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

UBS rates CSL as Buy

UBS' key takeaway from CSL's performance in 2025 was the poor performance of global plasma derived therapy sales of circa 4%, which marked a decline on historical growth trends. This was essentially attributed to US reimbursement cuts.

The loss of key tenders and poor commercial execution, notably in the large US market, are highlighted as the factors that contributed to the loss of market share across Ig, subcutaneous IB, albumin and hereditary angioedema.

Management has promised an improved performance in 2026, with a focus on the US market, while competitor Grifols' plans for "controlled growth" may assist, the report surmises.

Seqirus was the only segment showing growth, with market share rising to around 33%. Buy rated with an unchanged target of $235.

Citi rates DMP as Sell

Citi suggests European-listed quick service restaurant (QSR) operator AmRest’s 4Q/FY25 result provides a negative read-through for Domino’s Pizza Enterprises, given France is its second-largest market by store count.

AmRest’s French sales fell -12.9% in 4Q25 on the prior year, with management citing tougher trading conditions and weaker consumer confidence.

By contrast, AmRest’s Other Western Europe segment grew 7.8%, with momentum improving from prior quarters, explains the analyst.

The report concludes this outcome is consistent with Domino’s 1H26 result where France lagged Benelux and Germany.

Citi retains a Sell rating and $17.45 target price.

Macquarie rates LNW as Outperform

Trackable US casino gaming revenues rose 1% on the prior year in January, highlights Macquarie, with regional markets up 4% and Las Vegas down -11%, cycling strong baccarat hold rates.

The broker expects both Las Vegas and regional casinos to deliver low single-digit growth in 2026, broadly consistent with 2025 trends.

The analyst remains constructive on Aristocrat Leisure and Light & Wonder, citing supportive trends for Gaming Operations, including variable revenue machines. Solid outright volumes are expected to be underpinned by operator budgets.

Target of $220 and Outperform rating kept for Light & Wonder.