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

Citi rates BHP as Neutral

Citi expects stronger metal prices to support higher earnings for BHP Group and Rio Tinto following their June quarter production updates.

The broker believes upcoming results will reinforce the ongoing shift in earnings towards base metals, with iron ore contributing comfortably below 50% of earnings for both miners.

Both companies are expected to reaffirm capital expenditure guidance, while medium-term growth discussions are likely to remain focused on copper.

For BHP Group: Neutral. Target $63.

Macquarie rates FCL as Outperform

Fineos Corp announced EUR1.7m free cash flow to June 2026 with management retaining 2026 guidance of EUR147m–EUR152m.

Macquarie forecasts EUR147m.

Due to seasonal factors, Fineos generates a large proportion of free cash flow in 1Q. The year-to-date cash flow is below the previous four quarters.

No change to $3.50 target price and Outperform rating.

Morgans rates GDG as Buy

Generation Development has delivered a strong result for the June quarter with Morgans noting both the IB business and Evidentia are outperforming market expectations. Estimates for  EPS are lifted by up to 5% over the forecast period amid higher sales expectations.

The broker points out the share price has pulled back since late last year and the prior re-rating was justified by the company's strong position in structural growth areas. A Buy rating is maintained with the target raised to $6.89 from $6.28.