| Afterpay |
APT |
Morgan Stanley retains overweight rating on Afterpay (APT). Retains $120.00 price target. Considers November sales numbers. Notes, ahead of expectations, partly due to timing of Cyber Monday. Operations on appear on track. |
| AUB Group |
AUB |
Credit Suisse raises AUB Group (AUB) price target from $18.25 to $18.40. Retains outperform rating. Broker believes 360 Underwriting Solutions acquisition is a sensible bolt on for the business. |
| Alumina |
AWC |
Credit Suisse raises Alumina (AWC) price target from $2.00 to $2.10. Retains outperform rating. Reviews recent strength in base metals prices. Sees mid-single digit growth for aluminium consumption through FY21-22. Risks remain, but so does upside potential for global economy. |
| BHP Group |
BHP |
Credit Suisse raises BHP Group (BHP) price target from $39.00 to $40.00. Retains outperform rating. After assessing recent strength in base metals prices, particularly in iron ore and copper, sees significant upside in H1 earnings. |
| CSR |
CSR |
Credit Suisse raises CSR (CSR) price target from $5.35 to $5.60. Retains outperform rating. Expects Homebuilder scheme and other state and Federal Government incentives will continue to drive Australian housing industry. |
| Downer Edi |
DOW |
Macquarie raises Downer Edi (DOW) price target from $5.29 to $5.75. Retains outperform rating. Reacts positively to co's recent asset sales. |
| IGO |
IGO |
Credit Suisse raises IGO (IGO) price target from $4.35 to $4.90. Retains neutral rating. Upgrades valuation on the basis of recent sale of 30% interest in Tropicana gold mine. |
| NEW Century Resources |
NCZ |
Credit Suisse retains outperform rating on NEW Century Resources (NCZ). Retains $0.450 price target. Anticipates co. is close to finally executing operationally, and delivering significant and sustainable free cash flow. |
| Nickel Mines |
NIC |
Citi raises Nickel Mines (NIC) price target from $1.300 to $1.400. Anticipates costs at Angel project to remain in check, still expects production in Q3 FY22. Is pleased with co's progress to becoming Top 10 global nickel miner by 2023. |
| Nickel Mines |
NIC |
Macquarie lowers Nickel Mines (NIC) price target from $1.300 to $1.200. Retains outperform rating. Is pleased with long term fundamentals, but tweaks price target after capital raising to fund acquisition of interest in Angel Nickel operation. |
| OZ Minerals |
OZL |
Credit Suisse raises OZ Minerals (OZL) price target from $13.30 to $15.40. Retains underperform rating. Cites higher copper prices for price target increase, but struggles to see near-term opportunity given recent share price appreciation. |
| Qube |
QUB |
Citi raises Qube (QUB) price target from $3.40 to $3.50. Retains buy rating. Reacts positively to quarterly trading update. Notes co. likely on track to deliver growth in FY21. |
| RIO Tinto |
RIO |
Credit Suisse raises RIO Tinto (RIO) price target from $5000.00 to $5100.00. (Prices in GBP as per London Stock Exchange listing) |
| South32 |
S32 |
Credit Suisse raises South32 (S32) price target from $2.70 to $2.80. Retains outperform rating. Sees favourable operating conditions ahead, bolstered by strong commodity prices. Notes, co. on track to deliver high single digit earnings growth in FY21, but could be 13% or more in FY22. |
| Sandfire Resources |
SFR |
Credit Suisse raises Sandfire Resources (SFR) price target from $5.25 to $6.50. Retains outperform rating. Upgrades price target on the basis of stronger copper prices. |
| Worley |
WOR |
Citi raises Worley (WOR) price target from $14.06 to $14.18. Retains buy rating. Downgrades FY21 revenue and core earnings forecast on expectation that co. will continue to struggle with COVID-19 pandemic impacts. However, longer term, believes a rebound in activity will boost earnings by FY22. |
| Worley |
WOR |
Macquarie raises Worley (WOR) price target from $12.93 to $13.60. Retains outperform rating. Considers recent cost reductions will result in stronger margins when operating environment normalises throughout FY21. Tips further contract wins, growth, ahead. |
| Worley |
WOR |
Morgan Stanley retains equalweight rating on Worley (WOR). Retains $10.50 price target. No change to rating or target after reviewing investor day briefing. Notes, whilst path to recovery becoming clearer, execution risks remain. |
| Worley |
WOR |
UBS raises Worley (WOR) price target from $12.32 to $14.45. Retains buy rating. Reacts positively to investor day briefing. Notes management is managing current slowdown well, particularly with respect to costs. |
| Western Areas |
WSA |
Credit Suisse raises Western Areas (WSA) price target from $2.35 to $2.50. Retains outperform rating. Cites higher nickel price expectations. Watching for news on resource upgrades at Forrestania. |
| ZIP Co |
Z1P |
UBS raises ZIP Co (Z1P) price target from $5.50 to $5.70. Retains sell rating. Reviews October and November sales numbers. Notes, ahead of expectations. As a result, FY21 earnings expected to improve by 15%, FY22 by 11%. US tracking well. Share price limits value proposition, hence rating. |