Australian Broker Call

Ord Minnett rates 29M as Hold (3) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The analyst raises EPS forecasts for 29Metals by 8,4%, 3.6%, and 3.1%% for 2025-2027, respectively.

No change to Hold rating and 32c target price.

Target price is $0.32 Current Price is $0.17 Difference: $0.15
If 29M meets the Ord Minnett target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 40.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates A4N as Speculative Buy (1) -

Bell Potter details Alpha HPA's new offtake Letter of Intent for up to 4ktpa of high-purity alumina with a leading semiconductor counterparty, Chemical Mechanical Planarization.

The company plans to supply initial volumes from its Stage 1 facility, increasing output once Stage 2 capacity becomes available in 2027.

End-user testing confirmed its products offer over 50% higher removal rates due to superior particle shape and low impurity levels, the broker explains.

The 4ktpa letter of intent represents 40% of Stage 2 production, reducing offtake risk and likely driving further end-user engagement. The broker expects additional announcements over 2025, with full-form agreements before 2027.

Bell Potter makes no changes to earnings estimates or valuation. Speculative Buy rated. Target $2.

Target price is $2.00 Current Price is $0.88 Difference: $1.125
If A4N meets the Bell Potter target it will return approximately 129% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Citi lowers its target for ARB Corp to $39.54 from $51.20 and downgrades to Neutral from Buy on increasing near-term caution after February's Australian new car sales data revealed an acceleration in the rate of decline relative to January.

The new data are negative for the company’s 2H Australian Aftermarket sales, and the broker's new forecasts assume weakness will persist over 2025.

Additionally, the BYD Shark 6 is taking material share of the 4x4 category, highlights Citi.

Target price is $39.54 Current Price is $35.21 Difference: $4.33
If ARB meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $40.95, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates ARB as Buy (1) -

Australian new vehicle sales declined -9.6% in February with all states and territories experiencing the decline. Ord Minnett notes ARB Corp's sales declined -10.3% in February with the light commercial vehicle market continuing to struggle.

Following a record year of vehicle sales in FY24, new vehicle sales are expected to continue slowing over FY25, yet the broker points out this should be partly offset by the company's strong order book, new & refurbished orders as well as offshore expansion.

Ord Minnett retains a Buy rating and $45 target.

Target price is $45.00 Current Price is $35.21 Difference: $9.79
If ARB meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $40.95, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates BGL as Hold (3) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The analyst raises EPS forecasts for Bellevue Gold by 11.8%, 18.4%, and 20.3% for 2025 to 2027, respectively.

No change to Hold rating. Target lifted to $1.35 from $1.20.

Target price is $1.35 Current Price is $1.23 Difference: $0.125
If BGL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 32.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates BHP as Accumulate (2) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The analyst raises EPS forecasts for BHP Group by 0.3%, 0.6%, and 0.7% for 2025 to 2027.

No change to Accumulate rating and $43 target price.

Target price is $43.00 Current Price is $39.54 Difference: $3.46
If BHP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $44.93, suggesting upside of 14.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Ord Minnett rates BOE as Initiation of coverage with Buy (1) -

Ord Minnett forecasts the uranium term price will remain above US$85/lb from 2026 to 2030, with a peak at US$110/lb in 2028.

A persistent supply deficit is anticipated, along with a significant increase in volumes under contract, as utilities work to rebuild their depleting inventories.

The recent decline in the spot price has lowered share prices for uranium equities, providing attractive entry prices, in the analysts' view.

The broker initiates coverage on Boss Energy with a $4.85 target and a Buy rating, noting the company's higher margin and twin operational assets (Honeymoon and 30% of Alta Mesa in Texas) makes it a high quality stock.

Target price is $4.85 Current Price is $2.39 Difference: $2.46
If BOE meets the Ord Minnett target it will return approximately 103% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 64.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates BOE as Buy (1) -

Through multiple sector updates, UBS analysts have expressed their bullish view, longer term, for the uranium sector.

Price target for Boss Energy has been lowered, shorter term, to $3.20 from $3.40. Forecasts have received the chainsaw treatment. Buy.

Target price is $3.20 Current Price is $2.39 Difference: $0.81
If BOE meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 64.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates CKF as Buy (1) -

At the Taco Bell consumer day, Yum! Brands revealed plans for international restaurant expansion to 3,000 stores by 2020, up from 1,150 in 2024.

In a positive development for Collins Foods, Citi notes 785 of the incremental new store openings are expected to be in the "Big 4" international markets, including Australia.

The broker would have more confidence in this opportunity if Yum! provided funding incentives to Collins Foods.

The Buy rating and $9.38 target are maintained.

Target price is $9.38 Current Price is $8.56 Difference: $0.82
If CKF meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.75, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates CMM as Accumulate (2) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

Ord Minnett names Newmont Corp as the preferred gold stock, along with Capricorn Metals and West African Resources.

The analyst raises EPS forecasts by for Capricorn Metals by 6.2%, 11.2%, and 21.2% for 2025 to 2027 and likes the progress at Mt Gibson.

Accumulate rating unchanged. Target lifts to $9.30 from $8.10.

Target price is $9.30 Current Price is $7.82 Difference: $1.48
If CMM meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.15, suggesting upside of 1.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Citi rates COH as Upgrade to Buy from Neutral (1) -

Citi raises its target for Cochlear to $300 from $290 and upgrades to Buy from Neutral following a -14% decline in share price following the 1H results miss and guidance downgrade.

While acknowledging uncertainty pending the launch of new devices by mid-2025, the broker raises its outer-year EPS estimates by 1-2% on a higher margin outlook, keeping FY25-26 unchanged.

Target price is $300.00 Current Price is $263.30 Difference: $36.7
If COH meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $287.54, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates CSC as Buy (1) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The analyst raises EPS forecasts for Capstone Copper by 1.9%, 1%, and 0.9% for 2025 to 2027, respectively.

No change to Buy rating and $12.50 target price.

Target price is $12.50 Current Price is $8.82 Difference: $3.68
If CSC meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 31.8% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates EMR as Sell (5) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

Ord Minnett names Newmont Corp as the preferred gold stock, along with Capricorn Metals and West African Resources.

The analyst raises EPS forecasts for Emerald Resources by 7.2%, 13.6%, and 14.6% for 2025 to 2027, respectively.

Target price rises to $3.60 from $3.50. No change to Sell rating.

Target price is $3.60 Current Price is $3.94 Difference: minus $0.34 (current price is over target).
If EMR meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Citi rates IDX as Upgrade to Buy from Neutral (1) -

Citi upgrades its rating for Integral Diagnostics to Buy from Neutral following a -25% share price slump, citing a compelling valuation relative to transactions in the sector.

The broker is expecting strong revenue growth and margin improvements in FY26 partly due to de-regulation of partial MRIs, which should drive industry growth, and potential synergies after the merger with Capitol Health.

The analyst also references a material potential lung cancer screening contract win. The $2.70 target is unchanged.

Target price is $2.70 Current Price is $2.15 Difference: $0.55
If IDX meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 37.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates INR as Speculative Buy (1) -

The minerals resource tonnage has increased to 510mt, a 45% increase over ioneer's previous estimate in April 2024.

Ord Minnett notes the grade was lower so product tonnes increased by a smaller amount: a lithium carbonate equivalent increase of 22% to 4mt and boric acid equivalent increase of 14% to 14.7mt.

Importantly, inferred resources were converted to measured and indicated and this paves the way for a larger reserve.

The broker awaits the updated economic assessment and a new equity partner following the withdrawal of Sibanye. Speculative Buy rating and $0.30 target.

Target price is $0.30 Current Price is $0.14 Difference: $0.155
If INR meets the Ord Minnett target it will return approximately 107% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Ord Minnett rates LOT as Initiation of coverage with Speculative Buy (1) -

Ord Minnett forecasts the uranium term price will remain above US$85/lb from 2026 to 2030, with a peak at US$110/lb in 2028.

A persistent supply deficit is anticipated, along with a significant increase in volumes under contract as utilities work to rebuild their depleting inventories.

The recent decline in the spot price has lowered share prices for uranium equities, providing attractive entry prices, in the analysts' view.

The broker initiates coverage on Lotus Resources with a 35 cent target and a Speculative Buy rating, highlighting robust free cash flows of around US$50m per year by 2028, providing an attractive free cash flow (FCF) yield.

Lotus has an 85%-interest in the idled Kayelekera mine in Malawi, which management is planning to restart in the September quarter. The broker expects production will grow to 2.4mlb pa with an estimated 20-year operational life.

Target price is $0.35 Current Price is $0.17 Difference: $0.18
If LOT meets the Ord Minnett target it will return approximately 106% (excluding dividends, fees and charges).

Current consensus price target is $0.49, suggesting upside of 170.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates MFG as Neutral (3) -

Magellan Financial's 1H results (back in late-February) beat Macquarie's expectations, driven by strong earnings from associates, particularly Barrenjoey and Vinva.

The funds management segment showed earnings around 3% above the broker's forecasts, despite a decline in base management fees, due to the Magellan Global Fund (MGF) conversion to a listed investment trust structure and retail outflows of -$2.4bn.

The group saw a substantial increase in profit from associates, up to $11.4m, and performance fees grew by $6m year-on-year, highlights Macquarie.

The broker's target falls to $8.37 from $9.50  on a lower assumed multiple reflecting reduced earnings growth. Neutral rating maintained.

Target price is $8.37 Current Price is $8.10 Difference: $0.27
If MFG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.00, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

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

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

Ord Minnett names Newmont Corp as the preferred gold stock, along with Capricorn Metals and West African Resources.

The analyst raises EPS forecasts by 20.4%, 21.1%, and 22.2% for 2025 to 2027.

The stock is upgraded to Buy from Accumulate, with a higher target price of $92.50 from $77.

Target price is $92.50 Current Price is $68.27 Difference: $24.23
If NEM meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $86.30, suggesting upside of 24.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Ord Minnett rates PDN as Initiation of coverage with Buy (1) -

Ord Minnett forecasts the uranium term price will remain above US$85/lb from 2026 to 2030, with a peak at US$110/lb in 2028.

A persistent supply deficit is anticipated, along with a significant increase in volumes under contract, as utilities work to rebuild their depleting inventories.

The recent decline in the spot price has lowered share prices for uranium equities, providing attractive entry prices, in the analysts' view.

The broker initiates coverage on Paladin Energy with $9.60 target and Buy rating, noting its growth advantage and an attractive yield from FY27 onwards.

Management is currently ramping-up production at the Langer Heinrich mine in Namibia and progressing the Patterson Lake South project in Canada. 

Target price is $9.60 Current Price is $6.66 Difference: $2.94
If PDN meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $11.17, suggesting upside of 66.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 PDN as Upgrade to Buy from Neutral (1) -

Through multiple sector updates, UBS analysts have expressed their bullish view, longer term, for the uranium sector.

Price target for Paladin Energy has been lowered, shorter term, to $9.70 from $10. Forecasts have received the chainsaw treatment.

Rating has been upgraded to Buy from Neutral.

Target price is $9.70 Current Price is $6.66 Difference: $3.04
If PDN meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $11.17, suggesting upside of 66.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Ord Minnett rates PRU as Buy (1) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The broker lifts EPS forecasts for Perseus Mining by 6.1%,12.8% and 14.8% for 2025/2027, respectively.

Buy rating unchanged with a higher target price of $3.65 from $3.30.

Target price is $3.65 Current Price is $3.04 Difference: $0.61
If PRU meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 16.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Ord Minnett rates RHC as Hold (3) -

Ramsay Health Care has flagged the possible sale of its stake in Ramsay Sante, given the underperformance of the French hospital operator is weighing on group profitability and reducing returns.

Ord Minnett points out that realising a sale of the stake any time soon is unlikely amid a lack of progress by the French government in setting up the tariff schedule for private hospital operators for 2025-27.

Should a sale of the 53% holding deliver on Ord Minnett's numbers, this should provide an 11% boost to the FY26 EPS forecast. Hold rating and the target is reduced to $37.50 from $38.60.

Target price is $37.50 Current Price is $34.22 Difference: $3.28
If RHC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $39.67, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates RIO as Buy (1) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The broker lifts EPS forecasts for Rio Tinto slightly for 2026/2027.

Buy rating and $132 target unchanged.

Target price is $132.00 Current Price is $117.50 Difference: $14.5
If RIO meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $126.42, suggesting upside of 10.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Citi rates RMD as Upgrade to Buy from Neutral (1) -

Citi raises its target for ResMed to $44 from $41, while leaving forecasts unchanged, and upgrades to Buy from Neutral.

The broker cites a "reasonable valuation", strong EPS growth and free cash flow (FCF) generation, along with no debt by the end of FY25.

GLP-1s have had no impact on the company's business as yet, highlights the broker, and management continues to believe both GLP-1s and wearables will gradually bring more patients into the funnel.

Target price is $44.00 Current Price is $36.92 Difference: $7.08
If RMD meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $44.38, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Ord Minnett rates RRL as Sell (5) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The broker lifts EPS forecasts for Regis Resources by 17.3%,33.6% and 26% for 2025/2027, respectively.

Sell rating unchanged with a higher target price of $2.40 from $2.10.

Target price is $2.40 Current Price is $3.19 Difference: minus $0.79 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.30, suggesting upside of 1.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Ord Minnett rates RSG as Hold (3) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The broker lifts EPS forecasts for Resolute Mining by 48.5%, 39.6% and 53.2% for 2025/2027, respectively.

Hold rating unchanged with a higher target price of 45c from 40c.

Target price is $0.45 Current Price is $0.40 Difference: $0.055
If RSG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

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

Market Sentiment: 0.5

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

Ord Minnett rates S32 as Buy (1) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

The broker lifts EPS forecasts for South32  by 1.1%,1.4% and 1.4% for 2025/2027, respectively.

Buy rating unchanged with a lower target price of $4.50 from $4.55.

Target price is $4.50 Current Price is $3.51 Difference: $0.99
If S32 meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 14.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Bell Potter rates TNE as Hold (3) -

As expected, TechnologyOne did not offer any guidance updates at its AGM two weeks ago, Bell Potter explains, as management typically waits until the first half earnings report in early May to provide a market update.

The analyst does point to two changes from the CEO which suggest FY25 guidance might be lifted to profit before tax growth of 14%-18% and annual recurring revenue will exceed $550m at the end of 1H25, which infers strong growth of 20%.

Target price lifts to $30 from $29.50. No change to Hold rating. No change to the broker's earnings forecasts.

Target price is $30.00 Current Price is $29.53 Difference: $0.47
If TNE meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $29.26, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Ord Minnett rates WAF as Buy (1) -

Ord Minnett has reviewed mining sector coverage post-results season, the broker explains, with changes to gold and silver forecasts and assumptions.

The gold price forecast for 2025 to 2029 lifts to US$2,900/oz from US$2,700/oz, and the long-term forecast rises to US$2,500/oz from US$2,300/oz.

The silver price forecast for 2025 to 2029 lifts to US$42/oz from US$30/oz, and the long-term price rises to US$30/oz from US$27/oz.

Ord Minnett names Newmont Corp as the preferred gold stock, along with Capricorn Metals and West African Resources.

The analyst raises EPS forecasts by 17.7%, and 16.5% for 2026/2027, respectively.

An unchanged Buy rating for West African Resources with a higher target price of $2.55 from $2.

Target price is $2.55 Current Price is $1.89 Difference: $0.665
If WAF meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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