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Bell Potter rates AMA as Buy

Bell Potter has downgraded AMA Group's FY26 and FY27 earnings forecasts due to the ongoing Middle East war and the higher probability fuel prices will remain higher for longer, which is expected to have a negative impact on repair volumes.

The longer term estimates have also been lowered to err on the conservative side, and the net impact is earnings (EBITDA) forecasts down -7% for FY26 and FY27 and down -4% for FY28.

The current FY26 earnings (EBITDA) forecast of $67m is below guidance of $70m-$75m. The analyst flags a downgrade in guidance at the upcoming 3Q update later in April.

Buy rating retained with a lower target of $1.10 from $1.20.

UBS rates CPU as Neutral

UBS points to strong corporate action activity and US Corporate Trust issuance in the March quarter, supporting transactional revenues for Computershare, despite heightened market volatility.

Near-term earnings are expected to remain resilient, with higher margin income yields offsetting potential pressure on activity if volatility persists.

Commentary also suggests longer-term risks from structural factors such as blockchain and tokenisation, which may weigh on the outlook.

UBS retains a Neutral rating and lowers its target to $32.75 from $35.30.

This is a summary of UBS research released yesterday.

Citi rates EVN as Neutral

Citi observes a "mixed" set of operational results from Evolution Mining's 3Q update.

Production was 2% above consensus at 170koz and AISC came in 16% higher than consensus at $2,220. Heavy rain over February and March for Ernest Henry lifted the wet weather impact to 9koz-11koz Au and 6kt-8kt of Cu from 7koz-8koz Au and 4kt-5kt of Cu.

Production from Ernest Henry missed consensus by -39% but management has retained FY26 group production guidance.

Ahead of the earnings call, the stock is Neutral rated with a $15 target.