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

UBS rates AMC as Buy

UBS previews Amcor's 1Q27 upcoming results on November 5 with forecast EPS growth of around -5% to US$0.92, which sits at the lower end of management's guidance range and below consensus at US$0.955.

Berry synergies are expected to drive the results with flat revenue forecast resulting from anticipated weak volumes.

Management is expected to reconfirm its 1H27 EPS guidance of US$1.80–US$1.90, which aligns with both the broker's and consensus estimates.

The market is likely to concentrate on volume growth, synergy achievements, cost input inflation management and gearing.

The stock remains Buy rated with an unchanged $78 target. UBS forecasts 3-yr CAGR in EPS of 6%.

Bell Potter rates ATX as Speculative Buy

Bell Potter highlights growing evidence supporting the combination of Amplia Therapeutics' FAK inhibitor, narmafotinib, with RAS inhibitors to improve cancer treatment outcomes.

FAK stands for Focal Adhesion Kinase, an enzyme involved in cell growth, survival, movement and signalling, while RAS refers to a family of proteins that regulate cell growth and division.

The broker points to encouraging preclinical studies and clinical data suggesting the combination could improve treatment responses and delay disease progression.

Amplia owns one of only three FAK inhibitors in clinical development globally, compared with more than 60 RAS inhibitors in development, the analysts highlight.

A collaboration with Eli Lilly to trial narmafotinib alongside its KRAS inhibitor in lung cancer is expected to provide early efficacy data in 2028.

Bell Potter sees substantial commercial potential, particularly given Amplia's market capitalisation below $50m, but clinical validation remains necessary. Unchanged Speculative Buy rating and 42c target.

UBS rates JHX as Neutral

UBS previews James Hardie Industries' 2Q27 upcoming results on November 6 (AEDT) and forecasts group EBITDA of US$412m, ex Europe, which is in line with guidance and consensus expectations.

The analyst highlights investors are likely to focus on FY27 EBITDA guidance due to the absence of an upgrade at the recent Investor Day, although it is expected management will reconfirm 2H guidance rather than proffer an upgrade.

US conditions remain challenging and the housing market remains weak.

Ahead of the results, EPS forecasts are trimmed by -7% for FY27 and -3% for FY28. Target remains at $45 with a Neutral rating.