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

Morgans rates AMC as Buy

Given ongoing geopolitical uncertainty and elevated oil prices, Morgans has adopted a more conservative stance on earnings forecasts for Amcor, Brambles, Reece and Reliance Worldwide.

The broker makes modest earnings downgrades for Amcor, reducing FY26-FY28 underlying EPS forecasts by around -2%, with FY26 now below guidance.

Key risks are seen as rising resin input costs, potential supply disruptions, softer global demand and higher interest rates.

Despite this, the analyst views Amcor's earnings as defensive, supported by exposure to consumer staples and contractual pass-through of input costs, aiding margin recovery.

Morgans retains a Buy rating and lowers its target to $68.20 from $75.80. Buy retained due to an undemanding valuation and potential upside from Berry synergies, the broker explains.

Bell Potter rates DVP as Buy

Develop Global is poised to deliver commodity price leverage amid elevated copper, zinc and silver prices, Bell Potter asserts. There was a significant uplift in the March quarter in contained metal production at Woodlawn, reflecting higher processing rates and feed grade.

The broker expects this will increase as the first quarter of steady-state production is achieved at Woodlawn and as stoping advances to the Kate lens core.

Free cash flow generation should now increasingly support project financing at Sulphur Springs and Pioneer Dome. Buy rating retained. Target edges up to $6.60 from $6.50.

Morgan Stanley rates RHC as Underweight

Morgan Stanley notes the proposed Australian Government reduction in the private health insurance (PHI) rebate for those 65-years and over.

The analyst estimates this would result in around a circa -50,700 reduction in members based on the number of insured people with hospital coverage (Dec 2025) of around 12.7m.

Applying the number of private hospital episodes in 2025, it is estimated a possible volume impact of circa -36,000 episodes and would translate to a volumes headwind of around -1%.

Ramsay Health Care remains Underweight rated with $35.60 target price. In-Line industry view.