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

Bell Potter rates CU6 as Speculative Buy

Bell Potter views Clarity Pharmaceuticals' latest Secure trial update as supportive, with seven patients achieving complete responses to 67Cu SARbisPSMA and encouraging PSA outcomes at the 8GBq dose.

Among patients in the expansion cohort, 63% recorded PSA reductions of at least -50%, despite participants having received extensive prior treatment and generally only two or three doses in the study.

The analyst also notes tolerability remains favourable, with adverse events predominantly mild and one patient experiencing temporary grade-three events.

Further Secure data are expected in 2H2026, while the broker anticipates first commercial revenue in calendar 2028 and notes FY26 cash of around $178m. Speculative Buy and the $6.40 valuation are unchanged.

Citi rates TCL as Neutral

Ahead of Transurban Group's FY26 result on Thursday 13th, Citi emphasises much of the defensive qualities of the toll road operator, including over 90% of revenues CPI-linked and subject to fixed "escalators", is priced in.

The circa 4.9% dividend yield is marginally higher than bond yields.

Neutral rated. Target $15.60.

Macquarie rates WBC as Underperform

Westpac delivered a soft trading update, Macquarie observes, with third quarter pre-provision earnings -2% below forecasts, primarily reflecting margin pressure.

The broker assesses the revenue outlook is challenging, with management flagging mortgage competition and much of the benefit from higher rates now factored in. While the pressures are more visible at Westpac, Macquarie considers the challenges are sector-wide.

EPS estimates are reduced by -1% for FY26 and -3% for FY27. Underperform rating and $30 target.