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

Bell Potter rates AHL as Hold

Bell Potter has observed the payment to both the managing director, Paul Proctor, and non-executive chairman, Donald McGurk, announced by Adrad after the first half results, now appears to be forthcoming, given it was dependent on a minimum 15% uplift in the value of the company by the end of a specified period.

The broker now makes an adjustment based on the current share price, choosing to accrue the full payment potential across each of FY26, FY27 and FY28. Downgrades to statutory EBITDA forecasts are made as a result.

Hold rating maintained. Target rises to $1.35 from $1.15.

Morgans rates AMC as Downgrade to Accumulate from Buy

Following Berry Global merger, management identified around US$2.5bn in non-core revenue across lower-growth or lower-margin businesses lacking scale or leadership positions, Morgans explains.

The broker believes these assets could be worth approximately US$1.8bn and notes agreements have already been reached to sell six businesses for around US$500m.

Proceeds are expected to be used to reduce leverage. The analyst expects a share price re-rating given leverage's strong historical inverse relationship with Amcor’s forward PE multiple.

Morgans maintains its $65.40 target for Amcor and downgrades its rating to Accumulate from Buy on valuation.

Citi rates CQR as Buy

Citi notes that while Retail REITs offer greater near-term resilience than office and industrial property stocks, investor attention is increasingly shifting toward the medium-term value opportunity in residential real estate.

The broker, however, believes Retail remains better insulated from near-term house price risks associated with the 2026/27 budget and the current interest-rate environment.

Citi's Buy rating and $4.50 target are maintained for Charter Hall Retail REIT.