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 November 9 to Friday November 13, 2026
Total Upgrades: 11
Total Downgrades: 8
Net Ratings Breakdown: Buy 65.04%; Hold 28.20%; Sell 6.77%
For the week ending Friday, 13 November 2026, the seven stockbrokers monitored daily by FNArena issued eleven ratings upgrades and eight downgrades for individual ASX-listed companies.
ANZ Bank received ratings downgrades from three brokers, while Flight Centre Travel and Scentre Group, the owner and operator of Westfield centres, each received two downgrades.
FY26 results for ANZ were broadly in line with expectations, but flat guidance for FY27 costs and relatively stable near-term margins had UBS questioning the scope for further share price outperformance.
Further commentary on the results and outlook is provided via FNArena’s Corporate Results Monitor: https://fnarena.com/2026/11/13/fnarena-corporate-results-monitor-13-11-2026/
Flight Centre’s AGM presentation included a weaker-than-expected trading update, while profit guidance implied around 4% growth, suggesting to Morgan Stanley declining organic earnings in FY27.
Leisure trading remains strong, Morgans noted, while the Corporate division faces higher costs and delayed contributions from new contracts.
Citi cautioned the outlook remains uncertain amid declining domestic airline capacity, disruptions to Gulf carriers and potential consumer resistance to higher ticket prices.
Following David Jones’ entry into voluntary administration, both Ord Minnett and Morgan Stanley downgraded their ratings for Scentre Group to Hold-equivalent.
David Jones occupies space in 17 Westfield centres, accounting for 3.6% of Scentre Group's funds from operations (FFO), Ord Minnett noted.
While replacement tenants could eventually generate higher rents, the broker estimated repurposing the space may require -$290m in redevelopment expenditure and incentives over FY27–FY29.
Morgan Stanley analysts expect the earnings impact to be temporary, citing Scentre's successful track record of redeveloping former department store space.
In contrast, Codan, which manufactures communications and metal detection equipment, received ratings upgrades to Buy from both UBS and Ord Minnett: https://fnarena.com/2026/11/13/codans-us-acquisition-resoundingly-endorsed/
The company’s communications subsidiary Zetron will acquire US-based Eventide in a deal analyst see as an excellent strategic fit.
In an ongoing headwind for ASX indices, the week's tables below show percentage falls in target prices and earnings forecasts exceed increases for a fourth consecutive week.
Relentless share appreciation continues for Monadelphous Group which heads the list for positive change to target prices last week.
Management flagged a strong start to FY27, supported by buoyant engineering construction activity and a substantial pipeline of mining, energy and infrastructure projects.
Detailed analyst views on Monadelphous will be available this week in an article on the FNArena website.
On the flipside, Eagers Automotive received a -14% cut to its consensus target.
Despite increasing Chinese competition and pressure on Australian margins, analysts see long-term value in the company’s international expansion, acquisition opportunities and growing exposure to electric vehicles: https://fnarena.com/2026/11/12/evs-and-canada-cushion-eagers-slowdown/
Life360 is next with an around -9% fall in average target after third quarter results revealed lower advertising gross margins, reduced operating leverage and higher reinvestment.
FY26 group guidance was maintained, although advertising revenue is now expected at the lower end of guidance.
Advertising revenue surged 250%, yet fell short of the consensus estimate by -8%, while stronger partnership and data revenue supported a modest group revenue beat.
The analyst at Macquarie believes the stock needs a catalyst to improve sentiment such as an upgrade or beat in subscriptions, neither of which is viewed as likely in 4Q26.
Citi noted subscription growth remains strong, with US price increases and a greater contribution from higher-tier Platinum subscriptions supporting revenue.
Canadian lithium exposure PMET Resources and property settlements platform provider Pexa Group are next with falls in average targets of around -8%. The pair also received the largest percentage cuts to earnings forecasts.
Bell Potter lowered its target for PMET Resources to 60c from 97c despite improved project economics in the enhanced feasibility study for its Canadian lithium project, removing previous valuation premiums due to weaker lithium market conditions.
Earlier development of higher-grade underground resources is expected to boost initial spodumene production, while tantalum credits reduce life-of-mine all-in sustaining costs by -20% to US$480/t.
A final investment decision is targeted for late 2027.
Pexa Group's first quarter update resulted in a FY27 guidance downgrade with a weak Australian property sector impacting the business.
At the AGM, management lowered FY27 core profit guidance to a range of -$6m to $6m from $5m–20m.
Morgans suggested the upcoming pricing review by the NSW Independent Pricing and Regulatory Tribunal (IPART) poses further downside risk, although UK expansion offers longer-term growth potential.
Telecommunications and utilities infrastructure service provider Service Stream is next with a -23% cut to earnings forecast.
UBS assessed the -$975m acquisition of Programmed as a transformational expansion.
Programmed is an Australian services business providing workforce recruitment, labour hire, maintenance and facilities management services across industries including mining, energy, manufacturing and infrastructure.
The acquisition will be funded through a $475m equity raising, $490m in additional debt and $50m in cash.
Next in the earnings downgrade list are miners Minerals 260, PLS Group and Northern Star Resources.
Analysts agreed the approval of $410m in debt financing for Minerals 260’s Bullabulling Gold Project is a major de-risking milestone.
Competitive financing terms and no mandatory gold hedging preserve exposure to higher gold prices and future cash flow flexibility, Bell Potter explained.
Macquarie also envisaged potential for a re-rating as both funding and technical risks diminish, noting the stock trades at $327/oz of resources compared with $507/oz for producers, a gap of -54%.
Citi’s earnings forecasts for PLS Group suffered following reductions to its lithium price forecasts which reduced targets for lithium stocks under research coverage by between -27% and -29%
This broker lowered its 2027 and 2028 spodumene concentrate price forecasts by -38% and -13%, respectively, anticipating a shift from lithium market deficit to surplus in 2027.
Citi retains its Buy rating on PLS Group, supported by low costs, strong liquidity and floor-priced offtake agreements.
For Northern Star, Macquarie highlighted a slower-than-expected production ramp-up at the Kalgoorlie Consolidated Gold Mines (KCGM) operations in Western Australia.
October mill throughput reached 766,000t, equivalent to just 34% of annualised capacity of 27Mtpa.
Consequently, the broker forecasts FY27 KCGM gold production of 553,000oz, near the bottom of management's 550,000–650,000oz guidance range.
Infratil heads up the table for positive change to earnings forecasts which also underpinned Citi's raised price target of NZ$19.00, up from NZ$18.50.
Highlighting a -37% discount to adjusted net asset value , Citi named the company its preferred infrastructure investment amid strong execution at CDC's Australian data centres.
The broker expects CDC's contracted capacity to reach 1.1GW, supporting annual earnings growth of around 60% to $2.5bn by FY30.
Unlike competitors, CDC is considered largely insulated from electricity grid constraints.
Further upside is anticipated from US renewable energy subsidiary Longroad, supported by its expanding development pipeline.
First half FY27 results for Infratil are due this Wednesday (19 November).
GrainCorp and Aristocrat leisure are next on the earnings upgrade table and also appear in the positive change to target price Top Ten list.
As explained in the Monitor, GrainCorp is benefiting from improving grain export and oilseed crushing margins, with management communicating its most positive outlook on margins in years.
Despite the announcement of its CEO’s forthcoming retirement, Aristocrat managed to outperform expectations, with Macquarie forecasting double-digit near-term EPS growth, supported by North American gaming momentum and expansion in online casino markets.
Buy ratings now represent 65.04% of all ratings in the FNArena database, up from 64.89% in the prior week.
Neutral/Hold ratings take up 28.20%, while Sell ratings account for the remaining 6.77%.
Upgrade
AMPOL LIMITED ((ALD)) Initiation of coverage with Buy by Citi .B/H/S: 5/0/0
Citi initiates coverage of Ampol with a Buy rating and $41.00 target price, supported by expectations for refining margins to remain higher for longer despite moderating crude prices and the normalisation of Middle East oil flows.
The analyst points out global refining capacity closures and persistent tightness in middle distillates underpin a more constructive refining margin outlook than consensus expectations.
Citi remains positive on Ampol, but Viva Energy ((VEA)) is preferred given its greater exposure to diesel and jet fuel and higher earnings leverage to sustained refining margin strength.
AVITA MEDICAL INC ((AVH)) Upgrade to Hold from Sell by Morgans .B/H/S: 1/1/0
Morgans raises its target for Avita Medical to $5.00 from $2.20 and upgrades to Hold from Sell following stronger-than-expected third-quarter results. Management also raised FY26 revenue guidance to US$92m–US$94m.
The broker highlights 53% revenue growth, flat operating expenses and sharply reduced cash outflows for the quarter, with cash flow breakeven now approaching.
Improved liquidity removes immediate funding concerns, the analyst suggests.
Morgans sees significant long-term upside, provided execution remains strong, supported by Avita's clinically proven Recell technology, improved US reimbursement certainty and expanded payment support.
CODAN LIMITED ((CDA)) Upgrade to Buy from Accumulate by Ord Minnett and Upgrade to Buy from Neutral by UBS .B/H/S: 4/0/0
Ord Minnett raises its target for Codan to $72 from $70 and upgrades to Buy from Accumulate. This follows the proposed -$244m acquisition of US-based emergency communications recording specialist Eventide.
The broker considers the acquisition strategically attractive, strengthening Zetron's command-and-control offering and creating cross-selling opportunities.
Management also upgraded first-half FY27 communications revenue guidance to $410m–$420m, reflecting strong trading momentum.
Ord Minnett raises its FY27 and FY28 earnings forecasts by 1.6% and 6.1%, respectively, with further upside possible.
UBS raises its target for Codan to $70.35 from $68.50 and upgrades to Buy from Neutral following the -$244m acquisition of US-based Eventide Communications.
The broker considers the acquisition strategically attractive, completing Zetron's emergency communications offering through recording, analytics and compliance capabilities.
Cross-selling opportunities and US emergency services modernisation are expected to support growth, alongside potential recurring revenue from AI applications.
FY27-FY29 earnings (EBIT) forecasts rise by 3%, 4% and 5%, respectively, reflecting acquisition benefits. The broker also sees upside from defence-related demand and Codan's core operations.
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