Weekly Reports | 10:00 AM
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 September 14 to Friday September 18, 2026
Total Upgrades: 16
Total Downgrades: 6
Net Ratings Breakdown: Buy 62.19%; Hold 30.34%; Sell 7.46%
For the week ending Friday, 18 September 2026, the seven stockbrokers monitored daily by FNArena issued sixteen ratings upgrades and six downgrades for individual ASX-listed companies.
As was the case with Ord Minnett in the prior week, Bell Potter and UBS last week upgraded global fast-fashion jewellery retailer Lovisa Holdings to Buy-equivalent ratings from Hold, following delayed forecast revisions after the company’s FY26 results on August 26.
These results and the outlook were adjudged a ‘beat’ in FNArena’s Corporate Results Monitor last published on September 4: https://fnarena.com/2026/09/04/fnarena-corporate-results-monitor-04-09-2026/
Following recent share price weakness and a de-rating in Lovisa’s one-year forward P/E multiple, UBS considered the risk-reward attractive.
It’s felt growth will be supported by continued store network expansion and operational improvements across products and store standards, helping the company better manage competitive pressures.
The broker highlighted Lovisa’s consistent format across markets, supported by low ticket prices and a predominantly younger customer base aged 16-35, which is typically a more resilient consumer cohort.
Making no changes to its forecasts, Bell Potter equally upgraded its rating based on valuation and the upcoming store rollout.
Lovisa stands out in this broker’s coverage as a global retailer expanding across around 50 markets, supported by strong US and UK performance and improving efficiencies across its US store network.
As the tables below show, increases and decreases in average target prices were broadly balanced last week, while earnings forecast upgrades materially outweighed downgrades.
Global biopharmaceutical company Telix Pharmaceuticals received the only material change in average price target last week, with a -7% adjustment standing above the corn field.
In a broad sense, Telix develops and commercialises radiopharmaceuticals that use targeted radiation to diagnose and treat cancers.
Last week’s FDA approval of Pixclara, a positron emission tomography (PET) imaging agent for brain cancer, marks an important step, with Bell Potter explaining its revenue base is broadening beyond prostate-specific membrane antigen (PSMA) imaging.
Leaving its $19.00 target unchanged, Bell Potter upgraded its rating to Buy from Hold.
UBS, which lowered its 2026 EPS forecast for Telix by -70%, forecasts Pixclara sales will peak at US$105m, representing around 5% of this broker’s overall valuation for Telix.
Changes to UBS's valuation modeling included a higher weighted average cost of capital (WACC), lower sales forecasts, reduced contributions from future therapeutics and higher research and development expenditure, resulting in a target of $22, down from $31.
Australian gold producer Ramelius Resources received a -5% cut in average target and is placed third on the list below for a -15% fall in consensus earnings forecast.
Ramelius operates mines and processing infrastructure in Western Australia, principally around its Mt Magnet hub, while developing additional projects and undertaking exploration.
Morgans noted Ramelius is expected to release FY27 guidance and an updated FY30 outlook in September, following finalisation of the Mt Magnet mill expansion contract.
Production growth is seen as benefiting from higher mining rates and grades, with the Gilbey’s gold deposit at Mt Magnet offering upside from FY29.
While higher operating costs and capital expenditure remain headwinds, the broker retained its Buy rating with a revised $4.74 target, down from $5.80, highlighting Ramelius’s strong balance sheet, disciplined capital allocation and production growth pipeline.
Uranium development company Bannerman Energy and global building-products manufacturer James Hardie Industries appear first and second on the week's table for negative change to earnings forecasts with falls of -39% and -21%, respectively.
Bannerman has raised $124m in equity at $4 per share. Combined with existing cash and an investment from China National Overseas Limited (CNOL), Ord Minnett believes the company has sufficient liquidity to fully fund its Etango uranium project in Namibia through construction and ramp-up.
Macquarie explained that funding had previously represented the key project overhang, with the focus now shifting to execution ahead of a fourth-quarter 2026 final investment decision (FID). First sales are projected for early 2029.
At James Hardie’s Investor Day, management reaffirmed FY27 guidance. While the lack of a further upgrade to earnings guidance may have disappointed investors, Morgan Stanley noted the US housing backdrop has weakened as mortgage rates approach 7%.
Morgans lowered its target for the company to $43 from $45 but upgraded to Accumulate from Hold, noting shares have de-rated below their historical average P/E multiple, presenting an attractive opportunity.
On the flipside, Australian miner New Hope, which mainly mines thermal coal, received a more than 100% fillip to its average earnings forecast.
Operating the Bengalla mine in NSW and New Acland mine in Queensland, last week New Hope delivered a FY26 result in line with expectations.
The positive surprise, Ord Minnett explained, was 30c final dividend, exceeding the 24c consensus estimate.
Ord Minnett forecasts around $225m of excess capital could eventually be returned to shareholders, although upcoming New Acland investment could potentially delay distributions.
While noting thermal coal fundamentals remain supportive, Ord Minnett lowered its target to $5.10 from $5.20 and downgraded New Hope to Lighten from Hold following recent share price strength.
Global sports-technology leader Catapult Sports received a 76% boost to its average earnings forecast after updated research from Ord Minnett highlighted further growth opportunities from IMPECT Video and AI.
Elite team numbers and annual contract value (ACV) per team were forecast to grow at compound annual growth rates (CAGR) of 8% and 9%, respectively, through FY30.
Citing undervaluation, two other brokers outside daily covered brokers in the FNArena database have recently initiated research coverage on Catapult with Buy-equivalent ratings: https://fnarena.com/2026/09/16/undervalued-catapult-sports-plays-a-bigger-game/
Minerals 260 is an Australian gold developer advancing the 100%-owned Bullabulling Gold Project near Kalgoorlie, Western Australia, which currently hosts a 6.2Moz gold resource and is targeting production.
The company’s average FY27 earnings forecast rose by 33% last week after a well-timed second royalty agreement and equity raising left the Stage 1, 5Mtpa Bullabulling project in WA around two-thirds funded, UBS explained.
UBS views the second, $170m royalty with Franco Nevada as marginally value-accretive, while the $280m equity raising at 88c is seen as both a net positive and the main driver of the 8% target increase.
While earlier than expected, the raising was completed at no discount to the prevailing share price, materially reducing shareholder dilution, UBS added.
It was a big week for broker Property sector reviews, impacting positively on earnings forecasts for Growthpoint Properties Australia, Abacus Group and Lendlease Group.
All three companies are benefiting from improving property fundamentals, with Citi highlighting stronger asset valuations across retail and industrial property, stable office valuations and robust transaction activity.
This broker also noted strong rental growth is helping support asset values despite rising bond yields and expectations for further RBA rate hikes.
Further impacting on Abacus (this time negatively), Ord Minnett reviewed its property sector coverage to reflect higher interest costs and the negative impact of rising capitalisation rates on property values.
Cap rates are expected to rise by around 50bps over the next 12 months, with the office sector most vulnerable to an increase of around 90bps.
The broker’s target was lowered to 90c from $1.05 given Abacus Group’s changed strategy following the internalisation of Storage King’s management functions and the resulting loss of management fee income.
Elsewhere, biotechnology heavyweight CSL received a -6% downgrade to its consensus earnings forecast in the FNArena database of daily monitored brokers.
More broadly, outside this coverage, RBC Capital believes the Australian Healthcare sector has scope to continue to re-rate with more certainty around earnings growth, and a relatively uncorrelated exposure to macro risks, alongside historically appealing valuations: https://fnarena.com/2026/09/17/treasure-chest-healthcare-upgrades/
Buy ratings represent 62.19% of all ratings in the FNArena database. Neutral/Hold ratings are 30.34%, while Sell ratings account for the remaining 7.46%.
Upgrade
ATLAS ARTERIA ((ALX)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 1/5/0
Atlas Arteria's traffic outlook in France is difficult and it appears certain the temporary tax levy will be extended for at least another year, albeit at a lower rate, Macquarie observes.
Greenway's feeder road has slowed and raising rates is likely to be a problem as older, lower-priced debt starts to roll off, the broker adds.
Overall, traffic continued to be negative in July/August, down -2.2%, consistent with expectations. Dividend expectations have fallen and index changes have the stock below fair value.
Macquarie upgrades to Outperform from Neutral. Target is lowered to $4.75 from $4.90.
ASX LIMITED ((ASX)) Upgrade to Buy from Neutral by UBS .B/H/S: 1/2/2
ASX shares are down -12% since the FY26 result, UBS observes, despite strong trading momentum. Approaching the end of the first quarter, momentum across both futures and equity trade is running ahead of consensus first-half growth expectations.
Average daily futures volumes to date in the quarter are up 31% and average daily cash equity turnover to September 11 is up 9%.
With the PE having also retreated to 1.12x, significantly below historical averages, value risks now appear skewed to the upside and the broker upgrades to Buy from Neutral. Target is lowered to $64.20 from $66.90.
CSL LIMITED ((CSL)) Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 4/3/0
Ord Minnett raises its target for CSL to $180 from $168 after increasing FY27-FY29 EPS forecasts by 0.6%, 1.5% and 2.9%, respectively. The rating is also upgraded to Accumulate from Hold on an improved outlook and valuation.
The broker now forecasts immunoglobulin revenue growth of 7% annually over FY27-FY29, supported by pricing and expanded US field teams.
CSL Behring's gross margin is expected to improve 50bps in FY27 as plasma yields rise and donor fees stabilise, while cost discipline and ongoing share buybacks are seen as providing further earnings support.
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