Australian Broker Call

Macquarie rates 29M as Outperform (1) -

29Metals' exploration and resource drilling at Golden Grove keeps yielding excellent high-grade intersections at the Cervantes deposit, reports Macquarie.

The broker expects a resource update this quarter, which should partially include Cervantes, and expects further resource upside as exploration and resource drilling continues over 2022.

Macquarie says better head grades emerging from Golden Grove and Capricorn Copper should drive a five-year production compound annual growth rate of 10%.

Outperform rating retained.Target price steady at $3.50.

Target price is $3.50 Current Price is $2.60 Difference: $0.9
If 29M meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates AGL as Buy (1) -

AGL Energy's interim result, released earlier today, has been described as "reasonable" upon first assessment by Ord Minnett.

Ord Minnett was positioned for a fresh equity raise but now acknowledges this risk has been removed as both entities inside the business have secured fresh debt.

In addition, the broker notes AGL has brought forward asset closure dates; no later than 2033 for Bayswater Power Station and 2045 for Loy Yang A Power Station.

Following "very strong" outlook commentary, Ord Minnett sees a positive response for the share price post event.

Target price is $8.70 Current Price is $7.53 Difference: $1.17
If AGL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.39, suggesting upside of 1.4% (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 AQZ as Outperform (1) -

Following a weaker than predicted first half performance Credit Suisse has reduced its full year profit forecast for Alliance Aviation Services -22%, noting impacts on the operational cost base are likely to persist into the second half. 

First half earnings of $40m compared to the broker's forecast $53m, with the miss largely driven by covid volatility in flying demand. One-off expenses related to the E190 fleet expansion added to the half's loss in profits, deployment is delayed three months.

More positively Credit Suisse expects upside risk does exist from FY23, notably from the fleet expansion. Expect a weaker share price following first half update, says the broker, while adding: an attractive opportunity for investors. 

The Outperform rating is retained and the target price decreases to $4.80 from $5.30.

Target price is $4.80 Current Price is $3.97 Difference: $0.83
If AQZ meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 32.6% (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 AQZ as Add (1) -

The 1H result and FY22 guidance were weaker than Morgans had expected for Alliance Aviation Services. Investors are reminded that the broker's investment thesis was predicated on upcoming strong FY23 earnings growth, which is still expected.

The forecast growth will result from the material fleet expansion to-date, explains the analyst. The Add rating is unchanged, while the target falls to $5.05 from $5.15.

Target price is $5.05 Current Price is $3.97 Difference: $1.08
If AQZ meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 32.6% (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

Credit Suisse rates BAP as Outperform (1) -

Bapcor delivered a notable beat to Credit Suisse's first half profit forecasts, reporting profit of $61m compared to an expected $56.8m. The company's result is particularly impressive given not only impacts of lockdowns, but the sudden departure of its CEO.

Full year guidance requires second half weighting, dependent on further activity rebound. First quarter sales felt the impact of lockdowns, and while activity did rebound high covid case numbers will likely reduce mobility and labour availability in the second half. 

The Outperform rating and target price of $7.90 are retained.

Target price is $7.90 Current Price is $6.50 Difference: $1.4
If BAP meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 13.0% (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

Macquarie rates BAP as Outperform (1) -

Bapcor's December-half result broadly met Macquarie's forecasts, a solid top line being struck on broad segment growth despite the covid fallout. Guidance was fairly steady.

Margins were only a touch weaker in the face of rising labour and freight costs, but the broker notes trade margins were harder hit (management guiding to a strong rebound in the June half).

Cash flow and conversion also felt the brunt of an inventory build in the face of forecast strong demand - some would say that's a good thing.

EPS forecasts slip -1% and -3% in FY22 and FY23 and the target price falls -9% to $8. Outperform rating retained.

Target price is $8.00 Current Price is $6.50 Difference: $1.5
If BAP meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 13.0% (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

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

In a flash update, Morgan Stanley called Bapcor's result mostly in line on a mix of higher revenues but lower earnings to forecasts -- considered relatively robust given lockdowns in the period and other covid disruptions.

Guidance is for an FY22 profit "at least in line with" FY21, however guidance appears to include contributions from recent acquisitions, suggesting a lack of organic growth.

Equal-weight and $7.80 target retained. Industry view: In-Line.

Target price is $7.80 Current Price is $6.50 Difference: $1.3
If BAP meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 13.0% (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

Morgans rates BAP as Add (1) -

Bapcor's 1H results were in-line with the consensus estimate though Morgans expects market concerns will continue to weigh around the unexpected management change. The board confirmed no takeover offer has been received.

Guidance was maintained for profit to be ‘at least’ in-line with FY21, while the distribution centre targets were reaffirmed.

The broker makes minor forecast earnings changes and retains its Add rating, while lowering the target to $7.55 from $8.45.

Target price is $7.55 Current Price is $6.50 Difference: $1.05
If BAP meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 13.0% (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 BAP as Upgrade to Buy from Hold (1) -

Bapcorp's December-half result broadly met Ord Minnett's forecasts, having suffered store closures, higher costs, supply-chain disruptions and investment in a new head office and Victorian distribution centre. The dividend outpaced the broker's estimate at 10c.

Ord Minnett expects first-half headwinds should dissipate in the June half and spies potential for growth in Trade Auto Parts and Bapcor's A&NZ store network. The broker also forecasts an uptick in operating margins and leverage through higher own-brand sales and long-term growth prospects in Asia.

Now the worst is out of the way, Ord Minnett upgrades to Buy from Hold and raises the target price to $8.60 from $7.20.

Target price is $8.60 Current Price is $6.50 Difference: $2.1
If BAP meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 13.0% (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

UBS rates BAP as Buy (1) -

Following Bapcor's largely in-line 1H results, UBS reduced its Trade assumptions (after an operational miss), partially offset by increased Retail (better than expected result).

Challenges related to the distribution centre appear to have negatively impacted 2Q like-for-like sales in Trade, explains the analyst. However, it's felt January and February sales show the situation is improving though the longer-term impact is still unclear.

The broker retains its Buy rating and $8.10 target price.

Target price is $8.10 Current Price is $6.50 Difference: $1.6
If BAP meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 13.0% (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

Citi rates BBN as Buy (1) -

Ahead of the release of Baby Bunting Group's first half results, Citi is forecasting profits of $10m but does see upside risk to its forecast given positive sales momentum and improved like-for-like sales following the first seven weeks of the period. 

The company will also look to results for detail on the inventory build that took place in the half, expecting the company's bargaining power with suppliers could offer market share gains. 

The Buy rating and target price of $6.11 are retained.

Target price is $6.11 Current Price is $5.34 Difference: $0.77
If BBN meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 18.4% (ex-dividends)

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 BWP as Sell (5) -

Citi reports BWP Trust's first half results were in line with expectations, with earnings 1% above forecast. The broker highlighted the company's portfolio remains resilient to covid impacts, with the repositioning of vacated properties a more pressing headwind.

An average cap rate compression drove net tangible assets up 14%, with Citi forecasting a $2m annualised earnings headwind as a result given fees are based on portfolio value. 

The Sell rating is retained and the target price increases to $3.52 from $3.35.

Target price is $3.52 Current Price is $4.00 Difference: minus $0.48 (current price is over target).
If BWP meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.83, suggesting downside of -2.7% (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

Morgan Stanley rates BWP as Underweight (5) -

BWP Trust reported profit in line with Morgan Stanley's forecast and reiterated guidance for FY22 dividends to be similar to FY21. Net tangible asset value rose to $3.75/share from $3.29.

CPI-indexed and fixed ratchet-rents provided earnings uplift, offset in part by rent reviews. Some 30% of leases expire between now and June 2025, the broker notes, and currently 8 of 75 Bunnings locations are vacant or will be shortly.

Underweight and $3.65 target retained. Industry view: In-Line.

Target price is $3.65 Current Price is $4.00 Difference: minus $0.35 (current price is over target).
If BWP meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.83, suggesting downside of -2.7% (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

Ord Minnett rates BWP as Hold (3) -

BWP Trust's December-half distributable profit of $56.4m roughly met Ord Minnett's forecasts.

Management guided to flat FY22 distribution guidance, net tangible assets rose 14% as the portfolio value rose 11%, and the weighted average capitalisation rate increased 54 basis points to 5.11%, allowing the company to boast sector-low gearing at 15.5%.

Capital markets took a shine to Bunnings Warehouse, sharply raising the company's net tangible asset backing, and the broker notes this generates a headwind to earnings given management fees are tied to asset values.

Most metrics were respectable. Hold rating and $4.30 target price are retained.

Target price is $4.30 Current Price is $4.00 Difference: $0.3
If BWP meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting downside of -2.7% (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

Citi rates CBA as Sell (5) -

Commonwealth Bank's cash earnings of $4.7bn in the first half were a 10% beat to Citi's forecast, and overshadowed a slightly weaker net interest margin. While investors are optimistic that rate rises will benefit, Citi sees challenges to the margin outlook. 

Net interest margin fell -9 basis points in the half, with further decline expected in the second half. Given the bank equated a 25 basis rate rise to a 4 basis point net interest margin benefit, Citi notes the first half decline effectively mitigates close to three cash rate rises. 

The Sell rating is retained and the target price decreases to $90.75 from $97.00.

Target price is $90.75 Current Price is $99.56 Difference: minus $8.81 (current price is over target).
If CBA meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.48, suggesting downside of -9.1% (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

Credit Suisse rates CBA as Underperform (5) -

Commonwealth Bank's cash earnings of $4,746m in the half was a beat on Credit Suisse's predicted $4,126m, but net interest margin compression of -9 basis points was a downside to the half's results.

Looking ahead, potential interest rate increases have encouraged market sentiment but benefits may take longer than expected to materialise. While the sector will benefit, the broker thinks it likely the first rate rises will be largely offset by headwinds.

The Underperform rating is retained and the target price increases to $97.00 from $92.50.

Target price is $97.00 Current Price is $99.56 Difference: minus $2.56 (current price is over target).
If CBA meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.48, suggesting downside of -9.1% (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 CBA as Underperform (5) -

Closer examination of Commonwealth Bank's December-half result confirms Macquarie's initial assessment - it was in line with low re-based consensus forecasts, and outpaced the broker by 7%.

Lower expenses drove the beat. Elevated annual-leave take-up; higher than expected other income aided by non-recurring items; and a higher proportion of capitalised investments also affected the result.

CBA is performing better than its peers and while Macquarie continues to struggle with the premium valuation, any de-rating will need to happen at a later stage. The broker also expects CBA could lag peers given its longer-dated hedging profile and a higher interest-rate outlook.

Forecast FY22 earnings rise 8% and future-year earnings rise 2% thanks to better-than-expected non-interest income.

Target price rises 2% to $90 from $88.50. Underperform rating retained.

Target price is $90.00 Current Price is $99.56 Difference: minus $9.56 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.48, suggesting downside of -9.1% (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

Morgan Stanley rates CBA as Underweight (5) -

Commonwealth Bank posted a first half cash profit 10% above Morgan Stanley's estimate, as franchise momentum and volume tailwinds offset a -17bp net interest margin headwind. Management is expecting further margin decline in the second half.

But an "historically unique inflection point" in interest rates should lead to medium term tailwinds, management suggests, which could offset ongoing variable rate mortgage competition and an increase in wholesale funding costs.

The broker agrees, forecasting a -20 point margin fall in FY22, stable in FY23 and up 6 points in FY24. Target rises to $91 from $90, Underweight retained. Industry view: Attractive.

Target price is $91.00 Current Price is $99.56 Difference: minus $8.56 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.48, suggesting downside of -9.1% (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 CBA as Reduce (5) -

Commonwealth Bank of Australia's 1H profit was a 12% and 10% beat versus Morgans and the consensus forecast, due to strong revenue and a credit loss provision release. A fully franked interim dividend of $1.75/share was announced.

The broker expects further net interest margin headwinds (only until 1H23), as management expects the fixed rate share of the Australian home loan book to increase further and peak in the 2H22. 

Morgans increases EPS forecasts and raises its target to $77 from $74, while retaining its Reduce rating.

Target price is $77.00 Current Price is $99.56 Difference: minus $22.56 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.48, suggesting downside of -9.1% (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

Ord Minnett rates CBA as Hold (3) -

Commonwealth Bank's FY22 December-half result outpaced Ord Minnett's forecasts by 3% mainly due to non-recurring gains in other operating income; and the dividend fell -5c shy of forecasts at $1.75 per share.

The broker notes lower costs largely offset a reduction in net interest income, trading income and fees.

Income growth to expense growth "jaws" were negative, the broker spying impending pressure on net interest margins in the second half. 

But the broker likes the above-system loan growth, respectable asset quality, strong transaction account growth and leading customer franchise metrics.

Target price rises to $94.60 from $90 but the broker retains a Hold rating, considering the bank to be its least-favoured sector pick given rising interest rates (management estimates each 25bp rise subtracts -4bp from net interest margins), industry pressures, and the abovementioned "jaws".

Target price is $94.60 Current Price is $99.56 Difference: minus $4.96 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.48, suggesting downside of -9.1% (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

UBS rates CBA as Neutral (3) -

Commonwealth Bank of Australia's 1H cash earnings (EPS) were 11% above the consensus estimate and pre-provisioning operating profit was a 3% beat.

The analyst highlights strong growth (up 8% half-on-half) in average interest earning assets, from growth in business banking and home lending.

The broker raises EPS forecasts, driven by stronger lending growth, lower credit impairment charges and increased buy-backs, partially offset by non-interest income cuts. The target price rises to $100 from $95. The Neutral rating is unchanged.

Target price is $100.00 Current Price is $99.56 Difference: $0.44
If CBA meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $91.48, suggesting downside of -9.1% (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

Morgan Stanley rates CNI as Overweight (1) -

Centuria Capital Group reported earnings well above Morgan Stanley's forecast driven by better than expected performance fees, which have also led to an FY guidance upgrade.

Flow of capital into real estate may lose some tailwinds, the broker suggests, as interest rates hike and deposit rates increase, giving
investors other yielding options.

But alleviating some of these risks is the group's clear property strategy, its small asset under management base and its
potential to ramp up its platform into emerging healthcare and agricultural segments.

Overweight and $3.45 target retained. Industry view: In-Line.

Target price is $3.45 Current Price is $3.08 Difference: $0.37
If CNI meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 11.0% (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 CNI as Buy (1) -

Centuria Capital Group FY22 December-half operating EPS outpaced Ord Minnett's forecasts by 15% thanks to very strong  performance fees and growth in assets under management, and is broadly in line with January guidance.

Management says the second half is off to a good start with sharply higher assets under management and with $1.1bn in acquisitions set to settle in the second half.

Buy recommendation retained. Target price slips to $3.60 from $3.70.

Target price is $3.60 Current Price is $3.08 Difference: $0.52
If CNI meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 11.0% (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

Credit Suisse rates CPU as Outperform (1) -

Following the first half Computershare issued a 7% increase to its full year earnings per share guidance to US$0.57, but Credit Suisse noted the earnings outlook for Computershare Corporate Trust was the highlight of the result.  

The broker expects Computershare Corporate Trust to achieve a full year annualised run rate around $55m higher than original guidance, and retains the thesis that Computershare will more than double earnings between FY21 and FY26 with upside risk potential.

Earnings per share forecasts increase 7% for FY22 and 15-17% in FY23 and FY24. 

The Outperform rating is retained and the target price increases to $27.00 from $25.20.

Target price is $27.00 Current Price is $22.17 Difference: $4.83
If CPU meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $22.84, suggesting upside of 0.3% (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: 0.3

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

Macquarie rates CPU as Outperform (1) -

Computershare's December-half result outpaced expectations and management increased earnings (EBIT) growth guidance to 13.1% from 3.7%, notes Macquarie.

Margin guidance for FY22 rose to $152m from $145m and costs guidance was stable.

Macquarie raises FY22 EPS forecasts 9.1% and FY23 EPS estimates 13.6%. Target price rises to $25 from $22.

Outperform rating retained, the broker noting Computershare is set to take advantage of rising yields, which, combined with cost-cutting programs, a rallying in US Mortgage Services and the Wells acquisition, augurs well for the company.

Target price is $25.00 Current Price is $22.17 Difference: $2.83
If CPU meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $22.84, suggesting upside of 0.3% (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: 0.3

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

Morgan Stanley rates CPU as Overweight (1) -

Expanding on a first-look posted yesterday, Morgan Stanely was right to expect a strong market reaction to a 7% FY profit guidance upgrade from Computershare in the wake of a solid first half result.

The upgrade confirms strong operating trends across the group and a successful start to the Corporate Trust acquisition, and includes a forecast 25bp Fed rate hike in April. The broker is forecasting four Fed rate hikes over two years (Wall Street is suggesting five in one year).

Overweight retained on higher rates and growth options. Target rises to $25.00 from $21.50. Industry view: Attractive.

Target price is $25.00 Current Price is $22.17 Difference: $2.83
If CPU meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $22.84, suggesting upside of 0.3% (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: 0.3

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

Morgans rates CPU as Hold (3) -

Morgans key highlight from Computershare's 1H results was a strong lift in FY22 EPS growth guidance to 9% (versus the previous corresponding period), compared to 2% previously guided.

The guidance lift was due to increased expectations for margin income and a better than expected performance from the Wells Fargo Corporate Trust Business, explains the broker.

The 1H result was broadly in-line with the consensus estimate. Morgans upgrades EPS numbers over the forecast period by 7-10% and lifts its target to $23.97 from $18.82. Hold.

Target price is $23.97 Current Price is $22.17 Difference: $1.8
If CPU meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $22.84, suggesting upside of 0.3% (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: 0.3

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

Ord Minnett rates CPU as Lighten (4) -

Computershare's FY22 December-half earnings (EPS) fell shy of Ord minnett's forecast but the result was considered as solid.

Management upgraded FY22 EPS forecasts to reflect an assumed change in the cash rate, strength in the Computershare Corporate Trust (CCT) business, and expected operational improvements in legacy areas.

Ord Minnett notes guidance suggests a large skew to the second half and raises estimates based on the CCT performance, but believes the share price is fully valued.

Lighten recommendation retained. Target price rises to $20.60 from $17.24. 

Target price is $20.60 Current Price is $22.17 Difference: minus $1.57 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.84, suggesting upside of 0.3% (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: 0.3

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

Citi rates CSR as Buy (1) -

Following CSR's announcement of the $20.7m sale for undeveloped land at Badgerys Creek, Citi has upgraded full year profit 5% and earnings by $12m in line with company guidance. The company retains around 140 hectares of developable land at the site.

The broker continues to find land is undervalued in CSR's current share price given western Sydney industrial land is valued at over $1,000 per square metre. The $6.63 per share target price includes a $1.30 per share value for property, noting further upside potential. 

The Buy rating is retained and the target price decreases to $6.63 from $7.03.

Target price is $6.63 Current Price is $5.76 Difference: $0.87
If CSR meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.62, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in March.

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

Macquarie rates DXI as Outperform (1) -

Dexus Industria REIT's December-half result outpaced Macquarie's forecasts and the broker spies upside risk to guidance, thanks to strong net property income.

The broker appreciates the REIT's deployment of capital, and notes gearing is below target, that the REIT is trading at a -7% discount to NTA and that it has indicated a buyback may be on the cards.

Macquarie estimates a buyback would be 2% accretive, but says the $378m industrial development pipeline should be the main use of capital given it could provide leverage of 35%. 

FFO forecasts rise 2% in FY22; 0% in FY23; and 2% in FY24.

Target price rises 3% to $3.59. Outperform rating retained.

Target price is $3.59 Current Price is $3.29 Difference: $0.3
If DXI meets the Macquarie target it will return approximately 9% (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 DXI as Add (1) -

Morgans retains its Add rating and increases its target to $3.65 from $3.63 following 1H results from Dexus Industria REIT. The results reflected a busy period, notes the analyst, with strong leasing activity and equity-funded acquisitions.

FY22 guidance was unchanged. The broker sees an attractive distribution yield with solid underlying portfolio metrics and near/medium term growth opportunities from the pipeline of developments.

Target price is $3.65 Current Price is $3.29 Difference: $0.36
If DXI meets the Morgans target it will return approximately 11% (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 EHE as Neutral (3) -

Estia Health's December-half result met Macquarie's forecasts but spot occupancy trends eased in December and January, suggesting weakness ahead.

The broker tempers its views accordingly and takes a conservative approach to covid, cutting EPS forecasts -10% in FY22, -12% in FY23 and -5% in FY24.

Target price eases to $2.30 from $2.40 Neutral rating retained.

Target price is $2.30 Current Price is $2.17 Difference: $0.13
If EHE meets the Macquarie target it will return approximately 6% (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 GUD as Buy (1) -

Despite G.U.D. Holdings beating Citi's first half profit forecasts by 6%, the full year guidance range of $155-160m remains below the broker's forecast. Full year earnings guidance for AutoPacific Group of $80-84m was reiterated, noting a second half weighting. 

The launch of the new Ford ranger around April or May should support AutoPacific Group's earnings, while Citi expects auto sales to accelerate over the second half. 

The broker considers G.U.D. Holdings to be a fundamentally better business than it was a year ago. Accounting for the lower guidance Citi downgrades earnings per share -1% for FY22, but upgrades 7% and 4% for FY23 and FY24. 

The Buy rating is retained and the target price increases to $15.60 from $15.15.

Target price is $15.60 Current Price is $12.95 Difference: $2.65
If GUD meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 23.2% (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 IBG as No Rating (-1) -

Ironbark Zinc is evaluating the 100% owned Citronen zinc-lead project in Greenland.

In a preliminary project letter, US export credit agency (EXIM Bank) is offering US$657m to cornerstone the development and this amount is expected to provide all required senior project debt.

Morgans points out the major risk is in financing the project, with the EXIM application decision pending. 

Construction and development is also subject to capital and timing risk, as well as commissioning and ramp-up risk, cautions the analyst. No rating or target price is proffered by Morgans.

Current Price is $0.04. Target price not assessed.

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

Macquarie rates IEL as Outperform (1) -

IDP Education's December-half result outpaced forecasts, positive leading indicators revealing a 59% rise in qualified leads.

Macquarie notes the company should benefit from the reopening of borders, given the company has a strong presence in India, providing a a 50% 4-year compound annual growth rate.

EPS forecasts increase 6% in FY22; 4% in FY23; and 1% in FY24. Target price rises 9% to $35. Outperform rating retained.

Target price is $35.00 Current Price is $30.67 Difference: $4.33
If IEL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $36.80, suggesting upside of 18.8% (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

Morgan Stanley rates IEL as Overweight (1) -

IDP Education posted first half earnings well above Morgan Stanley's expectations, suggesting only a modest second half is required to reach the (previous) FY consensus estimate. The result showed a material beat on volumes, particularly IELTs.

IELTs pricing was a little softer on increased volumes at cheaper levels in India. Student placement pricing was flat. No guidance provided as usual, but India posted a record period, growth across the group is evident and search volumes in the southern hemisphere are rebounding.

Overweight and $40.20 target retained. Industry view: In-Line.

Target price is $40.20 Current Price is $30.67 Difference: $9.53
If IEL meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $36.80, suggesting upside of 18.8% (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

Morgans rates IEL as Hold (3) -

IDP Educations' 1H reported underling profit was a -5% miss versus the estimate of both Morgans and consensus. Management expects a strong rebound in Australian student placements from the 2H22. During FY23, the analyst forecasts a return to pre-covid volumes.

Student placement volumes for Canada and the UK grew by 71% and 47% as markets there are now fully open. Management stated India is a key source market and the company opened 27 new (smaller) offices, with 67 now in the country (of around 153 offices globally).

The broker estimates IELTs volumes have returning to around 5% above  ‘pre-covid’ levels. Minor earnings forecast downgrades result in the target slipping to $36.10 from $38.20. Hold.

Target price is $36.10 Current Price is $30.67 Difference: $5.43
If IEL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $36.80, suggesting upside of 18.8% (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

UBS rates IEL as Buy (1) -

UBS leaves its forecasts largely unchanged following 1H results for IDP Education. While revenue was marginally below the broker's estimate, cost control minimised the earnings impact.

The analyst highlights strong IELTS volume growth in the majority of countries, with outperformance by India. Additionally, synergies from the BC acquisition are expected to reach $20m in FY23 ($8m previously expected).

The Buy rating is retained and UBS points to potential upside risk for IELTS India. The target price decreases to $35.90 from $36.05

Target price is $35.90 Current Price is $30.67 Difference: $5.23
If IEL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $36.80, suggesting upside of 18.8% (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 JBH as Outperform (1) -

Ahead of the release of JB Hi-Fi's first half results, Credit Suisse expects demand remained strong and notes the company has guided to earnings of $420.5m and profit of $287.9m for the period. 

The broker notes likely earnings declines following the current covid peak appears to be causing investor dissatisfaction, despite the company likely exiting the peak with a materially higher base. 

Given the company's elevated net cash position, and a lack of viable investment opportunities, a dividend payout ratio increase is seen likely. 

The Outperform rating and target price of $58.80 are retained. 

Target price is $58.80 Current Price is $49.30 Difference: $9.5
If JBH meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $55.59, suggesting upside of 12.6% (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

Citi rates LGL as Buy (1) -

Ahead of Lynch Group Holding's first half results release, Citi is expecting the company will deliver profit at the upper end of the prior guidance range and is forecasting profits of $14.7m. 

Continuing cut flower demand in China has driven a 25% average wholesale pricing increase, and while more than half of the company's China production is on fixed price contracts Citi notes elevated market pricing is broadly positive for the company's outlook.

China demand largely offset continuing margin pressure in Australia, and the freight pressures that impacted the first half are expected to persist. 

The Buy rating and target price of $4.50 are retained.

Target price is $4.50 Current Price is $3.16 Difference: $1.34
If LGL meets the Citi 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:

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 MIN as Outperform (1) -

Mineral Resources's FY22 December-half earnings (EBITDA) fell -53% short of Macquarie's forecasts, as spiralling transport and shipping costs wrought an underlying loss. The net result proved a -88% miss.

This was despite the Mining services division providing a beat. No interim dividend was declared.

Macquarie cuts EPS forecasts -40% in FY22 and, given the delay in Ashburton to 2024, cuts FY23 EPS estimate by -19% and FY24 EPS -13%.

Target price falls -7% to $70 to reflect forecast weakness in near-term earnings.

Outperform rating retained, the broker expecting cost pressures and discounting in iron ore will subside and that iron-ore and lithium prices should continue to find support.

Target price is $70.00 Current Price is $52.72 Difference: $17.28
If MIN meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $56.34, suggesting upside of 3.0% (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 MIN as Equal-weight (3) -

As misses go they don't come much worse than that of Mineral Resources, which reported earnings -50% below a Morgan Stanley forecast that was already -16% below consensus.

The miss was due to higher costs and lower revenues for iron ore and higher costs at Mt Marion (lithium). Mercifully, mineral services earnings were in line. Capex guidance has nonetheless been increased across all assets.

The company has elected not to pay a dividend. Equal-weight and $45.70 target retained. Industry view: Attractive.

Target price is $45.70 Current Price is $52.72 Difference: minus $7.02 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.34, suggesting upside of 3.0% (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

Ord Minnett rates MIN as Sell (5) -

Mineral Resources' FY22 December-half result fell -42% short of Ord Minnett's forecasts due to spiralling lithium and iron-ore costs. Management suspended the interim dividend.

Elsewhere, production guidance was maintained, net debt rose to $583m, in line with the broker but up from $280m net cash in the previous half. Management raised FY22 capital expenditure guidance to $750m from $650m.

Ord Minnett says the company continues to trade above the broker's valuation and expects the iron-ore price will retreat in the June half.

Sell rating retained. Target price falls to $45 from $46.

Target price is $45.00 Current Price is $52.72 Difference: minus $7.72 (current price is over target).
If MIN meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.34, suggesting upside of 3.0% (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

Citi rates MP1 as Buy (1) -

Megaport delived a half-on-half 400 basis points  improvement to gross margins in the first half, a key highlight of the period for Citi. Megaport management has suggested a strong start to 2022, and continuing pipeline growth offers upside risk to forecasts. 

With cost investment largely complete, Megaport is set to benefit. The company's target for positive earnings in FY22 may be a stretch but Citi expects the company to be cash flow positive in the second half of FY23, barring cost increases that could push this out to early FY24. 

The Buy rating and target price of 20.20 are retained. 

Target price is $20.20 Current Price is $13.61 Difference: $6.59
If MP1 meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $18.49, suggesting upside of 26.1% (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

Macquarie rates MP1 as Outperform (1) -

Macquarie has upgraded its estimates for Megaport following the publication of the FY22 December-half results.

Monthly recurring revenue growth is now outpacing revenue growth and management confirms growth is accelerating.

The broker notes the first channel sale through Cisco has been finalised, that APAC should provide strong leverage following the normalisation of margins, and that the strong pipeline for Megaport Virtual Edge points to a stronger growth trajectory.

FY22 to FY24 earnings forecasts rise 15% to 84% as the company moves from loss-making to profit-making.

Target price rises to $21 from $20. Outperform rating retained, the stock remaining Macquaries' Tech-sector pick.

Target price is $21.00 Current Price is $13.61 Difference: $7.39
If MP1 meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $18.49, suggesting upside of 26.1% (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

Morgans rates MP1 as Hold (3) -

Megaport's 2Q result was largely pre-released though new information suggests to Morgans an acceleration in 3QFY22 sales, and a faster acceleration in sales in the 4Q and beyond.

While the broker sees value, and indeed ingredients for greatness, the Hold rating remains until the macroeconomic scene (rising interest rates) settles down. The target falls to $14.50 from $16.49.

Target price is $14.50 Current Price is $13.61 Difference: $0.89
If MP1 meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.49, suggesting upside of 26.1% (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

Ord Minnett rates MP1 as Hold (3) -

Megaport's December first-half result fell sharply short of Ord Minnett's forecasts, the company extending its loss (compared to the broker) given an increase in operating expenditure and the company's shift to an indirect sales channel.

Management says this investment should come home to roost in the June half, but the broker expects FY23 might be more like it.

Hold rating retained, Ord Minnett believing the share price accurately predicts the company's near to mid-term performance and suspects visibility of the sales pipeline could deteriorate in the long term as Megaport relies on the channel.

Target price eases to $15 from $15.50.

Target price is $15.00 Current Price is $13.61 Difference: $1.39
If MP1 meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.49, suggesting upside of 26.1% (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

UBS rates MP1 as Buy (1) -

Following pre-announced 1H results, UBS is extremely upbeat on Megaport's prospects and expects early signs of an uplift in the third and fourth quarters before an acceleration in FY23. 

Industry feedback suggests the company has superior technology and the right partnerships with leading industry players.

The broker maintains its Buy rating and $21.75 target price.

Target price is $21.75 Current Price is $13.61 Difference: $8.14
If MP1 meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $18.49, suggesting upside of 26.1% (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 MPL as Overweight (1) -

In the upcoming Medibank Private result, Morgan Stanley will look for evidence of the beginning of long term progress towards becoming a health services company, which in the broker's view, will lead to a gradual re-rate.

In the near term the broker will look for the potential for further prostheses reform against Medibank's delayed premium increase.

Overweight retained, target falls to $3.70 from $3.80.

Target price is $3.70 Current Price is $3.19 Difference: $0.51
If MPL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates NAB as Neutral (3) -

Upon first glance, National Australia Bank's quarterly update is described as "strong", with Citi analysts pointing out the cash result was no less than 10% better than market estimates.

Though there was a positive contribution from provision write-back, the performance is still a "beat", maintains Citi.

The broker points out contraction of the net interest margin (NIM) from mortgage pricing is less of an issue for NAB than it is for the competition.

Target $30.50. Neutral.

Target price is $30.50 Current Price is $28.39 Difference: $2.11
If NAB meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $30.00, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Neutral (3) -

Post the release of quarterly performance, Credit Suisse, upon first glance, is positive, citing strong underlying dynamics. The broker points out 1Q22 net interest margin was 1.64%, down -5bp, caused by a modest impact from M&T and higher liquids.

Excluding these impacts, NAB's NIM declined by -2bp only due to competitive pressures and housing lending mix, which, the broker explains, was partially offset by lower funding and deposit costs.

Target price is $29.00 Current Price is $28.39 Difference: $0.61
If NAB meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $30.00, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Equal-weight (3) -

Upon initial analysis, Morgan Stanley saw National Australia Bank delivering a better-than-expected quarterly update. Revenue trends in particular are seen as pleasing.

The broker notes expenses rose some 2% which was a negative surprise, but FY22 guidance is for “broadly flat” expenses.

Equal-weight rating and target price of $28.50. Industry view: Attractive.

Target price is $28.50 Current Price is $28.39 Difference: $0.11
If NAB meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $30.00, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in September.

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 NHF as Equal-weight (3) -

Ahead of its result, Morgan Stanley suggests nib Holdings should be experiencing mostly favourable top and bottom line trends. Broadly for the industry, postponed rate increases are likely to lead to more favourable prostheses regulation for insurers.

Target rises to $6.90 from $6.45, Equal-weight retained. Industry view: In-Line.

Target price is $6.90 Current Price is $6.63 Difference: $0.27
If NHF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.07, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates NIC as Buy (1) -

Nickel Mines plans to take advantage of share price outperformance and raise $225m through the issuance of 216.2m shares, as well as a further 13.2m through a share purchase plan. Citi notes equity will partially fund a 30% interest in the Oracle Nickel Project.

The broker highlights the Oracle Nickel Project offers scale of around 100,000 tonnes nickel per annum and is expected to be earnings accretive.

The High Risk Buy rating and target price of $1.80 are retained.

Target price is $1.80 Current Price is $1.46 Difference: $0.34
If NIC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 16.3% (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: 0.9

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

Macquarie rates NIC as Outperform (1) -

Nickel Mines has announced a US$225m capital raising to buy a 30% stake in the Oracle Nickel project.

Macquarie says the raising met its expectations and that the acquisition will occur in three stages: 10% prior to March; 20% in stage 2; then another 40% in stage 3 for a sum of US$212m payable by year end, which should entail some cash reserves.

Macquarie cuts EPS forecasts 2% to 4% across 2022 to 2026 to recognise the dilution.

Outperfrom rating and $1.70 target price retained.

Target price is $1.70 Current Price is $1.46 Difference: $0.24
If NIC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 16.3% (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: 0.9

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

UBS rates NWS as Buy (1) -

News Corp reported a strong 2Q result, assesses UBS, with earnings (EBITDA) a 8% and 13% beat compared to the broker's and the consensus estimate.

A rebound in advertising and contributions from deals with Facebook and Google boosted News Media, notes the analyst. Momentum across most of the businesses was positive due to the advertising lift, rising digital subscriptions and Rea Group's ((REA)) growth.

The broker raises FY22-24 EPS forecasts by 34%, 12% and 11%, respectively, which lifts the price target to $42.5 from $41.50.

Target price is $42.50 Current Price is $33.01 Difference: $9.49
If NWS meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $41.88, suggesting upside of 26.2% (ex-dividends)

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

Morgans rates PPE as Add (1) -

Morgans believes PeopleIn is well placed to grow Perigon Group, after acquiring the specialist provider of contract and permanent placement recruitment services. The company operates across the Accounting & Finance industry.

The acquisition cost is upfront cash of -$16m and up to a further -$10.8m in deferred consideration (two tranches), based on earnings hurdles over FY22-24.

PeopleIn will report its interim result on Friday, 18 February. The Add rating is unchanged while the target rises to $5.15 from $5.

Target price is $5.15 Current Price is $4.10 Difference: $1.05
If PPE meets the Morgans target it will return approximately 26% (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 S32 as Outperform (1) -

Macquarie updates S32 given recent alumina and aluminium disruptions in China, and considers it to be reasonably resilient.

The broker notes the company is sensitive to coal prices and, on a spot scenario, Macquarie's FY22 earnings forecasts rise 39%; and 131% in FY23. South32 remains Macquaries preferred large-cap miner.

Outperform rating and $4.80 target price are retained.

Target price is $4.80 Current Price is $4.42 Difference: $0.38
If S32 meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting upside of 11.1% (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

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

Scentre Group has pre-released its second half dividend, which will bring the full-year dividend to 14c, Morgan Stanley notes, compared to prior guidance of "at least 14c".

Equal-weight and $3.13 guidance retained ahead of the full result.

Target price is $3.13 Current Price is $3.06 Difference: $0.07
If SCG meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting downside of -1.6% (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

UBS rates TGR as Buy (1) -

UBS reinstates coverage of Tassal Group with a Buy rating and $4.10 target price.

Earnings are expected to rebound in FY22 due to a sharp rally in salmon fish pool prices, with January prices up circa 20% on pre-covid average levels (also 50% above the 1H21 trough), explains the broker.

Looking further out, the analyst estimates profit growth should accelerate after FY24 when the company ramps-up prawn production.

Target price is $4.10 Current Price is $3.64 Difference: $0.46
If TGR meets the UBS target it will return approximately 13% (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 TPW as Outperform (1) -

Growing active customers and higher repeat customers drove Temple & Webster Group to deliver a beat to Credit Suisse's estimates in the first half. Sales were up 46% year-on-year, and earnings of $42m were a 22% beat to the broker's forecast.

The company will launch a national brand campaign in the second half as it targets 80% brand awareness, marketing spend will likely remain elevated. Opportunity appears to exist for market share gains in underpenetrated pure-play online furniture and homewares. 

The Outperform rating is retained and the target price decreases to $13.54 from $15.89.

Target price is $13.54 Current Price is $8.83 Difference: $4.71
If TPW meets the Credit Suisse target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $12.26, suggesting upside of 46.8% (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

Macquarie rates TPW as Neutral (3) -

Temple & Webster's FY22 December-half result outpaced Macquarie's forecasts by 1% thanks to a 0.5% beat on revenue and a 5.1% beat on earnings EBITDA.

Macquarie notes customers were shopping more often and spending more and that supply-chain diversity helped cushion the company from the worst of covid.

Net cash rose to $105.5m from $97.5m in June and Macquarie expects this could result in organic and inorganic growth opportunities - possibly into the home improvement and trade and commercial sectors.

But Macquarie cuts EPS forecasts to reflect its expectations of higher near term capital expenditure and depreciation. FY22 EPS estimates fall -22%; FY23 fall -23% and FY24 fall -17%.

Target price falls to $9.70 from $12.10. Neutral rating retained.

Target price is $9.70 Current Price is $8.83 Difference: $0.87
If TPW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.26, suggesting upside of 46.8% (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

Morgan Stanley rates TPW as Overweight (1) -

There was concern over decelerating growth for Temple & Webster heading into the company's result, but Morgan Stanley notes sales growth remained elevated at 30% in the December quarter and is at 26% to date in the March quarter, with margin guidance reaffirmed.

The broker continues to believe the company is a leader in a structural growth market and on track to reach $1bn in revenue in four to five years. The broker retains its FY revenue forecast but due to higher reinvestment in the second half, cuts its target to $14.00 from $16.25.

Overweight retained. Industry view: In-Line.

Target price is $14.00 Current Price is $8.83 Difference: $5.17
If TPW meets the Morgan Stanley target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $12.26, suggesting upside of 46.8% (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

UBS rates TPW as Buy (1) -

Following 1H results for Temple & Webster Group, UBS notes distribution costs were well managed and gross margins held up, despite purchase price inflation. Revenue was 3% higher than expected, implying a strong November/December as conditions normalised.

The broker makes modest forecast changes and retains its Buy rating, while lowering its target to $11.80 from $12.20. The result was  considered a clear standout across UBS's e-commerce coverage.

Target price is $11.80 Current Price is $8.83 Difference: $2.97
If TPW meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $12.26, suggesting upside of 46.8% (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