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/Evening Wrap: ASX 200 escapes DeepSeek carnage with small loss as Data Centre, Utilities and Uranium stocks smashed
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Market Wraps
/Evening Wrap: ASX 200 escapes DeepSeek carnage with small loss as Data Centre, Utilities and Uranium stocks smashed
Market Wraps
Evening Wrap: ASX 200 escapes DeepSeek carnage with small loss as Data Centre, Utilities and Uranium stocks smashed
Tue 28 Jan 25, 6:32pm (AEDT)
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Commodities in article
The S&P/ASX 200 closed 9.8 points lower, down 0.12%.
Today's moves were all about the potential DeepSeek impacts on local stocks, mainly relating to how DeepSeek's current technology, future developments, and influences on the AI industry will impact other AI developers, data centre operators, and power utilities and the energy companies that supply them.
On the latter group, uranium stocks in particular came in for some harsh treatment, suffering double digit declines...But there were plenty of massive falls across the broader DeepSeek-impacted cohort.
Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key upcoming economic data in tonight's Evening Wrap.
Let's dive in!
Today in Review
Tue 28 Jan 25, 5:32pm (AEDT)
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Markets
ASX 200 Session Chart
The S&P/ASX 200 (XJO) finished 9.8 points lower at 8,399.1, 0.33% from its session high and 0.15% from its low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by 119 to 162.
Today's moves were all about the potential DeepSeek impacts on local stocks, mainly relating to whether DeepSeek's current technology, future developments, and influences on the AI industry will:
Due to its lower requirement for computational power, potentially reduce the AI industry's need for powerful processing chips and supporting components;
Following from the above, potentially reduce the AI industry's energy consumption;
Due to the its lower requirement for data usage, potentially reduce the AI industry's requirements for data storage.
Given the above, the hardest hit sectors on the ASX today were Real Estate Investment Trusts (XPJ) (-3.4%) (local data centre operators were taken down by Item 3), and Utilities (XUJ) (-2.5%) (local power producers were taken down by Items 2 and 3 – given data centres chew up huge amounts of energy).
There are also potentially negative read-throughs for base metals (energy transition), and energy commodities. Overnight falls in these markets dragged accordingly on Energy (XEJ) (-2.1%) and Resources (XJR) (-0.73%).
Finally, losers outweighed winners more generally in the broader Information Technology (XIJ) (-0.61%) sector – it's not like we have an NVIDIA in our midst – but there were sharp falls in the likes of chip and memory developers Brainchip (ASX: BRN) (-15.4%) and Weebit Nano (ASX: WBT) (-14.3%).
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
Bannerman Energy (BMN) | $2.54 | -$0.64 | -20.1% | -9.3% | -25.7% |
Lotus Resources (LOT) | $0.210 | -$0.045 | -17.6% | +13.5% | -37.3% |
Deep Yellow (DYL) | $1.230 | -$0.225 | -15.5% | +10.3% | -11.5% |
Nexgen Energy (NXG) | $10.18 | -$1.56 | -13.3% | -10.4% | -11.9% |
Boss Energy (BOE) | $2.84 | -$0.33 | -10.4% | +20.3% | -48.0% |
Vulcan Energy Resources (VUL) | $4.70 | -$0.5 | -9.6% | -13.1% | +137.4% |
MTM Critical Metals (MTM) | $0.235 | -$0.025 | -9.6% | +27.0% | +173.3% |
Paladin Energy (PDN) | $8.15 | -$0.85 | -9.4% | +7.9% | -33.5% |
Goodman Group (GMG) | $35.00 | -$3.12 | -8.2% | -4.2% | +41.4% |
Stanmore Resources (SMR) | $2.65 | -$0.23 | -8.0% | -11.4% | -30.8% |
New Hope Corporation (NHC) | $4.61 | -$0.29 | -5.9% | -8.9% | -12.7% |
Chalice Mining (CHN) | $1.130 | -$0.07 | -5.8% | +3.2% | +10.8% |
WA1 Resources (WA1) | $12.84 | -$0.78 | -5.7% | +1.5% | +28.4% |
Spartan Resources (SPR) | $1.365 | -$0.08 | -5.5% | +4.2% | +239.2% |
Iperionx (IPX) | $3.74 | -$0.2 | -5.1% | -26.4% | +120.0% |
Black Cat Syndicate (BC8) | $0.670 | -$0.035 | -5.0% | +15.5% | +211.6% |
South32 (S32) | $3.37 | -$0.17 | -4.8% | -1.2% | +0.9% |
Nickel Industries (NIC) | $0.795 | -$0.04 | -4.8% | -4.2% | +35.9% |
Develop Global (DVP) | $2.32 | -$0.11 | -4.5% | +5.5% | +16.6% |
Sayona Mining (SYA) | $0.022 | -$0.001 | -4.3% | -15.4% | -47.6% |
Whitehaven Coal (WHC) | $6.05 | -$0.25 | -4.0% | +0.2% | -24.8% |
Ora Banda Mining (OBM) | $0.730 | -$0.03 | -3.9% | +11.5% | +247.6% |
Ampol (ALD) | $28.32 | -$1.16 | -3.9% | +3.0% | -18.6% |
Westgold Resources (WGX) | $2.52 | -$0.1 | -3.8% | -11.3% | +22.9% |
HMC Capital (HMC) | $9.10 | -$0.35 | -3.7% | -10.4% | +59.1% |
Today's biggest DeepSeek losers
It wasn't all doom and gloom, however. The Consumer Discretionary (XDJ) (+1.6%) sector prospered today on a positive preview of their upcoming earnings by Goldman Sachs, in which the broker upgraded its rating on sector heavyweight Wesfarmers (ASX: WES) (+1.1%) to OVERWEIGHT from EQUAL-WEIGHT.
GS also saw fit to apply substantial price target increases to WES and the likes of Flight Centre Travel Group (ASX: FLT) (+4.3%), Aristocrat Leisure (ASX: ALL) (+4.2%), Domino's Pizza Enterprises (ASX: DMP) (+1.9%), and Breville Group (ASX: BRG) (+1.7%). Full details in a bumper Broker Moves section below.
As the DeepSeek losers wilted, funds flowed into sectors likely not negatively impacted, but perhaps even positively impacted via increased usage cases, like Communication Services (XTJ) (+0.94%), Health Care (XHJ) (+0.49%), and Financials (XFJ) (+0.32%).
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
Sigma Healthcare (SIG) | $3.03 | +$0.33 | +12.2% | +14.8% | +212.4% |
EBR Systems (EBR) | $1.765 | +$0.13 | +8.0% | +74.8% | +147.0% |
Opthea (OPT) | $1.030 | +$0.055 | +5.6% | +35.5% | +133.0% |
Flight Centre Travel Group (FLT) | $17.57 | +$0.72 | +4.3% | +6.8% | -16.5% |
Aristocrat Leisure (ALL) | $71.85 | +$2.9 | +4.2% | +4.5% | +65.1% |
Cettire (CTT) | $1.340 | +$0.05 | +3.9% | -6.6% | -55.6% |
Ansell (ANN) | $35.03 | +$0.97 | +2.8% | +4.1% | +45.3% |
Telix Pharmaceuticals (TLX) | $28.30 | +$0.77 | +2.8% | +13.1% | +153.8% |
Audinate Group (AD8) | $7.52 | +$0.19 | +2.6% | +1.8% | -56.5% |
Codan (CDA) | $16.24 | +$0.36 | +2.3% | -0.2% | +104.3% |
Resmed Inc (RMD) | $40.30 | +$0.86 | +2.2% | +9.0% | +50.7% |
Bapcor (BAP) | $4.88 | +$0.1 | +2.1% | +6.1% | -7.9% |
Nick Scali (NCK) | $15.98 | +$0.32 | +2.0% | +5.7% | +25.5% |
Lovisa (LOV) | $29.03 | +$0.58 | +2.0% | -4.2% | +28.7% |
Domino's Pizza Enterprises (DMP) | $30.79 | +$0.57 | +1.9% | +4.4% | -46.3% |
Xero (XRO) | $175.62 | +$3.01 | +1.7% | +4.1% | +55.4% |
Breville Group (BRG) | $38.20 | +$0.65 | +1.7% | +7.5% | +44.7% |
Accent Group (AX1) | $2.38 | +$0.04 | +1.7% | -0.8% | +13.9% |
Bank of Queensland (BOQ) | $6.90 | +$0.11 | +1.6% | +3.6% | +17.1% |
Perpetual (PPT) | $21.44 | +$0.32 | +1.5% | +7.2% | -18.0% |
AUB Group (AUB) | $31.31 | +$0.46 | +1.5% | +0.8% | +0.8% |
MA Financial Group (MAF) | $6.65 | +$0.08 | +1.2% | +12.5% | +17.3% |
Technology One (TNE) | $29.99 | +$0.35 | +1.2% | -2.4% | +90.3% |
Westpac Banking Corporation (WBC) | $33.40 | +$0.38 | +1.2% | +3.0% | +42.5% |
Eagers Automotive (APE) | $12.37 | +$0.14 | +1.1% | +6.0% | -13.5% |
Today's biggest ASX winners, the not-DeepSeek-losers!
Economy
Monday (catch up)
CHN Manufacturing Purchasing Managers Index (PMI) January
49.1 actual vs 50.3 forecast and 50.3 in December (i.e., down and worse than expected)
Readings below 50 indicate contraction in the sector
First negative reading since September and weakest reading since August
Likely negative flow through for commodities prices
CHN Services PMI January
50.2 actual vs 52.1 forecast and 52.2 in December (i.e., down and worse than expected)
Combined with above, paints a bleak picture of Chinese growth at the start of the year
Today
AUS NAB Business Confidence December
Confidence +1 point to -2 points vs Conditions +3 points to +6 index points
In trend terms, confidence remains weakest in retail (-9 index points), wholesale (-4 index points) and construction (-3 index points)
According to NAB: "...conditions in retail remain significantly weaker than most industries, with services sectors continuing to outperform the goods sectors. Confidence also edged up but remains well below the long-run average...Overall, the survey points to improvements across most activity measures, though confidence remains weak"
Later this week
Wednesday
00:30 USA Core Durable Goods Orders December (+0.4% m/m forecast vs -0.2% m/m in October)
02:00 USA Consumer Confidence January (105.7 forecast vs 104.7 in December)
11:30 AUS Consumer Price Index (CPI) December Quarter (+0.3% q/q forecast vs +0.2% q/q in September Quarter) and CPI Trimmed Mean December Quarter (+0.6% q/q and 3.3% p.a. forecast vs +0.8% q/q and 3.5% p.a. in September Quarter).
Thursday
06:00 USA FOMC Meeting and Federal Funds Rate (+4.25-4.50% forecast no change vs previous)
06:30 USA FOMC Press Conference by Chairman Jerome Powell
Friday
00:15 EUR European Central Bank (ECB) Main Financing Rate (+2.90% forecast vs +3.15% previous)
00:30 USA Advance GDP December Quarter (+2.7% p.a. forecast vs +3.1% p.a. in September Quarter)
Saturday
00:30 USA Core PCE Price Index December (+0.2% m/m and +2.5% p.a. forecast vs +0.1% m/m and +2.4% p.a. in November)
Latest News
Interesting Movers
Trading higher
+30.5% Dropsuite (DSE) - Dropsuite Signs Scheme Implementation Deed with NinjaOne, Quarterly Business Update for Q4 FY24, and Investor Presentation Q4 2024 Update, rise is consistent with prevailing long-term uptrend 🔎📈
+18.2% Tamboran Resources Corporation (TBN) - Second Quarter FY25 Earning Release and Webcast, rise is consistent with prevailing short-term uptrend, long-term trend is transitioning from down to up 🔎📈
+12.2% Sigma Healthcare (SIG) - Trading Update 1H FY25 Record Sales & Margin Expansion, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈
+8.5% US Masters Residential Property Fund (URF) - Update on Structure Review and Sales Target for 2025, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈
+8.0% EBR Systems (EBR) - EBR leases new facility to expand manufacturing capabilities, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈
+5.6% Opthea (OPT) - No news, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈
+4.2% Aristocrat Leisure (ALL) - No news, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈
+3.4% Dexus (DXS) - No news, upgraded to outperform from neutral at Macquarie and price target increased to $7.74 from $6.52
+3.2% Monadelphous Group (MND) - No news since 24-Jan Half-year Profit after Tax expected to exceed consensus, upgraded to outperform from neutral at Macquarie and price target increased to $15.93 from $14.80, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈
Trading lower
-20.2% Nuix (NXL) - 1H25 Results Update, fall is consistent with prevailing short-term downtrend 🔎📉
-20.1% Bannerman Energy (BMN) - No news, fallout from DeepSeek developments (i.e., potential to make AI less energy intensive)
-17.6% Lotus Resources (LOT) - Lotus Signs Term Sheets for up to US$38.5m in Facilities and Investor Presentation - January / February 2025, but likely also ditto DeepSeek fallout… (i.e., potential to make AI less energy intensive)
-15.5% Deep Yellow (DYL) - No news, likely ditto DeepSeek fallout… (i.e., potential to make AI less energy intensive)
-15.4% Brainchip (BRN) - Appendix 4C and Quarterly Activities Report, but also likely ditto DeepSeek fallout…(i.e., potential that AI applications require less powerful processing chips of the likes BRN is developing)
-14.3% Weebit Nano (WBT) - No news, likely ditto DeepSeek fallout… (i.e., potential that AI applications require less powerful memory chips of the likes BRN is developing)
-13.4% Peninsula Energy (PEN) - No news, likely ditto DeepSeek fallout… (i.e., potential to make AI less energy intensive)
-13.3% Nexgen Energy (NXG) - No news, likely ditto DeepSeek fallout… (i.e., potential to make AI less energy intensive)
-10.4% Boss Energy (BOE) - No news, likely ditto DeepSeek fallout… (i.e., potential to make AI less energy intensive)
-9.4% Paladin Energy (PDN) - No news, likely ditto DeepSeek fallout… (i.e., potential to make AI less energy intensive)
-8.6% Silex Systems (SLX) - No news, likely ditto DeepSeek fallout… (i.e., potential to make AI less energy intensive)
-8.2% Goodman Group (GMG) - No news, likely ditto DeepSeek fallout… (i.e., potential AI applications are less data intensive, and therefore require less data centre capacity)
Broker Moves
Life360 (360)
Retained at buy at Bell Potter; Price Target: $27.75 from $26.75
Retained at buy at Goldman Sachs; Price Target: $25.00
AIC Mines (A1M)
Retained at buy at Shaw and Partners; Price Target: $1.10
The A2 Milk Company (A2M)
Retained at neutral at Goldman Sachs; Price Target: $5.85 from $6.10
Aussie Broadband (ABB)
Retained at neutral at Goldman Sachs; Price Target: $3.80
Abacus Group (ABG)
Upgraded to outperform from neutral at Macquarie; Price Target: $1.26 from $1.15
Australian Clinical Labs (ACL)
Retained at neutral at Macquarie; Price Target: $2.95
Ampol (ALD)
Upgraded to buy from neutral at Goldman Sachs; Price Target: $32.00 from $32.30
Downgraded to neutral from outperform at Macquarie; Price Target: $31.00 from $33.75
Retained at equal-weight at Morgan Stanley; Price Target: $32.00
Aristocrat Leisure (ALL)
Upgraded to buy from neutral at Goldman Sachs; Price Target: $78.00 from $70.00
AMP (AMP)
Retained at overweight at Morgan Stanley; Price Target: $1.90 from $1.70
Arena Reit. (ARF)
Downgraded to neutral from outperform at Macquarie; Price Target: $3.99 from $4.15
ASX (ASX)
Downgraded to underweight from equal-weight at Morgan Stanley; Price Target: $55.05 from $58.00
Australian Vanadium (AVL)
Retained at buy at Shaw and Partners; Price Target: $0.08
Antipa Minerals (AZY)
Retained at buy at Shaw and Partners; Price Target: $0.04
Breville Group (BRG)
Retained at buy at Goldman Sachs; Price Target: $40.90 from $34.20
Brightstar Resources (BTR)
Retained at buy at Shaw and Partners; Price Target: $0.04
Bubs Australia (BUB)
Retained at neutral at Citi; Price Target: $0.14 from $0.13
Chrysos Corporation (C79)
Retained at buy at Shaw and Partners; Price Target: $7.00 from $7.20
Car Group (CAR)
Retained at buy at Goldman Sachs; Price Target: $45.30 from $44.50
Challenger (CGF)
Retained at equal-weight at Morgan Stanley; Price Target: $6.60 from $6.80
Charter Hall Group (CHC)
Downgraded to neutral from outperform at Macquarie; Price Target: $15.71 from $15.43
Retained at overweight at Morgan Stanley; Price Target: $18.56
Centuria Industrial Reit (CIP)
Upgraded to outperform from neutral at Macquarie; Price Target: $3.32 from $3.20
Centuria Capital Group (CNI)
Downgraded to neutral from outperform at Macquarie; Price Target: $1.85 from $1.87
Coles Group (COL)
Retained at neutral at Goldman Sachs; Price Target: $19.50 from $18.50
Charter Hall Retail Reit (CQR)
Upgraded to outperform from neutral at Macquarie; Price Target: $3.45 from $3.42
Coronado Global Resources (CRN)
Retained at buy at Goldman Sachs; Price Target: $1.05 from $1.20
Retained at outperform at Macquarie; Price Target: $1.00
Coventry Group (CYG)
Retained at buy at Bell Potter; Price Target: $1.40 from $1.60
Dicker Data (DDR)
Retained at neutral at Goldman Sachs; Price Target: $9.80
DigiCo REIT (DGT)
Retained at buy at Goldman Sachs; Price Target: $5.80
Initiated at buy at UBS; Price Target: $5.60
Domain Australia (DHG)
Retained at neutral at Goldman Sachs; Price Target: $2.90 from $3.20
Delta Lithium (DLI)
Retained at buy at Canaccord Genuity; Price Target: $0.50
Domino's Pizza Enterprises (DMP)
Retained at buy at Goldman Sachs; Price Target: $40.20 from $39.10
Data#3 (DTL)
Retained at neutral at Goldman Sachs; Price Target: $8.25
Dexus Industria Reit. (DXI)
Retained at outperform at Macquarie; Price Target: $3.05 from $3.19
Dexus (DXS)
Upgraded to outperform from neutral at Macquarie; Price Target: $7.74 from $6.52
Endeavour Group (EDV)
Retained at buy at Goldman Sachs; Price Target: $5.10 from $5.50
Fineos Corporation (FCL)
Retained at sector perform at RBC Capital Markets; Price Target: $1.70
Flight Centre Travel Group (FLT)
Retained at neutral at Goldman Sachs; Price Target: $17.50
Fortescue (FMG)
Retained at neutral at Citi; Price Target: $21.00
Retained at sell at Goldman Sachs; Price Target: $16.40 from $16.30
Retained at underperform at Macquarie; Price Target: $15.25
Retained at equal-weight at Morgan Stanley; Price Target: $18.50
Retained at hold at Morgans; Price Target: $18.90 from $20.50
Retained at buy at Ord Minnett; Price Target: $21.10
Fleetpartners Group (FPR)
Retained at overweight at Morgan Stanley; Price Target: $3.90
Generation Development Group (GDG)
Retained at overweight at Morgan Stanley; Price Target: $4.90 from $4.75
Goodman Group (GMG)
Retained at buy at Citi; Price Target: $40.00
Retained at neutral at Macquarie; Price Target: $36.47
Gold Road Resources (GOR)
Retained at sector perform at RBC Capital Markets; Price Target: $2.30
Growthpoint Properties Australia (GOZ)
Upgraded to outperform from neutral at Macquarie; Price Target: $2.61 from $2.35
GPT Group (GPT)
Retained at outperform at Macquarie; Price Target: $5.36 from $4.98
Gentrack Group (GTK)
Retained at buy at Goldman Sachs; Price Target: $13.50
Healthco Healthcare and Wellness Reit (HCW)
Retained at outperform at Macquarie; Price Target: $1.02 from $1.32
Homeco Daily Needs Reit (HDN)
Retained at neutral at Macquarie; Price Target: $1.11 from $1.19
Healius (HLS)
Retained at neutral at Macquarie; Price Target: $1.35
Hansen Technologies (HSN)
Retained at buy at Goldman Sachs; Price Target: $6.35
Retained at outperform at RBC Capital Markets; Price Target: $6.00
Harvey Norman (HVN)
Retained at sell at Goldman Sachs; Price Target: $4.10 from $4.00
Integral Diagnostics (IDX)
Retained at outperform at Macquarie; Price Target: $3.50
IDP Education (IEL)
Retained at buy at Goldman Sachs; Price Target: $19.00
Infomedia (IFM)
Retained at sector perform at RBC Capital Markets; Price Target: $1.65
IGO (IGO)
Retained at sell at Canaccord Genuity; Price Target: $4.30
Retained at underweight at Morgan Stanley; Price Target: $4.50
Iluka Resources (ILU)
Retained at equal-weight at Morgan Stanley; Price Target: $4.90 from $5.80
Iperionx (IPX)
Retained at buy at Canaccord Genuity; Price Target: $6.65
JB HI-FI (JBH)
Retained at sell at Goldman Sachs; Price Target: $75.50 from $66.90
James Hardie Industries (JHX)
Retained at buy at Goldman Sachs; Price Target: $59.30
Kogan.Com (KGN)
Retained at sell at Citi; Price Target: $4.40 from $4.50
Retained at neutral at UBS; Price Target: $5.50 from $5.80
Lendlease Group (LLC)
Upgraded to outperform from neutral at Macquarie; Price Target: $6.98 from $7.00
Lunnon Metals (LM8)
Retained at buy at Shaw and Partners; Price Target: $0.60
Light & Wonder (LNW)
Retained at buy at Goldman Sachs; Price Target: $172.40
Macquarie Technology Group (MAQ)
Retained at neutral at Goldman Sachs; Price Target: $84.90
Retained at outperform at RBC Capital Markets; Price Target: $110.00
Mirvac Group (MGR)
Retained at outperform at Macquarie; Price Target: $2.17 from $2.46
Monadelphous Group (MND)
Retained at sell at Goldman Sachs; Price Target: $12.95
Upgraded to outperform from neutral at Macquarie; Price Target: $15.93 from $14.80
Megaport (MP1)
Retained at neutral at Goldman Sachs; Price Target: $8.30 from $8.00
Retained at sector perform at RBC Capital Markets; Price Target: $10.00
Medibank Private (MPL)
Retained at neutral at Goldman Sachs; Price Target: $4.00
Retained at neutral at Macquarie; Price Target: $3.90
Macquarie Group (MQG)
Retained at sell at Citi; Price Target: $177.00
Nine Entertainment (NEC)
Retained at buy at Goldman Sachs; Price Target: $1.65
NIB (NHF)
Retained at buy at Goldman Sachs; Price Target: $6.50
Retained at neutral at Macquarie; Price Target: $5.50
National Storage Reit (NSR)
Retained at neutral at Macquarie; Price Target: $2.40 from $2.51
Netwealth Group (NWL)
Retained at equal-weight at Morgan Stanley; Price Target: $27.50
News Corporation (NWS)
Retained at buy at Goldman Sachs; Price Target: $55.00 from $52.00
Nextdc (NXT)
Retained at buy at Citi; Price Target: $20.00
Retained at buy at Goldman Sachs; Price Target: $18.30 from $18.50
Retained at outperform at RBC Capital Markets; Price Target: $20.00
Objective Corporation (OCL)
Retained at neutral at Goldman Sachs; Price Target: $13.75
OOH!Media (OML)
Retained at neutral at Goldman Sachs; Price Target: $1.35 from $1.50
Paladin Energy (PDN)
Retained at buy at Shaw and Partners; Price Target: $15.80
Pilbara Minerals (PLS)
Retained at hold at Ord Minnett; Price Target: $2.50 from $3.00
Pro Medicus (PME)
Retained at buy at Goldman Sachs; Price Target: $285.00 from $278.00
Retained at sector perform at RBC Capital Markets; Price Target: $275.00
Perpetual (PPT)
Retained at buy at Bell Potter; Price Target: $25.40 from $24.76
Pexa Group (PXA)
Retained at buy at Goldman Sachs; Price Target: $15.70 from $16.00
Qualitas (QAL)
Retained at outperform at Macquarie; Price Target: $2.93 from $2.94
QBE Insurance Group (QBE)
Retained at buy at Goldman Sachs; Price Target: $22.50
REA Group (REA)
Retained at buy at Goldman Sachs; Price Target: $267.00 from $249.00
Region Group (RGN)
Downgraded to underperform from outperform at Macquarie; Price Target: $2.03 from $2.28
Rio Tinto (RIO)
Retained at overweight at Morgan Stanley; Price Target: $136.50
Regis Resources (RRL)
Downgraded to hold from buy at Canaccord Genuity; Price Target: $3.10
Retained at sell at Goldman Sachs; Price Target: $2.80 from $2.70
Retained at outperform at Macquarie; Price Target: $3.50 from $3.40
Retained at equal-weight at Morgan Stanley; Price Target: $2.95 from $2.65
Reliance Worldwide Corporation (RWC)
Retained at buy at Goldman Sachs; Price Target: $6.05
Scentre Group (SCG)
Downgraded to neutral from outperform at Macquarie; Price Target: $3.37 from $3.60
Siteminder (SDR)
Retained at neutral at Goldman Sachs; Price Target: $6.10
Seek (SEK)
Retained at sell at Goldman Sachs; Price Target: $21.40
Stockland (SGP)
Downgraded to underperform from neutral at Macquarie; Price Target: $5.15 from $5.26
Sigma Healthcare (SIG)
Retained at neutral at Citi; Price Target: $2.50
Superloop (SLC)
Retained at sell at Goldman Sachs; Price Target: $2.10
Synlait Milk (SM1)
Retained at underperform at Macquarie; Price Target: $0.44 from $0.37
Santana Minerals (SMI)
Retained at buy at Shaw and Partners; Price Target: $1.14
Spark New Zealand (SPK)
Retained at neutral at Goldman Sachs; Price Target: $3.20
Santos (STO)
Retained at buy at Goldman Sachs; Price Target: $7.90 from $7.75
Retained at outperform at Macquarie; Price Target: $8.95 from $8.70
Retained at overweight at Morgan Stanley; Price Target: $7.77
Super Retail Group (SUL)
Retained at buy at Goldman Sachs; Price Target: $16.80 from $17.60
The Lottery Corporation (TLC)
Retained at neutral at Goldman Sachs; Price Target: $5.20 from $5.40
Telstra Group (TLS)
Retained at buy at Goldman Sachs; Price Target: $4.50
Technology One (TNE)
Retained at neutral at Goldman Sachs; Price Target: $26.90
Retained at outperform at RBC Capital Markets; Price Target: $35.00
TPG Telecom (TPG)
Retained at sell at Goldman Sachs; Price Target: $4.20
Treasury Wine Estates (TWE)
Retained at buy at Goldman Sachs; Price Target: $13.00 from $15.20
Vicinity Centres (VCX)
Retained at neutral at Macquarie; Price Target: $2.00 from $2.04
Woodside Energy Group (WDS)
Retained at neutral at Macquarie; Price Target: $26.00 from $27.00
Wesfarmers (WES)
Upgraded to buy from neutral at Goldman Sachs; Price Target: $78.70 from $69.50
Westgold Resources (WGX)
Retained at buy at Canaccord Genuity; Price Target: $4.70 from $5.00
Retained at outperform at Macquarie; Price Target: $3.70
Worley (WOR)
Retained at outperform at Macquarie; Price Target: $17.83 from $17.92
Woolworths Group (WOW)
Retained at buy at Goldman Sachs; Price Target: $36.10 from $36.20
Wisetech Global (WTC)
Retained at buy at Goldman Sachs; Price Target: $142.00 from $138.00
Retained at sector perform at RBC Capital Markets; Price Target: $125.00
Xero (XRO)
Retained at buy at Goldman Sachs; Price Target: $201.00
Retained at outperform at RBC Capital Markets; Price Target: $195.00
Scans
Carl has over 30-year's investing experience, helping investors navigate several bull and bear markets over this time. He is a well respected markets commentator who specialises in how the global macro impacts Australian and US equities. Carl has a passion for technical analysis and has taught his unique brand of price-action trend following to thousands of Aussie investors.
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