OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Shaw and Partners rates BML as Buy

Shaw and Partners has upgraded its silver price forecast, which has resulted in Boab Metals’ target price advancing to $1.70 from $1.08, previously.

The analyst calculated every US$10/oz move on the silver price is worth 40c to the share price. At the current silver price of US$80/oz, the shares are estimated to be worth $1.53.

Despite the rally in the silver price, Boab shares have lagged and are up to 53c from 41c since the final investment decision and capital raising.

The broker retains a Buy rating, High Risk, and believes Boab offers an "excellent opportunity" for investors seeking silver exposure.

Citi rates PPM as Buy

Citi views Challenger and HoldCo’s proposed acquisition of Pepper Money as clearly positive for the latter.

The analysts see the $2.60 per share all-cash price as broadly consistent with Pepper Money's inherent value.

The Buy rating and $2.70 target for Pepper Money are maintained.

Macquarie rates TCL as Neutral

Transurban Group announced toll road performance up 7.3% due to the ramp-up of WestConnex (WCX) and a robust performance from US assets up 20%, which surprised Macquarie.

Road works continue to affect Sydney traffic, with the M7 anticipated to rebound in 4Q26 and FY27 as the widening is completed.

The analyst points to two issues, the refinancing of around $2bn-$2.5bn of proportional debt over the next five years, with a large proportion funded at materially lower rates, and the project pipeline has been stagnant since FY25.

Balance sheet capacity stands at around $7.2bn by FY28.

Macquarie lifts EPS forecasts by 0.6% for FY26 and 0.8% for FY27, with a slight downward revision in target to $14.46 from $14.55 due to short-term debt refinancing risks. Neutral rating is retained.