Australian Broker Call

Morgan Stanley rates 29M as Equal-weight (3) -

In the wake of 3Q results, Morgan Stanley assesses 29Metals is now less sensitive to lower costs in view of lower zinc production (by-product). As a result, the target price falls to $1.85 from $2.20 after the broker adjusts the financial model.

Third quarter copper output was a 17% beat compared to the analyst's estimate, while zinc and gold underperformed, the latter due to worse grades at Golden Grove. All-in sustaining costs (AISC) of US$3.36/lb were in line.

Management retained FY22 guidance. The Equal-weight rating is unchanged. Industry View: Attractive.

Target price is $1.85 Current Price is $1.86 Difference: minus $0.01 (current price is over target).
If 29M meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.14, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgan Stanley rates ABB as Initiation of coverage with Underweight (5) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport, Hansen Technologies and Pexa Group (all Overweight-rated) have a sustainable competitive advantage and scalability to grow and become significantly more profitable. They are also well capitalised with a strong balance sheet

By contrast, the broker initiates coverage on Aussie Broadband with an Underweight rating. It's felt there are downside risks to consensus forecasts as upside has already been factored into the outlook. A target price of $2.10 is set.

The analysts point to intensifying competitive pressure in consumer broadband which will potentially suppress average revenue per user (ARPU) and kick operating costs higher.

Target price is $2.10 Current Price is $2.36 Difference: minus $0.26 (current price is over target).
If ABB meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting upside of 33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates ANZ as Buy (1) -

ANZ Bank released FY22 financials this morning and UBS, in an initial response, says the performance has beaten consensus expectations, led by a strong performance from institutional banking.

UBS adds top line growth is "solid". For the broker, the key questions are: to what extent can the bank continue to benefit from deposit pricing gains; how long will asset quality remain benign?

Buy. Target $30.

Target price is $30.00 Current Price is $25.84 Difference: $4.16
If ANZ meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $27.61, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in September.

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 APX as Initiation of coverage with Underweight (5) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport, Hansen Technologies and Pexa Group (all Overweight-rated) have a sustainable competitive advantage and scalability to grow and become significantly more profitable. They are also well capitalised with a strong balance sheet

By contrast, the broker initiates coverage on Appen with an Underweight rating. It's felt competition has intensified from a number of global players (including Amazon and Sagemaker), which are creating more sophisticated platforms.

The analyst note the company's software is not built on proprietary technology that would give it a distinctive competitive advantage. A $2.25 target price is set.

Target price is $2.25 Current Price is $2.60 Difference: minus $0.35 (current price is over target).
If APX 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 $3.03, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -1.0

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

Morgan Stanley rates ART as Initiation of coverage with Underweight (5) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport, Hansen Technologies and Pexa Group (all Overweight-rated) have a sustainable competitive advantage and scalability to grow and become significantly more profitable. They are also well capitalised with a strong balance sheet

By contrast, the broker initiates coverage on Airtasker, the digital marketplace for casual labour in Australia, with an Underweight rating. A $0.30 target is set.

As Airtasker is not yet profitable and free cash flow positive, the analysts point out cash from operations and reserves are required to fund product development and marketing.

Target price is $0.30 Current Price is $0.35 Difference: minus $0.05 (current price is over target).
If ART meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates BOE as Outperform (1) -

Work on Boss Energy's Honeymoon uranium restart accelerated in the first quarter, and Macquarie found progress and drilling results positive. The company remains on track for first production in the fourth quarter of 2023 with 34 of 86 planned pre-start wells now drilled. 

According to the company, the drilling campaign could lift annual production to over 3.0m tonnes from 2.45m tonnes and increase mine life beyond 11 years. 

The Outperform rating and target price of $3.30 are retained.

Target price is $3.30 Current Price is $2.68 Difference: $0.62
If BOE meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

A guidance update from Codan has disappointed Macquarie's expectations, with the company targeting first half net profits of $25-30m. Guidance was well below what the broker had expected, largely driven by the Metal Detection segment which is yet to stabilise.

The company is anticipating first half sales from Metal Detection of $75-80m, compared to $138m in the previous comparable period. The Communications segment expects a more positive $123-135m for the period, compared to $118m in the previous comparable period. 

The rating is downgraded to Neutral from Outperform and the target price decreases to $4.10 from $9.75.

Target price is $4.10 Current Price is $3.87 Difference: $0.23
If CDA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Citi rates COL as Buy (1) -

A -5% implied volumes decline in Coles Group's first quarter was more significant than Citi had anticipated, but the broker highlights improved product availability looks to underpin better growth in the second quarter. 

Liquor was a standout of the quarter, with growth outperforming the market leader by 2% off the back of Liquorland's renewal program. Citi looks for volumes to stabilise and enable stronger, inflation driven sales growth. 

The Buy rating is retained and the target price decreases to $18.90 from $20.10.

Target price is $18.90 Current Price is $16.16 Difference: $2.74
If COL meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.95, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates COL as Neutral (3) -

Coles Group produced a largely in-line quarterly result with a small market share move from supermarkets and liquor in its favour, Credit Suisse notes.

But given the underperformance of Coles in the prior period, the broker suggests the market share debate is unlikely to be settled by this result and expects market share improvement will be the main requirement for share price outperformance through the FY23.

Coles Liquor outperformed Endeavour ((EDV)) in the quarter and the broker expects this trend to continue.

An increase in depreciation expense takes the target down to $18.02 from $18.28, Neutral retained.

Target price is $18.02 Current Price is $16.16 Difference: $1.86
If COL meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.95, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates COL as Outperform (1) -

Coles Group reported first quarter sales growth of 1.6% and -4.3% from its Supermarkets and Liquor segments respectively.

According to Macquarie, Supermarkets growth implies some lost volume on the previous comparable period. The company suggests local shopping trends are unwinding, improving sales and volumes momentum. 

Low income customers appear to be buying less as a result of cost-of-living increases. Coles expects inflation will continue into the second quarter but moderate in the new year, while Macquarie remains cautious on consumer spending ahead. 

The Outperform rating and target price of $18.70 are retained.

Target price is $18.70 Current Price is $16.16 Difference: $2.54
If COL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.95, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates COL as Add (1) -

A 1Q sales trading update by Coles Group shows Supermarkets like-for-like sales increased by 2.1% (Morgans forecast -1.2%), despite cycling heightened covid-related sales in the previous corresponding period. Liquor fell -4.1% and Express (c-store) rose by 9.0%.

Management noted sales, volumes and transactions strengthened through the 1Q and this has continued into the 2Q.

The broker makes only minor adjustments to its forecasts and the target slips to $19.50 from $20.00. Add.

Target price is $19.50 Current Price is $16.16 Difference: $3.34
If COL meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $17.95, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates COL as Hold (3) -

Coles Group reported supermarket sales growth of 2.1% for the September quarter, below Ord Minnett’s forecast, despite higher than expected inflation at 7.1% and cycling market share losses from the past two years.

The broker suspects both Coles and its rival are likely to have seen below supermarket industry growth in the quarter, indicating discounters are regaining market share.

Ord Minnett questions the ability of many households to absorb high single-digit inflation given the broader cost of living pressures being faced and negative real wage growth, driving shoppers to Aldi and raising the risk of investment in price.

Target falls to $15.80 from $16.00, Hold retained.

Target price is $15.80 Current Price is $16.16 Difference: minus $0.36 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.95, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates COL as Neutral (3) -

Despite Coles Group's reporting 1.3% year-on-year first quarter sales revenue growth to $9,891m, UBS was disappointed by the result having estimated $10,079m for the period. Segmentally, supermarket sales were up 1.6% year-on-year while liquor sales declined -4.3%.

Covid costs look to reduce in the second quarter, while sales, volumes and transactions are expected to strengthen as availability improves. Cost headwinds were reiterated. 

The Neutral rating is retained and the target price decreases to $16.75 from $17.25.

Target price is $16.75 Current Price is $16.16 Difference: $0.59
If COL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $17.95, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

Damstra Holdings revealed 1Q revenue of $7.4m, a rise of 19% on the previous corresponding period, and reiterated FY23 guidance for revenue, earnings (EBITDA) margins and free cash flow (FCF).

Negative 2Q free cash flow was implied, notes the analyst, by management targeting positive FCF in the 2H. 

The broker has greater confidence in revenue guidance compared to FCF guidance, given -$1.8m of cash burn in the 1Q.

The Equal-weight rating and $0.22 target are retained. Industry View: In-Line.

Target price is $0.22 Current Price is $0.17 Difference: $0.055
If DTC meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates DXS as Outperform (1) -

While office occupancy has remained static Dexus sees signs of life, noting signs of improvement in office leasing in the first quarter. While CBD properties continue to attract interest, Macquarie is cautious about the outlook given cyclicality of office markets coming into an economic slowdown.

The broker estimates Dexus requires $2.2bn in capital to fund its development pipeline, likely requiring a further $1.4bn in asset divestment.

The Outperform rating is retained and the target price decreases to $9.07 from $10.79.

Target price is $9.07 Current Price is $7.83 Difference: $1.24
If DXS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates DXS as Overweight (1) -

Morgan Stanley observes operating metrics for Dexus in the 1Q were largely unchanged compared to three months ago.

Larger tenants are still not making leasing decisions, according to the broker. More positively, face leasing spreads rose 8% in the quarter.

The REIT maintained FY23 guidance for dividends of 50-51.5cps.

The Overweight rating and $10.55 target are maintained. Industry View: In-line.

Target price is $10.55 Current Price is $7.83 Difference: $2.72
If DXS meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates EDV as Buy (1) -

The NSW Crime Commission report into electronic gaming machines in pubs and clubs has recommended mandatory cashless gaming to address crime.

NSW is Endeavour Group’s third-largest state for EGM revenue, Ord Minnett notes, with 20%, behind Victoria (55%) and Queensland (23%).

With gaming accounting for 68% of hotel earnings and 28% of group earnings, this implies 5% of group earnings would be directly at risk of regulatory change.

Buy and $8.20 target retained.

Target price is $8.20 Current Price is $6.98 Difference: $1.22
If EDV meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

Improved occupancy as covid cases decline should benefit Estia Health according to Macquarie, driving near-term upgrades to the broker's earnings assumptions. 

The recently announced $62m acquisition of four residential aged care homes looks to be accretive. Coupled with expectations of improved occupancy, Macquarie's earnings forecasts lift 5%, 3% and 7% through to FY25.

The rating is upgraded to Outperform from Neutral and the target price increases to $2.50 from $2.15.

Target price is $2.50 Current Price is $2.16 Difference: $0.34
If EHE meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates FDV as Add (1) -

Morgans now has improved earnings (EBITDA) margin expectations following a 3Q trading update by Frontier Digital Ventures and increases its target to $1.28 from $1.25. The Add rating is unchanged.

The broker believes improving profitability outweighs weaker revenue growth in the current environment. All three operating regions, LATAM, Asia and MENA, were earnings positive in the quarter.

Target price is $1.28 Current Price is $0.77 Difference: $0.51
If FDV meets the Morgans target it will return approximately 66% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 GOZ as Outperform (1) -

A 1Q23 trading update and an asset tour was provided by Growthpoint Properties Australia, notes Macquarie.

The broker assessed the update as "solid" and management reaffirmed guidance for FY23.

Macquarie adjusts earnings forecast by 1.7% and 0.5% for FY23 and FY24.

Balance sheet gearing remains at the lower end of the REIT's target range at 35% ,but the analyst considers the leverage is high in comparison to the REIT sector, and accordingly the market may apply a discount to the valuation.

An Outperform rating is retained, as the 6.6% is viewed as compelling. 

The target is lowered to $3.37 from $4.00 for changes to an NAV methodology.

Target price is $3.37 Current Price is $3.23 Difference: $0.14
If GOZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates HPG as Initiation of coverage with Equal-weight (3) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport, Hansen Technologies and Pexa Group (all Overweight-rated) have a sustainable competitive advantage and scalability to grow and become significantly more profitable. They are also well capitalised with a strong balance sheet.

The broker considers hipages Group is a good business though initiates coverage with an Equal-weight rating as the risk/reward ratio is less compelling in the current economic backdrop. The target price is set at $1.20 for the Australian digital marketplace for tradesmen.

In the analysts opinion, hipages Group requires high levels of ongoing investment to become a clear industry leader, which comes with a degree of execution risk. It's also thought near-term risks for consumer demand will result from a softer economy.

Target price is $1.20 Current Price is $1.18 Difference: $0.025
If HPG meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates HSN as Initiation of coverage with Overweight (1) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Hansen Technologies has a sustainable competitive advantage and scalability to grow and become significantly more profitable. The company is also well capitalised with a strong balance sheet. 

The broker notes Hansen Technologies is commonly over-looked when investors screen for opportunities, as revenue growth rates are relatively low, yet free cash flow is excellent and there's a potential uplift from M&A.

The company's targeted industries are energy, water and telecoms.

Morgan Stanley initiates coverage with an Overweight rating and $5.75 target.

Target price is $5.75 Current Price is $4.63 Difference: $1.12
If HSN meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates IAG as Outperform (1) -

Credit Suisse has marked earnings forecasts for insurers to market, adjusting for flat local equities and lower international equities, and falls in fixed income (higher yields), although higher yields are a positive for investment longer term.

The broker has also adjusted perils assumptions (See: rain).

For Insurance Australia Group the broker has also taken account of the Business Insurance provision wind-back and subsequent share buyback.

The net result is a target increase to $5.74 from $5.37, Outperform retained.

Target price is $5.74 Current Price is $4.82 Difference: $0.92
If IAG meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates ILU as Buy (1) -

Iluka Resources has entered into an agreement with rare earths junior Northern Minerals ((NTU)) for the supply of rare earths concentrate. 

Iluka Resources will invest an initial -$20m to support the development of Northern Minerals' Brown Range project through to a definitive feasibility study.

The investment will see Iluka Resources gain up to a 19.9% stake in Northern Minerals, with Citi finding the Brown Ranges project complimentary to Iluka Resources' existing resource base. The broker sees potential for the stake to form the basis of a future takeout. 

The Buy rating and target price of $12.20 are retained.

Target price is $12.20 Current Price is $9.35 Difference: $2.85
If ILU meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $11.23, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ILU as Neutral (3) -

Iluka Resources has announced a partnership with Northern Minerals ((NTU)) for rare earth concentrate supply to its Eneabba refinery from 2025/26.

Pricing terms include an undisclosed fixed price based on rare earth oxide (REO) content, Credit Suisse notes, and an upside price sharing mechanism if the realised total REO basket price exceeds an undisclosed level.

Iluka will assist Northern Minerals with funding and may end up with 19.9% of the company, the broker suggests.

Neutral and $10.00 target retained.

Target price is $10.00 Current Price is $9.35 Difference: $0.65
If ILU meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.23, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates ILU as Neutral (3) -

Despite much of the interest in Iluka Resources focused on the company's rare earths production, UBS has outlined that 60% of its valuation is linked to the mineral sands business.

The broker anticipates steady production of 650,000 tonnes per annum to 2030 and is constructive on longer term pricing.The broker feels more value can be ascribed to the rare earths business as it approaches 2025 production, and de-risks. 

UBS re-initiates with a Neutral rating and a target price of $10.25.

Target price is $10.25 Current Price is $9.35 Difference: $0.9
If ILU meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.23, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates KGN as Downgrade to Underperform from Neutral (5) -

Kogan's gross sales declined -39% year on year and the business made an earnings loss of -$0.3m for the September quarter. With sales declining and no profit, it is increasingly problematic to value the business, Credit Suisse suggests.

The broker downgrades earnings forecasts to reflect the materially lower sales, but assumes gross margin improvement post inventory clearance. Given poor business trends and valuation uncertainty, the broker downgrades to Underperform from Neutral.

Target falls to $2.73 from $3.66.

Target price is $2.73 Current Price is $3.50 Difference: minus $0.77 (current price is over target).
If KGN meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -1.0

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

Macquarie rates KLS as Outperform (1) -

The AGM update from Kelsian Group, revealed the company is meeting expectations for FY23 notes Macquarie.

The Marine and Tourism operations have sustained higher activity levels post Easter and turnover is forecast to meet pre-covid levels in the 1H23 according to the analyst. Pricing in public transport is inflation protected and labour issues have continued to improve.

Macquarie adjusts earnings by -2.3% and -2.5% for FY23 and FY24, respectively but views upside potential to the earnings with improved labour outcomes..

The Outperform rating is retained and the target price decreases to $8.00 from $8.10.

Target price is $8.00 Current Price is $4.66 Difference: $3.34
If KLS meets the Macquarie target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $8.11, suggesting upside of 75.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates LM8 as Initiation of coverage with Outperform (1) -

Macquarie has initiated coverage of Lunnon Metals with an Outperform rating and $1.20 price target. The broker thinks Lunnon is an "exciting" nickel sulphide explorer/developer with tenements in Kambalda, WA.

Lunnon could be producing 10,000t per annum within two years, explains the broker, as the company can use the Nickel West concentrator in Kambalda, meaning it doesn't first have to build its own mill.

Target price is $1.20 Current Price is $0.79 Difference: $0.41
If LM8 meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates MAQ as Initiation of coverage with Underweight (5) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport, Hansen Technologies and Pexa Group (all Overweight-rated) have a sustainable competitive advantage and scalability to grow and become significantly more profitable. They are also well capitalised with a strong balance sheet

By contrast, the broker initiates coverage on enterprise telco services and data centre operator Macquarie Telecom with an Underweight rating. It's felt there is increasing competitive risk, leading to a more negative skew in earnings risk. A $51.00 target is set.

The analysts note surplus funds have been historically invested into new projects such as the data centres, but both higher funding costs and competition are set to weigh.

Target price is $51.00 Current Price is $56.30 Difference: minus $5.3 (current price is over target).
If MAQ meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -1.0

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

Macquarie rates MGR as Outperform (1) -

Macquarie sees positives from 1Q results for Mirvac Group from increased office occupancy and progress on capital partnerships.

Management reiterated FY23 EPS guidance of at least 15.5cps though acknowledged wet weather presents a risk to achieving the group’s residential settlement target (more than 2,500) in FY23.

Higher interest expense forecasts reduce the broker's FY23-25 EPS forecasts and the target falls to $2.11 from $2.39. Lower development returns from 55 Pitt St and less residential earnings (from lower volumes) also weighed on the target. Outperform.

Target price is $2.11 Current Price is $2.00 Difference: $0.11
If MGR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

In a 1Q update, Mirvac Group reiterated guidance for EPS (greater than 15.5cps) and 2,500 settlements, though acknowledged wet weather is impacting.

The broker points out Retail is lagging peers with rent collection still at 89%. More positively, there has been an occupancy increase for Office and over 5% spreads in industrial leasing.

The target price of $2.30 and Equal-weight rating are retained. Industry view: In-Line.

Target price is $2.30 Current Price is $2.00 Difference: $0.3
If MGR meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates MGR as Buy (1) -

Following its Sep Q update, Mirvac Group has reiterated its FY23 distribution guidance. Residential sales and settlements have slowed materially as Ord Minnett expected, although FY23 settlement guidance of more than 2,500 lots is retained “at this stage”.

Mirvac has a high-quality investment portfolio, Ord Minnett suggests, and it continues to refine and improve it via asset sales and developments. The broker expects asset quality to be critical in the correcting asset cycle.  Mirvac remains one of the broker's preferred A-REITs.

Buy and $2.60 target retained.

Target price is $2.60 Current Price is $2.00 Difference: $0.6
If MGR meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

Despite a 1Q result weaker than Macquarie expected, with shipments impacted by fire damage, management at Mount Gibson Iron maintained FY23 guidance.

The broker upgrades its rating to Neutral from Underperform on valuation, given recent share price weakness. While operations and cash generation are expected to be stronger in the 2H of FY23, commodity price headwinds are forecast.

The $0.40 target price is unchanged.

Target price is $0.40 Current Price is $0.38 Difference: $0.025
If MGX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates MIN as Buy (1) -

Mineral Resources' Wodgina project tolled a maiden 900 tonnes hydroxide with Albemarle in the September quarter, as had been expected by Citi. Mining services volumes lifted 5m tonnes in the quarter, and while iron ore shipments were up 3% quarter-on-quarter, pricing declined -15%.

The company's spodumene pricing will now be done on a bi-annual price mechanism. Citi highlights lower spodumene pricing indicates Mineral Resources recognises downstream benefit on the chemicals margin. 

The Buy rating and target price of $86.00 are retained.

Target price is $86.00 Current Price is $76.90 Difference: $9.1
If MIN meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $84.24, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates MIN as Outperform (1) -

Macquarie assesses solid iron-ore production for Mineral Resources in the 1Q was offset by weaker spodumene volumes and realised prices.

The broker holds grade adjustments and product discounts responsible for a -22% miss versus expectations for the realised spodumene price at Mt Marion.

Management reiterated full year guidance and the analyst retains an Outperform rating and $98.00 target price.

Target price is $98.00 Current Price is $76.90 Difference: $21.1
If MIN meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $84.24, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

Mineral Resources' 1Q iron ore production and shipments were 15% and 7% better than Morgan Stanley's estimates, indicating some inventory build, though pricing was a -17% miss.

Regarding the lithium business, lower grades and plant shutdowns at Mt Marion resulted in weaker production and shipments than the broker had expected. Lithium prices were higher, though the margin was not provided, notes the analyst.

The Equal-weight rating and $78.90 target are unchanged. Industry view: Attractive.

Target price is $78.90 Current Price is $76.90 Difference: $2
If MIN meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $84.24, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates MP1 as Initiation of coverage with Overweight (1) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport has a sustainable competitive advantage and scalability to grow and become significantly more profitable. The company is also well capitalised with a strong balance sheet.

The broker notes the company has a first-mover advantage with its software and is linked to more data centres than any of its major competitors. Coverage is initiated with an Overweight rating and $10.00 target price.

Target price is $10.00 Current Price is $5.98 Difference: $4.02
If MP1 meets the Morgan Stanley target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $10.23, suggesting upside of 64.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Citi rates MPL as Downgrade to Neutral from Buy (3) -

The full impact of Medibank Private's data breach remains uncertain, and the company has withdrawn its full year policy holder guidance amid uncertainty. Citi expects the reaction of consumers will be key to Medibank Private's outlook, but notes this is hard to predict. 

Marking to market, Citi has pulled back its policyholder growth assumptions -6%, -10% and -12% through to FY25. The broker anticipates some policyholder contraction in the coming two years, before recovery in FY25.

The rating is downgraded to Neutral from Buy and the target price decreases to $3.00 from $4.00.

Target price is $3.00 Current Price is $2.87 Difference: $0.13
If MPL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates MPL as Outperform (1) -

Credit Suisse has marked earnings forecasts for insurers to market, adjusting for flat local equities and lower international equities, and falls in fixed income (higher yields), although higher yields are a positive for investment longer term.

The broker cannot at this stage accurately forecast the fallout from Medibank Private's cyber attack but thinks it's fair to assume cost increases and brand damage, and private health insurance growth are now unclear. The broker has nevertheless cut earnings forecasts.

The net result is a target decrease to $3.15 from $3.74. Outperform retained given the stock fell -18% yesterday, which the broker sees as a bit excessive, leaving Medibank attractive on a longer term view.

Target price is $3.15 Current Price is $2.87 Difference: $0.28
If MPL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates MPL as Accumulate (2) -

In the wake of its cyber attack Medibank Private has reduced FY23 guidance, and Ord Minnett has cut earnings forecasts accordingly. Management believes no credit card data has been accessed, however, which if true the broker expects would limit immediate financial compensation claims.

The greatest immediate risk to earnings, Ord Minnett suggests, is likely to come from the loss of policyholders due to reputational risk. There is also a risk at a later date that regulatory imposts could be added.

Target falls to $3.20 from $3.75, Accumulate retained.

Target price is $3.20 Current Price is $2.87 Difference: $0.33
If MPL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates MPL as Buy (1) -

Unsurprisingly, according to UBS, Medibank Private is trading weakly following its return to the market after its recent cyber attack. While industry trends remain positive, the broker highlights potential brand damage and market share loss are key risks.

Medibank Private is guiding to one-off costs of -$25-35m in the first half to cover IT improvements and customer service initiates, but UBS believes additional costs could be incurred. 

The Buy rating is retained and the target price decreases to $3.70 from $4.00.

Target price is $3.70 Current Price is $2.87 Difference: $0.83
If MPL meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates MQG as Overweight (1) -

Morgan Stanley feels better commodity revenues could offset soft M&A trends for Macquarie Group. This view follows forward-indicating industry data showing M&A volumes are down -65% year-on-year.

M&A, advisory and underwriting fees are around 6% of total group revenues, explains the broker.

The Overweight rating and $231 target are retained. Industry View: Attractive.

Target price is $231.00 Current Price is $165.01 Difference: $65.99
If MQG meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $192.50, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates MVF as Outperform (1) -

Macquarie leaves its Outperform rating and $1.30 target unchanged for Monash IVF following Medicare data on IVF fresh cycles for September.

On a days-adjusted basis, fresh cycles rose 2.8%, with total cycles climbing by 8.1%, compared to the previous corresponding period.

Strong specialist recruitment by Monash IVF should drive FY23 growth, according to the broker.

Target price is $1.30 Current Price is $0.95 Difference: $0.355
If MVF meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates MX1 as Speculative Buy (1) -

Morgans retains its Speculative Buy rating and $0.33 target for Micro-X despite one-quarter delays for the European approval of the Rover Mobile DR (X-ray unit) and the commercial launch of the X-ray camera Argus.

While the broker's FY23 forecast falls by -8%, FY24 and FY25 forecasts are unchanged.

A 1Q cashflow report revealed slow sales of the Mobile DR, but good progress for the stroke detection and airport checkpoint programs, explains the analyst.

Target price is $0.33 Current Price is $0.14 Difference: $0.19
If MX1 meets the Morgans target it will return approximately 136% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates NHF as Neutral (3) -

Credit Suisse has marked earnings forecasts for insurers to market, adjusting for flat local equities and lower international equities, and falls in fixed income (higher yields), although higher yields are a positive for investment longer term.

However the broker had already made such adjustments for nib Holdings at the time of the announced equity raising to fund entry into the NDIS.

Neutral and $7.53 target retained.

Target price is $7.53 Current Price is $6.76 Difference: $0.77
If NHF meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.60, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates NSR as Underweight (5) -

Morgan Stanley sees the first signs of softening operating conditions for National Storage REIT's business, with occupancy declining to 87.9% on October 23, from 88.9% for FY22.

These metrics were extracted from a 1Q operational update by the REIT, where management maintained FY23 guidance. The analyst anticipates growing risks around weaker metrics into the 2H of FY23, which may stifle FY24 growth.

The Underweight rating and $2.40 target are unchanged. Industry view is In-Line.

Target price is $2.40 Current Price is $2.46 Difference: minus $0.06 (current price is over target).
If NSR meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.44, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates NST as Overweight (1) -

Following a 1Q production report, Morgan Stanley increases its target for Northern Star Resources to $9.25 from $9.00 on a higher FY25 EPS estimate, which outweighs FY23 and FY24 downgrades. The Overweight rating is retained. Industry View: Attractive.

The analyst also incorporates the company's $300m buyback into its financial model.

While management retained FY23 production and cost guidance, the broker increases its FY23 and FY24 cost estimates to reflect inflationary pressures. 

Target price is $9.25 Current Price is $8.56 Difference: $0.69
If NST meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.93, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates OML as Initiation of coverage with Equal-weight (3) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport, Hansen Technologies and Pexa Group (all Overweight-rated) have a sustainable competitive advantage and scalability to grow and become significantly more profitable. They are also well capitalised with a strong balance sheet.

The broker considers oOh!media is a good business though initiates coverage with an Equal-weight rating as the risk/reward ratio is less compelling in the current economic backdrop. The target price is set at $1.40 for the out-of-home advertising company.

oOh!media's products are not largely differentiated from peers JCDecaux and QMS, note the analysts, and this competition is a limiting factor for scalability.

Target price is $1.40 Current Price is $1.31 Difference: $0.095
If OML meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.56, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates PBH as Neutral (3) -

Credit Suisse has adjusted earnings estimates to reflect PointsBet Holdings' new tactical direction in US sports betting, that is to narrow the company’s focus to the "super-user' sports bettor.

While the percentage of "super-users" among all punters is unclear, the broker has assumed its market share projections have to be lowered, as well as marketing investment.

The new strategy, if it succeeds, should lead PointsBet USA to breakeven earlier than previously modelled.

Credit Suisse suggests waiting to see how it all plays out. Neutral retained, target falls to $2.15 from $3.20.

Target price is $2.15 Current Price is $2.06 Difference: $0.09
If PBH meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates PXA as Initiation of coverage with Overweight (1) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Pexa Group has a sustainable competitive advantage and scalability to grow and become significantly more profitable. The company is also well capitalised with a strong balance sheet.

The broker initiates coverage on the market leader in the Australian marketplace for digital property settlement with an Overweight rating and $16.50 target price.

Target price is $16.50 Current Price is $14.24 Difference: $2.26
If PXA meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $18.25, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates QBE as Outperform (1) -

Credit Suisse has marked earnings forecasts for insurers to market, adjusting for flat local equities and lower international equities, and falls in fixed income (higher yields), although higher yields are a positive for investment longer term.

For QBE Insurance the broker has also taken into account the strong US dollar impacting on A$ earnings.

The net result is a target decrease to $17.32 from $17.84, Outperform retained.

Target price is $17.32 Current Price is $12.15 Difference: $5.17
If QBE meets the Credit Suisse target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $15.65, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in December.

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 REG as Upgrade to Outperform from Neutral (1) -

Macquarie raises its rating for Regis Healthcare to Outperform from Neutral on valuation grounds after AGM commentary highlighted an improving occupancy trend.

The analyst considers the medium-and longer-term outlook is favourable due to attractive industry fundamentals and increases longer-term growth assumptions. 

The target slips to $2.15 from $2.20.

Target price is $2.15 Current Price is $1.92 Difference: $0.23
If REG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates RMD as Outperform (1) -

Macquarie provides updated earnings forecasts pre the 1Q23 results from ResMed.

The broker notes its own earnings forecasts are ahead of consensus expectations and the analyst will be looking for clarity on the component supply situation and device availability.

Macquarie updates the foreign exchange assumptions and earnings forecasts by -1% for both FY23 and FY24 and remains positive about the medium to long term outlook for the company.

The Outperform rating and $38.70 target are unchanged.

Target price is $38.70 Current Price is $35.42 Difference: $3.28
If RMD meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $37.41, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Macquarie rates RMS as Outperform (1) -

Ramelius Resources reported 1Q23 results which were "mixed" according to Macquarie.

Production from Edna May was 17% better than expected, offsetting Mt Magnet which was 18% lower than forecast. On balance total production (61.2koz) was -3% below Macquarie's estimates and costs were 2% better.

Management confirmed FY23 guidance of 240-280koz and costs of $1750-$1950koz. The analyst notes the 1Q23 represents 24% of the production guidance.

Macquarie adjusts earnings forecasts by -2% for FY23 and 1% for FY24. Outperform rating and target price of $0.80.

Target price is $0.80 Current Price is $0.66 Difference: $0.145
If RMS meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 58.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Ramelius Resources posted a "decent" quarterly result, slightly lower than Ord Minnett's expectations. Importantly, the broker believes Ramelius is at an inflection point at which six-month upside more than outweighs perceived deliverability risk.

With covid cases easing significantly and haulage improving, the broker has gained further comfort in the company’s ability to deliver to plan over FY23.

On a valuation basis Ord Minnett upgrades to Buy from Accumulate. Target rises to $1.25 from $1.15.

Target price is $1.25 Current Price is $0.66 Difference: $0.595
If RMS meets the Ord Minnett target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 58.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates SUN as Outperform (1) -

Credit Suisse has marked earnings forecasts for insurers to market, adjusting for flat local equities and lower international equities, and falls in fixed income (higher yields), although higher yields are a positive for investment longer term.

The broker has also adjusted perils assumptions (See: rain).

For Suncorp Group the broker has also taken account of the Business Insurance provision wind-back and expected higher dividends as a result.

The net result is a target increase to $13.90 from $13.70, Outperform retained.

Target price is $13.90 Current Price is $11.04 Difference: $2.86
If SUN meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $13.14, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates SWM as Hold (3) -

Seven West Media has entered a long-term content agreement with NBCUniversal, and Ord Minnett has updated its financial model accordingly. The agreement will help launch a new linear FTA and video on demand channel 7Bravo.

Annual content costs will increase -$45–50m in the first 12 months post January launch. There will be an escalation in costs following the first 12 months based on content availability, the broker notes.

Management doesn't expect much of a return in the first year but double-digit earnings growth thereafter, subject to ad market conditions.

Hold and 65c target retained.

Target price is $0.65 Current Price is $0.46 Difference: $0.195
If SWM meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.68, suggesting upside of 47.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Credit Suisse rates TAH as Outperform (1) -

Tabcorp Holding's AGM update sees Credit Suisse pulling its revenue forecasts back to in line with consensus. Management reiterated cost growth guidance. 

The broker lifts its cost of capital assumption to 9.2% from $8.5%, which leads to a target cut to $1.15 from $1.30.

Wagering revenue was up 14.2% in the September quarter but is cycling last year's locdowns, which lasted through October. Meanwhile, competition remains fierce, the broker notes.

Outpeform retained.

Target price is $1.15 Current Price is $0.98 Difference: $0.175
If TAH meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.06, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates TAH as Lighten (4) -

The measure of success for Tabcorp Holdings’ strategic shift will start in the second quarter of FY23 with the Spring Carnival, Ord Minnett notes, and the outcome of new competition, but also, importantly, will provide a clearer picture for the road to retail recovery.

The WA licensing process could generate an interesting response from Tabcorp, the broker suggests, if the company is successful, although there is a good chance the licence award will be delayed as it has been many times before.

A stabilisation in digital market share is incrementally positive, although Ord Minnett is cautious given the significant shift in market dynamics to come from the December quarter.  Lighten and 90c target retained.

Target price is $0.90 Current Price is $0.98 Difference: minus $0.075 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.06, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates TNE as Initiation of coverage with Equal-weight (3) -

Morgan Stanley identifies a number of potential long-term outperformers in the Technology, Media, Internet & Telecoms (TMT) sector. This comes as stocks under its coverage in this sector have significantly underperformed the ASX200 year-to-date.

The analysts consider Megaport, Hansen Technologies and Pexa Group (all Overweight-rated) have a sustainable competitive advantage and scalability to grow and become significantly more profitable. They are also well capitalised with a strong balance sheet.

The broker considers TechnologyOne is a good business though initiates coverage with an Equal-weight rating as the risk/reward ratio is less compelling in the current economic backdrop. The target price is set at $11.50 for the enterprise software company.

In the analysts opinion, TechnologyOne doesn't present a significantly different IP in its software platform, and competitive advantage is limited to the domestic market.

Target price is $11.50 Current Price is $11.88 Difference: minus $0.38 (current price is over target).
If TNE meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.34, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates TYR as Buy (1) -

Tyro Payments announced cost reduction measures earlier this month, and UBS expects subsequent medium-term earnings guidance upgrades may cushion the share price impact if a takeover does not eventuate. The program targets $11m in cost savings.

Several banks are considering Tyro Payments, and the broker expects more than $20m in cost out potential, incremental banking income opportunities and low cost deposit funding would all be attractive to potential bidders. 

The Buy rating is retained and the target price increases to $1.85 from $1.80.

Target price is $1.85 Current Price is $1.48 Difference: $0.375
If TYR meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.69, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates WGN as Neutral (3) -

Macquarie assesses the AGM trading report from Wagners Holding Co.

Adverse weather undermined concrete and cement volumes while delays in the Sydney Metro impacted on pre-cast volumes.

1H23 revenue came in better than expected at $220m according to the broker, but EBIT was weaker from cost pressures and losses on foreign exchange derivatives.

Macquarie lowers EPS forecasts by -42% for FY23 and -5.9% for FY24 post the updated guidance and increased margin pressures.

A Neutral rating and the target price is lowered to $0.82 from $0.85.

Target price is $0.82 Current Price is $0.78 Difference: $0.04
If WGN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 46.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates WHC as Buy (1) -

Shareholders have approved what Ord Minnett describes as Whitehaven Coal’s "mother of all buybacks", which will see 25% of the company repurchased over 12 months.

The broker believes the buyback is a great mechanism to return cash to shareholders, having previously assumed capital returns would be declared in FY23 via franked dividends.

And the company will still be left with plenty of cash. Target rises to $12.20 from $10.40 on share count consolidation. Buy retained.

Target price is $12.20 Current Price is $10.36 Difference: $1.84
If WHC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.44, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

UBS rates XRO as Upgrade to Neutral from Sell (3) -

Off the back of a -22% share price decline since mid-August, UBS has lifted its rating on Xero. The broker attributes the de-rating to Xero flagging lower UK subscriptions driven by a delay of the second phase of Making Tax Digital, but UBS finds this to be a timing issue rather than a structural one. 

The broker lifts its revenue forecasts an average of 3% between FY23 and FY25, reflecting expected better UK subscriptions following Making Tax Digital compliance.

The rating increases to Neutral from Sell and the target price increases to $80.40 from $70.00.

Target price is $80.40 Current Price is $76.65 Difference: $3.75
If XRO meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $99.41, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.6

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