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

Citi rates AMP as Buy

Citi continues to view Hub24 ((HUB)) and Netwealth Group ((NWL)) as "leading" platforms but the difference between them and AMP's North Platform is noted as shrinking.

The analyst believes North Platform is picking up momentum and "traction" across most areas, and even at the forefront on some metrics.

The broker retains its Buy rating on AMP and believes the findings underpin the valuation ascribed to AMP's platform business of 25x or $3.2bn. There is also upside scope to the valuation from higher funds flow as its momentum becomes more positive.

Target price unchanged at $2.60.

Bell Potter rates MSB as Buy

Mesoblast reported Ryoncil sales for the September quarter of US$28m, below Bell Potter's forecast for US$40m. Revenue was adversely affected by low patient numbers during the US summer.

Numbers appear to have bounced back in September and the broker understands this trend has continued in October, so the December quarter should mean a resumption of sequential quarterly growth in revenue.

There appears to be greater flexibility in timing than Bell Potter previously assessed. Buy rating unchanged. Target edges down to $4.40 from $4.45.

Macquarie rates TLS as Neutral

Macquarie highlights the Senate's passage of the Universal Outdoor Mobile Obligation (UOMO) bill, which returns to the House for approval, with implementation scheduled for December 2027, subject to industry readiness.

The ACCC is examining regulated regional mobile access through domestic roaming or radio access network (RAN) sharing, potentially improving competition but reducing incentives for network investment, the analyst explains.

Direct-to-device (D2D) satellite technology remains a key swing factor, as effective satellite coverage could reduce the need for mandated network sharing.

Telstra Group is expected to remain under pressure from regulatory uncertainty, with the ACCC inquiry keeping network differentiation in focus and US satellite developments potentially weighing on sentiment. ACCC submissions close on November 26, 2026.

Telstra remains Neutral rated with a $5.02 target price. TPG Telecom ((TPG)) is Outperform rated with a $4.10 target.