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

Citi rates ARB as Neutral

Citi lowers its FY26-FY28 EPS forecasts for ARB Corp by -3% to -14%, reflecting a weaker sales backdrop, engineering challenges, ongoing supply constraints across key OEM vehicle models and cost pressures.

A partial offset is provided by a stronger Australian dollar against the Thai baht, the analyst explains.

The broker lowers its target price by -21% to $17.40, following forecast earnings downgrades and reduced peer and market valuation multiples, while retaining a Neutral rating.

Citi rates NEM as Buy

Citi remains cautious on gold in the near term, arguing continued Strait of Hormuz disruption and elevated energy prices could reduce investor buying amid fears of a broader risk-off sell-off.

At the same time, the broker notes China's spending on gold imports remains near record levels at around US$300bn annually, supported by strong investment demand and a strengthening renminbi.

While this is helping sustain gold prices at historically elevated levels, Citi believes the key marginal driver remains softer investor demand outside China, particularly in India and broader retail markets.

Buy rating and target of $215 for Newmont Corp.

Macquarie rates SGH as Outperform

Macquarie observes SGH Ltd reiterated group FY26 earnings (EBIT) of low-single-digit to mid-single-digit growth.

Management highlighted ongoing attention on execution which is targeted at improving and sustaining growth through the cycle against challenging macro conditions.

Re Boral, the analyst notes the target equates to earnings (EBIT) margins over 15%. Coates is seeking better time utilisation from the existing 62% and WesTrac is looking for more aftermarket serviceability.

Strategically the goal is to generate 10% earnings (EBIT) growth through the cycle. The broker explains management is looking for opportunities in property development, Crux, data centre build out and exposure to growth in infrastructure, mining and energy.

Target moves to $50.35 from $50.40. No change to Outperform rating.