Evening Wrap: Trumped! ASX 200 tumbles on spiraling fears over global economic growth

ASX 200 futures are up 48pts (-0.59%) as of 8:30 am AEDT.

Macro themes (like Trump's 10% China tariff, the rout in US tech stocks overnight, and generally weaker precious and base metals prices) explained the declines across the Technology and Resources sectors today, but it was generally the typical exploding of stock prices post earnings results – a hallmark of this earnings season – that sunk the rest.

Markets are on high alert as continued volatility in President Trump's economic policies continue to shape the risk environment for stocks, bonds, and commodities.

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.

Also, I have detailed technical analysis on the NASDAQ, Russell 2000 and S&P/ASX 200 in today's ChartWatch.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 95.8 points lower at 8,172.4, 1.17% from its session high and just 0.21% from its low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by a near-unanimous 55 to 234.

For the week, the XJO finished down 123.8 points or 1.49% lower, 1.68% from its intraweek high and just 0.21% from its intraweek low.

Information Technology (XIJ) (-2.9%), Resources (XJR) (-2.3%), Consumer Staples (XSJ) (-2.2%), Real Estate Investment Trusts (XPJ) (-1.6%), Consumer Discretionary (XDJ) (-1.4%) – it got a bit ugly in a few places today.

Macro themes (like Trump's 10% China tariff, the rout in US tech stocks overnight, and generally weaker precious and base metals prices) explained the declines in the first two, but it was generally the typical exploding of stock prices post earnings results – a hallmark of this earnings season – that sunk the rest.

I’ll let you peruse the Interesting Moves section below for highlights on those…💥

If there was some consolation, Financials (XFJ) (-0.30%) wasn’t terrible, and perhaps neither was Energy (XEJ) (-0.67%). Interestingly, these two, plus the bond-proxy Utilities (XUJ) (-1.1%), were the only sectors to finish a weekly gain.

Utilities love lower bond yields – and they’re getting them in spades (see the Chartwatch section below for technical analysis) – and Energy’s gain can be almost solely attributed to a post-earnings rally in Woodside (ASX: WDS) (+6.7% for the week).

As for the banks, with their relatively high dividend yield they too are generally considered bond-proxies. Whatever the reason, the fact they didn’t continue last week’s sell off saved us from what could have been an unmitigated disaster in terms of index points this week.

For today, though, just one of the 11 major ASX sectors managed to close in the black, Communication Services (XTJ) (+0.24%). Again, it was mainly earnings related here, as well received results released today from TPG Telecom (ASX: TPG) (+2.4%), combined with continued good vibes from previously released results from EVT (ASX: EVT) (+3.0%) and Telstra Group (ASX: TLS) (+0.73%).

ChartWatch

US 10 Year T-Bond Yield

Remember the good old times...? 🤔 (click here for full size image)

A super quick update here and in the next few – because you know the drill. As in, you know why stuff is happening and you know how it is manifesting itself in the prices of global bonds, stocks, and commodities.

I trust you’ll agree this is kinda the aim of ChartWatch and this broader Evening Wrap – to empower you with this sort of understanding.

In summary:

Uncertainty up = higher risk premia = lower tolerable valuations on stocks and other risky assets = cash flowing out of these assets = cash staying as cash (i.e., under the mattress, in short term money market accounts, etc.) or moving into risk-free bonds = risk free bond prices up = risk-free bond yields down (as per the chart above).

Or in technical terms, the upward pointing shadow of Thursday’s candle that reached into the long term trend ribbon indicates the ribbon has transitioned to an area of dynamic supply – which is consistent with potentially lower yields down the track (i.e., not good!).

The current black candle is live, and therefore we must discount it, but the fact it’s going to start black when US markets open tonight gives it a chance to finish with a nice downward pointing shadow. If this transpires, it would indicate some reversal of the stuff going on in the Summary above.

(Ever the optimist, huh!?🤞 Ahhh, remember the good old times – when lower risk-free yields were cheered by stock investors!?)

NASDAQ Composite Index

Major warning signals here for the Comp ⚠️ (click here for full size image)

Major warning signals here for the Comp. We’re now hitting the long term uptrend ribbon and the 18568-18831 zones of demand with a thud – or more specifically – with a great big black candle and close near session low. A definitive signal of near total supply-side control.

Not exactly reassuring that there’s actually any latent demand at the aforementioned demand zones!

Last night’s candles also confirmed the transition to lower peaks and lower troughs – indicative of supply reinforcement and demand removal respectively – and the last 5 candles are definitively supply-side in nature (black-bodied and or upward pointing shadows).

So, in the absence of the opposite price action and candles…i.e., a definitive demand-side showing – who are we to assume this new short term downtrend cannot continue?

The risk, and it’s going to play out pretty soon I suggest, is that we start to question the validity of the long term uptrend…⚠️

Russell 2000 Index (RUT)

Remember the good old times...? 🤔 (click here for full size image)

…and that’s a nice segue into this chart. If you recall from our last RUT update in the Evening Wrap on 26 February, we said it was something along the lines of “the heart of corporate America” and “if the RUT sneezes, it usually means the US economy is about to catch a cold”, and other now-soundingly ominous stuff like that!

Last night, from a technical perspective at least, the RUT sneezed.

Like the US 10’s yield chart – and not coincidentally mind you – it also threw in a little test and fail at the long term trend ribbon. A trend ribbon that has neutralised (amber) and is now beginning to turn lower.

That little “dink” into the long term trend ribbon suggests to me it is transitioning from an area of dynamic demand to an area of dynamic supply – and this is consistent with bear market price action.

By my model, the RUT bull market that commenced in December 2023 is over and we are in some other form of market action. Naturally, the next phase is equilibrium – so let’s not assume the worst just yet.

But should the price action, candles, and trend ribbon interaction continue to remain supply-side in nature – make no mistake that I will be calling a bear here in due course.

Time to stock up on cold medication! 🤧

S&P/ASX 200 (XJO)

Thud...🤕 (click here for full size image)

And finishing off with our little neck of the woods. It’s a little difficult to see on the above chart, but there is an incy-wincy little shadow on today’s candle that helped it avoid a close below the 8146 and 8160 points of demand.

Apart from that, it’s all a bit…well…dismal. 😭

We’re also lower peaks and lower troughs, a predominance of supply-side candles, and increasingly awful trend ribbon interaction. On that last point, we did see some efforts via downward pointing shadows on Monday and Wednesday’s candles to hold the ribbon – but today’s low close has cast substantial doubt over its dynamic demand credentials.

Having said this, look back to the major swing lows at 7628 and 8051 – and you can see that it can look pretty dark before the dawn – so I won’t completely write off our chances of staging a reversal from here. But it really ought to happen very quickly...

Fridays are rarely jubilant affairs – even in the strongest bull markets. This makes sense, after all there are two days of risk to account for compared to the usual one.

We’ve seen how local investors dealt with increasing risk perceptions Friday. I fear how US investors are going to deal with it tonight.

Put simply, the ultimate source of the market’s recent problems has a very big mouth. And that mouth runs just about 24-7…including weekends!!! 📢

Economy

Today

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

Later this week

Saturday

• 00:30 USA Core Personal Consumption Expenditures (PCE) Price Index January m/m (+0.3% m/m vs +0.2% m/m in December)

  • Note: This is the Federal Reserve's preferred measure of US inflation!

• 12:30 CHN Manufacturing & Services Purchasing Managers Index February (PMI)

  • Manufacturing: 50.0 vs 49.1 in January

  • Services: 50.3 vs 50.2 in January

Latest News

Interesting Movers

Trading higher

• +21.6% Gorilla Gold Mines (GG8) - Lakeview High-Grade Intercepts Grow Mineralisation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +13.9% Fleetwood (FWD) - Half Year FY25 Investor Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.1% Pexa Group (PXA) - FY25 Half Year Results Presentation.

• +7.2% Life360 (360) - Q4'24 Investor Presentation, rise is consistent with prevailing long term uptrend 🔎📈

• +5.5% Karoon Energy (KAR) - Continued positive response to 27-Feb 2024 Full Year Results & Investor Presentations.

• +4.9% Generation Development Group (GDG) - HY25 results pack, rise is consistent with prevailing short and long term uptrends, one of the most Featured (highest conviction) stocks in ChartWatch ASX Scans Uptrends list 🔎📈

• +4.4% Service Stream (SSM) - SSM secures long-term field operations agreement with NBN, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -20.7% Appen (APX) - Continued negative response to 26-Feb Investor Presentation, general weakness across the broader Information Technology sector today.

• -18.4% Brainchip (BRN) - Annual Report, BrainChip Evaluates Redomiciling to US, and LDA Capital Call Notice, general weakness across the broader Information Technology sector today.

• -15.4% The Star Entertainment Group (SGR) - Half Year Reporting Update, fall is consistent with prevailing short and long term downtrends, one of the most Featured (highest conviction) stocks in ChartWatch ASX Scans Downtrends list 🔎📉

• -15.3% Regal Partners (RPL) - Continued negative response to 26-Feb 2024 Full Year Results Presentation.

• -11.8% Chalice Mining (CHN) - No news, pulled back after yesterday's sharp rally.

• -10.6% Larvotto Resources (LRV) - No news, general weakness across the broader Resources/Gold sectors today.

• -9.9% Johns Lyng Group (JLG) - Continued negative response to 25-Feb 1H25 Results Presentation, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -9.7% Integral Diagnostics (IDX) - Continued negative response to 26-Feb FY25 Half Year Results Investor Presentation.

• -9.4% Audinate Group (AD8) - No news, repelled perfectly from long term downtrend ribbon! 🔎📉

• -9.3% Paradigm Biopharmaceuticals. (PAR) - Appendix 4D and Half Year Report.

• -8.7% Novonix (NVX) - No news, fall is consistent with prevailing short and long term downtrends, one of the most Featured (highest conviction) stocks in ChartWatch ASX Scans Downtrends list 🔎📉

• -8.7% Siteminder (SDR) - Continued negative response to 26-Feb H1FY25 Investor Presentation.

• -7.8% IDP Education (IEL) - Continued negative response to 27-Feb H1 FY25 Investor Presentation, fall is consistent with prevailing short and long term downtrends, one of the most Featured (highest conviction) stocks in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.6% Dicker Data (DDR) - No news since 27-Feb FY24 Results Presentation, fall is consistent with prevailing long term downtrend 🔎📉

• -7.3% Metals X (MLX) - Appendix 4E and Annual Financial Report, tin price was sharply lower on the LME overnight.

• -7.2% Droneshield (DRO) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉

• -7.1% Endeavour Group (EDV) - F25 Half-year Investor Presentation, repelled perfectly from long term downtrend ribbon! 🔎📉

• -6.8% Neuren Pharmaceuticals (NEU) - 2024 results and Neuren receives DAYBUE sales milestone payment of US$50m, fall is consistent with prevailing long term downtrend 🔎📉

• -6.8% Vulcan Energy Resources (VUL) - No news, general weakness across the broader RealEstate sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

Broker Moves

• Life360 (360)

  • Retained at outperform at RBC Capital Markets; Price Target: $26.00

• 29METALS (29M)

  • Retained at sell at Citi; Price Target: $0.160 from $0.200

  • Retained at outperform at Macquarie; Price Target: $0.300

• Alpha HPA (A4N)

  • Retained at outperform at Macquarie; Price Target: $1.420 from $1.430

• Acrow (ACF)

  • Retained at add at Morgans; Price Target: $1.320 from $1.300

  • Retained at buy at Ord Minnett; Price Target: $1.290

  • Retained at buy at Shaw and Partners; Price Target: $1.300

• Australian Clinical Labs (ACL)

  • Retained at outperform at RBC Capital Markets; Price Target: $4.00 from $4.25

• AI-Media Technologies (AIM)

  • Retained at add at Morgans; Price Target: $1.000

• Aeris Resources (AIS)

  • Retained at outperform at Macquarie; Price Target: $0.270

  • Retained at hold at Ord Minnett; Price Target: $0.230

• Atlas Arteria (ALX)

  • Retained at buy at Citi; Price Target: $5.70

  • Retained to reduce from buy at Jefferies; Price Target: $6.09 from $6.31

  • Retained to reduce from outperform at Macquarie; Price Target: $5.51 from $5.66

  • Retained at equal-weight at Morgan Stanley; Price Target: $5.26

  • Retained to reduce from hold at Morgans; Price Target: $4.60 from $4.63

  • Retained to reduce from sector perform at RBC Capital Markets; Price Target: $5.25 from $5.00

• Eagers Automotive (APE)

  • Downgraded to hold from buy at Bell Potter; Price Target: $15.25 from $13.65

  • Upgraded to buy from hold at Canaccord Genuity; Price Target: $17.00 from $11.00

  • Upgraded to neutral from sell at Citi; Price Target: $14.25 from $9.50

  • Upgraded to neutral from negative at E&P; Price Target: $12.82 from $9.89

  • Upgraded to outperform from neutral at Macquarie; Price Target: $16.39 from $10.50

  • Retained at overweight at Morgan Stanley; Price Target: $17.00 from $12.70

  • Retained at add at Morgans; Price Target: $16.20 from $14.00

  • Downgraded to accumulate from buy at Ord Minnett; Price Target: $15.00 from $12.80

• Bluebet (BBT)

  • Retained at buy at Ord Minnett; Price Target: $0.460

• Bendigo and Adelaide Bank (BEN)

  • Upgraded to hold from lighten at Ord Minnett; Price Target: $10.50

• Betmakers Technology Group (BET)

  • Retained at buy at Ord Minnett; Price Target: $0.170

• BHP Group (BHP)

  • Retained at outperform at Macquarie; Price Target: $42.00

• Boss Energy (BOE)

  • Retained at buy at Bell Potter; Price Target: $4.80 from $4.85

  • Retained at buy at Canaccord Genuity; Price Target: $5.65 from $5.45

  • Retained at buy at Citi; Price Target: $3.60

  • Retained at equal-weight at Morgan Stanley; Price Target: $2.95 from $3.25

  • Retained at buy at Shaw and Partners; Price Target: $3.70 from $4.20

• City Chic Collective (CCX)

  • Retained at sell at Bell Potter; Price Target: $0.080 from $0.070

• Camplify (CHL)

  • Retained at buy at Ord Minnett; Price Target: $1.030 from $1.830

• Centuria Capital Group (CNI)

  • Retained at sell at Bell Potter; Price Target: $1.700 from $1.800

  • Retained at neutral at Macquarie; Price Target: $1.780 from $1.850

  • Retained at overweight at Morgan Stanley; Price Target: $2.45

• Coles Group (COL)

  • Downgraded to hold from buy at Bell Potter; Price Target: $21.15 from $20.50

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

  • Retained at neutral at Goldman Sachs; Price Target: $19.00 from $18.50

  • Retained at neutral at Jarden; Price Target: $19.50 from $16.90

  • Retained at underweight at JP Morgan; Price Target: $19.20 from $18.20

  • Retained at outperform at Macquarie; Price Target: $22.00 from $20.60

  • Retained at equal-weight at Morgan Stanley; Price Target: $17.80

  • Retained at hold at Morgans; Price Target: $20.90 from $17.95

  • Retained at accumulate at Ord Minnett; Price Target: $21.00 from $19.50

  • Retained at buy at UBS; Price Target: $22.35 from $19.50

• CSL (CSL)

  • Retained at buy at UBS; Price Target: $310.00

• Clinuvel Pharmaceuticals (CUV)

  • Retained at buy at Bell Potter; Price Target: $21.75 from $22.25

  • Downgraded to buy from add at Morgans; Price Target: $15.00 from $17.00

• Clearview Wealth (CVW)

  • Retained at add at Morgans; Price Target: $0.650 from $0.590

• Catalyst Metals (CYL)

  • Downgraded to hold from buy at Bell Potter; Price Target: $4.45

• Dicker Data (DDR)

  • Retained at neutral at Goldman Sachs; Price Target: $9.80

  • Retained at buy at Jarden; Price Target: $10.88 from $10.60

  • Retained at overweight at JP Morgan; Price Target: $10.80 from $10.40

  • Retained at overweight at Morgan Stanley; Price Target: $10.10

  • Retained at buy at UBS; Price Target: $10.20 from $10.00

  • Retained at overweight at Wilsons; Price Target: $11.07 from $11.29

• DGL Group (DGL)

  • Retained at neutral at UBS; Price Target: $0.590

• Downer EDI (DOW)

  • Retained at sector perform at RBC Capital Markets; Price Target: $5.75

• DUG Technology (DUG)

  • Upgraded to positive from neutral at E&P; Price Target: $2.04 from $2.86

  • Retained at buy at Ord Minnett; Price Target: $2.33 from $2.67

• Endeavour Group (EDV)

  • Retained at buy at UBS; Price Target: $5.00

• Experience Co (EXP)

  • Retained at buy at Ord Minnett; Price Target: $0.340 from $0.330

• Fineos Corporation (FCL)

  • Retained at outperform at Macquarie; Price Target: $2.45 from $2.44

• Flight Centre Travel Group (FLT)

  • Retained at outperform at Macquarie; Price Target: $22.34

  • Retained at buy at Citi; Price Target: $18.45 from $20.35

  • Retained at positive at E&P; Price Target: $22.55 from $25.72

  • Retained at neutral at Goldman Sachs; Price Target: $17.50

  • Retained at add at Morgans; Price Target: $19.80

  • Retained at buy at Ord Minnett; Price Target: $22.54 from $22.51

  • Retained at sector perform at RBC Capital Markets; Price Target: $18.00 from $19.00

  • Retained at buy at UBS; Price Target: $20.00 from $22.10

• Genetic Signatures (GSS)

  • Retained at buy at Bell Potter; Price Target: $1.050

• Helloworld Travel (HLO)

  • Retained at hold at Morgans; Price Target: $1.910 from $2.30

  • Retained at buy at Shaw and Partners; Price Target: $2.70

• Harvey Norman (HVN)

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

• Integral Diagnostics (IDX)

  • Retained at outperform at CLSA; Price Target: $2.90 from $3.50

  • Retained at buy at Jefferies; Price Target: $3.60 from $4.10

  • Retained at outperform at RBC Capital Markets; Price Target: $3.35 from $3.50

• IDP Education (IEL)

  • Retained at positive at E&P; Price Target: $17.80 from $19.30

  • Downgraded to neutral from buy at Goldman Sachs; Price Target: $10.90 from $19.00

  • Downgraded to underperform from hold at Jefferies; Price Target: $9.50 from $11.80

  • Retained at overweight at Morgan Stanley; Price Target: $21.50

  • Retained at neutral at UBS; Price Target: $12.00 from $14.70

• IGO (IGO)

  • Retained at sell at Bell Potter; Price Target: $3.85

• Intelligent Monitoring Group (IMB)

  • Retained at buy at Morgans; Price Target: $0.800 from $0.750

• Imricor Medical Systems (IMR)

  • Retained at buy at Morgans; Price Target: $2.18 from $1.510

• Karoon Energy (KAR)

  • Retained at buy at Citi; Price Target: $2.20 from $2.00

  • Retained at outperform at Macquarie; Price Target: $2.10 from $1.900

  • Retained at equal-weight at Morgan Stanley; Price Target: $1.800

  • Retained at add at Morgans; Price Target: $2.45 from $2.20

• Lithium Energy (LEL)

  • Retained at outperform at Macquarie; Price Target: $16.00

• Lotus Resources (LOT)

  • Retained at buy at Canaccord Genuity; Price Target: $0.370

• Lynas Rare Earths (LYC)

  • Retained at underweight at Morgan Stanley; Price Target: $5.65 from $5.70

• Mach7 Technologies (M7T)

  • Retained at add at Morgans; Price Target: $1.370 from $1.360

• Macquarie Technology Group (MAQ)

  • Retained at buy at Canaccord Genuity; Price Target: $107.00 from $116.00

  • Retained at positive at E&P; Price Target: $118.71

  • Retained at neutral at Goldman Sachs; Price Target: $80.00 from $84.90

  • Retained at overweight at Morgan Stanley; Price Target: $100.00

  • Retained at outperform at RBC Capital Markets; Price Target: $105.00 from $110.00

• McMillan Shakespeare (MMS)

  • Retained at outperform at Macquarie; Price Target: $18.24 from $20.78

  • Retained at overweight at Morgan Stanley; Price Target: $20.00

  • Retained at accumulate at Ord Minnett; Price Target: $19.00

• Medibank Private (MPL)

  • Retained at neutral at Citi; Price Target: $4.85 from $3.90

  • Retained at neutral at Goldman Sachs; Price Target: $4.40 from $4.00

  • Downgraded to hold from buy at Jefferies; Price Target: $4.80 from $4.40

  • Retained at neutral at Macquarie; Price Target: $4.25 from $3.90

  • Retained at equal-weight at Morgan Stanley; Price Target: $4.25 from $3.95

• Mesoblast (MSB)

  • Retained at buy at Bell Potter; Price Target: $4.30 from $3.90

• Motorcycle Holdings (MTO)

  • Retained at add at Morgans; Price Target: $2.75 from $2.25

• Monash IVF Group (MVF)

  • Retained at buy at Bell Potter; Price Target: $1.690 from $1.560

  • Retained at outperform at Macquarie; Price Target: $1.650 from $1.500

  • Retained at add at Morgans; Price Target: $1.450 from $1.500

  • Retained at accumulate at Ord Minnett; Price Target: $1.250

• National Storage Reit (NSR)

  • Retained at outperform at CLSA; Price Target: $2.49 from $2.64

  • Retained at overweight at JP Morgan; Price Target: $2.70 from $2.80

  • Retained at hold at Moelis Australia; Price Target: $2.37 from $2.40

• Northern Star Resources (NST)

  • Retained at outperform at CLSA; Price Target: $21.85 from $19.50

• Objective Corporation (OCL)

  • Retained at neutral at Goldman Sachs; Price Target: $14.10 from $13.75

  • Retained at hold at Jefferies; Price Target: $13.00 from $12.20

  • Retained at buy at Moelis Australia; Price Target: $17.71

  • Retained at buy at Shaw and Partners; Price Target: $15.50 from $14.40

  • Retained at neutral at UBS; Price Target: $16.00 from $17.00

• Paladin Energy (PDN)

  • Retained at buy at Bell Potter; Price Target: $11.00 from $10.85

  • Retained at overweight at Morgan Stanley; Price Target: $10.00 from $10.35

• Paragon Care (PGC)

  • Retained at hold at Bell Potter; Price Target: $0.520

  • Retained at buy at Ord Minnett; Price Target: $0.560 from $0.540

• Pilbara Minerals (PLS)

  • Retained at buy at Bell Potter; Price Target: $3.00

• Patriot Battery Metals (PMT)

  • Retained at buy at Canaccord Genuity; Price Target: $0.900

• Pepper Money (PPM)

  • Retained at buy at Citi; Price Target: $1.550

  • Retained at buy at Goldman Sachs; Price Target: $1.630 from $1.550

  • Retained at overweight at Jarden; Price Target: $1.650 from $1.600

  • Retained at outperform at Macquarie; Price Target: $1.650 from $1.600

  • Retained at outperform at RBC Capital Markets; Price Target: $1.800 from $1.700

• Perpetual (PPT)

  • Retained at buy at Bell Potter; Price Target: $24.80 from $25.40

  • Retained at buy at Citi; Price Target: $24.80 from $24.20

  • Retained at hold at CLSA; Price Target: $22.00 from $24.00

  • Retained at overweight at Jarden; Price Target: $25.30 from $24.05

  • Downgraded to neutral from overweight at JP Morgan; Price Target: $22.00 from $24.00

  • Retained at equal-weight at Morgan Stanley; Price Target: $22.50

  • Retained at buy at UBS; Price Target: $24.00

• Pexa Group (PXA)

  • Retained at buy at UBS; Price Target: $15.50

• Qualitas (QAL)

  • Retained at add at Morgans; Price Target: $3.35 from $3.20

• Qantas Airways (QAN)

  • Retained at neutral at Citi; Price Target: $9.60 from $8.20

  • Retained at outperform at CLSA; Price Target: $10.80 from $10.90

  • Retained at buy at Jefferies; Price Target: $11.42 from $10.86

  • Retained at overweight at JP Morgan; Price Target: $9.80 from $8.50

  • Retained at neutral at Macquarie; Price Target: $9.65 from $9.30

  • Retained at overweight at Morgan Stanley; Price Target: $11.50 from $10.50

  • Retained at hold at Morgans; Price Target: $9.40 from $8.50

  • Retained at sector perform at RBC Capital Markets; Price Target: $9.75 from $9.00

  • Retained at neutral at UBS; Price Target: $9.30 from $9.00

• Readytech (RDY)

  • Retained at buy at Jefferies; Price Target: $4.00 from $4.30

  • Downgraded to neutral from outperform at Macquarie; Price Target: $3.15 from $3.80

• Ramsay Health Care (RHC)

  • Retained at neutral at Citi; Price Target: $40.00 from $42.00

  • Retained at hold at CLSA; Price Target: $38.70 from $35.75

  • Retained at neutral at Jarden; Price Target: $44.44 from $48.22

  • Retained at hold at Jefferies; Price Target: $39.15 from $38.85

  • Retained at neutral at JP Morgan; Price Target: $40.00 from $43.00

  • Retained at neutral at Macquarie; Price Target: $38.65 from $35.90

  • Retained at hold at Morgans; Price Target: $37.10 from $37.74

  • Retained at hold at Ord Minnett; Price Target: $38.60 from $41.45

  • Retained at sector perform at RBC Capital Markets; Price Target: $45.00 from $56.00

• Rio Tinto (RIO)

  • Retained at neutral at Macquarie; Price Target: $116.00 from $118.00

• RMA Global (RMY)

  • Retained at buy at Bell Potter; Price Target: $0.100

• Regis Resources (RRL)

  • Retained at neutral at Citi; Price Target: $3.40 from $3.25

• Scentre Group (SCG)

  • Retained at underperform at Macquarie; Price Target: $3.24 from $3.37

  • Retained at accumulate at Ord Minnett; Price Target: $3.63 from $3.70

• Sovereign Metals (SVM)

  • Initiated at outperform at Macquarie; Price Target: $1.200

• Vault Minerals (VAU)

  • Retained at buy at Canaccord Genuity; Price Target: $0.550

  • Retained at outperform at Macquarie; Price Target: $0.550 from $0.570

  • Retained at buy at Ord Minnett; Price Target: $0.520 from $0.530

• VHM (VHM)

  • Retained at buy at Canaccord Genuity; Price Target: $1.150

• Woolworths Group (WOW)

  • Retained at neutral at Macquarie; Price Target: $30.80

• Waypoint Reit (WPR)

  • Upgraded to outperform from hold at CLSA; Price Target: $2.63 from $2.65

  • Retained at overweight at Jarden; Price Target: $2.70

  • Retained at neutral at JP Morgan; Price Target: $2.70

  • Retained at buy at Moelis Australia; Price Target: $2.84

  • Retained at underweight at Morgan Stanley; Price Target: $2.50

  • Retained at accumulate at Ord Minnett; Price Target: $2.72

• Wisetech Global (WTC)

  • Retained at buy at Citi; Price Target: $115.00 from $124.50

Scans