Weekly Reports | Jun 22 2026
This story features A2 MILK COMPANY LIMITED, and other companies.
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The company is included in ASX100, ASX200, ASX300 and ALL-ORDS
Weekly update on stockbroker recommendation, target price, and earnings forecast changes.
By Mark Woodruff
Guide:
The FNArena database tabulates the views of seven major Australian and international stockbrokers: Citi, Bell Potter, Macquarie, Morgan Stanley, Morgans, Ord Minnett, and UBS.
For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.
Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.
Summary
Period: Monday June 15 to Friday June 19, 2026
Total Upgrades: 10
Total Downgrades: 12
Net Ratings Breakdown: Buy 66.41%; Hold 26.88%; Sell 6.70%
For the week ending Friday, June 19, 2026, FNArena recorded ten upgrades and twelve downgrades in ratings for individual ASX-listed stocks from seven brokers monitored daily.
Among the most notable rating changes, Transurban Group received three broker downgrades, while Karoon Energy attracted two.
Citi felt investors may rotate out of defensive names such as Transurban if geopolitical tensions continue to ease, while Morgans argued recent share price strength overlooks softer traffic growth and a higher interest rate backdrop that would typically weigh on valuation.
Ord Minnett’s downgrade to Hold from Accumulate, based on valuation, was not picked up in the table below. Stock Analysis on the website shows the move.
Ord Minnett remains positive on the stock, raising its target price by 50 cents to $14.40 to incorporate the sale of the A25 toll road stake in Montreal plus updated forecasts for tolls and traffic numbers.
The proceeds from the A25 sale will be reinvested into Transurban’s US 95, 395 and 495 Express Lanes in the greater Washington region.
In Ord Minnett’s view, reallocating capital to higher-growth US assets makes strategic sense, with Transurban having made little headway in Canada beyond its 2018 A25 investment.
FNArena will publish an article on Karoon Energy this week after another operational setback at the company’s Who Dat oil field interest in the US Gulf Coast triggered a sharp production downgrade.
Brokers believe significant value remains if asset reliability can be restored.
For the first time in several months, increases in average target prices (valuations) outweigh declines in the tables below, while rises in average earnings forecasts are also of greater magnitude than negative adjustments.
When it comes to earnings forecasts, the local mining sector is responsible for the positive momentum. Everything else remains in a downtrend.
Karoon heads up the tables for both lower targets and forecasts with falls of -14% and -22%, respectively.
Lifestyle Communities, which develops, owns and operates land lease communities for Australians aged 50 and over, follows Karoon with a -19% fall in average earnings forecast.
The company operates a land lease model that differs from a traditional retirement village. Residents purchase their homes while the company retains ownership of the underlying land and charges a weekly site fee.
Many residents are eligible for Commonwealth Rent Assistance, which helps offset ongoing housing costs and supports the affordability of the model.
Last week’s trading update suggested momentum had improved, with fourth-quarter-to-date sales rising to 56 homes, up 30% quarter-on-quarter and 17% year-on-year.
While these numbers appeared solid given the company’s full exposure to a softer Victorian market, UBS suggested underlying details were less encouraging.
FY26 home settlement margins are expected to fall to 8.5%-9.5%, down from 11% in the first half, implying second-half margins of around 6.5%. The broker attributed the deterioration to heavy discounting on recent sales.
UBS questioned whether current sales momentum can be sustained if discounts are removed, particularly against a backdrop of weakening housing market conditions following the May Budget and 75 basis points of interest rate hikes.
Similarly, Citi noted the weaker pricing environment implies a more than -30% decline in second-half development margins. As a result, further consensus earnings downgrades are expected across FY27-FY28.
More positively, analysts noted improving net debt metrics have eased balance sheet concerns.
Flight Centre Travel also appears on the wrong side of the earnings ledger below with a -5% fall in average forecast last week.
Management downgraded underlying FY26 profit guidance to between $275m-$295m, a -13%-16% revision to prior guidance and -7.4% adrift of the consensus estimate at the midpoint.
As noted in https://fnarena.com/index.php/2026/06/18/flight-centre-to-regain-altitude/, Travel sector analysts are, for the most part, optimistic, expecting the company that was performing well before the Iranian conflict, can quickly revive once a negotiated ‘peace’ is underway.
On the flipside, Australian lithium exploration and development company Wildcat Resources sits atop the week’s ranking for positive change to consensus target with a 31% rise.
Bell Potter believes investors are underestimating the risk of a looming lithium supply crunch.
As lithium markets await the next wave of supply, Wildcat controls what may be Australia’s most compelling near-term development opportunity.
See https://fnarena.com/index.php/2026/06/17/lithium-enthusiasts-discover-wildcat-resources/ for analysts’ assessments of the company’s flagship Tabba Tabba project, one of the only near-term hard-rock lithium developments positioned to enter production during the current cycle.
Both Bell Potter and Macquarie initiated research coverage on Wildcat last week with respective ratings of Speculative Buy and Outperform.
Australia’s largest specialty footwear retailer and distributor Accent Group is next with a 17% rise in average price target after Frasers Group launched an unconditional on-market takeover offer at $0.65 per share, representing nil premium to the previous closing price.
Morgans viewed the bid as opportunistic given the stock price has fallen -64% over the past year and suggested scope for a better offer, noting Frasers previously acquired shares at substantially higher prices.
Similarly, Bell Potter felt the bid undervalues Accent’s dominant position in lifestyle footwear, led by banners including Skechers, Platypus and Hype, as well as its growing apparel portfolio.
While acknowledging recent disappointing earnings from the group’s Glue Store and MySale banners, this broker suggested Frasers is pursuing a strategically attractive asset with significant long-term value.
The average target for metal recycling and circular economy company Sims rose by 10% last week after management upgraded guidance due to a strong performance in its US metals business.
UBS noted strength across nonferrous markets and improved trading conditions for ferrous amid US domestic steel demand.
Sims Lifecycle Services (SLS) remains a key earnings driver, Ord Minnett observed, with memory chip resale contributing around 80% of gross profit.
Guidance for SLS has been narrowed to earnings (EBIT) of $170m-$175m, which UBS largely expected given the fluctuations in DDR4 pricing since March guidance was provided.
This broker remains positive on the medium-term outlook for SLS, as DDR4 supply has been structurally removed and shifted to higher-margin DDR5 and HBM.
DDR5 is the latest mainstream generation of DRAM memory, replacing DDR4, while HBM is a premium, specialised memory chip designed for AI, machine learning and high-performance computing.
Bannerman Energy heads up the week’s ranking for positive change to average earnings forecasts with a 49% rise after UBS initiated coverage with a Buy rating and $5.15 target.
The broker is upbeat on the U3O8 price outlook and forecasts a long-term price of US$100/lb by 2028, up from US$85/lb, which boosts the outlook for Etango, the company’s flagship uranium development project in Namibia.
Completion risk is viewed as minimal, with first production targeted for 2028.
The upcoming final investment decision, recently secured funding package, and commencement of early works all strengthen the outlook, UBS suggests.
Australian lithium producer Liontown Resources also received a 28% boost to its average earnings forecast last week.
Macquarie upgraded its rating to Outperform from Neutral, attributing the recent pullback in the share price to macroeconomic headwinds and recalibration of the 4mtpa expansion case for the Kathleen Valley project.
Macquarie raised its spodumene and lithium carbonate price assumptions, driving material upgrades to earnings estimates across its lithium-exposed coverage for the next few years.
Bell Potter similarly upgraded its lithium price outlook by 11% for spodumene concentrate for the balance of 2026, 7% for 2027 and 17% for 2028. The long-term spodumene price assumption was also raised to US$1,500/t, real, from US$1,400/t previously.
Kathleen Valley delivered strong operational momentum during the last quarter, and the analysts expect this progress to continue. Bell Potter also highlighted Liontown’s transition to a net cash position and raised its target price by 25 cents to $2.90.
Catapult Sports average earnings forecast has fallen by -25% but its inclusion for the week is due to a data update catch up.
Following a standout FY26, analysts feel management’s execution and the company’s growth trajectory suggest a share price re-rating should follow. For further details see https://fnarena.com/index.php/2026/06/15/awaiting-catapult-sports-fundamental-re-rating/.
Gold producer Perseus Mining and copper-focused 29Metals rank fourth and fifth, respectively, on the table for positive earnings forecast revisions.
Following a period of heightened volatility, Macquarie last week shifted to a market-based pricing approach for commodities using the 18-month forward curve before reverting to its unchanged long-term outlook from 2029.
Macquarie subsequently lifted its 2026 and 2027 copper price forecasts by 9% and 33%, respectively, while gold forecasts were revised by -4% and 6%.
A miss on net subscriber additions in the latest update by management at telco challenger Aussie Broadband has not deterred analysts from an upbeat growth outlook as acquisitions boost growth in FY27.
Potentially, the weaker consumer backdrop is seen as already reflected in Aussie’s share price: https://fnarena.com/index.php/2026/06/18/aussie-broadbands-scale-up-potential/
Total Buy ratings remain historically elevated at 66.41%, with Sell ratings at just 6.70%, leaving 26.88% on Neutral/Hold.
Upgrade
A2 MILK COMPANY LIMITED ((A2M)) Upgrade to Buy from Neutral by UBS .B/H/S: 4/1/1
UBS observes a2 Milk Co has de-rated by -35% which captures a significantly greater permanent value loss compared to its forecasts at -12% and upgrades to Buy from Neutral.
The company should have completed its retrospective product testing which broadly eliminates the risk of further ARA-related recalls and the broker’s analysis suggests shortages were greater than previously anticipated.
UBS now believes the likelihood of further infant formula product recalls is low with the earnings risk moderating and China’s restocking underway.
Despite incorporating conservative assumptions around China-label customer losses UBS expects net profit to double by FY30 amid infant formula share gains and new products. Target is reduced to NZ$9.20 from NZ$10.40.
ACCENT GROUP LIMITED ((AX1)) Upgrade to Equal-weight from Underweight by Morgan Stanley .B/H/S: 1/4/0
Morgan Stanley notes Accent Group has received an unconditional on-market bid at 65c per share from Frasers Group, which is in line with the previous closing share price.
Frasers Group has not described the bid as its best or final offer. Management of Accent has advised shareholders to take no action.
Currently, Frasers owns around 22.9%, with a minimum objective of gaining 26% to achieve a second board nominee.
The broker upgrades the stock to Equal-weight from Underweight with a higher target price of 75c from 65c. Industry View: Cautious.
CHANNEL INFRASTRUCTURE NZ LIMITED ((CHI)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 1/0/0
Channel Infrastructure has updated guidance after securing a government diesel storage contract and accelerating the timing of several smaller private storage agreements.
Macquarie believes the company’s import terminal and pipeline assets provide a stable earnings base of around $100m earnings (EBITDA), supporting reliable dividends and downside protection.
The broker argues Channel Infrastructure is evolving from a single-asset operator into a broader energy and industrial platform. Additional growth opportunities include storage expansion, third-party developments and precinct monetisation.
Macquarie believes these options are not fully reflected in the share price and raises its target to NZ$3.38 from NZ$2.77. The rating is also upgraded to Outperform from Neutral.
ELEVRA LITHIUM LIMITED ((ELV)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 1/0/0
Lithium prices may have corrected more than -15% from the peak in early May, yet Macquarie remains constructive on market fundamentals.
The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.
Elevra Lithium is upgraded to Outperform from Neutral as the outlook is improving while the company transitions to a funded North American lithium growth platform from just a single asset story. Target is raised to $14.50 from $13.50.
EVOLUTION MINING LIMITED ((EVN)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 5/1/0
Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.
The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Evolution Mining is upgraded to Outperform from Neutral and the target is lowered to $13 from $14.
In a stabilising gold price environment Macquarie believes the company can continue to generate strong free cash flow.
GREATLAND RESOURCES LIMITED ((GGP)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 4/0/0
Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.
The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Greatland Resources is upgraded to Outperform from Neutral and the target reduced to $14 from $15.
Macquarie continues to assess the business is tracking ahead of FY26 guidance of 230-310,000 ounces with costs at the lower end of guidance at $2400-2800/oz.
KAROON ENERGY LIMITED ((KAR)) Upgrade to Hold from Trim by Morgans .B/H/S: 2/2/1
Morgans observes Karoon Energy is in a difficult position amid multiple operating issues while enjoying a “bump” in earnings as a result of the Middle East war.
The Who Dat operations have continued to be problematic, with the operator now warning the failed riser is a more protracted problem than previously thought and limited production is not expected to be restored until at least the second half of FY27.
The 2026 budget is now under review with the company considering how to optimise expenditure. The stock is down -20% over two sessions, the broker points out, and now trading close to the revised target price.
As a result the rating is raised back to Hold from Trim and the target lowered to $1.67 from $1.90.
See also KAR downgrade.
LIONTOWN LIMITED ((LTR)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 3/2/0
Lithium prices may have corrected more than 15% from the peak in early May yet Macquarie remains constructive on market fundamentals.
The broker updates its price forecasting methodology and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.
Liontown is upgraded to Outperform from Neutral after the recent pull back in the share price which Macquarie believes can be attributed to macro headwinds and recalibration of the 4mtpa expansion case. The target is increased to $2.30 from $2.20.
NRW HOLDINGS LIMITED ((NWH)) Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 4/0/0
Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.
Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.
For NRW Holdings, the broker raises its target to $7.35 from $6.40 and upgrades to Accumulate from Hold.
The company has recently acquired Electrical, Mechanical, Infrastructure and Technology (EMIT) services provider Fredon for up to -$200m, adding a fourth operating division and securing $120m in contract work.
Ord Minnett believes the acquisition strengthens the company’s growth outlook and complements the recently awarded $200m Tonkin road contract in Western Australia.
TELSTRA GROUP LIMITED ((TLS)) Initiation of coverage with Neutral by Citi .B/H/S: 2/5/0
Citi initiates research coverage on Telstra Group with a $5.50 target and Neutral rating, believing much of the upside is reflected in the share price. The medium-term outlook is considered favourable.
The mobile business remains the key earnings growth driver, with the broker expecting structurally improved industry conditions to support a roughly $1bn increase in mobile EBITDA between FY26 and FY30.
Margin expansion is also expected via AI-driven cost reductions and a continued focus on core connectivity services.
Citi believes these initiatives, combined with ongoing mobile growth and a reduced contribution from non-core businesses such as Network Applications and Services, will generate around $13bn in cash earnings over FY26-FY30.
This is expected to underpin dividend growth and support further share buybacks.
Downgrade
ALPHA HPA LIMITED ((A4N)) Downgrade to Accumulate from Speculative Buy by Ord Minnett .B/H/S: 3/0/0
Following a 15% rise in the share price since initiation of research coverage, Ord Minnett downgrades its rating for Alpha HPA to Accumulate from Speculative Buy and retains a 90c target.
Yesterday, management reported a sharp increase in letters of intent (LOIs) for its proposed Gladstone Stage 2 plant, with commitments rising to 12,350tpa from 6,900tpa at March-end.
The increase was driven by four new LOIs, the analysts explain, including a significant 5,000tpa commitment for high-purity aluminium products destined for lithium-ion battery applications.
Ord Minnett believes this milestone should satisfy conditions attached to a combined $400m loan package from Northern Australia Infrastructure Facility (NAIF) and Export Finance Australia, materially reducing funding risk for the project.
The broker also notes Alpha HPA now sees potential demand growth of 40,000tpa by 2030, well above the planned 10,000tpa Gladstone capacity.
DOMINO’S PIZZA ENTERPRISES LIMITED ((DMP)) Downgrade to Hold from Buy by Morgans .B/H/S: 2/4/1
Morgans lowers its target for Domino’s Pizza Enterprises to $17.60 from $25.00 and downgrades to Hold from Buy. Despite lower sales expectations, earnings forecasts remain broadly intact as cost savings offset revenue pressure, the analysts explain.
The company faces a more challenging trading environment than previously anticipated by the broker, prompting lower same-store sales forecasts across all regions.
Rising labour, food and payment processing costs in Australia and New Zealand are noted, alongside ongoing weakness in Japan and foreign exchange headwinds.
While management’s cost-out initiatives are supporting profitability, Morgans sees little evidence of a volume recovery in the near term.
KAROON ENERGY LIMITED ((KAR)) Downgrade to Trim from Hold by Morgans and Downgrade to Underperform from Neutral by Macquarie .B/H/S: 2/2/1
Morgans believes oil markets are not as tight as current pricing implies and remains cautious on the commodity. At he same time, the broker maintains a positive long-term view on energy sector fundamentals.
For Karoon Energy the broker retains a Hold rating and raises its target to $1.90 from $1.80.
The analyst is positive on Karoon Energy’s prospects for improved operational performance over the next 12 months, supported by significant investment and a capable management team.
The broker expects these initiatives to drive stronger execution and production outcomes.
However, Morgans downgrades to a Trim rating from Hold, reflecting concerns around the stock’s market-implied valuation and the heightened volatility in oil markets.
Given Karoon’s earnings and valuation remain highly sensitive to oil prices, the broker believes the current risk-reward balance is less compelling despite the company’s improving operational outlook.
Karoon Energy has downgraded 2026 production guidance to 7.2-8.2mmboe amid continued problems at Who Dat. Guidance has been cut because production that was curtailed from the E-manifold will not be coming online in 2026 as previously thought.
Production is 3000 boe/d (NRI) which the broker expects could recover to 7-8000 boe/d by the second half of 2027 as the A1 sidetrack well comes online shortly and the G1 sidetrack comes online in the second half of this year.
Macquarie notes the shares are already down -25% from the war peak, but further downside is expected as the Strait of Hormuz re-opens and tanker traffic increases. Rating is downgraded to Underperform from Neutral and the target lowered to $1.50 from $2.00.
See also KAR upgrade.
RETAIL FOOD GROUP LIMITED ((RFG)) Downgrade to Speculative Hold from Buy by Bell Potter .B/H/S: 0/1/0
On the basis of Retail Food Group’s trading downgrades in FY26 and the -4.8% decline in network sales throughout the second half to date, Bell Potter downgrades its rating to Speculative Hold from Buy and lowers the target to $0.74 from $2.60.
Amid further improvements to the franchise store network quality and closure of corporate stores, net growth is expected to return in FY28.
The broker does not factor in the Firehouse Subs revenue or earnings opportunity within forward estimates, while noting further drawdowns of the company’s debt facility will be used to fund investment in the venture.
While there are catalysts related to a sizeable long-term growth opportunity, Bell Potter anticipates a weak consumer backdrop throughout most of FY27, given the company’s high exposure to the low-income consumer and its higher net debt position.
RIO TINTO LIMITED ((RIO)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 1/5/0
Macquarie updates its price forecasting methodology for the ASX mining sector and moves to market-based short-term price forecasts.
The broker’s prices across the short-medium term are largely in line with consensus for iron ore and aluminium and above consensus for metallurgical coal and copper.
Material increases are made to estimates for those exposed to copper and aluminium while changes to those with iron ore exposure are less material.
Lithium and coal price increases have, similarly, driven material increases in earnings estimates. Rio Tinto is downgraded to Neutral from Outperform while the target edges up to $188 from $186.
RESMED INC ((RMD)) Downgrade to Equal-weight from Overweight by Morgan Stanley .B/H/S: 5/1/0
Morgan Stanley downgrades ResMed to Equal-weight from Overweight, citing a more cautious near-term earnings outlook despite remaining positive on the company’s long-term growth prospects.
The broker expects FY27 net profit to rise by just 5%, around -4% below consensus forecasts.
Commentary notes the downgrade reflects more conservative gross margin assumptions, potential cost pressures from suppliers and foreign exchange headwinds. The re-entry of competitor Philips into the US sleep apnoea device market in 2027 is also expected.
ResMed continues to benefit from strong cash generation and opportunities to expand obstructive sleep apnoea treatment penetration, today’s report assures.
Morgan Stanley believes concerns around competition and the impact of GLP-1 drugs may limit valuation upside. The broker’s target falls to US$230 from US$286. Industry View: In-Line.
SOUTH32 LIMITED ((S32)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 5/1/0
Macquarie updates its price forecasting methodology for the ASX mining sector and moves to market-based short-term price forecasts.
The broker’s prices across the short-medium term are largely in line with consensus for iron ore and aluminium and above consensus for metallurgical coal and copper.
Material increases are made to estimates for those exposed to copper and aluminium while changes to those with iron ore exposure are less material.
Lithium and coal price increases have, similarly, driven material increases in earnings estimates. South32 is now considered fair value and downgraded to Neutral from Outperform while the target edges up to $4.60 from $4.50.
STEADFAST GROUP LIMITED ((SDF)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 3/2/0
Macquarie downgrades Steadfast Group to Neutral from Outperform with a lower target of $4.50 from $4.80 with a change in the valuation ascribed to the stock. The current share price reflects a more balanced probability of a takeover risk.
The analyst emphasises the insurance broker’s partial ownership structure is an important part of due diligence, noting bidder Dragoneer will be considering the differences between its own investment approach and that of Steadfast.
After mark-to-market and removing the buy-back of small shareholders parcels as well as a special dividend of 30c per share, EPS forecasts are tweaked slightly lower.
SRG GLOBAL LIMITED ((SRG)) Downgrade to Hold from Accumulate by Ord Minnett .B/H/S: 2/1/0
Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.
Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.
For SRG Global, Ord Minnett raises its target to $3.60 from $3.30 but downgrades to Hold from Buy on valuation grounds following a strong share price run.
In early June, management upgraded FY26 EBITDA guidance to the top end of its $164m-$168m range and provided initial FY27 EBITDA guidance of $190m-$200m.
The outlook is supported by a record work-in-hand book following $1.85bn in contract wins, the analyst explains.
TRANSURBAN GROUP LIMITED ((TCL)) Downgrade to Sell from Hold by Morgans and Downgrade to Neutral from Buy by Citi .B/H/S: 2/3/1
Transurban Group has updated on traffic across its portfolio and announced the exit from the Montreal market by divestment, incorporating an equity value loss.
Morgans observes recent strength in the share price is not reflecting the weaker traffic growth and higher interest rate environment that typically challenges valuation.
The broker recommends taking profits in overweight positions on the back of the strength in the share price and downgrades to Sell from Hold.
Traffic across the portfolio was effectively flat in May. Melbourne’s Citylink remains the largest earnings contributor and traffic growth was disappointing, up 1.7%. Sydney traffic was flat in May and Brisbane traffic fell -3.2%.
Greater Washington remains the stand-out growth region with traffic up 2.4% in May. Target is reduced to $12.50 from $13.19.
Citi lowers its target for Transurban Group by -30c to $15.80 and downgrades to Neutral from Buy.
While the analysts remain positive on the company’s medium-term growth outlook, investors may rotate away from defensive stocks if geopolitical tensions ease.
The group’s May traffic data showed largely flat group traffic growth of 0.1%. Sydney traffic improved modestly from April, while Melbourne remained resilient, the broker notes.
Citi highlights Transurban completed the M7-M12 interchange in Sydney and finalised the sale of its Canadian A25 toll road, with proceeds earmarked for development and acquisition opportunities in Virginia.
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