Australian Broker Call

Bell Potter rates A2M as Hold (3) -

Bell Potter highlights a2 Milk Co reported 1H25 earnings that met expectations, including revenue growth of 10% year-on-year and underlying net profit after tax up 8%.

The broker believes the result was good and slightly stronger than anticipated post allowance for forex changes.

Management guided to FY25 revenue growth at low-to-mid double-digit year-on-year growth, with margins pre-tax, interest, and depreciation up slightly on FY24.

Hold rating retained due to the premium valuation ascribed to the stock compared to dairy peers.

Target price advances to $7.25 from $6. The analyst lifts EPS forecasts by 10% in FY25 and 9% in FY26.

Target price is $7.25 Current Price is $7.12 Difference: $0.13
If A2M meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.05, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Citi rates A2M as Buy (1) -

Following yesterday's assessment of a2 Milk Co's 1H result, Citi raises its target to $8.20 from $7.33 and maintains a Buy rating.

FNArena's summary of the broker's initial research follows.

a2 Milk Co reported an upbeat 1H25 result, coming in above the consensus forecast for net profit after tax by 10%, Citi observes, and 8% above the broker's estimate.

Revenue advanced 10% over the period, with robust cash conversion and good management in lowering US losses, leading the analyst to surmise the company reported a good "quality" beat.

Management lifted guidance to low-mid double-digit growth and slightly higher margins. The company continues to grow market share in China label products.

a2 Milk Co announced its first-ever dividend of 8.5c per share, compared to consensus at 7.2c per share, which may broaden the stock's appeal to different investors, Citi explains.

Target price is $8.20 Current Price is $7.12 Difference: $1.08
If A2M meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.05, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Macquarie rates A2M as Upgrade to Outperform from Neutral (1) -

The first half results from a2 Milk Co beat expectations amid strong cash flow conversion. FY25 revenue guidance has been lifted and the EBITDA margin outlook is stronger.

Macquarie upgrades to Outperform from Neutral, noting the English label market remains positive for sales and margin. There are limited downside catalysts envisaged for the near term and the target is raised to $7.85 from $5.70.

Target price is $7.85 Current Price is $7.12 Difference: $0.73
If A2M meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.05, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Morgan Stanley rates A2M as Equal-weight (3) -

Following yesterday's interim result for a2 Milk Co, Morgan Stanley highlights from the subsequent management call the expectation significant excess capital will be returned to shareholders over time.

Also, the company believes having a portfolio of China Label products remains a priority to allow a2 Milk Co to capture the long-term opportunity in lower-tier cities.

Target $5.90. Industry view: In-Line.

Target price is $5.90 Current Price is $7.12 Difference: minus $1.22 (current price is over target).
If A2M meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.05, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Morgans rates A2M as Hold (3) -

Morgans notes a2 Milk Co reported a stronger-than-expected 1H25 despite supply constraints and other external and market headwinds.

The company upgraded its FY25 guidance to low-to-mid double digit revenue from mid-to-high single digit, and reiterated its NZ$2bn revenue target is likely to be achieved by FY27 or later.

Morgans believes the company will achieve the revenue target in FY25. The broker increased FY25 revenue forecast to the higher end of the company's guidance, resulting in EBITDA forecast increasing 7.7% to NZ$272.6m.

Target price rises to $6.87 from $5.95. Hold maintained.

Target price is $6.87 Current Price is $7.12 Difference: minus $0.25 (current price is over target).
If A2M meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.05, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

UBS rates A2M as Buy (1) -

a2 Milk Co reported stronger-than-anticipated results for 1H25, according to UBS, with "solid" English label revenue growth and robust liquid milk sales, the analyst explains.

The analyst raises EPS forecasts by 10% and 7% for FY25/FY26 due to higher liquid milk and infant formula sales, somewhat offset by higher corporate costs.

UBS retains a Buy rating. Target lifts to NZ$8.68 from NZ$7.55.

Current Price is $7.12. Target price not assessed.

Current consensus price target is $7.05, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Citi rates ABY as Buy (1) -

While initially disappointed by momentum for online sales when Adore Beauty pre-announced 1H results in late-January, Citi now believes management deliberately reduced low-margin sales, and the overall momentum is stronger than first thought.

Looking ahead, the analysts expect a similar 2H uplift for the gross profit margin to the 270bps achieved in H1, and the store rollout should drive earnings growth.

Buy, High Risk. Target price is $1.50.

Target price is $1.50 Current Price is $0.84 Difference: $0.665
If ABY meets the Citi target it will return approximately 80% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 45.1% (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 ABY as Equal-weight (3) -

Adore Beauty's interim revenue and earnings (EBITDA) were in line with prior guidance by management, observes Morgan Stanley, and all short-to medium-term targets and guidance were reaffirmed.

The analysts believe store expansion plans are on track with the first store opened this month, with 4-6 Adore and 2 iKOU stores planned for 2025.

No quantitative trading update was provided. Equal-weight. Target $1.20. Industry view: In-Line.

Target price is $1.20 Current Price is $0.84 Difference: $0.365
If ABY meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 45.1% (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

UBS rates ABY as Neutral (3) -

With Adore Beauty's 1H25 result largely pre-released on January 29, UBS retains concerns over the rate of the sales slowdown into 2Q25.

Management highlighted profitable sales growth of 11% in 1H25 on the previous year and improved gross margins of 36.2%, with new physical stores.

UBS remains concerned over the uncertain outlook for online sales and the store rollout, which is viewed as "unproven."

The broker lowers EPS forecasts by -36% for FY25 and -31% for FY26. Neutral rating retained. Target falls to $1 from $1.30.

Target price is $1.00 Current Price is $0.84 Difference: $0.165
If ABY meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 45.1% (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

Macquarie rates AD8 as Neutral (3) -

Audinate Group beat expectations with its first half EBITDA yet Macquarie notes the drivers were low quality, including tax, a one-off mix shift and cost reductions. US dollar gross profit is downgraded by -24% based on management commentary.

Macquarie likes the longer-term story but in the near term considers the multiple demanding without immediate growth prospects. Neutral maintained. Target is raised to $8.70 from $7.70.

Target price is $8.70 Current Price is $9.59 Difference: minus $0.89 (current price is over target).
If AD8 meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.01, suggesting downside of -3.8% (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 AD8 as Overweight (1) -

Morgan Stanley believes the 1H25 result from Audinate Group confirms that the growth headwinds the company has experienced are cyclical, with underlying growth trends remaining in place.

The results were stronger than expected and suggested to the broker that the most adverse impacts from de-stocking are now in the rearview mirror.

Positively, software unit growth advanced 31%, supporting the broker's view of the company's competitive position, and the balance sheet remains robust with $111m in cash.

Morgan Stanley's upgraded earnings estimates infer a compound average growth rate of around 22% for FY25-FY28.

Target price rises to $11 from $9. Overweight rating retained. Industry View: In-Line.

Target price is $11.00 Current Price is $9.59 Difference: $1.41
If AD8 meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.01, suggesting downside of -3.8% (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

Shaw and Partners rates AD8 as Hold (3) -

Shaw and Partners notes Audinate Group reported better-than-expected 2Q25 gross profit, with revenue falling -38% in what the broker describes as a transition year.

Gross margin was higher than management guidance and better than expected due to reduced cost of goods sold and share-based payments.

The broker believes "normalisation" of customer inventory is happening, with the actual shift appealing to the "momentum" investor, Shaw and Partners explains.

Latest results infer FY26 may transition to growth and partial restocking, which could underpin consensus earnings upgrades. The analyst forecasts gross profit growth of 40% for FY26, with opex currently trending below previous guidance.

Shaw and Partners now forecasts a loss of -$11m for FY25 against -$15m previously and a $4m profit in FY26.

Hold, High-risk rating. Target price lifts to $9.50 from $9.

Target price is $9.50 Current Price is $9.59 Difference: minus $0.09 (current price is over target).
If AD8 meets the Shaw and Partners target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.01, suggesting downside of -3.8% (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

UBS rates AD8 as Neutral (3) -

UBS notes a strengthening of audio/video ecosystems was the main positive in the first-half results from Audinate Group.

The company appears to be experiencing a recovery, having bottomed in 1Q25, although the inventory overhang is likely to remain until the end of FY25, the broker explains.

Costs were highlighted as the main surprise of the result, with a flat headcount and no bonus payments, but management flagged they will return over time.

Audinate continues to deepen its competitive moat, the analyst explains, and points to upside in earnings forecasts for FY26.

Target price is raised to $10.85 from $10.60. No change to Neutral rating.

Target price is $10.85 Current Price is $9.59 Difference: $1.26
If AD8 meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.01, suggesting downside of -3.8% (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

Citi rates ARB as Buy (1) -

ARB Corp's 1H25 net profit after tax came in 2% above Citi's estimate but -4% below consensus, with slowing sales growth in 2Q25 against 1Q25 in Australia at first glance.

The analyst highlights export growth increased to 20.4% over 1Q25 at 10.4%, with sales to US customers up 19%. In contrast, the Australian aftermarket fell -1.7% in 2Q25 following 5.5% growth in 1Q25, impacted by softer new car sales.

ARB Corp's Australian order book fell during 1H25 due to shorter lead times for new vehicles, the broker explains, but remains "healthy" relative to the historical average," Citi states.

A cut in the RBA cash rate may make the Australian downturn brief, the broker believes, and remains upbeat on the US market. Buy. Target $49.22.

Target price is $49.22 Current Price is $38.41 Difference: $10.81
If ARB meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $43.07, suggesting upside of 7.6% (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

Citi rates AZJ as Neutral (3) -

In the face of heavy investment by Aurizon Holdings, Citi was surprised by ongoing softness in the operating business, noting an overall low-quality 1H result driven by misses in Coal/Bulk.

The result could have been worse if not for useful life extensions and reduced depreciation, explains the broker. The network business again proved resilient, assesses Citi.

Bulk earnings of $20m met only half of the consensus forecast driven by softer grain, a derailment, and doubtful debt provisions, explains Citi.

While FY25 guidance was maintained, the analysts believe risks remain in what appears a softening contracting profile and a slightly higher required 2H skew than the average over the past five years.

Neutral rating. Target price slips to $3.40 from $3.50.

Target price is $3.40 Current Price is $3.17 Difference: $0.23
If AZJ meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 7.1% (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

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

Following yesterday's 1H results by Aurizon Holdings, Morgan Stanley observes earnings (EBITDA) of $814m missed the broker and consensus forecasts by -4% and -3%, respectively.

Bulk earnings missed the consensus estimate by -21% due to lower volumes, an -$11m doubtful debt provision, and greater-than-expected operating expenses.

Management maintains FY25 guidance, but anticipates each segment to be at the lower end of its range due to ongoing volume headwinds.

The current buyback is increased to $300m from $250m, with $229m completed as at February 14.

Equal-weight. Target $3.57. Industry View: Cautious.

Target price is $3.57 Current Price is $3.17 Difference: $0.4
If AZJ meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 7.1% (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

Morgans rates AZJ as Hold (3) -

Morgans notes Aurizon Holdings' 1H25 EBITDA was -3% below expectations, with Network beating and Bulk and Coal missing forecast. 

The company reaffirmed FY25 EBITDA, growth capex and sustaining capex guidance but expects them to come in at the lower end of their respective ranges.

Morgans lowered EBITDA forecast by up to -3% across FY25-27, and lowered FY25 EPS estimate by -6% while raising FY26 by 6%.

Target price drops to $3.28 from $3.42. Hold maintained.

Target price is $3.28 Current Price is $3.17 Difference: $0.11
If AZJ meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 7.1% (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

UBS rates AZJ as Neutral (3) -

UBS notes Aurizon Holdings reported 1H25 earnings below expectations and consensus, with Bulk slipping -23% against the analyst's estimate. Coal earnings also missed by -1%, while Network generated an in-line result.

Both net profit after tax and EPS were below UBS' estimate by -4%, and the dividend also missed.

The first half has not altered the broker's view on the company, with little valuation support at current price levels due to a lack of "conviction" around the non-coal strategies, the analyst states.

UBS retains a Neutral rating and raises the target price to $3.40 from $3.35.

Target price is $3.40 Current Price is $3.17 Difference: $0.23
If AZJ meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 7.1% (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

Citi rates BAP as Neutral (3) -

The resignation of Bapcor's CFO to pursue another opportunity has come as quite a surprise to Citi and is viewed as negative news for the company, as Mr Saoud was well-liked and respected by the market, the analyst explains.

Citi believes the resignation will increase market concerns and uncertainty around the turnaround in the company with the new CEO Angus McKay, especially, the analyst stresses, after Amotiv's ((AOV)) disappointing result last week.

Neutral rated. Target $5.17.

Target price is $5.17 Current Price is $5.10 Difference: $0.07
If BAP meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 10.8% (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

Citi rates BBN as Buy (1) -

The analysts at Citi are incrementally more confident in the turnaround at Baby Bunting following today's release of formal 1H results containing additional details to the pre-reported version in mid-January.

In first impressions, the broker notes reiterated guidance implies a 2H skew, and highlights a slight acceleration in like-for-like sales, coming in at 2.8% for the first seven weeks of the 2H.

Based on current momentum, Citi  feels management is on track to hit the top end or exceed FY25 guidance.

No interim dividend was declared.

Buy. Target $2.01.

Target price is $2.01 Current Price is $1.84 Difference: $0.17
If BBN meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 5.0% (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

Citi rates BEN as Sell (5) -

Despite yesterday's sell off in shares of Bendigo & Adelaide Bank in reaction to 1H results, Citi retains its $9.75 target. The analysts' lower near-term earnings forecasts are offset by a higher return on equity (ROE) in the medium-term.

The Sell rating is also maintained.

A summary of yesterday's initial research by the broker follows.

Bendigo & Adelaide Bank's 1H cash earnings fell short of Citi and consensus forecasts by -4% and -5%, respectively. Underlying core earnings were respective misses of -11% and -12% after allowing for a $10.5m bad and doubtful debt (BDD) reversal.

The broker's first impressions are the main driver of the miss was lower net interest income (NII), while the net interest margin (NIM) of 1.88% was also well below the analysts' forecast for 1.93% (consensus 1.95%).

While management has aspirations of limiting business-as-usual (BAU) costs to no higher than inflation through the cycle, notes Citi, costs of -$598m were around -2.5% worse-than-expected, while the investment spend was higher, as previously guided.

More positively, the broker highlights strong asset quality as write-offs declined through the half to a negligible number, along with a decline in gross impaired assets.

Overall, Citi points to revenue challenges from the bank's growth strategy, at the same time as costs continue to march higher.

Target price is $9.75 Current Price is $11.37 Difference: minus $1.62 (current price is over target).
If BEN meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.49, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

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

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

Morgan Stanley highlights Bendigo & Adelaide Bank reported "disappointing" 1H25 results, with pre-provision profit below expectations by -14% and lower than the consensus estimate by -12%, with a miss on margin by -7bps, the broker explains. Cost growth also lifted.

Notably, more robust volume growth resulted in pressures on both sides of the balance sheet, the analyst highlights, despite management's focus and strategy on returns over recent years.

Increased competition in regional areas and small and medium enterprise lending was also noted by the bank.

The broker lowers EPS estimates by -11% to -14% for FY25/FY26, respectively, and the target price declines by -11% to $10.70 from $12.

Equal-weight. Industry View: In-Line.

Target price is $10.70 Current Price is $11.37 Difference: minus $0.67 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.49, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

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 BEN as Lighten (4) -

Bendigo & Adelaide Bank posted first half results that were below Ord Minnett's expectations as margins were squeezed by strong competition for borrowers.

The broker observes the bank has moved to a more rational mortgage pricing system at the end of the first half with profitable new mortgages and more than half the new loans being made at a loan-to-valuation ratio of less than 60%.

FY25 estimates for EPS are reduced by -4% while FY26 and FY27 are downgraded by -13% and -12%, respectively. This leads to a lower target, down to $10.50 from $11.00. Lighten retained.

Target price is $10.50 Current Price is $11.37 Difference: minus $0.87 (current price is over target).
If BEN 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 $10.49, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates BEN as Sell (5) -

UBS notes Bendigo & Adelaide Bank reported a "disappointing" 1H25 result, with a miss on net interest margin by -8bps to 188bps, below the consensus estimate of 196bps.

Opex trended upwards and came in above consensus by 2% due to more elevated staffing costs.

The analyst lowers cash EPS forecasts for the bank by -2.5% and -5.8% for FY25 and FY26, respectively.

Target price slips to $11 from $11.50.

Target price is $11.00 Current Price is $11.37 Difference: minus $0.37 (current price is over target).
If BEN meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.49, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates BHP as Buy (1) -

BHP Group’s first half earnings (EBITDA), met consensus expectations and were 3% ahead of Citi's forecast, while underlying profit beat the broker’s estimate by 4%. The US50 cent dividend was in line.

Underlying earnings were US$12.4bn, with an earnings margin of 51.1% and a 20.4% return on capital employed.

In an early assessment of today's result, the broker suggests there were no surprises around divisional earnings (EBITDA) contributions, with Iron Ore down -26% on the previous corresponding period, but Copper up by 44%.

Production and cost guidances for FY25 are unchanged.

The broker believes the interim result will elicit a Neutral response for the BHP Group share price today. Target $46. Buy.

Target price is $46.00 Current Price is $40.80 Difference: $5.2
If BHP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $45.20, suggesting upside of 10.6% (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: 0.8

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

Macquarie rates BHP as Outperform (1) -

At first glance, BHP Group's first half results were in line and the dividend exceeded Macquarie's estimates. Cost and production guidance are unchanged and the cash flow appeared "solid".

The weather impacts on Western Australian iron ore are now leading guidance, the broker adds. Outperform. Target is $42.

Target price is $42.00 Current Price is $40.80 Difference: $1.2
If BHP meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $45.20, suggesting upside of 10.6% (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: 0.8

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

Bell Potter rates BOE as Buy (1) -

Bell Potter continues to retain Boss Energy as its key uranium producer pick, with the ramp-up in Honeymoon expected to boost cash margins and the weaker AUD providing a tailwind.

The company also has the greatest leverage to uranium prices, which are expected to rise.

The analyst believes there is scope for Boss Energy to re-rate on the back of a successful 2Q25, particularly with the short interest sitting at around 19% and low average daily volumes making it more challenging for shorters to cover their positions.

Bell Potter raises EPS forecasts by 15% for FY25, while FY26 EPS declines by -6%. Target price moves to $4.85 from $4.90. Buy rated.

Target price is $4.85 Current Price is $3.18 Difference: $1.67
If BOE meets the Bell Potter target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates BSL as Buy (1) -

Following 1H results, Citi raises its target for BlueScope Steel to $28.50 from $24.00 in the expectation FY26 and FY27 North Star spreads continue to improve with US tariffs and a rebound in US manufacturing. The Buy rating is maintained.

Yesterday's summary of the broker's research follows.

On first take, BlueScope Steel reported 1H25 results that were better than expected by 5% against consensus estimates, Citi states, due to a more robust result from Australia and higher Colorbond sales on growth in residential demand.

The interim dividend met expectations at 30c per share, and net cash declined to $88m on slightly higher-than-expected capex, the broker explains.

Management aims to generate $500m in incremental earnings from plans to debottleneck North Star and increase production of US Coated Products and value-added products.

Target price is $28.50 Current Price is $25.25 Difference: $3.25
If BSL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.74, suggesting upside of 5.8% (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 BSL as Outperform (1) -

First half results were at the top end of BlueScope Steel's guidance and the outlook appears largely in line with Macquarie's expectations. FY30 EBIT potential is $1.9-2.4bn and besides cost savings US spread recovery is a key driver.

While North America was weaker than expected, in particular the loss recorded in the coated products business, the company is confident this will improve.

Macquarie increases FY25 EPS estimate by 10% and FY26 by 7.6% and maintains an Outperform rating. Target is raised to $28.70 from $24.90.

Target price is $28.70 Current Price is $25.25 Difference: $3.45
If BSL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.74, suggesting upside of 5.8% (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

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

BlueScope Steel reported better-than-expected 1H25 earnings before interest and tax, 5% above consensus and 10% above Morgan Stanley's estimate.

Management's 2H25 guidance came in lower than consensus due to what the analyst describes as "conservative US spread" assumptions.

Better-than-anticipated average selling prices assisted with higher earnings, along with improved volumes and a positive raw materials mix, the analyst details.

Further details on the $200m cost-out program were revealed, lending greater certainty to the target, with an additional $500m in growth from existing initiatives outlined for 2030 targets.

Equal-weight with a lift in target price to $24 from $22. Industry View: In-Line.

Morgan Stanley views the company as a quality cyclical, with the current share price believed to represent fair value.

Target price is $24.00 Current Price is $25.25 Difference: minus $1.25 (current price is over target).
If BSL meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.74, suggesting upside of 5.8% (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

UBS rates BSL as Buy (1) -

BlueScope Steel beat estimates in its first half result although second half guidance of $360-430m in EBIT was below consensus expectations.

UBS notes the strong ASP result and the fact that, while cash flow was weaker than expected, the business is still net cash. An updated long-term strategy is targeting $500m in incremental EBIT by 2030.

The broker lifts EPS forecasts by 10% for FY25 and 2% for FY26. Buy rating. Target price advances to $28.50 from $24.

Target price is $28.50 Current Price is $25.25 Difference: $3.25
If BSL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.74, suggesting upside of 5.8% (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

Shaw and Partners rates BTR as Buy (1) -

Shaw and Partners explains metallurgical test work at Cork Tree Well at Laverton Hub has returned recoveries above 90% for Brightstar Resources.

The company has now expedited the reverse circulation drilling program at Cork Tree Well, which will start in early March.

At December end, Brightstar had a cash balance of $21.3m post the Montague acquisition and costs for the Sandstone transactions.

The Buy, High-Risk rating and 4c target are maintained.

Target price is $0.04 Current Price is $0.02 Difference: $0.018
If BTR meets the Shaw and Partners target it will return approximately 82% (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 CGF as Buy (1) -

At first glance, Citi notes Challenger reported soft Life results as the margin declined for cash operating earnings.

The 1H25 results were below the broker's and consensus estimates, with Life underperforming and Funds Management slightly above expectations due to higher performance fees and reduced costs.

A 14.5c fully franked dividend was higher than anticipated at 14c, with a payout ratio of 44.2%.

Citi expects the market will be disappointed with the result, particularly the decline in the margin in Life, with a longer-duration sale strategy targeted to improve the margin. The broker also highlights the negative investment market adjustment as much above forecasts.

The stock is expected to fall.

Target price is $7.80 Current Price is $6.13 Difference: $1.67
If CGF meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 35.7% (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

Macquarie rates CGF as Outperform (1) -

Macquarie found the first half results from Challenger mixed at first glance. Funds management, the ordinary dividend and Japanese sales beat expectations while the Life COE margin, normalised pre-tax profit and new business tenor missed.

The broker continues to like the long-term thematic, given the ageing population, and believes at current levels there is value in the stock, yet suspects there still could be a discount in the stock price until the Apollo investment overhang has cleared. Outperform. Target is $7.10.

Target price is $7.10 Current Price is $6.13 Difference: $0.97
If CGF meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 35.7% (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

Bell Potter rates CHN as Speculative Buy (1) -

Bell Potter is highly encouraged by Chalice Mining's announcement around its Gonneville PGE-Nickel, Copper, and Cobalt project for the process to produce concentrates from the resource in a manner that is economically feasible, the broker explains.

The company's latest results revealed a conventional flotation circuit can be used compared to previous expectations the more expensive hydrometallurgical process would be required.

The analyst notes Chalice has sufficient cash of around $90m and investments to fund the preliminary feasibility study by the middle of 2025.

Target price is lifted to $5.75 from $5.15 due to the inherent value and strategic memorandum of understanding with Mitsubishi Corp. Speculative Buy rating unchanged.

Target price is $5.75 Current Price is $1.48 Difference: $4.275
If CHN meets the Bell Potter target it will return approximately 290% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

UBS rates CQR as Upgrade to Buy from Neutral (1) -

Charter Hall Retail REIT reported 1H25 earnings per unit broadly in line with UBS' expectations.

The NTA valuation for the REIT advanced 10.6% over six months, with 99% of the portfolio revalued, the broker explains.

Management reaffirmed guidance for operating EPS of 25.4c and a distribution of 24.7c.

UBS upgrades Charter Hall Retail REIT to Buy from Neutral incorporating Hotel Property Investments ((HPI)) into forecast earnings with a target price of $3.69, from $3.79.

Target price is $3.69 Current Price is $3.48 Difference: $0.21
If CQR meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 12.0% (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

Bell Potter rates CVL as Buy (1) -

Civmec 1H25 results came in below Bell Potter's expectations across all metrics.

An underutilised workforce was representative of delays in key projects being awarded, and although the company continues to tender with opportunities valued at around $12bn, market activity remains subdued, the analyst explains.

Against the challenging macro backdrop, the broker lowers earnings forecasts as new contract wins are delayed until 1H26. Defence work is expected to pick up in FY27.

Target price declines -18% to $1.40 on lower forecast earnings. Bell Potter remains Buy rated on expectations of improving workflows in FY26 and beyond with an attractive valuation. The stock is believed to be undervalued.

Target price is $1.40 Current Price is $1.01 Difference: $0.39
If CVL meets the Bell Potter 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:

Market Sentiment: 0.5

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

Citi rates DXS as Neutral (3) -

In an initial look at today's interim result by Dexus, Citi highlights a stable outcome with management re-iterating FY25 guidance for adjusted funds from operations (AFFO) despite divestments and positioning the platform for a turn in the cycle.

AFFO for H1 was -13.9% below the previous corresponding period, largely as a result of higher interest rates, lower trading profits and the ongoing impact of higher incentives flowing through the portfolio, explain the analysts.

Pro forma gearing of 31.3% is at the lower end of the 30-40% target range, observes Citi, but higher funding costs are expected to impact in FY26. 

Neutral rating. Target $7.30.

Target price is $7.30 Current Price is $7.82 Difference: minus $0.52 (current price is over target).
If DXS meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.78, suggesting upside of 0.4% (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

Ord Minnett rates FND as Buy (1) -

Findi has obtained a further 2293 "brown label" ATMs with the State Bank of India and a contract for 10 years. Updated FY25 guidance has reduced revenue, at $68-70m, but maintained EBITDA at $30-32m.

Ord Minnett had anticipated some risk to guidance and the update provides some relief for the stock. A first glance at FY26 has been provided with revenue growth of 140-180% expected.

The broker updates estimates, with FY25-26 generally lowered and FY27 increased. Target rises to $9.46 from $8.95 and a Buy rating is maintained.

Target price is $9.46 Current Price is $5.05 Difference: $4.41
If FND meets the Ord Minnett target it will return approximately 87% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 GPT as Buy (1) -

Following FY24 results, Citi retains its $5.00 target and Buy rating for GPT Group, one of the broker's top value picks in the REIT sector.

A summary of yesterday's research by Citi follows.

At first glance, GPT Group reported a robust 2024 result, Citi notes, with progress across all divisions and funds from operations of 32.2c, which was in line with the broker and consensus estimates.

Occupancy for the investment portfolio came in at 98.6%, with robust performance from retail and net property income growth of 4.9%.

Office occupancy rose to 94.7%, and logistics performed very well, the broker explains. Funds under management came in at $34.1bn.

Management expects a 2025 distribution of 32.2c, which is in line with expectations.

Target price is $5.00 Current Price is $4.86 Difference: $0.14
If GPT meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

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 GPT as Outperform (1) -

GPT Group's 2024 earnings were in line with guidance albeit marginally below Macquarie's estimates.

Management has indicated over the long term that assets under management could be more than $85bn through progressive conversion of $12bn in balance-sheet assets into around 20% co-investments.

The broker does not assume any new product launches and has modeled a three-year growth rate in funds under management of around 3%.

Any refinement of the company's strategy and launching of new products with third-party capital would represent upside to valuation in the medium term. Outperform. Target edges up to $5.38 from $5.36.

Target price is $5.38 Current Price is $4.86 Difference: $0.52
If GPT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates GPT as Overweight (1) -

Post GPT Group's 1H25 results presentation, Morgan Stanley met with management.

The analyst expresses the greatest concern over the office lease expiries between 2026-2028, highlighted as large at around 12% per annum, which suggests cash outflows for leasing capital will likely remain high.

By contrast, management pointed to better third-party capital inflows for 2025.

Morgan Stanley expects funds from operations in 2025 will be underpinned by office rent, with occupancy now at around 89% versus reported occupancy at circa 95%. Retail is expected to perform well, as should logistics.

Target $5.77. Overweight. Industry View: In-Line.

Target price is $5.77 Current Price is $4.86 Difference: $0.91
If GPT meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates GPT as Neutral (3) -

UBS notes GPT Group reported 1H25 results that met expectations and maintained funds from operations guidance, which was 2% above consensus at the upper end of the range, the broker details.

Office showed some early signs of recovery, with leasing volumes the strongest in around five years. Office has been the ongoing issue for GPT, the broker points out, while retail and logistics continue to perform well.

The broker lifts EPS estimates by 1.4% for FY25/FY26. UBS has a Buy preference for Dexus ((DXS)) over GPT Group, which is Neutral rated. Target lifts to $5.29 from $5.22.

Target price is $5.29 Current Price is $4.86 Difference: $0.43
If GPT meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

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 GWA as Outperform (1) -

Macquarie liked the first half result from GWA Group, noting ongoing cost control and good working capital management. There are challenges from a stronger US dollar and freight rates, which could require further price action.

No explicit guidance was provided and the broker highlights mixed market conditions with some firming in the renovations market but a softening evident in commercial new construction. Target is raised to $3.15 from $3.10 and an Outperform rating is maintained.

Target price is $3.15 Current Price is $2.52 Difference: $0.63
If GWA meets the Macquarie target it will return approximately 25% (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

Macquarie rates HMC as No Rating (-1) -

HMC Capital posted first half operating EPS of 51.9c per security which compares with the previous corresponding 17.1c.

Based on the year to date, Macquarie, in an initial view, calculates annualised pre-tax operating EPS for FY25 is tracking at $0.80, ahead of the company's previous update.

Macquarie is currently under research restriction for HMC Capital.

Current Price is $9.90. Target price not assessed.

Current consensus price target is $10.94, suggesting upside of 0.7% (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 HUB as Neutral (3) -

In an early assessment of Hub24's interim result, Citi highlights stronger-than-expected revenue combined with cost control, driving a 6% earnings (EBITDA) beat compared to the broker's forecast, but in line with consensus.

The analysts anticipate consensus upgrades given a half-on-half fall in the number of employees heading into the 2H and the strong earnings result.

More negatively, capex of -$13.8m exceeded the analysts' -$10m forecast due to higher office equipment capex, with Platform capex of -$6m in line with Citi's forecast.

Management upgraded funds under administration (FUA) guidance to $123-135bn, which at the mid-point is in line with the broker's $128.9bn estimate, but below the $130bn estimated by consensus.

Target $74.50. Neutral.

Target price is $74.50 Current Price is $81.35 Difference: minus $6.85 (current price is over target).
If HUB meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.12, suggesting downside of -15.3% (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

Macquarie rates HUB as Neutral (3) -

Hub24 delivered a first half result that was in line with expectations. In an initial assessment, Macquarie notes operating scale and automation investment delivered an EBITDA margin expansion of 470 basis points to 39.8%.

The FY26 platform FUA target has been raised to $123-135bn, reflecting strong net flows and market movements. Neutral. Target is $62.10.

Target price is $62.10 Current Price is $81.35 Difference: minus $19.25 (current price is over target).
If HUB meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.12, suggesting downside of -15.3% (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

UBS rates IFM as Buy (1) -

Infomedia reported 1H25 results in line with expectations, according to UBS at first take, with APAC growing well, "marginal" growth in EMEA, and America down by -4% for earnings before interest, tax, and depreciation.

Net profit after tax adjusted came in lower than expected by -8% due to higher depreciation/amortisation charges and tax.

Management retained FY25 guidance, and the broker explains this is a transition year for the company. The earnings mix came in weaker than expected, notably Infodrive, and more investigation on non-cash items is required.

Buy. Target $1.75.

Target price is $1.75 Current Price is $1.52 Difference: $0.235
If IFM meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 26.8% (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

Morgans rates IMB as Speculative Buy (1) -

Morgans notes Intelligent Monitor Group's agreement to acquire Kobe Pty Ltd for 3.5x EBITDA (2.8x upfront consideration) will be immediately EPS accretive.

The broker took the opportunity to fine-tune interest cost forecast for FY25, including refinancing with the new debt facility with National Australia Bank ((NAB)).

The analyst expects interest cost savings previously expected due to the refinancing to be offset by some amortisation costs, leaving net interest in FY25 largely the same as FY24.

Incorporating the acquisition and making small adjustments to interest cost has resulted in a 1% lift to FY25 EBITDA forecast and -11% decline in net profit. Target price rises to 75c from 70c. Speculative Buy maintained.

Target price is $0.75 Current Price is $0.53 Difference: $0.225
If IMB meets the Morgans target it will return approximately 43% (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

Bell Potter rates IPX as Speculative Buy (1) -

Bell Potter notes IperionX has been awarded up to US$47.1m in grant funding from the US Department of Defence.

The analyst points to US$5m to fund the Titan Critical Minerals project feasibility study and the scale-up of the Virginia Titanium manufacturing campus.

A further US$42.1m in grant funding will be available on further technical progress. The broker believes the US government's ongoing commitment to IperionX is a positive.

Bell Potter maintains a Speculative Buy rating and the target price is raised to $5.90 from $5.25. No change to the broker's earnings forecasts.

Target price is $5.90 Current Price is $4.40 Difference: $1.5
If IPX meets the Bell Potter target it will return approximately 34% (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 JDO as Sell (5) -

On first inspection, Citi points to a better-than-consensus 1H25 result for Judo Capital, with profit before tax 9% above expectations.

The analyst highlights the net interest margin at 2.81%, with FY25 management guidance at the upper end of the existing 2.8%-2.9% range.

Bad and doubtful debts came in below expectations, while non-performing loans continued to rise, with provision coverage declining to half, Citi explains.

The broker believes the market will like the result and sees it as "solid," with FY25 guidance reconfirmed. Citi explains the main concerns are around asset quality, and currently, it is too soon to become more upbeat on the outlook.

Sell rated, as the analyst believes it is challenging to find further reasons for the stock to be re-rated.

Target price is $1.35 Current Price is $1.94 Difference: minus $0.585 (current price is over target).
If JDO meets the Citi target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.85, suggesting downside of -11.8% (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 JDO as Neutral (3) -

In an initial assessment, the Judo Capital first half headline result was ahead of Macquarie's estimates, underpinned by lower impairments.

Management has reiterated growth guidance for FY25 and slightly upgraded margin guidance to the upper end of the previous range of 2.9-3% for the second half.

The broker is of the view that management's target of 15% pre-tax profit growth can be achieved, given strong lending margins and favourable macro conditions. Neutral maintained. Target is $1.75.

Target price is $1.75 Current Price is $1.94 Difference: minus $0.185 (current price is over target).
If JDO meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.85, suggesting downside of -11.8% (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

UBS rates JDO as Buy (1) -

On first inspection, Judo Capital reported 1H25 results in line with expectations, according to UBS, with management reconfirming conservative FY25 guidance.

The group is expected to experience ongoing improvements in the funding mix, with the broker stating deposits at 70% of total funded assets as a target and net interest margin for June end at 3%.

At current levels, the stock is trading at a historical premium, and UBS believes the ongoing investment thesis for Judo Capital depends on its ability to scale and demonstrate operating leverage.

Buy. Target $2.50.

Target price is $2.50 Current Price is $1.94 Difference: $0.565
If JDO meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting downside of -11.8% (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

Morgans rates LGI as Add (1) -

LGI's 1H25 revenue and gross profit marginally missed Morgans' forecast but higher than expected operating costs drove a big -19% miss to net profit.

The broker notes the higher operating cost is understandable, as the company has had to appropriately resource ahead of various projects coming online (primarily Bingo).

The broker lowered FY25 and FY26 EPS forecasts by -2.6% and -16.3% respectively. The DCF-based target price rose to $3.30 due to the megawatts (MW) under management assumptions and long-term commodity price forecasts.

Morgans materially lowered assumed pricing for large-scale generation and carbon credits in FY26-27 and improved its outlook for electricity pricing in FY25-27. Add rating maintained.

Target price is $3.30 Current Price is $3.00 Difference: $0.3
If LGI meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 15.6% (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

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

Citi downgrades Lendlease Group to Neutral from Buy due to heightened short-term uncertainty around earnings.

The analyst points to "limited" positive news in the company's 1H25 earnings report despite management progressing well on the capital recycling strategy.

The company reported more writedowns of the development business, largely due to weakness in office-related projects, which points to a weaker construction result and lower development earnings in FY26.

Asset sales are becoming harder to achieve, and the buyback is dependent on them, the broker explains.

Until the earnings outlook improves or there is greater certainty on the buyback, Citi believes the stock remains cheap but is also remains Neutral rated.

Target price is $8.00 Current Price is $6.77 Difference: $1.23
If LLC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.04, suggesting upside of 4.9% (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

Macquarie rates LLC as Outperform (1) -

Lendlease Group posted first half operating earnings that were in line with guidance albeit at the low side of the range and slightly below Macquarie's forecast. FY25 guidance has been reaffirmed for 54-62c per security.

Macquarie expects the strategy the company has outlined will reduce its risk profile and improve returns and earnings quality.

This may be a drawn-out process with a degree of risk on execution, but the broker points to better-than-expected delivery to date.

Outperform rating. Target is raised to $7.24 from $7.08.

Target price is $7.24 Current Price is $6.77 Difference: $0.47
If LLC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.04, suggesting upside of 4.9% (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

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

Morgan Stanley describes a "rather messy" interim result for Lendlease Group as a suite of asset sales were executed in the half.

Management maintained FY25 EPS guidance of between 54-62 cents, after achieving 17.7 cents in H1, and reiterated it "intends to announce a security buyback", without specifying a timeline.

At face value gearing of 27% as at the end of 2024 is high, but contracted cash means on a pro-forma basis the number is closer to 17%, highlight the analysts.

Equal-weight rating. Target price $7.16. Industry view: In-Line. 

Target price is $7.16 Current Price is $6.77 Difference: $0.39
If LLC meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.04, suggesting upside of 4.9% (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

UBS rates LLC as Sell (5) -

UBS highlights the Lendlease Group 1H25 results as "messy," with gearing remaining elevated and construction operations, both core and non-core, generating losses.

The analyst expects the losses to abate in 2H25 with the sale of the international business and improved returns from Australia.

Notably, the Vita Partners life sciences investments produced a sizeable one-off gain, but UBS questions the lack of transparency on the sale.

Management retained FY25 guidance with ongoing progress on the divestment strategy. The broker points to lower gearing in 2H25, though it remains above the top end of the 5%-15% target range.

Sell rated. Target price moves to $6.38 from $6.25. A buyback is expected to be announced as detailed in May 2024.

On first inspection, UBS had highlighted the Lendlease Group 1H25 results as "messy," with gearing remaining elevated and construction operations, both core and non-core, generating losses.

The analyst expected the losses to abate in 2H25 with the sale of the international business and improved returns from Australia.

Notably, the Vita Partners life sciences investments produced a sizeable one-off gain, but UBS questioned the lack of transparency on the sale.

Management retained FY25 guidance with ongoing progress on the divestment strategy. The broker pointed to lower gearing in 2H25, though it remains above the top end of the 5%-15% target range.

Target price is $6.38 Current Price is $6.77 Difference: minus $0.39 (current price is over target).
If LLC meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.04, suggesting upside of 4.9% (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

Shaw and Partners rates LM8 as Buy (1) -

Shaw and Partners highlights that metallurgical test results at Lady Herbal confirm the gold deposit is a classic "St Ives" type. This indicates the presence of free-milling gold, which allows for high recovery rates and low reagent consumption during processing.

The "St Ives" deposit refers to the geological characteristics found in the St Ives Gold Mine, located near Kambalda, Western Australia. These deposits are known for their favourable metallurgy, making gold extraction more efficient.

Shaw and Partners maintains its Buy, High-Risk rating for the project, with the target price remaining unchanged at 60 cents.

Target price is $0.60 Current Price is $0.23 Difference: $0.375
If LM8 meets the Shaw and Partners target it will return approximately 167% (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 MND as Neutral (3) -

Citi points to a "solid" 1H25 result from Monadelphous Group, with engineering and construction revenue 5% above expectations and 9% ahead of consensus, driven by 34% year-on-year growth.

The result helped lift the operating margin to 6.7%, as the business mix shifted, 30bps above expectations.

Management retained FY25 guidance, including high single-digit revenue growth. The analyst believes there is scope for improved 2H25 margins, supported by a robust outlook for engineering and construction.

Citi expects the shares to rise on the back of the results.

Target price is $16.30 Current Price is $15.59 Difference: $0.71
If MND meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.28, suggesting downside of -6.7% (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

UBS rates MND as Neutral (3) -

Monadelphous Group reported net profit after tax for 1H25, which was higher than consensus by 4%, UBS notes on first glance.

Revenue growth of 4% was also higher than expected, with FY25 guidance and improved operating margins reconfirmed by management, the analyst details.

The company is being assisted by robust levels of construction activity and new work inflows for FY25 to date, the broker highlights.

Guidance implies a 2H25 skew with better operating margins. Neutral. Target $15.45.

Target price is $15.45 Current Price is $15.59 Difference: minus $0.14 (current price is over target).
If MND meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.28, suggesting downside of -6.7% (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

Bell Potter rates NHC as Hold (3) -

New Hope reported 2Q25 saleable production of 2.7mt versus Bell Potter's forecast of 2.8mt and sales of 2.6mt against the broker's estimate of 2.8mt.

Wet weather affected mining and coal processing at Bengalla and New Acland, the broker details, as well as maintenance on equipment.

Bell Potter lowers EPS forecasts by -14% and -8% for FY25/FY26 and lowers 2025 coal price forecasts, with a decline in hard coking coal of -5% and thermal coal down by -13%.

Management is addressing upcoming rail work disruption for New Acland and is negotiating with authorities to try to mitigate the impacts to underpin the ramp-up to 5mtpa of coal production by FY27.

No change to Hold rating and the target price is reduced to $4.30 from $4.60.

Target price is $4.30 Current Price is $4.45 Difference: minus $0.15 (current price is over target).
If NHC meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.11, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in July.

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

Citi rates NHC as Buy (1) -

Citi assesses a "solid" January quarter operational result for New Hope (July year end) with group saleable coal production flat compared to the previous quarter and an average realised sale price of $159/t.

Management retained  FY25 guidance.

The analysts note the New Acland mine now has a clear runway to increase production to around 5mt per annum as the Oakey Coal Action Alliance appeal proceedings are now closed.

The $5.50 target and Buy rating are unchanged.

Target price is $5.50 Current Price is $4.45 Difference: $1.05
If NHC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.11, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in July.

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

Macquarie rates NHC as Outperform (1) -

New Hope reported run-of-mine coal production for the second quarter of 4.2mt with saleable production of 2.7mt, largely in line with expectations. Guidance for full-year production and costs has been reiterated.

Macquarie notes costs are tracking at the low side of guidance. The target is cut by -11% to $5.50 because of lower realised prices that have weakened the near-term earnings outlook. Outperform reiterated.

Target price is $5.50 Current Price is $4.45 Difference: $1.05
If NHC meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.11, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in July.

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

Morgans rates NHC as Add (1) -

New Hope's 2Q underlying EBITDA of $213m was 8% ahead of Morgans' forecasts, and group sales were 2% ahead.

The broker notes no changes to FY25 guidance offer comfort amid a falling price environment, particularly given the company's cost/margin advantages versus direct peers.

The broker believes New Hope is an outperformer with total returns to investors holding up well in the resources sector overall, and very well against direct coal peers.

The broker made several offsetting adjustments linked to 2Q actuals and lowered short-term NEWC index and AUD forecasts, and updated capex forecasts vs guidance. Target price falls marginally to $5.15 from $5.20. Add maintained.

Target price is $5.15 Current Price is $4.45 Difference: $0.7
If NHC meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.11, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in July.

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

Bell Potter rates NST as Downgrade to Hold from Buy (3) -

Bell Potter downgrades Northern Star Resources to Hold from Buy due to stock price appreciation while retaining the $20 target price.

The miner's 1H25 results presented no surprises, the analyst explains, with cash earnings of $1,146m, slightly above the broker's forecast and up 63% on the previous corresponding period.

Net profit after tax was slightly below Bell Potter's estimate. The company had a cash balance of $1,046m at the end of the period with $2.7bn in liquidity. Dividend of 25c per share was in line with expectations.

Hold. Target $20.

Target price is $20.00 Current Price is $17.91 Difference: $2.09
If NST meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.77, suggesting upside of 7.1% (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

Morgans rates ORA as Hold (3) -

Morgans found an error in its model which resulted in an incorrect calculation of Orora's net interest expense and tax estimates for FY26 and FY27, but FY25 forecasts were unaffected.

Following correction, underlying net profit estimate in FY26 rose by 8% and FY27 increased by 7%.

Target price rises to $2.32 from $2.15. Hold retained.

Target price is $2.32 Current Price is $2.22 Difference: $0.1
If ORA meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 9.3% (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

Citi rates RWC as Buy (1) -

Citi's first take on interim results for Reliance Worldwide suggests an overall 2% beat at the EBIT level against the consensus forecast, largely driven by the US, with APAC in line and the EMEA region acting as a drag.

Management suggested the underlying beat may have been smaller partly due to pull forward demand from early ordering by some channel partners ahead of an ERP upgrade.

Looking ahead, the analysts believe EMEA/APAC are showing tangible signs of improvement and the US is tracking ahead of expectations.

Management is guiding to mid-single-digits growth in sales for FY25.

Buy. Target $5.85.

Target price is $5.85 Current Price is $5.37 Difference: $0.48
If RWC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.80, suggesting upside of 12.6% (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: 0.8

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

UBS rates RWC as Buy (1) -

On first inspection, UBS points to revenue growth below the consensus estimate for Reliance Worldwide, despite slightly higher-than-expected underlying net profit after tax against both the broker's and consensus forecasts.

UBS highlights a margin higher than expected, which may reflect a pull-forward of demand, and cash conversion was good at 88%.

Management pointed to a lack of expected improvement in macro conditions in 2H25, with sales anticipated to be flat excluding Holman and Supply Smart, the analyst explains.

Prior to the earnings call, UBS flags earnings forecast revisions with a lack of possible offsets from lower suggested 2H25 revenues.

Buy rating and $5.90 target.

Target price is $5.85 Current Price is $5.37 Difference: $0.48
If RWC meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.80, suggesting upside of 12.6% (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: 0.8

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

Macquarie rates SEK as Outperform (1) -

Macquarie found, in an initial assessment, the first half results from Seek are largely in line with expectations.

FY25 guidance is lower than anticipated at net profit of $135-160m, reflecting changes between capital and operating expenditure which the broker is inclined to look through.

Macquarie also asserts a small capital return from the Seek Growth Fund amid comments for liquidity events in FY26 will be important for sentiment. Outperform. Target is $25.

Target price is $25.00 Current Price is $24.23 Difference: $0.77
If SEK meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $27.68, suggesting upside of 12.3% (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 SEK as Buy (1) -

UBS points to a 1H25 earnings miss for Seek, with margins coming in weaker than expected and guidance indicating a more "subdued" volume recovery, likely to be offset by higher yield.

The broker expects a consensus earnings forecast downgrade for net profit after tax at the midpoint by -7% against a guidance downgrade of -5%.

Seek continues to face challenging market conditions, although an interest rate cut is anticipated to help. Lower losses from associates helped offset the lower-than-forecast earnings before interest, tax, and depreciation.

Buy. Target $29.20.

Target price is $29.20 Current Price is $24.23 Difference: $4.97
If SEK meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $27.68, suggesting upside of 12.3% (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

Citi rates SLC as Buy (1) -

Citi points to encouraging signs around consumer subscriber growth for Superloop from Origin Energy ((ORG)) net-additions in November and December last year.

The broker also notes downloads of the Superloop app have been trending ahead of historical average levels.

At upcoming 1H results, the analysts believe investors will focus on the company's market share and compare it to challenger market share growth rates.

The $2.40 target and Buy rating are maintained.

Target price is $2.40 Current Price is $2.06 Difference: $0.34
If SLC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 6.3% (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

Shaw and Partners rates SPZ as Buy (1) -

Smart Parking reported 1H25 results in line with Shaw and Partners' expectations, although UK revenue was slightly below forecast, leading the analyst to lower the FY25 net profit after tax estimate.

Notably, the company announced the acquisition of Peak Parking USA for -$67m, which will establish a growth platform in the US with exposure in Texas, Florida, and Georgia.

The analyst explains the regulatory backdrop supports the Smart Parking business strategy. A $45m capital raising was announced alongside around a $10m scrip issue to the vendors.

The broker details the business in Germany remains break-even, while Denmark achieved 21 sites in 1H25, up from five in FY24, and is expected to break even in 2H25.

Target price is raised to $1.25 from $1.10. No change to Buy, High-Risk rating.

Target price is $1.25 Current Price is $0.97 Difference: $0.28
If SPZ meets the Shaw and Partners target it will return approximately 29% (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

Ord Minnett rates TPW as Downgrade to Sell from Hold (5) -

Temple & Webster provided first half earnings that were well ahead of expectations with the operating earnings margin of 4.2% signalling a faster run rate compared with prior guidance.

Ord Minnett expects some of that margin will be re-invested via price reductions to ensure revenue meets or exceeds the market's expectations for the second half.

EPS forecasts are raised by 19% for FY25 and by 9% for FY26 and this leads to an increase in the target to $13.15 from $11.50.

As the stock has nearly doubled in the last six months and with the attractive nature well discounted at current levels, this signals to Ord Minnett a reduction in the rating to Sell from Hold is in order.

Target price is $13.15 Current Price is $18.39 Difference: minus $5.24 (current price is over target).
If TPW meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.96, suggesting downside of -7.1% (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 TWE as Upgrade to Buy from Hold (1) -

Treasury Wine Estates has downgraded FY25 earnings guidance because of reduced sales forecasts for lower-priced wines.

A stronger performance from the luxury portfolio, particularly Penfolds, allowed group earnings to be in line with expectations.

Ord Minnett observes the lower-priced division weakness (Treasury Premium Brands) is an issue that affects all makers of alcoholic beverages, a trend that only accelerated during covid.

The higher priced wines are grouped under 'Luxury'.

The broker assesses the PE multiple is inexpensive and there is potential upside to he target, which increases to $12.00 from $11.50. Rating is upgraded to Buy from Hold.

Target price is $12.00 Current Price is $10.91 Difference: $1.09
If TWE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.26, suggesting upside of 22.5% (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 WBC as Underperform (5) -

Westpac delivered a first quarter update that was largely in line with estimates although Macquarie notes it lacked the upgrades the market had started to expect.

Costs were below expectations, which the broker attributes to timing and these are expected to increase with the ramping up in expenditure on the UNITE program and salary increases. Underperform retained. Target is steady at $28.

Target price is $28.00 Current Price is $33.30 Difference: minus $5.3 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.70, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley lowers its target for Westpac to $29.20 from $30.00 after the rfeleasze of 1Q update and maintains an Underweight rating as underlying revenue trends were softer-than-expected. Industry View In-Line.

Also, management commentary leaves the door open for higher near-term cost growth, in the broker's view.

Not stopping there, the analysts point to higher execution risk, below system mortgage growth, and long-dated and unquantified 'UNITE'
benefits, along with elevated valuation multiples.

Target price is $29.20 Current Price is $33.30 Difference: minus $4.1 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.70, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates WBC as Downgrade to Lighten from Hold (4) -

December quarter earnings from Westpac were down -9% on the average of the prior two quarters, with the broker commenting narrower interest margins and increased staff costs more than offsett seasonally lower investment expenditure.

Ord Minnett is strongly of the view the bank should bring its accounts into line with the way its peers treat cash profit, as its differing policy makes comparison with market forecasts more difficult. Doing so could improve investor sentiment, in turn.

Rating is downgraded to Lighten from Hold, given the downside to the target of $27.

Target price is $27.00 Current Price is $33.30 Difference: minus $6.3 (current price is over target).
If WBC meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.70, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates WDS as Sell (5) -

Citi lowers its target for Woodside Energy to $22 from $23 and maintains a Sell rating after management released a reserves statement and update on Sangomar. 

The broker now forecasts 2024 underlying profit of US$2.8bn, down -7% from the prior estimate, and -10% below the prior consensus forecast.

The broker's profit and free cash flow (FCF) forecasts are lowered due to less cash available, related to restoration activities, which management described as an aberration on increased scope of activities.

The analyst is not ruling out the company remains under-provisioned for the restoration spend, which may force the market to call into question the sustainability of the dividend.

Target price is $22.00 Current Price is $23.84 Difference: minus $1.84 (current price is over target).
If WDS meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.85, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Macquarie rates WDS as Neutral (3) -

Woodside Energy has provided "line item" guidance which drives an -18% reduction to Macquarie's 2024 estimates for EPS. The broker assumes an 80% payout ratio for a final dividend of US51c.

The main surprise in the guidance was the extent of unrealised mark-to-market losses taken above the line while oil hedges are in the money.

The company has indicated Sangomar is performing well, continuing to produce around plateau and Macquarie expects a phase 2 project decision will be considered for 2026.

The main event for the near term is commercial progress at Louisiana LNG, although the broker suspects it will be difficult for the company to provide a positive surprise.

Neutral rating and unchanged target of $26.

Target price is $26.00 Current Price is $23.84 Difference: $2.16
If WDS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.85, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

UBS rates WDS as Neutral (3) -

Ahead of next week's 1H25 earnings report, Woodside Energy announced a 2024 guidance update, with other expenses resulting in a cut to guidance, which UBS estimates at around $500m-$600m in underlying net profit after tax and a notable reduction in the 2H 2024 dividend.

The broker lowers the 2024 EPS forecast by -20%, and the target price slips to $27.10 from $27.40. No change to Neutral rating.

Target price is $27.10 Current Price is $23.84 Difference: $3.26
If WDS meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.85, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Ord Minnett rates WGX as Buy (1) -

Westgold Resources posted first half EBITDA that was slightly lower than Ord Minnett forecast once the various one-off costs are set aside.

Net profit was much lower than forecast because of significantly higher D&A costs at both Murchison and Beta Hunt. The broker believes the benefits of new management at the latter and recent capital investments will emerge in the fourth quarter.

As there is a valuation disconnect, an opportunity is envisaged where investors that are more confident regarding delivery in the fourth quarter could be rewarded, the broker suggests.

Buy rating retained. Target is reduced to $3.40 from $3.60.

Target price is $3.40 Current Price is $2.46 Difference: $0.94
If WGX meets the Ord Minnett target it will return approximately 38% (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