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

Citi rates IFT as Buy

Citi slightly lowered Infratil's FY26 net profit forecast to account for the minority stake in its earnings.

No change to Buy rating and $12.34 target price.

As background, the broker's target price for the NZX listing is NZ$14.20.

UBS rates MND as Neutral

At its November 10 trading update, Monadelphous Group reported it was encountering robust trading conditions for the first four months of FY26.

Management's 1H26 revenue guidance of around $1.5bn sits 23% above UBS' previous estimate and reflects higher construction activity from a record FY25 order book, which rose 22% to $2.7bn.

FY26 revenue growth is guided at 20-25% versus the analyst's forecast of 24% growth, with a higher 1H skew at 53% versus 47% in 2H.

UBS raises its EPS forecasts by 24% for FY26, with an expected 15% three-year CAGR in EPS from FY25 to FY28.

The stock is trading at the top end of its historical valuation range. Neutral rated with a higher target price of $27 from $21.

Bell Potter rates WTC as Buy

WiseTech Global has reaffirmed guidance for FY26 revenue of US$1.39-1.44bn and earnings (EBITDA) of US$550-585m at its AGM.

Bell Potter views the December 1 rollout of the new commercial model and initial Container Transport Optimisation (CTO) revenue as key near-term catalysts.

It is considered guidance consistency offsets the limited CTO detail and the heavier revenue skew to H2.

Forecasts have been trimmed as the analysts reduce FY26-FY28 revenue expectations by 2-3%, partly balanced by higher margin assumptions.

Bell Potter lowers its target price to $100 from $128 on lower assumed multiples due to the recent de-rating of the Technology sector and a higher weighted average cost of capital for the same reason. Buy rating retained.