- SILVER LAKE RESOURCES LIMITED
JP Morgan rates as Overweight (1) - Production for the quarter was a record but missed guidance and costs were also higher than JP Morgan had expected. Changes to its model and commodity price and forex assumptions see the broker lift price target to $4.60 from $4.20. Silver Lake continues to trade at a large discount to valuation and has a sizable ramp-up in production forecast in coming years, so the broker retains an Overweight rating. More
- NEWCREST MINING LIMITED
Macquarie rates as Outperform (1) - 4Q production was in-line with the broker and ahead of the market, with the Macquarie really liking the 10% uplift in production over last quarter, saying it's a step in the right direction as far as operational performance goes. Higher costs see slight downward revisions to forecasts, but the Outperform. call and price target are maintained, with Macquarie hoping this is the first of many positives in the coming 12 months for Newcrest. More
- ENERGY RESOURCES OF AUSTRALIA
JP Morgan rates as Neutral (3) - Target $1.85 (was $2.00). Interim earnings met guidance but near-term market conditions remain challenging so post the result JP Morgan makes modest changes to its model. Price target falls as a result. There is solid upside to the broker's price target but downside risk without the Ranger Deeps expansion, so JP Morgan retains a Neutral rating. More
- NUFARM LIMITED
Citi rates as Sell (5) - The company's first guidance for FY12 came in a bit higher than Citi was expecting, although the broker notes it will probably be downhill from here as the company is facing a number of earnings headwinds in FY13. Given the view that earnings will soon start to slide, the broker believes the company's 25%+ outperformance since the beginning of the year and a 14x FY13 PER are unjustified. The Sell call is maintained. More
- WESFARMERS LIMITED
UBS rates as Buy (1) - Target $34.80 (was $33.60). Q4 retail sales for farmers were slightly below UBS's forecasts given higher than expected price deflation. Post the result, UBS makes only minor changes to its model. For the broker, farmers continues to offer an attractive valuation and positive earnings momentum and so a Buy rating is retained. More
- EVOLUTION MINING LIMITED
RBS Australia rates as Buy (1) - Target $1.98 (was $2.15). The broker thought the 2Q performance was pretty good, noting most of the company's diverse asset base delivered on promises. The best points in the eyes of RBS was that the company was able to keep a lid on costs, while at the same time addressing production issues. The Buy call is maintained, with the broker thinking the key will be the company's ability to maintain the current run rate. More
- OCEANAGOLD CORPORATION
Citi rates as Buy, High Risk (1) - Production, while 10% up on the March quarter, still fell a bit short of the broker, with cash costs also higher than hoped for. FY guidance was maintained, although the broker trims its forecasts on a lower gold price assumption. The Buy call is maintained, however, as the broker is upbeat about production from Didipio. More
- PERPETUAL LIMITED
RBS Australia rates as Hold (3) - Target $24.20 (was $24.50). The broker notes funds under management fell $1.1bn over the June quarter, which just goes to show that operating conditions for domestic fund managers aren't getting any better. While the broker admits management have made some moves to restructure, the broker thinks current market conditions are presenting a very big overhang for the stock, especially given what is a significant fixed cost base. Hold call maintained. More
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