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Morgans explains the recent share price weakness for ALS Ltd can be attributed to slowing growth from overseas peers, forex pressure, Middle East exposure and concerns around fuel supplies.

Extrapolating from Imdex's ((IMD)) March quarter update, the broker highlights a historical 95% correlation with ALS' geochemistry sample volumes and Imdex's toll volumes. Morgans believes there is a positive read through for Commodities.

Adjusting for the possible headwinds, the analyst lowers FY27 Life Sciences revenue forecasts by -6% on forex and raises Commodities estimate by 3%, which is earnings neutral.

Target price is raised to $27.20 from $25.30. The company reports FY26 results on May 18. Buy rated.

Macquarie rates CBA as Underperform

CommBank delivered a third quarter trading update that slightly missed expectations amid weaker revenue and a top up in provisioning.

Macquarie has observed a clear deterioration in revenue trends across the sector, although CommBank has marginally outperformed peers.

Underlying margins appear broadly stable, which implies these are tracking by -1-2 basis points below consensus estimates, the broker adds.

In an unusual move for a quarterly, albeit considered prudent, the bank topped up provisions by $200m, increasing CP coverage by three basis points to 1.38%. Macquarie reduces the target to $114 from $117 and maintains an Underperform rating.

Citi rates STO as Buy

Citi highlights significant upside risk to oil prices if disruptions to the Strait of Hormuz persist beyond May. It's felt a prolonged scenario could drive prices to US$150/bbl–US$200/bbl as inventories decline and forward cover tightens.

While the base case remains for resolution by end-May, the broker sees risk of a re-pricing event if geopolitical tensions escalate, with LNG markets also likely to tighten as disruptions extend into European restocking.

Under this scenario, the analyst expects Woodside Energy to outperform Santos, given its greater LNG exposure and trading leverage. Broader energy equities are also expected to benefit from energy security tailwinds.

For Santos: Target $8.65. Buy rating.

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ANALYSIS & DATA

FNARENA'S MARKET CONSENSUS FORECASTS

To display the stock analysis for a company please enter the company code:

ANZ | ANZ GROUP HOLDINGS LIMITED

Abbreviated format - see the full version here

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$34.57 13 May 2026	-0.570 OPEN $35.01	-1.62% HIGH $35.09	6,191,105 LOW $34.15

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$34.57

13 May
2026

market red arrow -0.570

OPEN

$35.01

market red arrow -1.62%

HIGH

$35.09

6,191,105

LOW

$34.15

TARGET
$35.1751.8% upside
Franking for last dividend paid out: 75%

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	198.2	247.6	xxx
DPS (cps)	xxx	166.0	166.8	xxx
EPS Growth	xxx	- 9.1%	24.9%	xxx
DPS Growth	xxx	0.0%	0.5%	xxx
PE Ratio	xxx	N/A	14.1	xxx
Dividend Yield	xxx	N/A	4.8%	xxx
Div Pay Ratio(%)	xxx	83.8%	67.4%	xxx

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RBC Capital on Tamboran Resources $TBN: "The fiscal 3Q26 earnings served as a recap of the last few months' robust activity that includes a new CEO, equity raise, partner farm-out, and continued development toward first gas sales. "TBN remains catalyst rich including

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Citi on CommBank $CBA: "CBA reported 3Q26 unaudited cash NPAT of $2.7bn. This was ~2% below our forecasts/quarterly run-rate implied by VA consensus, albeit we note that this was largely driven by a modest CP top-up. "Core earnings drivers looked consistent with our

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DAILY FINANCIAL NEWS

Monthly Listed Investment Trust Report – May 2026

Independent Investment Research updates developments in Australia’s listed investment trust and provides comparative data

10:30 AM - Australia

New-Look Dyno Nobel’s Explosive First Half

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News Corp outperformed analysts’ third quarter expectations, led by growth engines Digital Real Estate and Dow Jones

May 13 2026 - Australia

CSL Challenges Pile On, Where’s The Upside?

CSL surprised even the most cautious commentators with (yet again) a hefty downgrade for future earnings. Analysts are questioning where to now?

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Technical Views On Nasdaq, ASX200 & Oil

Tony Sycamore, Market Analyst, IG shares his technical views on the Nasdaq, ASX200, gold and crude oil

May 13 2026 - Technicals

Mining, Value-adds Underpin Orica’s Outlook

Flat first half earnings growth for Orica’s core explosives business was better than feared, while other divisions offer solid growth

May 12 2026 - Australia

Uptrend Resumes For Sandfire Resources Shares

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Ventia Services Targeting Key Growth Sectors

May 11 2026 - Small Caps

ASIC Watch: Auditor Independence Crackdown

May 11 2026 - Australia

The Market In Numbers – 9 May 2026

May 09 2026 - Australia

FNArena Corporate Results Monitor – 08-05-2026

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Capital Markets: How AI Is Changing The Game

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Artificial Intelligence: Here, There & Everywhere

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Private Credit’s Liquidity Illusion

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May 06 2026 - Technicals

Healthy Margins Underpin Bega’s FY31 Targets

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Treasure Chest: GrainCorp

May 05 2026 - Treasure Chest

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RUDI'S VIEWS

Rudi’s View: Outlook Positive, Australia Lagging

The outlook remains positive, global equity strategists maintain, though Australia will be among the world’s laggards

4:28 PM

DAILY MARKET REPORTS

ASX Winners And Losers Of Today – 14-05-26

The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day

6:35 PM

Australian Broker Call Extra Edition – May 14, 2026

Extra Edition of the Broker Call Report

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The Overnight Report: Tech Masks Weakness

A global perspective on what happened overnight

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Today’s Financial Calendar – 14-05-2026

Significant Scheduled Events For 14 May, 2026

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ASX Winners And Losers Of Today – 13-05-26

The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day

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Australian Broker Call Extra Edition – May 13, 2026

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The Overnight Report: The Day After The Budget

A global perspective on what happened overnight

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WEEKLY REPORTS

The Short Report – 14 May 2026

FNArena’s weekly update on short positions in the Australian share market

10:45 AM

Weekly Update On LICs & LITs – 12-May-2026

Weekly update of Listed Investment Companies (LICs) & Listed Investment Trusts (LITs) on the ASX

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Weekly update on stockbroker recommendation, target price, and earnings forecast changes

May 11 2026

Australian Listed Real Estate Tables – 11-05-2026

FNArena provides a weekly update of Australian listed real estate trusts (REIT) and property developers, current pricing yield and valuation data

May 11 2026

Next Week At A Glance – 11-15 May 2026

A brief look at important company events and economic data releases next week

May 08 2026

In Case You Missed It – BC Extra Upgrades & Downgrades – 08-05-26

A summary of the highlights from Broker Call Extra updates throughout the week past

May 08 2026

Weekly Top Ten News Stories – 8 May 2026

Our top ten news stories from 30 April 2026 to 07 May 2026

May 08 2026

In Brief: Tasmea, Boab Metals, Cedar Woods & Pexa Group

This week’s In Brief shines a light on two companies in the sweet spot of silver and mining, with two others facing challenges

May 08 2026

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Click item/line to change chart

Australia
14 May 2026 Updated : 20:12 AEDT
SPI Overnight
8637.00
-21.00
-0.24%
NZ50
13025.070
-37.990
-0.290%
All Ordinaries
8884.70
+4.00
0.05%

S&P ASX 200
8640.70
+10.30
0.12%
S&P ASX 300
8582.30
+9.60
0.11%
Communication Services
1716.20
-10.90
-0.63%
Consumer Discretionary
3357.50
-14.40
-0.43%
Consumer Staples
11342.70
-216.00
-1.87%
Energy
10271.80
-79.50
-0.77%
Financials
9012.30
+91.00
1.02%
Health Care
22478.30
-233.50
-1.03%
Industrials
8107.00
+38.40
0.48%
Info Technology
1694.60
-38.10
-2.20%
Materials
25304.90
-25.40
-0.10%
Real Estate
3577.60
+10.10
0.28%
Utilities
10314.90
+80.90
0.79%
A-REITs
1658.00
+3.80
0.23%
All Technology Index
2721.60
-42.90
-1.55%
Banks
3800.50
+28.60
0.76%
Gold Index
17862.50
-257.60
-1.42%
Metals & Mining
8816.30
-12.50
-0.14%

Click item/line to change chart

Australasia
14 May 2026 Updated : 20:12 AEDT

AUD/USD
0.7246
0.00
0.00%
AUD/NZD
1.2207
0.00
-0.06%
NZD/USD
0.5936
+0.00
0.07%
AUD/JPY
114.44
+0.10
0.08%
SGD/AUD
1.08
0.00
-0.06%
AUD/EUR
0.6189
0.00
-0.02%
AUD/GBP
0.5362
+0.00
0.04%
AUDCAD
0.9933
+0.00
0.09%
World
14 May 2026 Updated : 20:12 AEDT
CAD/USD
0.7294
0.00
-0.10%
EUR/JPY
184.89
+0.18
0.10%
EUR/USD
1.1708
+0.00
0.03%
GBP/USD
1.3514
0.00
-0.03%
USD/JPY
157.92
+0.12
0.08%

Click item/line to change chart

World
14 May 2026 Updated : 20:12 AEDT
FTSE100
10349.48
+24.13
0.23%
DAX30
24452.84
+316.03
1.31%
Hang Seng
26389.04
+0.60
0.00%
Nikkei 225
62654.05
-618.06
-0.98%
NZ50
13025.070
-37.990
-0.290%
DJIA
49693.20
-67.36
-0.14%

S&P500
7444.25
+43.29
0.58%
Nasdaq Comp
26402.34
+314.14
1.20%
S&P500 VIX
17.87
-0.12
-0.67%
US 10-year yield
4.481
+0.018
0.400%
USD Index
98.38
+0.19
0.19%
Aus Stocks
14 May 2026 Updated : 20:12 AEDT
Amcor (US)
39.10
-0.10
-0.26%
Newmont (US)
118.96
-0.73
-0.61%
Rio Tinto (UK)
8241.00
-31.00
-0.37%
BHP Group (US)
90.81
+2.46
2.78%
Rio Tinto (US)
112.04
+2.54
2.32%
ResMed (US)
202.37
-1.42
-0.70%
South32 (UK)
240.40
-3.40
-1.39%
James Hardie (US)
20.01
-0.18
-0.89%
Janus Henderson (US)
51.70
0.00
0.00%

Click item/line to change chart

Metals & Minerals
14 May 2026 Updated : 07:06 AEDT
Gold (oz)
4697.10
-27.47
-0.58%
Silver (oz)
88.15
+0.59
0.67%
Copper (lb)
6.6188
-0.02
-0.30%
Aluminium (lb)
1.6578
+0.04
2.20%
Nickel (lb)
8.6298
+0.13
1.58%
Zinc (lb)
1.6150
+0.01
0.92%
Copper (t)
14587.84
-42.98
-0.29%
Aluminium (t)
3653.85
+78.65
2.20%
Nickel (t)
19020.00
+295.00
1.58%
Zinc (t)
3559.35
+32.40
0.92%
Uranium (lb) weekly
86.25
0.00
0.00%
Iron Ore (t)
111.28
+0.17
0.15%
Energy
14 May 2026 Updated : 07:06 AEDT

West Texas Crude
100.96
-0.90
-0.88%
Brent Crude
105.68
-2.01
-1.87%

CALENDAR

Thursday, 14 May 2026

NZ	March net migration
UK	1Q GDP
US	April Retail sales
ALD	AGM
ASG	ex-div 5.00c (100%)
FLT	AGM
FPR	ex-div 11.90c (100%)
GNC	1H26 earnings report
UOS	ex-div 2.00c
XRO	earnings report