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

Morgan Stanley rates CSL as Overweight

Following a review of the outlook for immunoglobulin and albumin, Morgan Stanley remains positive regarding CSL at current levels. EPS is estimated to slip -3% in FY26 and -2% in FY27.

The broker has eased near-term expectations for albumin growth in China, amid recent regulatory changes, while remaining positive on the outlook for immunoglobulin amid benefits from Horizon 1 and 2.

Morgan Stanley's review of VMX-C001 in FXa inhibitor reversal and increased fibrinogen Citi uptake in the US provides additional upside not reflected in current valuations.

Overweight. Target is reduced to $163 from $174. Industry View: In-Line.

Macquarie rates HUB as Outperform

Hub24's June quarter net inflows of $4.19bn missed both Macquarie's and consensus forecasts and were about 13.1% of FUM.

The analyst points out the result was in line with the same quarter last year, excluding large migrations. Net inflows were affected by the recent Budget tax changes and tax volatility. Market share rose to 9.9%-plus at March.

FUA at $139.5bn met the broker's forecast and was above consensus. Management offered no update on FY27 FUA target of $160bn–$170bn but did point out the platform operator is on track to launch a pilot of myHUB to specific clients in 1H27.

EPS forecasts are tweaked slightly. Target price rises to $97 from $96.25, previously. Outperform rated.

Citi rates IGO as Neutral

Citi believes recent share price weakness for Australian lithium stocks has become overdone, with investors increasingly pricing in a lithium surplus in 2027 following lower spodumene prices.

The broker instead forecasts a 2026 global lithium deficit and stronger Chinese demand from August.

It's felt the main risk is weaker demand, including the potential impact of China's proposed battery tax, while Zimbabwe's confirmed lithium export ban tightens the supply outlook.

PLS Group is preferred for its scale, low costs and growth, while IGO Ltd and Liontown are seen as fairly valued.

For IGO Ltd: Neutral; target $7.10.