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

Bell Potter rates 360 as Buy

Bell Potter envisages some downside risk around MAU growth in the first half compared with consensus estimates for Life360, although forecasts still imply an exit run rate close to 5m, considered good given the Android issues that persisted in April and into May.

Conversely, upside risk is envisaged around paying circle growth versus consensus. The stock is considered reasonable value and deserving to trade on a similar, if not higher, multiple than TechnologyOne ((TNE)), given it is a market leader and has higher forecast earnings growth. Buy rating and $35 target maintained.

Macquarie rates MGH as Outperform

As noted by Macquarie, Maas Group announced new electrical infrastructure work for Firmus of around $855m to be executed over the next 18 months.

Management also updated FY26 guidance of $300m–$310m, of which Firmus constitutes between $55m–$60m; $130m–$135m of continuing operations and around $115m of non-continuing operations.

The guidance compares to $250m–$280m, previously. EPS forecasts are trimmed –15% for FY26 and lifted by 6% for FY27 and 31% for FY28.

The group has also entered into an agreement to acquire an additional $300m of Firmus shares and preference shares bringing the total investment to $410m, the analyst points out, or a circa 3.2% stake.

Target price is upgraded by 20% to $6.30 from $5.25. The valuation does not include the Firmus stake which could be worth around $1.37cps using a reported valuation of $15.5bn. Outperform rated.

Citi rates TWE as Buy

Pre the Treasury Wine Estates' FY26 result due on August 13, the Citi analyst anticipates earnings (EBITS) will meet guidance which was updated on June 4.

The broker anticipates management will reconfirm FY27 earnings (EBITS) guidance, at a minimum equal to FY26.

Management is also likely to point to depletions in China and some slight improvement in the US operations. Both factors are considered as relevant to improving confidence in the new CEO, the broker stresses.

With the high short interest in the stock which was around double the 12-month average in July, Citi views there to be little downside risk to earnings and believes the stock can continue to outperform.

Buy rating retained. Target unchanged at $5.50.