades to the iron ore forecast, Macquarie's commodities team has adjusted forecasts for other commodities. The 2022-25 forecasts for copper rise by 13-14% and 2021-25 aluminium lifts by 4-5%. Thermal coal prices rise 9% and 7% for 2021 and 2022.

The most material downgrades are to manganese, which falls -12% in 2022 and by -6 and -9% for 2024 and 2025.

Macquarie forecasts nickel producer Western Areas has material earnings upside over the next two years at spot prices. The Outperform rating is unchanged and the target price rises to $2.70 from $2.60.

Target price is $2.70 Current Price is $2.35 Difference: $0.35
If WSA meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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