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Boss Energy (ASX: BOE) Broker Ratings
Equity Espresso
March 31, 2025 • Estimated Reading Time: 4 minutes
Boss Energy (ASX: BOE) Broker Ratings
Date | Broker | Rating | Price Target |
|---|---|---|---|
15/04/2025 | UBS | Buy | $3.10 |
15/04/2025 | Shaw & Partners | Buy | $3.26 |
11/04/2025 | Morgan Stanley | Equal-Weight | $2.45 |
11/04/2025 | Ord Minnett | Buy | $4.50 |
11/04/2025 | Macquarie | Outperform | $4.50 |
11/04/2025 | Citi | Buy | $3.30 |
28/03/2025 | Bell Potter | Buy | $4.65 |
15/04/2025
UBS has downgraded Boss Energy to Neutral from Buy, lowering the target price by 3% to $3.10. The broker considers the stock fully valued, given the 12% decline in the uranium price this year. While acknowledging a positive long-term outlook and reiterating FY25 production guidance, UBS has lowered its EPS estimates for the next two financial years.
Shaw and Partners has cut its target price for Boss Energy to $3.26 from $3.70 while maintaining a Buy rating. This decision follows the broker's downgrade of uranium price forecasts. Despite this, Shaw and Partners note that Boss Energy's Honeymoon Uranium Project remains on track to meet its FY25 production guidance of 850klb.
11/04/2025
Morgan Stanley has maintained its Equal-weight rating for Boss Energy with an unchanged target price of $2.45. The broker expects the March quarter update on April 29 to show production of 0.247mlbs and drummed of 0.296mlbs, broadly in line to slightly above estimates. Morgan Stanley notes some challenges around commissioning with the kiln and baghouse may continue, but FY25 production guidance of 0.85mlbs is likely to be maintained.
Ord Minnett has maintained its Buy rating while lowering the target price to $4.50 from $4.70. The broker highlights 3Q25 production and sales for Honeymoon beat consensus, with the company on track to meet or exceed FY25 production guidance of 850klb. Ord Minnett notes that the realised average price of US$84/lb was boosted by enCore repayment done in cash, pushing the average from US$70/lb, and has modelled 60-70% of sales at term prices from FY26 onward.
Macquarie has maintained its Outperform rating for Boss Energy while raising the target price from $4.60 to $4.50. The broker reports 295.8klbs U308 was drummed at Honeymoon in 2Q25, beating Macquarie's forecast by 7.6%, with the company well-placed to beat 850klbs FY25 guidance. Macquarie notes Alta Mesa is performing well with a 0.7Mlb/year run-rate in March, lifting FY25 net profit forecasts on improved production and interest revenue.
Citi has maintained its Buy rating for Boss Energy with an unchanged target price of $3.30. The broker assesses the 3Q25 update as a strong operational result, with Honeymoon production of 296klbs U308 meeting its forecast but beating consensus by 10%. Citi notes sales of 150klbs was -18% lower than estimated, mainly a timing issue, while the realised price of US$70/lb was 8% ahead of forecast, rising to US$84/lb after accounting for enCore Energy's loan repayment.
28/03/2025
Bell Potter has maintained its Buy rating for Boss Energy while reducing the target price to $4.65 from $4.80. Following a Honeymoon site visit, the broker notes pre-released 3Q25 results of around 300klbs drummed exceeded consensus. Bell Potter expects the company to surpass FY25 production guidance of 850klbs, lifting FY25 EPS estimates by 79% while lowering FY26 by -28%.
Boss Energy Share Price
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