Australian Broker Call

Citi rates CGF as Buy (1) -

From among Citi's coverage of A&NZ Diversified Financials, the analysts continue to recommend the seemingly inexpensive Challenger despite recent market volatilty weighing on the stock price.

While the uncertain future of Apollo Global Management's stake in the company creates an overhang on the share price, the broker sees positives including a likely improvement in cost of equity (COE) margin in H2.

The analysts also anticipate better book growth in H2 as maturities come down, and believe the midpoint of FY25 normalised profit guidance is within reach.

The Buy rating and $6.70 target are maintained.

Target price is $6.70 Current Price is $5.42 Difference: $1.28
If CGF meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates COL as Outperform (1) -

The final report on Supermarkets by the ACCC may create a buying opportunity, in Macquarie's view. The broker also holds concerns around slowing global growth brought on by tariffs and raises its conviction on defensive exposures like supermarkets.

As per previous enquiries in other sectors, the broker notes the market tends to "sell the rumour" and "buy the fact", and upon release of the relevant sector/stock report, share price performance(s) improves.

The re-rating opportunity is greatest for Woolworths Group, in the analyst's opinion, given the five-year low on relative valution compared to Coles Group.

The Outperform rating and $22 target for Coles Group are maintained.

Target price is $22.00 Current Price is $18.60 Difference: $3.4
If COL meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $21.44, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates CU6 as Initiate coverage with a Buy (-1) -

Ord Minnett initiates coverage of Clarity Pharmaceuticals with a Buy rating and an $8.70 target price.

The broker highlights Clarity operates in the radiopharmaceutical sector with a portfolio of diagnostics and therapeutics.

The company’s SARbisPSMA pipeline is noted for its use of copper radioisotopes (64Cu and 67Cu), including manufacturing and geographic reach.

Ord Minnett emphasises the company's pipeline extends beyond prostate cancer to neuroblastoma, neuroendocrine tumours, and HER2-positive breast cancer.

Concerns over the supply of copper radioisotopes are addressed by management, who suggest there is sufficient raw material and production capacity to meet expected demand.

Clarity's upcoming trial results in 2025/26 could lift the target price by 30%, the analyst states.

Target price is $8.70 Current Price is $2.54 Difference: $6.16
If CU6 meets the Ord Minnett target it will return approximately 243% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates DRR as Buy (1) -

At the Investor Briefing Day, Deterra Royalties guided to its gold off-take portfolio of 293koz for 2025, a fall of -4% on a year earlier, Ord Minnett states.

The decline relates to the closure of the Eagle gold mine in Canada due to the failure of a heap leach pad, with the operator moving into receivership.

Deterra's other assets, including Mining Area C (iron ore), are operating at full capacity, while Thacker Pass (lithium) is due to start production in 2027.

La Preciosa (silver) is expected to begin production in 2H25, with Antler's (copper/zinc) definitive feasibility study due in December 2025 and Mimbula's (copper) phase 2 set to increase capacity in early 2026, the broker highlights.

Ord Minnett points to the company's ongoing strategy to focus on high-quality assets with a dividend policy of 50% of net profit after tax.

Target price is lowered to $4.30 from $4.40 with a Buy rating.

Target price is $4.30 Current Price is $3.66 Difference: $0.64
If DRR meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 16.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates EDV as Neutral (3) -

Citi notes near-term challenges for Endeavour Group in retail performance and ongoing strategic uncertainty with the delayed CEO appointment.

The broker sees competitive pricing pressure from Coles Liquor ((COL)), making price matching at Dan Murphy’s more difficult, while lower liquor shopping frequency compared to supermarkets may slow recovery.

Key areas of focus include the Pinnacle division, which has underperformed due to supply chain disruptions, and the executive chairman’s efforts to streamline operations and drive cost efficiencies, explain the analysts.

More positively, regulatory risks have moderated in Tasmania and New South Wales, notes the broker, though Victoria remains uncertain.

The Neutral rating and $4.50 target are unchanged.

Target price is $4.50 Current Price is $4.12 Difference: $0.38
If EDV meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 12.7% (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

Macquarie rates IAG as Outperform (1) -

Macquarie reviews South African-owned Youi's Australian results as a readthrough for Suncorp Group and Insurance Australia Group, noting reinsurance renewals are becoming more favourable but claims inflation remains a challenge.

Regarding the industry outlook, the broker expects market share pressures will remain for the incumbents, with only a slight softening of premium rate rises in the coming year, but increasing churn.

For Insurance Australia Group, the Outperform rating and $8.50 target are retained.

Target price is $8.50 Current Price is $7.51 Difference: $0.99
If IAG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates MPL as Neutral (3) -

Citi sees approved rate increases for private health insurers (PHIs) as better than expected, with claims inflation currently under control.

The broker notes potential risks from political pressure which could alter this dynamic.

Citi expects strong profitability for Medibank Private over the next 18 months but maintains a Neutral rating and $4.85 target.

Target price is $4.85 Current Price is $4.36 Difference: $0.49
If MPL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 6.1% (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

Morgan Stanley rates NAB as Overweight (1) -

Morgan Stanley sees the simultaneous departures of Nathan Goonan as CFO and Rachel Slade as head of Business & Private Banking as a near-term negative for National Australia Bank.

Andrew Auerbach will join NAB as Group Executive, Business & Private Banking on 16 June. The broker notes Auerbach has no prior experience in Australia and is not well known to local investors, suggesting it will take time to assess the impact of his appointment.

Target $37.40. Overweight. Industry view: In Line.

Target price is $37.40 Current Price is $33.24 Difference: $4.16
If NAB meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $33.08, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates NGI as Outperform (1) -

Navigator Global Investments has made its first private equity investment, acquiring a 23.5% stake in healthcare-focused private equity firm 1315 Capital for up to -US$70.5m.

1315 Capital specialises in providing equity and growth buyout capital to commercial-stage companies across medtech, pharmaceutical outsourcing, healthcare services, medical technology, and health & wellness sectors, explains Macquarie.

The acquisition will be funded from existing cash and debt.

The broker raises its target for Navigator Global Investments to $2.37 from $2.29 on accretion to FY26 earnings and beyond, noting further upside risk should performance fee hurdles be achieved. Outperform.

Target price is $2.37 Current Price is $1.81 Difference: $0.565
If NGI meets the Macquarie target it will return approximately 31% (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 NGI as Buy (1) -

Navigator Global Investments has acquired a 23.5% stake in healthcare-focused private equity firm 1315 Capital for up to -US$70.5m, with -US$27.5m deferred and subject to performance criteria.

The deal expands Navigator’s exposure to long-duration capital in the healthcare sector, highlights Ord Minnett, aligning with its strategy of building a portfolio of non-correlated alternative investment assets.

The acquisition is expected to be funded largely from Navigator’s cash reserves, requiring only a modest debt drawdown, observe the analysts. 

Following the acquisition, the broker's earnings forecasts for FY25-27 have been revised upwards, with FY27 earnings expected to increase by 9%.

Ord Minnett raises its target price to $2.50 from $2.35 and retains a Buy rating.

Target price is $2.50 Current Price is $1.81 Difference: $0.695
If NGI meets the Ord Minnett target it will return approximately 39% (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

Citi rates NHF as Neutral (3) -

Citi sees approved rate increases for private health insurers (PHIs) as better than expected, with claims inflation currently under control.

The broker notes potential risks from political pressure which could alter this dynamic.

Citi maintains a Neutral rating and $6.95 target for nib Holdings.

Target price is $6.95 Current Price is $6.38 Difference: $0.57
If NHF meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 5.0% (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

Bell Potter rates NUF as Buy (1) -

Bell Potter observes global 1Q25 trading trends in relation to Nufarm, highlighting a plateauing in net selling prices, down around -1% on a year earlier, and volume growth up 12% on the previous year.

The results reflect a second quarter of double-digit volume growth. Margins showed some recovery, with crop trade protection high.

Import volumes rose 20% in major cropping areas and were up 22% on a yearly basis in Nufarm's regions, the analyst points out, contrasting with late FY23 and 1H24.

Omega-3 prices also appear to have stabilised, with Omega-3 fish oil up over 30% on the previous quarter and fishmeal pricing up 9%.

Target price lifts to $4.75 from $4.35 with an unchanged Buy rating.

Target price is $4.75 Current Price is $3.84 Difference: $0.91
If NUF meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.33, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates NUZ as Speculative Buy (1) -

Morgans observes Neurizon Therapeutics is expected to start two animal studies, which will take four weeks to finish and are aimed at addressing the questions posed by the DFA on NUZ-001 regarding systemic exposure, the analyst explains.

The start of trials is delayed by around six months and falls within the latter part of the 12-month delay the broker had originally factored in for unexpected delays.

Morgans makes no change to earnings forecasts, and the analyst believes the company retains a strong strategic role in the rare disease segment.

The Speculative Buy rating and 42c target price are retained.

Target price is $0.42 Current Price is $0.10 Difference: $0.32
If NUZ meets the Morgans target it will return approximately 320% (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

Morgans rates OMA as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage of Omega Oil & Gas with a Speculative Buy rating and a 64c target price.

The company's "flagship" Canyon Gas project in the Southern Bowen Basin has a large gas and condensate resource within the Permian-age Taroom Trough, at around 1.7 TCFe, the analyst highlights, and is located close to the east coast gas market.

Morgans views the main obstacle to commercialisation as the ability to achieve financially realistic flow rates that are achievable and repeatable across large sections of the project.

Early flow rates are positive, the analyst says, with flowback now in place.

The stock is trading at a valuation discount to peers.

Target price is $0.64 Current Price is $0.40 Difference: $0.24
If OMA meets the Morgans target it will return approximately 60% (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

Bell Potter rates PMV as Buy (1) -

Premier Investments finished the sale of non-core apparel brands on January 28 in an all-scrip deal, Bell Potter explains, and the company is due to report 1H25 earnings on March 21, following Myer Holdings ((MYR)) on March 19.

The broker anticipates the result will discuss the post-merger Premier Retail of Smiggle and Peter Alexander, with the most recent update on January 13.

Bell Potter retains earnings forecasts and lowers the target price to $30 from $34 post-restructuring.

The Buy rating is maintained.

Target price is $30.00 Current Price is $20.75 Difference: $9.25
If PMV meets the Bell Potter target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $27.63, suggesting upside of 31.4% (ex-dividends)

The company's fiscal year ends in July.

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

Citi rates PPT as Buy (1) -

From among Citi's coverage of A&NZ Diversified Financials, the analysts continue to recommend the seemingly inexpensive Perpetual despite recent market volatilty weighing on the stock price.

The broker warns Perpetual's high gearing could become problematic in the event of a significant market downturn.

However, barring a major correction, the broker expects Wealth Management to command a price that would meaningfully reduce debt.

The Buy rating and $24.80 target are maintained.

Target price is $24.80 Current Price is $18.54 Difference: $6.26
If PPT meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $23.17, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates QBE as Buy (1) -

Citi views market conditions in general insurance as relatively favourable, with stability persisting longer than in past cycles. While rate increases across many segments have moderated, note the analysts, they remain supportive for now.

Across the broker's coverage, QBE Insurance and Insurance Australia Group ((IAG)) are rated Buy and Suncorp Group ((SUN)) remains on Neutral.

The $23.3 target for QBE Insurance is unchanged.

Target price is $23.30 Current Price is $20.74 Difference: $2.56
If QBE meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $22.96, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Ord Minnett rates REA as Hold (3) -

REA Group plans to implement 8-9% price increases for agents in FY26, slightly below the 9-10% rise expected by Ord Minnett.

Subscription changes include higher Flexi subscription prices, a new lower-tier option, and double-digit increases for Pro subscriptions, explains the broker.

Add-on purchases such as AMAX (designed to enhance agent advertising and visibility on the platform) will also be encouraged.

Management is aiming for double-digit yield growth in FY26, driven more by subscriptions and add-ons than direct price increases, observes the analyst.

The Hold rating and $260 target are maintained.

Target price is $260.00 Current Price is $232.26 Difference: $27.74
If REA meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $265.43, suggesting upside of 14.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates RMS as Accumulate (2) -

Ramelius Resources plans to acquire 100% of Spartan Resources ((SPR)) through a cash and scrip offfer worth $1.78 per share.

Upon completion, Ramelius shareholders will own 60.5% of the combined entity, while Spartan shareholders will hold the balance.

Ramelius is leveraging existing milling infrastructure to lower costs and improve operational efficiency, explain the analysts.

The broker sees benefits for Ramelius shareholders as the transaction significantly improves the production profile within the region  while removing some of the development risk for Spartan shareholders.

The proforma entity is expected to have a market cap of $4.2bn, over $500m in cash, and no debt, enhancing its financial flexibility, suggest the analysts.

The broker maintains its Accumulate rating on Ramelius with a target price of $2.35, pending further certainty on deal completion, expected in late-July to early-August.

Target price is $2.35 Current Price is $2.18 Difference: $0.17
If RMS meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 11.7% (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

Shaw and Partners rates RMS as Buy (1) -

Ramelius Resources and Spartan Resources ((SPR)) have entered into a binding Transaction Implementation Deed where Ramelius will acquire the remaining 81.1% shares in Spartan via a combination of cash and its own shares.

The proposed deal values Spartan at $2.4bn, and the group market capitalisation at $4.2bn.

Shaw and Partners views the proposed deal as a positive one, with the combined resource base having the potential to develop into a profitable 500kozpa gold producer.

Target price of $2.89 and Buy rating maintained. The broker retains Ramelius as one of its preferred gold exposures.

Target price is $2.89 Current Price is $2.18 Difference: $0.71
If RMS meets the Shaw and Partners target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 11.7% (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

Bell Potter rates SMP as Upgrade to Buy from Hold (1) -

Bell Potter upgrades SmartPay to Buy from Hold with a higher target price of $1.33 from 68c, following the preliminary non-binding NZ$1.00 scrip plus cash offer from Tyro Payments ((TYR)).

The 90c offer price represents a 70% premium to the previous closing price. In addition, an undisclosed international strategic bidder has made another takeover proposal for an unannounced amount, the analyst highlights.

The broker is more positive on the stock post the strategic interest, which may increase with SmartPay trialling the new terminal and acquiring solution.

No change to Bell Potter's earnings forecasts.

Target price is $1.33 Current Price is $0.78 Difference: $0.55
If SMP meets the Bell Potter target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Shaw and Partners rates SMP as Buy (1) -

Shaw and Partners notes SmartPay received two separate conditional offers -- one from Tyro Payments ((TYR)) and the other unnamed but speculated to be Shift4 Payments based on a newspaper article.

The broker believes the SmartPay and Tyro combination makes sense with $4.4m synergies and a likely 15% EPS accretion in FY26 based on a 75% scrip and 25% cash deal.

The broker reckons Shift4 has deep pockets and seeks a foothold in the Australia/NZ market, though the bid is seen as undervaluing SmartPay.

The broker sees risks from a regulatory standpoint including full surcharge ban, integration costs and Tyro's past experience with Bendigo Bank ((BEN)).

The broker views the risk from ACCC blocking the deal as unlikely. No change to $1.2 target price and Buy rating.

Target price is $1.20 Current Price is $0.78 Difference: $0.42
If SMP meets the Shaw and Partners target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates SUN as Neutral (3) -

Macquarie reviews South African-owned Youi's Australian results as a readthrough for Suncorp Group and Insurance Australia Group, noting reinsurance renewals are becoming more favourable but claims inflation remains a challenge.

Regarding the industry outlook, the broker expects market share pressures will remain for the incumbents, with only a slight softening of premium rate rises in the coming year, but increasing churn.

For Suncorp Group, target $19.10 and Neutral rating.

Target price is $19.10 Current Price is $18.39 Difference: $0.71
If SUN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $20.90, suggesting upside of 13.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates TSO as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage of Tesoro Gold with a Speculative Buy rating and an 11c target price.

The company has the 1.5moz Ternera deposit, with initial expectations of production at over 90koz p.a. at an all-in-sustaining-cost of US$1068/oz and the potential to generate earnings before interest, tax, depreciation, and amortisation of over $130m, the broker highlights.

Ternera is the first intrusion gold deposit found in Chile, Morgans states, and is expected to advance via infill and extension drilling. It is free of "fatal flaws", the broker says, and is backed by Goldfields.

Target price is $0.11 Current Price is $0.03 Difference: $0.083
If TSO meets the Morgans target it will return approximately 307% (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

Shaw and Partners rates TYR as Buy (1) -

Shaw and Partners notes Tyro Payments made a conditional offer to acquire SmartPay Holdings ((SMP)) via a combination of shares and cash.

SmartPay also received another offer from an unnamed company, speculated to be Shift4 Payments based on a newspaper article.

The broker believes the SmartPay and Tyro combination makes sense with $4.4m synergies and a likely 15% EPS accretion in FY26 based on a 75% scrip and 25% cash deal.

The broker reckons Shift4 has deep pockets and seeks a foothold in the Australia/NZ market. 

The broker sees risks from a regulatory standpoint including full surcharge ban, integration costs and Tyro's past experience with Bendigo Bank ((BEN)). The broker views a risk from ACCC blocking the deal as unlikely.

No change to $1.60 target price and Buy rating.

Target price is $1.60 Current Price is $0.75 Difference: $0.855
If TYR meets the Shaw and Partners target it will return approximately 115% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 62.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley views Nathan Goonan’s appointment as CFO of Westpac as a positive development, citing his experience and strong track record in the same role at National Australia Bank.

Target $27.30. Underweight. Industry View: In-Line.

Target price is $27.30 Current Price is $29.89 Difference: minus $2.59 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.40, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates WHC as Overweight (1) -

Morgan Stanley highlights an improved operational performance and strong cash flow generation at Whitehaven Coal.

The broker expects the company to meet FY25 guidance, with 1H production of 19.4mt implying a manageable 2H target of 15.6-20.1mt, while costs were below guidance at $137/t.

Despite weaker coal prices, Morgan Stanley sees potential for a recovery, driven by supply-side adjustments in China and growing demand from India. Whitehaven’s flexibility in shifting between metallurgical and thermal coal is also viewed as a strategic advantage.

While retaining an Overweight rating, the analysts lower the price target for Whitehaven to $8.05 from $9.10, reflecting revised cost assumptions. Industry View: Attractive.

Target price is $8.05 Current Price is $5.68 Difference: $2.37
If WHC meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 48.2% (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 WOW as Upgrade to Outperform from Neutral (1) -

The final report on Supermarkets by the ACCC may create a buying opportunity, in Macquarie's view. The broker also holds concerns around slowing global growth brought on by tariffs and raises its conviction on defensive exposures like supermarkets.

As per previous enquiries in other sectors, the broker notes the market tends to "sell the rumour" and "buy the fact", and upon release of the relevant sector/stock report, share price performance(s) improves.

The re-rating opportunity is greatest for Woolworths Group, in the analyst's opinion, given the five-year low on relative valution compared to Coles Group.

Macquarie retains its $30.80 target for Woolworths Group and upgrades to Outperform from Neutral.

Target price is $30.80 Current Price is $27.75 Difference: $3.05
If WOW meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $32.15, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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