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

UBS rates BGL as Buy

Bellevue Gold's pre-released Dec quarter production report was slightly below expectations due to stockpile growth and delays to obtaining higher grades, at 32koz, UBS explains.

All-in-sustaining-costs of $2,989/oz were better than anticipated, which boosted cash and gold on hand lift to $165m, up $9m on the prior quarter.

Management retained FY26 production guidance at 130-150koz and all-in-sustaining-costs of $2,600-$2,900/oz, and capex growth of $80m-$90m.

The broker flags a pick up in exploration in 2H26 and FY27, with more drilling and exploration updates likely.

Target price is raised to $2.05 from $1.55, with a retained Buy rating.

Morgans rates FMG as Trim

Morgans lifted its commodity price forecasts and lowered forecasts for the AUD/USD exchange rate, resulting in a rise in price targets for diversified miners under its coverage.

Iron ore price forecast increases by 4.3% for FY26 and 3.9% long-term, while copper and aluminium saw a 15.6% and 13.9% rise for FY26, respectively, and no change for the long term.

Underlying EBITDA forecasts for Fortescue lifted by 32.3% for FY26 and by 45.9% for FY27.

Trim maintained. Target rises to $20.60 from $16.60.

The broker sees BHP and Rio as core long-term holdings, but prefers below-normal weightings at this stage of the cycle, favouring high-quality base and precious metal exposure instead.

Citi rates HUB as Neutral

Following a deeper review of Hub24's December quarter update, Citi lifted the target price to $104.75 from $101.50. The broker now sees potential for mid-single digit upgrades to consensus net profit forecasts.

Neutral retained.

In a quick response, the broker wrote:

Earlier today Hub24's market update revealed a record quarter of net flows, with net flows up 8% qoq. Analysts at Citi comment the number points to strong momentum across the quarter, including December, despite market weakness.

Importantly, the broker argues, it highlights management's strategy is delivering results as the platform operator enhances its product offering across client segments.

Citi is not only anticipating a strong result in February, but also upgrades to consensus forecasts