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

Citi rates LIC as Neutral

Lifestyle Communities announced its 1Q27 trading update showing a decline in Victorian residential sales/settlements, down -22% y/y to 39 sales over the period, Citi indicates.

New home settlements for 1Q came in at 42, down from 54 in the previous year with an additional 234 contracts on hand, compared to 237 in 1Q26.

The analyst lowers development settlement forecasts again in softer sales and settlement volumes.

Target price is downgraded to $4.50 from $6 with no change in Neutral rating. The broker believes potential M&A activity is a factor which could offset share price weakness from potential ongoing downside to sales.

UBS rates TLX as Buy

UBS notes a retrospective study has signalled an AI decision support tool developed by DeepHealth could enable up to 19% of men to avoid biopsy yet at this stage does not believe it materially alters the opportunity for BiPASS.

The broker also assesses Telix Pharmaceuticals has a clear regulatory pathway in the US and attractive reimbursement prospects for PSMA-PET.

UBS continues to believe the market underappreciates both the commercial upside and probability of success of the BiPASS study. Buy rating and $26 target.

Ord Minnett rates TTT as Hold

Following Titomic's progression to full-rate production for an undisclosed semiconductor customer, Ord Minnett retains its Hold rating and $0.17 target.

The contract follows a successful low-rate production run awarded in December 2025 and is expected to contribute around $1.5m of revenue in FY27 and up to $3.2m in FY28.

While modest in absolute terms, the broker sees the award as validation of Titomic’s Titomic Kinetic Fusion (TKF) technology in a demanding manufacturing environment.

The award is also seen as supporting Titomic’s strategy of shifting from one-off machine sales towards recurring advanced manufacturing revenue.

This is a summary of research released by Ord Minnett last Friday.