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

UBS rates ALX as Neutral

Atlas Arteria’s 1Q26 result showed early signs of macro softness, with group revenue around -2% below UBS' expectations and weaker traffic across key assets, including APRR, ADELAC and Chicago Skyway, partly offset by favourable vehicle mix and stronger performance at Dulles Greenway.

APRR toll revenue rose 1.2% y/y, below the 3.6% y/y growth expected, while Skyway and ADELAC also missed forecasts, with notable weakness in heavy vehicle volumes at Skyway, down -7.3%, and Warnow Tunnel declining -5.8% on traffic disruption.

The broker lowers earnings forecasts on ongoing weakness, while the target price falls to $4.50 from $5.15, largely attributed to forex and interest rates.

Neutral rating retained.

Citi rates CGF as Buy

Citi views Challenger’s 3Q update as mixed, with positives including solid Japan and lifetime annuity sales, along with tighter FY26 guidance. Higher capital intensity, shorter-duration sales and outflows in Funds Management provide an offset, the analyst explains.

The longer-term growth outlook is seen as intact, supported by potential capital returns and improving earnings prospects.

The broker trims its FY27-FY28 EPS forecasts by around -1% due to lower funds under management (FUM), partly offset by capital note redemptions.

The broker retains a Buy rating and $10.00 target.

Bell Potter rates HUB as Buy

Bell Potter found the trading update from Hub24 "mildly positive". The quantum of net inflows is on an upward trajectory and ahead of expectations.

The main negative was a single institutional client outflow combined with peak pessimism in March which weighed on sentiment. The company reported $127.9bn in platform funds under management, flat compared with the prior quarter.

The broker downgrades EPS estimates slightly, by -1% for FY26 and -2% for FY27. Buy rating. Target is reduced to $110 from $120.