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Bell Potter rates CYC as Buy

Bell Potter explains Cyclopharm's management retained an upbeat outlook for the balance of 2026, flagging ongoing guidance for 250-300 Technegas generators installed in the US by the end of December 2026.

The analyst estimates 11 installations in the first 17 weeks of 2026 including five since March 31, while the company has 175 contracts signed and pending installation. An additional 11 contracts are at review stage.

Cash burn is expected to have peaked, the broker details, and is expected to decline over 2H2026 with revenue generation from 250 devices forecast to generate around US$423m in annual recurring revenue.

No EPS changes. Target remains at $1 with a Buy rating.

Citi rates MQG as Neutral

In a further update to Friday's initial take below, Citi points to some scope for "modest" positive earnings forecast revisions for FY27 based on management's qualitative guidance outlook.

Commodities & Global Markets looks the most likely for an upgrade where revenue outlook is more likely to be around $7bn-$7.2bn, above consensus at around $6.8bn. On balance a circa 2% lift to consensus earnings for FY27 is probable.

Indications for FY26 DPS of $7 was some -5% below market expectations with the group moving to a 50% payout ratio in 2H26, at the lower end of the guidance range.

Stock remains Neutral rated with a $240 target, up from $220.

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Macquarie Group delivered net profit of $4.847bn in FY26, 8% ahead of Citi's estimates. In an initial view, the broker notes the result was underpinned by better investment-related income across markets, commodities and MacCap.

Citi assesses FY27 guidance implies low single digit upside to consensus revenue forecasts which should also be matched in earnings as costs were largely in line.

Asset realisations featured strongly, led by the sale of the meters business but also other technology and infrastructure exits. The broker expects the result will be well received and retains a Neutral rating with a $220 target.

Bell Potter rates REA as Buy

REA Group announced what Bell Potter views as a "resilient" 3Q26 update. Listing growth was underpinned by robust growth in Melbourne, up 7%, and Sydney, up 4%.

The residential buy yield was better than expected at 14% for the period, above forecast of 12% for FY26. Commercial and financial services generated double digit revenue growth.

Management guided to an average 8% price increase for FY27 which stands above Domain's 4% increase. As highlighted by the analyst, Domain is trying to beat REA on price, the analyst comments.

The group reckons the market will move to a balanced phase post a period of demand surpassing supply. Bell Potter forecasts a decline in listings of -2% in FY27 which is unchanged.

The valuation compression on the stock is considered as excessive. Buy retained with a higher target of $217. EPS forecasts are tweaked higher.