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

Bell Potter rates 4DX as Speculative Buy

Bell Potter raises its target for 4DMedical by $1.50 to $6.00 and retains a Speculative Buy rating.

Management has announced planned enrolments for a Clear study, a prospective trial comparing its CT:VQ exam against CT pulmonary angiography (CTPA), the current standard of care for diagnosing pulmonary embolism.

The study is seen as an important step in supporting broader adoption of the technology following FDA approval in September 2025.

While no additional regulatory approval is required, the clinical data is expected to help drive uptake in emergency departments and inpatient settings, the broker explains.

Bell Potter estimates the addressable market opportunity at around US$2.5bn annually and expects adoption to accelerate from FY28.

Citi rates BPT as Sell

Citi believes Beach Energy is approaching a potential inflection point as the Waitsia project continues to ramp up and management strengthens the balance sheet through the sale of non-core assets.

The sale of the Artisan gas exploration permit in the Perth Basin is seen as modestly positive, with increased balance sheet flexibility outweighing a slightly lower valuation than its own estimates.

Citi forecasts the company will have around $1.1bn of balance sheet capacity at 25% gearing by the end of FY27 and sees potential consolidation within the domestic energy sector as a key catalyst.

The target falls by -5c to $1.05. Sell rating maintained.

Macquarie rates TPG as Outperform

The trading update from TPG Telecom was "soft", in Macquarie's view although FY26 guidance was reiterated.

The company provided additional detail on the digital brand strategy, which shows annual recurring revenue per unit 31.6% higher than traditional prepaid and the cost-to-serve around -20% lower.

Spectrum amortisation of $180m by FY30 has been confirmed, which is somewhat offset at a group level by shorter-life software intangibles and will not threaten the company's investment grade credit rating, Macquarie adds.

Outperform rating while the target is reduced to $4.10 from $4.40.