Evening Wrap: ASX 200 sags on another CSL shocker, earnings hits from Inghams and Guzman y Gomez, as Zip Co. flies

The S&P/ASX 200 closed 51.7 points lower, down 0.57%.

Another CSL (CSL) (-4.2%) shocker dragged Healthcare (XHJ) (-2.3%) to the day’s worst performing sector – that’s a 20% drop since Monday’s close (it released terrible results on Tuesday!). There were plenty of soggy performances though, many of which were also earnings inflicted.

But it wasn’t all doom and gloom, a massive pop from Zip Co. (ZIP) (+20%) helped the Financials (XFJ) (0.03%) sector to scrape into the black, and uranium stocks (a little mysteriously) shot higher to help the Energy (XEJ) (+0.3%) sector to the best sector performance of the day.

To make sense of all the above, I have detailed technical analysis on the Nasdaq Composite, S&P/ASX 200, and Coking and Thermal Coal in today's ChartWatch.

Be sure to 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 economic data in tonight's Evening Wrap.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished points lower at 8,967.4, 0.65% from its session high and smack–bang on its session low. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by 114 to 159.

For the week, the XJO finished up 28.8 points or 0.32% higher, 1.24% from its intraweek low and 0.65% from its intraweek high.

Nothing goes up in a straight line, and Aussie investors suffered a minor reality check today as the benchmark ASX 200 lost just over half of yesterday’s record setting gains.

Unfortunately for those who chose to buy the dip on CSL (CSL) (-4.2%), it kept dipping today – and was responsible for a large chunk of the local bourse’s total losses – but there were other post earnings disasters: Inghams Group (ING) (-20.3%), Guzman y Gomez (GYG) (-18.2%), and Accent Group (AX1) (-17.8%) to name a few real stinkers! 🦨

But it wasn’t all doom and gloom, with a few sectors managing to scrape into the black by the close. Despite flat uranium prices overnight, local uranium stocks received a boost after what has otherwise been a terrible month for them. Boss Energy (BOE) (+2.8%), Paladin Energy (PDN) (+4.3%), and Deep Yellow (DYL) (+3.8%) each added nicely, and helped the Energy (XEJ) (+0.3%) sector to the mantle of the day’s best performer.

The other special mention today has to go to Zip Co. (ZIP) (+20.2%), which soared after it released a bumper set of FY25 results (try NPAT up 1,110% to $79.9m vs $71.8m forecast – an 11.3% beat!).

For those, like me, who are now keeping a very close eye on the ASX lithium sector post the commodity’s heroics of late – well, mostly disappointment today. The benchmark GFEX lithium carbonate futures contract was the better part of 5% down today, backing up Wednesday's 8% limit down plunge. This meant the likes of Pilbara Minerals (PLS) (4.5%), IGO (IGO) (-3.2%), and Mineral Resources (MIN) (-3.2%) ceded a decent chunk of their recent gains.

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

Nasdaq Composite Index

Nasdaq Composite Index chart (click here for full size image)

What do we do with that candle? 🤔

Is there any point? Nothing’s going to happen until next week – after Jackson Hole is concluded, anyways.

Okay, super quick then.

Thursday’s candle adds little: Small body, roughly similar upward and downward pointing shadows, small in total range and completely engulfed by Wednesday’s candle. Lowest volume in 8 weeks…

= Indecision, Equilibrium, Apathy.

Hardly the environment to be making big calls one way or the other.

I reiterate my call post Tuesday’s supply side candle of “pull one’s head in a bit” with respect to US exposure. But given there’s still very much a bull market going on (refer to short and long term trends, still rising peaks and rising troughs, etc.), my overall view must remain: Stay the course, FRP.

(If you think I’m going to predict the next major market downturn – then you really have the wrong guy 🙅! I don’t predict anything because the future is unknown and prediction is futile. I am a trend follower – so I react. As in, after the fact. I can, using the common sense technical analysis approach I teach you here, anticipate when bad stuff might be about to happen – but it’s nothing more than gut feel and guesswork. If you want a predictor, then there are loads of them on social media and the internet (simply Google “Elliott Wave”, “Gann analysis”, “Fibonacci”, and “How to use technical indicators like RSI, MACD, and Bollinger Bands”). Perhaps you could even try asking ChatGPT 5! 🤖)

S&P/ASX 200 (XJO)

S&P/ASX 200 chart (click here for full size image)

Okay, not the greatest candle – but come on, the Golden Le Creuset has delivered for us this week – and a little breather is probably warranted given current circumstances 🥱.

Those “circumstances” being the major risk event tonight in the US. You can also add in the fact that its Friday, and Fridays are often dour affairs.

In short, today’s candle and volume combination tells us that there was a bit of supply hitting not a great deal of demand (check today’s below average volume). The supply wasn’t very motivated, though, we only gave back roughly half of yesterday’s gains. Probably, it was more of a case of what little supply there was pushing into a demand-side vacuum.

The demand-side checked out today. They basically said, “It’s okay, we’re good for now”. To be fair, they likely took on quite a bit of stock yesterday (check yesterday’s above average volume).

Everything else looks exemplary – as I described it in yesterday's update: “A picture of demand-side control”.

So, there’s really only one thing that I can suggest you do here: Stay the course, FRP.

Oh, and another thing – have a fantastic weekend! Go West Coast! 🦅💪

(yes, yes I know what you're thinking... if Carl's such a trend follower then why... !!!)

Australian Premium Coking Coal Futures (Front month, back-adjusted) SGX

Was on fire for a bit... now, not so much...🧯 (click here for full size image)

The last time we covered both coal contracts was just over 6 months ago in ChartWatch in the Evening Wrap on 19-Mar.

There really hasn’t been much of a reason to cover them since – their respective massive long term downtrends remain intact – with hardly a challenge apart from a recent blip in coking coal which we’ll discuss shortly.

As can be seen from the coking coal chart above and the thermal coal chart below – it’s been largely a case of bouncing along the bottom for the pair.

Newcastle Coal Futures (Front month, back-adjusted) ICE (click here for full size image)

Coking coal has fared slightly better, as it caught some of the June-July Chinese anti-involution tailwinds that helped spark the recent massive rally in lithium (and to a lesser extend in iron ore). Translation: Chinese authorities have stepped up rhetoric about reducing overcapacity in critical industries like steel manufacturing – of which coking coal, along with iron ore, is a key ingredient. The plan is to increase the profit margins, and therefore sustainability of Chinese producers of key materials and globally in demand products (like steel, electric batteries, powerful magnets (so renewed interest in rare earths and other critical minerals) etc.).

That explains coking coal’s little flutter. For thermal coal – for which the benchmark contract for Australian producers is ICE Newcastle futures – there has been no anti-involution tailwind. Just the usual narrative of trying to find any which way to replace it before everyone reading this sentence dies.

And so, such is the power of its supply-side, and the apparent and seeming apathy from its demand side – thermal coal’s fledgling short term uptrend couldn’t even touch its long term trend ribbon.

To coking coal’s credit, those anti-involution tailwinds were sufficient to facilitate a two-pronged attack on the long term trend ribbon – which so far has been unsuccessful.

The reason for today’s update is trends for both major coal contracts appear to be rolling over again, from neutral-neutral short and long term trends (i.e., equilibrium) on the coking coal chart, to now-clearly re-established down-down short and long term trends (i.e., supply-side control) on the thermal coal chart.

I’m going to chalk up a couple of wins (so far) for my long term downtrend ribbon – which I am sure you have by now realised from your own experience – is something not to be trifled with! 😁

Key levels: For coking coal, my bet is the long term downtrend remains intact until a close above 203. More likely, 188.50 will go, and the 173.50-177.25 demand zone will be tested. For thermal coal, I can’t this seriously until I see a close above 116.30-122.30, with a test of the point of demand at 109.15 a more likely occurrence.

Economy

Today

• There weren't any major economic data releases in our time zone today (+0% actual vs +% forecast vs +% in )

Later this week

Saturday

• 00:00 USA Federal Reserve Chairman Jerome Powell speaks at Jackson Hole Symposium Day 2

  • JB Were preview: "It will be the first time he has spoken since the July jobs data. With division on the FOMC and 18bp priced for September, focus will be on how he describes labour market risk and whether he pushes back on a September cut."

• 02:00 USA President Trump Speaks

Latest News

Interesting Movers

Trading higher

• +331.6% Kaili Resources (KLR) – Trading Halt, shenanigans… absolute shenanigans! 🤦

• +48.6% LTR Pharma (LTP) – 18-Month Shelf Life Strengthens SPONTAN Commercialisation.

• +24.4% Cuscal Group (CCL) – FY25 Results.

• +20.2% Zip Co. (ZIP) – FY25 Results Update.

• +18.6% Healius (HLS) – No news since 21-Aug FY25 Results.

• +17.8% Hipages Group (HPG) – FY25 Full Year Results.

• +17.4% Beetaloo Energy Australia (BTL) – Extension of Option Acceptance Closing Date, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +16.7% Coronado Global Resources (CRN) – No news, rise is consistent with prevailing short term uptrend and rising peaks and rising troughs 🔎📈

• +12.5% Dateline Resources (DTR) – No news since 21-Aug GRES Appointment Strengthens Colosseum Feasibility Study, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +11.8% Kaiser Reef (KAU) – Clarification of Statements.

• +11.7% Artrya (AYA) – Continued positive response to 21-Aug FDA clearance of Salix Coronary Plaque module, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +10.8% West Coast Silver (WCE) – High Grade Shallow Silver Intercepts at Elizabeth Hill, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +10.1% Novonix (NVX) – Half Year Report & Appendix 4D.

• +9.4% Emeco (EHL) – Continued positive response to 20-Aug FY25 Results, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.8% Beacon Minerals (BCN) – Beacon Exercises Wealth of Nations Option Agreement, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.2% Codan (CDA) – Continued positive response to 21-Aug Full Year Results, rise is consistent with prevailing short and long term uptrends, one of the most Featured (highest conviction) stocks in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.1% Coast Entertainment (CEH) – FY25 Results.

• +7.8% Clinuvel Pharmaceuticals (CUV) – Preparing upgrade of ADR program, NASDAQ uplist, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.4% HOT Chili (HCH) – No news, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up 🔎📈

• +7.1% Torque Metals (TOR) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.9% Caprice Resources (CRS) – No news, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.6% African Gold (A1G) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.8% SKS Technologies Group (SKS) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.8% Broken Hill Mines (BHM) – No news, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.4% COG Financial Services (COG) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.3% Vault Minerals (VAU) – Continued positive response to 21-Aug Full-Year Financial Results.

• +5.2% NRW (NWH) – Continued positive response to 21-Aug Full Year Results, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.2% James Hardie Industries (JHX) – No news, rebounded after Wednesday's sharp sell-off due to Q1 FY26 Results.

• +5.2% SRG Global (SRG) – Continued positive response to 19-Aug FY25 Full Year Results, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.0% Medallion Metals (MM8) – No news, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -24.6% Skycity Entertainment Group (SKC) – Completion of Institutional Component of Equity Raising, fall is consistent with prevailing long term downtrend, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -20.3% Inghams Group (ING) – FY2025 Full Year Results.

• -18.2% Guzman y Gomez (GYG) – 2025 GYG Full Year Results, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -17.8% Accent Group (AX1) – FY25 Full Year Results, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -13.7% Monash IVF Group (MVF) – MVF FY25 Appendix 4E and Financial Report, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -8.9% Regis Resources (RRL) – Full Year Results.

• -7.2% PWR Holdings (PWH) – PWH 2025 Full Year Results.

• -5.4% Genesis Minerals (GMD) – Continued negative response to 21-Aug FY2025 Annual Report.

• -5.3% Vysarn (VYS) – Appendix 4E and Financial Report.

• -4.8% Goodman Group (GMG) – Continued negative response to 21-Aug Full Year Results.

Broker Moves

AIC Mines (A1M)

• Retained at buy at Shaw and Partners; Price Target: $0.75 from $0.70

Amplitude Energy (AEL)

• Retained at buy at Morgans; Price Target: $0.34 from $0.30

APA Group (APA)

• Retained at trim at Morgans; Price Target: $7.88 from $7.60

Aspen Group (APZ)

• Retained at buy at Bell Potter; Price Target: $4.85 from $3.90

Alliance Aviation Services (AQZ)

• Retained at buy at Morgans; Price Target: $3.80

• Retained at buy at Ord Minnett; Price Target: $3.60 from $3.70

Autosports Group (ASG)

• Retained at outperform at Macquarie; Price Target: $3.63 from $2.82

• Retained at neutral at UBS; Price Target: $3.15 from $1.80

Australian Vanadium (AVL)

• Retained at buy at Shaw and Partners; Price Target: $0.06

Accent Group (AX1)

• Retained at buy at Citi; Price Target: $1.67

• Retained at outperform at RBC Capital Markets; Price Target: $1.60 from $1.90

Bega Cheese (BGA)

• Retained at buy at Bell Potter; Price Target: $7.00

• Upgraded to accumulate from hold at Morgans; Price Target: $6.08 from $5.90

• Retained at hold at Ord Minnett; Price Target: $5.60 from $5.20

Brambles (BXB)

• Downgraded to sell from neutral at Jarden; Price Target: $22.10 from $21.65

• Downgraded to neutral from overweight at JPMorgan; Price Target: $24.50 from $20.90

• Downgraded to neutral from outperform at Macquarie; Price Target: $25.50 from $24.60

• Retained at overweight at Morgan Stanley; Price Target: $22.00

• Retained at buy at Ord Minnett; Price Target: $29.40 from $24.90

Codan (CDA)

• Retained at hold at Bell Potter; Price Target: $27.80 from $17.25

• Downgraded to neutral from outperform at Macquarie; Price Target: $27.15 from $17.00

Charter Hall Group (CHC)

• Downgraded to hold from outperform at CLSA; Price Target: $23.67 from $18.92

• Retained at underperform at Macquarie; Price Target: $18.29 from $17.31

• Retained at sell at UBS; Price Target: $18.91 from $18.41

CSL (CSL)

• Retained at overweight at Morgan Stanley; Price Target: $315.00 from $291.00

Cleanaway Waste Management (CWY)

• Retained at outperform at Macquarie; Price Target: $3.50 from $3.40

Downer EDI (DOW)

• Retained at neutral at Macquarie; Price Target: $7.65 from $6.87

Genesis Minerals (GMD)

• Retained at buy at Canaccord Genuity; Price Target: $5.55 from $5.70

• Retained at neutral at Citi; Price Target: $4.40

• Retained at outperform at Macquarie; Price Target: $5.50

• Retained at hold at Ord Minnett; Price Target: $4.10 from $4.35

• Retained at hold at Shaw and Partners; Price Target: $4.40 from $4.10

• Retained at buy at UBS; Price Target: $5.65 from $5.80

Goodman Group (GMG)

• Retained at neutral at Macquarie; Price Target: $34.73 from $35.24

• Retained at overweight at Morgan Stanley; Price Target: $40.47

• Downgraded to lighten from hold at Ord Minnett; Price Target: $32.50

• Downgraded to neutral from buy at UBS; Price Target: $36.63 from $36.00

GQG Partners Inc. (GQG)

• Retained at outperform at RBC Capital Markets; Price Target: $3.00 from $2.90

Guzman Y Gomez (GYG)

• Upgraded to sector perform from underweight at RBC Capital Markets; Price Target: $27.00 from $31.00

Healius (HLS)

• Retained at neutral at Citi; Price Target: $0.85

• Retained at neutral at Macquarie; Price Target: $0.80 from $1.20

hipages Group Holdings (HPG)

• Retained at speculative buy at E&P; Price Target: $2.14

Hansen Technologies (HSN)

• Retained at overweight at Morgan Stanley; Price Target: $6.60 from $6.50

Insignia Financial (IFL)

• Retained at equal-weight at Morgan Stanley; Price Target: $4.80

Inghams Group (ING)

• Retained at neutral at Macquarie; Price Target: $3.70

• Retained at sector perform at RBC Capital Markets; Price Target: $3.50 from $3.30

• Retained at neutral at UBS; Price Target: $3.65

IPH (IPH)

• Downgraded to hold from buy at Canaccord Genuity; Price Target: $4.95 from $5.75

• Retained at outperform at CLSA; Price Target: $6.05 from $5.25

• Upgraded to overweight from neutral at JPMorgan; Price Target: $5.20 from $6.30

• Retained at outperform at Macquarie; Price Target: $5.55 from $6.75

• Retained at buy at Morgans; Price Target: $6.05 from $6.30

• Retained at buy at UBS; Price Target: $6.30 from $7.90

James Hardie Industries Plc (JHX)

• Downgraded to underperform from hold at CLSA; Price Target: $26.00 from $39.50

MA Financial Group (MAF)

• Retained at accumulate at Morgans; Price Target: $10.23 from $8.80

• Retained at buy at UBS; Price Target: $10.55 from $9.20

MAAS Group Holdings (MGH)

• Retained at outperform at Macquarie; Price Target: $5.10 from $4.95

• Retained at buy at Morgans; Price Target: $5.45 from $4.85

Megaport (MP1)

• Retained at neutral at Citi; Price Target: $15.45 from $15.95

• Retained at neutral at Citi; Price Target: $15.95

• Retained at hold at CLSA; Price Target: $15.10 from $11.00

• Retained at neutral at Goldman Sachs; Price Target: $12.10 from $9.50

• Upgraded to buy from overweight at Jarden; Price Target: $16.77 from $10.67

• Downgraded to neutral from overweight at JPMorgan; Price Target: $14.50 from $12.30

• Retained at outperform at Macquarie; Price Target: $16.90 from $14.30

• Retained at equal-weight at Morgan Stanley; Price Target: $11.00 from $11.10

• Retained at accumulate at Morgans; Price Target: $16.50 from $15.50

• Retained at sector perform at RBC Capital Markets; Price Target: $15.00 from $13.00

• Retained at neutral at UBS; Price Target: $15.70 from $12.00

Monash IVF Group (MVF)

• Retained at sector perform at RBC Capital Markets; Price Target: $0.75 from $1.00

Medical Developments International (MVP)

• Retained at speculative buy at Bell Potter; Price Target: $0.80 from $0.81

• Retained at buy at Bell Potter; Price Target: $0.80 from $0.81

National Storage REIT (NSR)

• Retained at buy at Citi; Price Target: $2.80 from $2.70

• Retained at outperform at Macquarie; Price Target: $2.63 from $2.44

Northern Star Resources (NST)

• Retained at buy at Canaccord Genuity; Price Target: $24.40 from $24.10

• Retained at neutral at Citi; Price Target: $18.00

• Retained at outperform at Macquarie; Price Target: $24.00 from $25.00

• Retained at buy at Morgans; Price Target: $21.00

• Retained at hold at Ord Minnett; Price Target: $17.80 from $17.30

• Retained at neutral at UBS; Price Target: $19.95

NRW Holdings (NWH)

• Retained at buy at Citi; Price Target: $4.05 from $3.65

• Retained at buy at Morgans; Price Target: $4.20 from $3.40

Netwealth Group (NWL)

• Retained at hold at Bell Potter; Price Target: $34.00 from $34.50

• Upgraded to neutral from underweight at Jarden; Price Target: $34.60 from $29.90

• Retained at neutral at Macquarie; Price Target: $33.85 from $33.35

• Retained at overweight at Morgan Stanley; Price Target: $41.50

• Retained at hold at Morgans; Price Target: $35.48 from $31.00

• Retained at sell at Ord Minnett; Price Target: $18.30 from $17.70

Objective Corporation (OCL)

• Retained at hold at Morgans; Price Target: $22.90 from $20.50

• Retained at buy at Shaw and Partners; Price Target: $23.90 from $15.50

Pepper Money (PPM)

• Upgraded to buy from neutral at Citi; Price Target: $2.40 from $1.75

• Retained at neutral at Macquarie; Price Target: $1.85 from $1.70

Peter Warren Automotive Holdings (PWR)

• Upgraded to buy from neutral at Jarden; Price Target: $2.30 from $1.45

• Upgraded to overweight from equal-weight at Morgan Stanley; Price Target: $2.30 from $1.40

• Retained at equal-weight at Morgan Stanley; Price Target: $1.40

• Retained at hold at Ord Minnett; Price Target: $2.00 from $1.70

Qube Holdings (QUB)

• Downgraded to hold from outperform at CLSA; Price Target: $4.65 from $4.50

• Retained at positive at E&P; Price Target: $4.79

• Retained at neutral at Jarden; Price Target: $4.20 from $3.90

• Retained at buy at Jefferies; Price Target: $4.95 from $4.79

• Retained at equal-weight at Morgan Stanley; Price Target: $4.20

• Retained at accumulate at Ord Minnett; Price Target: $4.52 from $4.30

• Retained at neutral at UBS; Price Target: $4.60 from $4.50

Redox (RDX)

• Retained at overweight at Morgan Stanley; Price Target: $3.50 from $3.40

• Retained at overweight at Morgan Stanley; Price Target: $3.40 from $4.50

• Retained at accumulate at Ord Minnett; Price Target: $3.16 from $2.68

• Retained at buy at UBS; Price Target: $3.40 from $3.25

Ridley Corporation (RIC)

• Downgraded to hold from outperform at CLSA; Price Target: $3.00 from $2.70

Regis Resources (RRL)

• Retained at sell at Citi; Price Target: $3.80

SEEK (SEK)

• Downgraded to accumulate from buy at Ord Minnett; Price Target: $31.00 from $27.00

Sonic Healthcare (SHL)

• Retained at buy at Bell Potter; Price Target: $33.30 from $33.70

• Retained at neutral at Citi; Price Target: $28.00

• Retained at neutral at Macquarie; Price Target: $25.20 from $25.50

• Retained at equal-weight at Morgan Stanley; Price Target: $26.40 from $29.00

• Retained at buy at Morgans; Price Target: $29.33 from $31.36

Superloop (SLC)

• Retained at overweight at Jarden; Price Target: $3.20 from $3.10

• Retained at overweight at JPMorgan; Price Target: $3.50 from $3.30

• Retained at overweight at Wilsons; Price Target: $3.57 from $3.44

Spark New Zealand (SPK)

• Downgraded to underweight from equal-weight at Morgan Stanley; Price Target: $2.20 from $2.75

Service Stream (SSM)

• Retained at buy at Canaccord Genuity; Price Target: $2.32 from $2.25

Strike Energy (STX)

• Retained at speculative buy at Bell Potter; Price Target: $0.15 from $0.19

Super Retail Group (SUL)

• Upgraded to positive from neutral at E&P; Price Target: $19.14 from $16.71

• Retained at buy at Goldman Sachs; Price Target: $18.70 from $17.40

• Downgraded to neutral from overweight at Jarden; Price Target: $18.00 from $14.80

• Downgraded to neutral from overweight at JPMorgan; Price Target: $18.00 from $16.70

• Retained at neutral at Macquarie; Price Target: $19.40 from $14.10

• Retained at underweight at Morgan Stanley; Price Target: $14.40 from $11.90

• Retained at hold at Morgans; Price Target: $19.35 from $16.15

• Retained at neutral at UBS; Price Target: $18.25 from $14.00

Transurban Group (TCL)

• Retained at neutral at Macquarie; Price Target: $14.18 from $13.70

The Lottery Corporation (TLC)

• Retained at buy at Ord Minnett; Price Target: $6.50 from $5.70

Telix Pharmaceuticals (TLX)

• Retained at buy at Bell Potter; Price Target: $30.00 from $33.00

• Retained at buy at UBS; Price Target: $36.00

Universal Store Holdings (UNI)

• Retained at buy at Bell Potter; Price Target: $10.50

• Retained at buy at Citi; Price Target: $11.28 from $10.53

• Retained at outperform at Macquarie; Price Target: $10.20 from $9.80

• Retained at buy at Morgans; Price Target: $10.80 from $10.20

Vault Minerals (VAU)

• Retained at buy at Canaccord Genuity; Price Target: $0.75

• Retained at outperform at Macquarie; Price Target: $0.65 from $0.63

• Retained at buy at Ord Minnett; Price Target: $0.55 from $0.53

• Retained at buy at UBS; Price Target: $0.60

Veem (VEE)

• Retained at buy at Ord Minnett; Price Target: $1.90

Whitehaven Coal (WHC)

• Retained at hold at Bell Potter; Price Target: $6.80 from $6.90

• Retained at neutral at Citi; Price Target: $7.10 from $6.94

• Retained at neutral at Macquarie; Price Target: $6.25 from $6.50

• Retained at overweight at Morgan Stanley; Price Target: $8.30 from $8.05

• Retained at buy at Ord Minnett; Price Target: $7.90 from $8.00

• Retained at neutral at UBS; Price Target: $7.15 from $7.00

Zip Co (ZIP)

• Retained at buy at Citi; Price Target: $3.10

• Retained at outperform at RBC Capital Markets; Price Target: $3.50

• Retained at buy at UBS; Price Target: $3.40

Scans