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

Macquarie rates ALQ as Outperform

ALS Ltd upgraded its revenue outlook for FY27 to the higher end of the range, Macquarie points out, and is on pace to achieve high single-digit organic revenue growth, compared to the mid-to-single-digit growth flagged in May.

Minerals business' 1Q27 revenue growth is above the 1H guidance range of 15%-17% and the analyst now expects 23% growth with the 2H27 coming in at 29% growth.

Life Sciences was softer with low single-digit revenue growth thus far, albeit management has retained the mid-single-digit growth target for FY27. There is also some margin pressure in 1H but expected margin improvement of 30bp-50bp over the FY.

Across FY27, margin improvement of 130bps, the same as for FY26, is targeted underpinned by commodities, the broker states.

EPS forecasts are tweaked higher. The stock remains Outperform rated, trading at a -5% PER discount to international peers.

Target price is unchanged at $24.

Citi rates CSL as Neutral

Citi believes CSL's Horizon 2 manufacturing program (next-generation process for immunoglobulin) will take longer to commercialise after the company confirmed clinical trials will be required to support regulatory approval.

The broker notes Horizon 2 is expected to materially improve immunoglobulin production yields, but the need for clinical work delays any meaningful earnings benefit, with trials not due to commence until mid-2027.

Citi maintains its forecasts, citing no near-term margin uplift from Horizon 2 and now expects any meaningful profit contribution to be pushed beyond 2030.

Neutral. Target $110.

UBS rates MIN as Buy

Mineral Resources announced a strong 4Q update with FY26 volume and cost guidance meeting or beating UBS' expectations across iron ore, lithium and mining services.

Onslow Iron shipped 19.7Mwmt in FY26, above upgraded guidance of 17.7-19.4Mwmt, while FOB costs of $52/wmt beat guidance of $54-59/wmt.

Record lithium sales at Wodgina (317kt SC6) and Mt Marion (242kt SC6) also exceeded guidance, with realised prices rising 15% quarter-on-quarter to US$2,425/t, the analyst highlights.

UBS believes stronger volumes, lower costs and an improving balance sheet support higher earnings and cash flow, while longer-term growth at Onslow, Wodgina and Mt Marion underpins its positive outlook.

The broker upgraded FY26 EPS forecasts by 16%, increased its target price to $81.00 from $79.00, and retained a Buy rating.