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UBS has downgraded South32 Limited from Buy to Neutral, lowering its price target to AUD 3.70 from AUD 4.00, following a strong performance that saw its shares outperform BHP by 20% over the past year. Analysts emphasized the need for a strategic shift towards organic growth, citing concerns over long-term projects and declining free cash flow yield forecasts. The reassessment of valuation indicates a more balanced risk-return scenario, as South32's shares now trade in line with BHP after historically being at a discount.
UBS has downgraded South32 shares from "Buy" to "Neutral," lowering the price target from AUD 4.00 to AUD 3.70. This decision follows a strong performance last year, but concerns about long-term growth projects and reduced earnings forecasts due to rising operating costs have influenced the analysts' outlook. The stock now trades in line with BHP, indicating a more balanced risk/reward scenario for investors.
The Australia 200 index rose 38 points (0.48%) to 7957, poised for its best close in nearly two weeks, buoyed by supermarket stocks following ACCC findings. The real estate sector also gained amid expectations of an RBA rate cut in May, while the financial sector showed signs of recovery. Gold prices retreated from record highs, and Paladin's uranium operations were suspended due to heavy rainfall.
US stock markets showed mixed results as tariff concerns eased, while the Australia 200 index rebounded after four weeks of losses, supported by labor data suggesting a potential interest rate cut by the RBA in May. Key economic indicators included unchanged Fed rates, softer retail sales, and a surprising surge in US housing starts. In the UK, inflation rose to 3.0%, prompting the BoE to maintain rates, while Japan's BoJ held rates steady amid global uncertainties.
The dollar has strengthened against both the pound and the Australian dollar, with GBP/USD easing back after briefly surpassing $1.30. A drop below $1.2850 could indicate a bearish trend, while a recovery above $1.30 may target $1.31 and $1.34. In contrast, AUD/USD is under pressure, needing to recover above $0.6350 to reverse its downward trajectory, with a potential target of $0.6150 if it continues to decline.
UBS Group AG has acquired a 6.27% voting stake in Ora Banda Mining, marking a significant investment that could influence the company's market position and stakeholder dynamics. This development, effective March 18, 2025, highlights UBS's growing interest in the gold mining sector, where Ora Banda focuses on exploration and development. The company currently boasts a market cap of A$2.13 billion and has seen a year-to-date price performance increase of 66.92%.
Nanosonics has seen a 14% increase in its share price following FDA approval, which has enhanced its credibility in the medtech sector. The company has upgraded its FY 2025 guidance due to strong sales growth and a favorable exchange rate, though investors should remain cautious about potential earnings instability. Monitoring the success of the CORIS system will be crucial for improving financial metrics.
Integrated Research Limited has secured a significant contract renewal with JP Morgan Chase, valued at USD $6.23 million (AUD $9.80 million), for a five-year term. This agreement involves the use of IR’s Transact and Infrastructure product, essential for the bank's payments technology, highlighting the enduring partnership and the value of IR’s solutions for large enterprises.
Morgan Stanley has downgraded National Australia Bank (NAB) from 'overweight' to 'equal weight' and reduced its price target by 7% to $34.80, citing higher execution risks due to management changes and competitive pressures in business banking. The firm retained its 'equal weight' rating for ANZ with a 7.5% price target increase to $29.30, while Westpac and Commonwealth Bank maintained their 'underweight' ratings, with price targets unchanged for Westpac and a slight increase for Commonwealth Bank to $128.
The CEFC has committed A$160m to co-invest with Goldman Sachs Alternatives in the Australia Real Estate Credit Partners IV fund, which has over US$7bn in lending capacity. This partnership aims to enhance sustainability in the construction sector and drive systemic change in the Australian real estate market.
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ubs downgrades south32 to neutral and lowers price target to aud 3.70
09:19 21.03.2025
ubs downgrades south32 to neutral lowers price target amid growth concerns
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