Does Kinross Gold's 65% YTD Rally Justify Buying the Stock Now?

Investors interested in stocks from the Mining - Gold sector have probably already heard of Agnico Eagle Mines (AEM) and Franco-Nevada (FNV). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Agnico Eagle Mines and Franco-Nevada are sporting Zacks Ranks of #1 (Strong Buy) and #3 (Hold), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that AEM is likely seeing its earnings outlook improve to a greater extent. But this is only part of the picture for value investors.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

AEM currently has a forward P/E ratio of 20.44, while FNV has a forward P/E of 37.64. We also note that AEM has a PEG ratio of 0.72. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. FNV currently has a PEG ratio of 20.46.

Another notable valuation metric for AEM is its P/B ratio of 2.02. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, FNV has a P/B of 3.90.

Based on these metrics and many more, AEM holds a Value grade of B, while FNV has a Value grade of F.

AEM sticks out from FNV in both our Zacks Rank and Style Scores models, so value investors will likely feel that AEM is the better option right now.

Zacks Investment Research

MicroStrategy Incorporated on Wednesday announced an increase in its convertible senior notes offering to $2.6 billion from its initial $1.75 billion, signaling its continued aggressive stance on Bitcoin accumulation.

The company plans to use the net proceeds to acquire additional Bitcoin and for general corporate purposes.

What Happened: This announcement comes as Bitcoin's price surges past $94,000, propelling MicroStrategy's market capitalization to $96.73 billion, surpassing the combined value of Newmont Corporation and Barrick Gold , the world's two largest gold mining companies.

The 0% convertible senior notes, due 2029, will be offered to qualified institutional buyers under Rule 144A of the Securities Act and certain non-U.S. persons in compliance with Regulation S.

With an initial conversion price set at $672.40 per share—a 55% premium over the November 19 closing price—the offering highlights strong institutional demand.

MicroStrategy expects to raise $2.58 billion in net proceeds, potentially reaching $2.97 billion if initial purchasers exercise their option to acquire additional notes.

The offering is set to close on Nov. 21, pending customary conditions.

The upsized offering underscores MicroStrategy's commitment to Bitcoin as a treasury reserve asset, a strategy that has significantly boosted its market value.

Also Read: Robinhood Positioned As Top ‘Crypto Deregulation’ Trade, Says Bernstein

Why It Matters: The company's valuation now outpaces Newmont's $49.16 billion and Barrick Gold's $31.11 billion, reflecting the growing influence of digital assets over traditional commodities.

"MicroStrategy's market cap exceeding these gold giants demonstrates the transformative potential of Bitcoin," said Peter Schiff, who questioned whether MicroStrategy could soon surpass the entire gold mining industry's capitalization.

MicroStrategy's stock has surged 3.36% in pre-market trading, driven by Bitcoin's rally to over $94,000.

The company recently acquired 51,780 bitcoin between Nov. 11 and 17 for $4.6 billion, further consolidating its position as the largest corporate holder of the cryptocurrency.

Its Bitcoin holdings now exceed 331,000 BTC, with a cumulative acquisition cost of over $16 billion.

Executive chairman Michael Saylor has positioned Bitcoin as a hedge against inflation, a strategy initiated in 2020 that has paid off amid surging cryptocurrency prices.

While MicroStrategy doubles down on Bitcoin, other major players like Goldman Sachs continue to focus on traditional assets.

Goldman recently projected gold prices to reach $3,000 per ounce by the end of 2025, emphasizing its role as a leading commodity trade.

Read Next: Coinbase CEO Brian Armstrong Backs DOGE Initiative: How Blockchain Could Transform Government Efficiency

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Let's take a look at what these Wall Street heavyweights have to say about Agnico Eagle Mines (AEM) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Agnico currently has an average brokerage recommendation (ABR) of 1.36, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 14 brokerage firms. An ABR of 1.36 approximates between Strong Buy and Buy.

Of the 14 recommendations that derive the current ABR, 10 are Strong Buy and three are Buy. Strong Buy and Buy respectively account for 71.4% and 21.4% of all recommendations.

Brokerage Recommendation Trends for AEM

While the ABR calls for buying Agnico, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABR

In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is AEM Worth Investing In?

Looking at the earnings estimate revisions for Agnico, the Zacks Consensus Estimate for the current year has increased 3.9% over the past month to $4.03.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Agnico. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here

Therefore, the Buy-equivalent ABR for Agnico may serve as a useful guide for investors.

Zacks Investment Research

Newmont Corporation NEM has agreed to sell its Musselwhite operation in Ontario, Canada, to Orla Mining Ltd for up to $850 million in total consideration.

According to the terms of the agreement, Newmont would get $810 million in cash at closing, plus up to $40 million in contingent payments. The acquisition is expected to be completed in the first quarter of 2025, pending certain conditions being met. Upon completion of the announced agreements, Newmont will have exceeded its goal of generating more than $2 billion in gross proceeds from non-core divestitures.

In February 2024, Newmont revealed its intention to sell non-core assets, including six operations and two projects in its Australian, Ghanaian and North American business units. With agreements to sell assets in Australia, Ghana and now Musselwhite, NEM is focusing on completing the sales processes for its other North American non-core businesses, which are expected to be completed in the first quarter of 2025. Total gross proceeds from transactions announced so far this year are expected to be up to $2.9 billion, including $2.3 billion from non-core divestitures.

Newmont continues to use free cash flow from operations and divestiture proceeds to increase long-term value for shareholders by repurchasing shares on a ratable basis. Under this approach, NEM has a $3 billion share repurchase program approved for implementation through October 2026.

In addition, Newmont has made substantial progress toward its targeted debt level of $8 billion, retiring roughly $500 million in 2024 and highlighting its commitment to a disciplined and balanced approach to capital allocation.

Newmont’s shares have gained 18% in the past year compared with a 31.1% rise of the industry.

MicroStrategy Inc. is making headlines as its stock climbs in pre-market trading, driven by Bitcoin’s impressive rally. The company’s market value has now outstripped the combined worth of the world’s two largest gold mining companies.

MicroStrategy saw its shares rise by 3.36% as Bitcoin’s price exceeded $93,000. According to Benzinga Pro, the company has now surpassed the market value of the two largest gold mining firms globally, Newmont Corporation and Barrick Gold .

The market capitalization of MicroStrategy stands at $96.732 billion, significantly higher than Newmont’s $49.16 billion and Barrick Gold’s $31.11 billion. This valuation boost follows the company’s recent acquisition of 51,780 Bitcoin, valued at $4.6 billion, completed between Nov. 11 and Nov.17.

Peter Schiff commented on the feat by MicroStrategy on Wednesday, “I wonder how much longer it will take before MSTR’s market cap exceeds the capitalization of the entire gold mining industry!”

See Also: Peter Schiff Pokes Fun Of MicroStrategy’s Bitcoin Purchase: ‘Michael Saylor Is Gonna Need A Bigger Plan’

Led by co-founder and chairman Michael Saylor, MicroStrategy has pivoted its strategy towards Bitcoin since 2020, viewing it as a hedge against inflation.

Meanwhile, Goldman Sachs has given a “go for gold” as a leading commodity trade for 2025, with prices expected to reach $3,000 per ounce by December 2025.

Read Next:

• Bitcoin, Ethereum, Dogecoin Rise Amid Tesla-Fueled Tech Stocks Rally: Popular Analyst Says BTC Could Reac

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo by JOCA_PH on Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The S&P/ASX 200 closed 47.7 points lower, down 0.57%.

All three winning sectors form today's trade are generally considered to be quite defensive in nature. As a fund manager, they’re the sectors you buy when you reluctantly have to buy something on the day…

Losers? They were far easier to spot as the Aussie stock market performed a disappointing about-face from yesterday's record intraday high. Where did all the buyers go!? 🤔

Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap.

Also, I have detailed technical analysis on Iron Ore and Copper in today's ChartWatch.

Let's dive in!

Today in Review

Wed 20 Nov 24, 5:03pm (AEDT)

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 47.7 points lower at 8,326.3, 0.84% from its session high and just 0.10% from its low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by a truly dismal 64 to 214.

The Gold (XGD) (+0.67%) sub-index was the best performing sector for a second day in a row, again helped by an improving gold (and silver) price. Health Care (XHJ) (+0.27%) and Utilities (XUJ) (+0.19%) were the only other sectors that managed to close in the black today .

To be fair, gains in each of these sectors was hardly emphatic. Health Care's gain, for example was extremely narrow – really just stemming from CSL (+1.1%) and Pro Medicus (+0.96%).

Also consider all three winning sectors today are generally considered to be quite defensive in nature. As a fund manager, they’re the sectors you buy when you reluctantly have to buy something on the day…

If we really want to discuss winners. Proper winners, scroll/swipe down to today's Interesting Moves section. There you'll see just how consistent today's winners were with my ChartWatch Daily Scans Uptrends lists. It might be worth keeping an eye on this update, published each morning at 9am Eastern on the dot! 🧐📈

Today’s best stocks from the strongest ASX sectors

Everything that’s considered to be skewed more to the risk-on end of the spectrum was hit much harder today – a complete about face of the typical sentiment you’d usually associate with a market that just tipped a new all time high just yesterday.

It's enough to leave one scratching their head and with a slightly uneasy feeling in the pit of one's stomach...😟

High-PE tech related sectors like Communication Services (XTJ) (-1.5%) and Information Technology (XIJ) (-0.82%) were notable thematic losers. But so too were growth-related sectors like Consumer Discretionary (XDJ) (-1.1%), Energy (XEJ) (-1.0%), and Resources (XJR) (-0.39%).

Today’s worst stocks from the weakest ASX sectors

ChartWatch

Iron Ore 62% (Front month, back-adjusted) SGX

Snooze 😴

The last time we covered iron ore was in ChartWatch in the Evening Wrap on 12 November.

In that update, we noted markets were again disappointed that another major Chinese government policy meeting passed without unveiling the much anticipated “stimulus bazooka”. There was also a general malaise that had beset metals markets following the Trump + Red Sweep US election result (tariffs on Chinese exports to the USA = 👎).

Not a great deal has changed since then, with the price of iron ore dipping further, then steadying, to close roughly the same as it was at that update.

The short term trend is still down, though, and the long term downtrend has had time to solidify further. The price action looks comfortable in falling peaks and falling troughs mode, and the candles are mixed at best.

Bottom line: Equilibrium with a slight supply-side bias.

95.80 is the nearest point of demand. A close below it would likely facilitate a probe of major demand at 88.35-89.15.

The long term trend ribbon is the nearest point of supply. It kicks in around 103.60 but is reinforced by static points of demand at 106.20, 108.95, and then the “big one”, 113.60-114.90. The iron ore price must deal with each of these if it wants to reverse the prevailing long term downtrend.

The path of least resistance remains down here, albeit at a slow grind. There remains no sign whatsoever of the seasonal rally that really should be beginning as you finish reading this sentence.

It’d going to take some large demand-side candles to kick it off (long white-bodied candles and or long downward pointing shadow). It will stand out like dogs’ you know what’s when it happens. Until then…hit the snooze button! 😴

High Grade Copper Futures (Front month, back-adjusted) COMEX

Copper copping it...

The last time we covered was in ChartWatch in the Evening Wrap on Evening Wrap on 12 November.

In that update, I said “it is growing clear to me that the supply side is in control of the price again”. Indeed, several supply-side candles have followed to cause the copper price to smash into the key 3.989-4.042 demand zone.

I also noted in that last update, that the candles in that zone would be critical. Note one of the classic “fingerprints of excess demand” as I call them – the long downward pointing shadow of the 14 November candle smack-bang in the demand zone – stamped out a temporary low.

The rally since then is less than inspiring. We just haven’t seen an emphatic demand-side follow through in either the candles or the volume.

This leads me to believe the short term downtrend ribbon is likely to offer some stiff excess supply, it will kick in around 4.24. Not far above the short term downtrend ribbon is a further potential wall of supply in the form of the long term downtrend ribbon, as well as the static 4.274-4.294 zone.

Watch the candles closely from here because black-bodied variants or those with long upward pointing shadows into known zones of supply will likely terminate this fledgling bounce.

In this scenario, if 3.989 goes then 3.893 may hold, but probing of lower demand areas like 3.753 or even 3.657 may also be possible.

Only a strong demand-side candle closing deep into the abovementioned supply zones would signal sentiment, and therefore control of the price, has changed.

Economy

Today

• There weren't any major data releases in our time zone today

Later this week

Wednesday

• 18:00 UK Core Consumer Price Index October (CPI) (+3.1% p.a. forecast vs 3.2% p.a. in September)

Thursday

• 19:00 AUS RBA Governor Michelle Bullock speaks

Friday

• 09:00 AUS Flash Manufacturing Purchasing Managers Index (PMI) October (was 47.3 in September) & Flash Services PMI October (was 51.0 in September)

• 19:15 EUR Various countries Flash Manufacturing & Services PMIs October (Germany: Manufacturing forecast 43.1 vs 43.0 in September & Services 51.8 forecast vs 51.6 in September; Eurozone: Manufacturing forecast no change at 46.0 & Services forecast no change at 51.6)

Saturday

• 01:45 US Flash Manufacturing Purchasing Managers Index (PMI) October (was 47.3 in September) & Flash Services PMI October (was 51.0 in September)

Latest News

Midday Market Movers ehl era

Stocks making the biggest moves at noon: Energy Resources of Australia, PWR Holdings and more

Wed 20 Nov 24, 12:16pm (AEDT)

Quick Takes hls

Healius could pay a one-off special dividend of $300 million (or 25-30% yield)

Wed 20 Nov 24, 10:45am (AEDT)

Technical Analysis aai alq

ChartWatch ASX Scans: Alcoa, ALS, Brambles, Generation Development, Hub24, Noviqtech, Cettire, CSL, Elders, IGO

Wed 20 Nov 24, 9:00am (AEDT)

Market Wraps

Morning Wrap: ASX 200 futures flat, US markets mixed + Gold, iron ore and lithium miners to rise

Wed 20 Nov 24, 8:36am (AEDT)

Market Wraps alq deg

Evening Wrap: ASX 200 tips new record on surging gold, energy and tech stocks, lithium stocks tank despite rising lithium price

Tue 19 Nov 24, 6:00pm (AEDT)

Director Transactions ben ctd

Insider Trades: Directors bought and sold shares in these 6 ASX 200 stocks last week

Tue 19 Nov 24, 3:46pm (AEDT)

More News

Interesting Movers

Trading higher

• +8.4% Catapult Group International (CAT) - Continued positive response to yesterday's N, yet again, rise is consistent with prevailing short and long term uptrends making it one of the most Featured stocks in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

• +5.9% Nexgen Energy (NXG) - NexGen Achieves Major Permitting Milestone, rise is consistent with prevailing short and long term uptrends making (recent regular in ChartWatch ASX Daily Scans Uptrends lists) 🔎📈

• +5.8% Iperionx (IPX) - IperionX 2024 Sustainability Report, rise is consistent with prevailing short and long term uptrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

• +5.4% Rpmglobal (RUL) - No news, rise is consistent with prevailing short and long term uptrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

• +5.3% Regal Partners (RPL) - No news, rise is consistent with prevailing short and long term uptrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

• +4.3% SRG Global (SRG) - Continued positive response to yesterday's $700m of Contracts Secured with Key Repeat Clients, rise is consistent with prevailing short and long term uptrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

• +3.3% Perenti (PRN) - Investor Presentation, rise is consistent with prevailing short and long term uptrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

• +3.2% Generation Development Group (GDG) - Continued positive response to yesterday's AGM presentation, rise is consistent with prevailing short and long term uptrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

• +3.2% Pointsbet (PBH) - No news, rise is consistent with prevailing short and long term uptrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Uptrends lists 🔎📈

Trading lower

• -24.6% PWR Holdings (PWH) - PWR Trading Update, yet again, fall is consistent with prevailing short and long term downtrends making it a regularly Featured stock in ChartWatch ASX Daily Scans Downtrends lists 🔎📉

• -13.5% Appen (APX) - No news, generally weaker ASX tech sector today, pullback after a strong rally

• -9.8% Webjet (WJL) - Delayed release of 1H25 results

• -9.5% Peninsula Energy (PEN) - Continued negative response to 15 Nov Peninsula Energy/Lance Project Update, fall is consistent with prevailing short and long term downtrends 🔎📉

• -9.0% Mader Group (MAD) - Change of Director's Interest Notice and Change in substantial holding (CEO and founder sell down)

• -7.5% Neuren Pharmaceuticals (NEU) - No news, consistent with recent extreme price volatility, back below long term downtrend ribbon

• -6.6% Cettire (CTT) - No news, fall is consistent with prevailing short and long term downtrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Downtrends lists 🔎📉

• -5.0% Droneshield (DRO) - No news, fall is consistent with prevailing short and long term downtrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Downtrends lists 🔎📉

• -4.8% Imugene (IMU) - No news, fall is consistent with prevailing short and long term downtrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Downtrends lists 🔎📉

• -4.7% Immutep (IMM) - No news, fall is consistent with prevailing short and long term downtrends, making this one also a heavily Featured stock in ChartWatch ASX Daily Scans Downtrends lists 🔎📉

Broker Notes

• ALS (ALQ)

  • Retained at buy at Goldman Sachs; Price Target: $16.65 from $14.85

  • Downgraded to neutral from overweight at Jarden; Price Target: $14.40 from $14.25

  • Retained at buy at Jefferies; Price Target: $17.70 from $16.90

  • Retained at outperform at Macquarie; Price Target: $16.25 from $15.00

  • Retained at add at Morgans; Price Target: $16.75 from $15.50

  • Retained at buy at UBS; Price Target: $17.50 from $16.30

• Atlas Arteria (ALX)

  • Initiated at buy at Citi; Price Target: $5.80

• Amcor (AMC)

  • Retained at neutral at Citi; Price Target: $17.00

  • Retained at equal-weight at Morgan Stanley; Price Target: $15.50

• BHP Group (BHP)

  • Retained at buy at Citi; Price Target: $46.00

  • Retained at buy at Goldman Sachs; Price Target: $47.30 from $47.80

  • Retained at overweight at Morgan Stanley; Price Target: $46.85

  • Retained at neutral at UBS; Price Target: $43.00

• Capricorn Metals (CMM)

  • Retained at buy at Bell Potter; Price Target: $7.54 from $7.23

  • Retained at buy at Canaccord Genuity; Price Target: $8.30 from $8.10

• Cochlear (COH)

  • Retained at sell at Citi; Price Target: $305.00

• Elders (ELD)

  • Retained at buy at Citi; Price Target: $9.75

• Frontier Digital Ventures (FDV)

  • Retained at add at Morgans; Price Target: $0.61 from $0.66

• Gentrack Group (GTK)

  • Retained at buy at Bell Potter; Price Target: $11.50 from $10.90

• Healius (HLS)

  • Upgraded to neutral from sell at Citi; Price Target: $1.05 from $1.50

• Insurance Australia Group (IAG)

  • Retained at outperform at Macquarie; Price Target: $8.00

• KMD Brands (KMD)

  • Retained at equal-weight at Morgan Stanley; Price Target: $0.50

• Lotus Resources (LOT)

  • Retained at buy at Canaccord Genuity; Price Target: $0.42

• Monadelphous Group (MND)

  • Retained at hold at Bell Potter; Price Target: $13.90 from $13.80

  • Retained at buy at Citi; Price Target: $16.20

  • Retained at outperform at Macquarie; Price Target: $14.44 from $14.50

• Newmont Corporation (NEM)

  • Upgraded to overweight from neutral at JP Morgan; Price Target: $72.50 from $74.00

  • Retained at outperform at Macquarie; Price Target: $82.00

• New Hope Corporation (NHC)

  • Retained at neutral at Citi; Price Target: $5.00

• Netwealth Group (NWL)

  • Retained at neutral at Citi; Price Target: $27.00

• Paladin Energy (PDN)

  • Retained at buy at Canaccord Genuity; Price Target: $15.20

• Pilbara Minerals (PLS)

  • Retained at neutral at Citi; Price Target: $2.90

• Qantas Airways (QAN)

  • Retained at overweight at Morgan Stanley; Price Target: $10.50 from $8.50

• QBE Insurance Group (QBE)

  • Retained at outperform at Macquarie; Price Target: $20.80

  • Retained at overweight at Morgan Stanley; Price Target: $21.25 from $19.30

• Rio Tinto (RIO)

  • Retained at neutral at UBS; Price Target: $124.00

• Resimac Group (RMC)

  • Retained at buy at Bell Potter; Price Target: $1.30

• Steadfast Group (SDF)

  • Retained at outperform at Macquarie; Price Target: $6.80

• Seek (SEK)

  • Retained at positive at E&P; Price Target: $28.50

  • Retained at sell at Goldman Sachs; Price Target: $21.50

  • Retained at overweight at JP Morgan; Price Target: $27.00 from $22.00

• Sonic Healthcare (SHL)

  • Retained at neutral at Citi; Price Target: $27.00

• SRG Global (SRG)

  • Retained at buy at Bell Potter; Price Target: $1.55 from $1.40

  • Retained at buy at Shaw and Partners; Price Target: $1.40

• Santos (STO)

  • Upgraded to buy from neutral at Citi; Price Target: $7.60

  • Retained at buy at Goldman Sachs; Price Target: $7.90

  • Retained at overweight at Jarden; Price Target: $7.85 from $7.90

  • Retained at outperform at Macquarie; Price Target: $8.70 from $8.50

  • Retained at overweight at Morgan Stanley; Price Target: $7.99 from $7.97

  • Retained at outperform at RBC Capital Markets; Price Target: $7.50 from $7.75

  • Retained at buy at UBS; Price Target: $8.15 from $8.40

• Suncorp Group (SUN)

  • Retained at neutral at Macquarie; Price Target: $17.00

• Technology One (TNE)

  • Retained at hold at Bell Potter; Price Target: $29.50 from $24.00

  • Retained at neutral at Goldman Sachs; Price Target: $26.90 from $24.05

  • Retained at neutral at JP Morgan; Price Target: $27.00 from $18.50

  • Downgraded to neutral from outperform at Macquarie; Price Target: $27.90 from $22.20

  • Retained at equal-weight at Morgan Stanley; Price Target: $25.50 from $15.20

  • Downgraded to hold from add at Morgans; Price Target: $29.90 from $20.50

  • Downgraded to lighten from hold at Ord Minnett; Price Target: $25.20 from $17.60

  • Retained at outperform at RBC Capital Markets; Price Target: $35.00 from $24.00

  • Retained at hold at Shaw and Partners; Price Target: $29.30 from $17.30

  • Retained at buy at UBS; Price Target: $33.80 from $26.20

• Wagners Holding Company (WGN)

  • Retained at add at Morgans; Price Target: $1.55 from $1.25

Scans

Top Gainers

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Top Fallers

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52 Week Highs

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52 Week Lows

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Near Highs

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Relative Strength Index (RSI) Oversold

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