Australian Broker Call

Macquarie rates A11 as Neutral (3) -

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

Atlantic Lithium is Neutral rated with a 32c target.

Target price is $0.32 Current Price is $0.32 Difference: $0
If A11 meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates AEL as Buy (1) -

Amplitude Energy has entered a binding agreement to acquire the 31PJ Artisan gas field from Beach Energy ((BPT)), which Ord Minnett highlights as a move expected to boost the growth outlook in the Otway Basin by some 60% by FY30, assuming success at Juliet and Nestor.

Consideration of $58m upfront and a royalty of $3.75/GJ equates to development costs for offshore wells without the exploration risks, the analyst states.

Management is anticipated to use its debt capacity of around $345m to fund the upfront consideration.

The target price rises to $2.90 from $2.70. No change to the Buy rating.

Target price is $2.90 Current Price is $1.71 Difference: $1.19
If AEL meets the Ord Minnett target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 73.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ANZ as Neutral (3) -

Macquarie notes Australian banks find themselves "between a rock and a hard place".

Despite higher interest rates supporting near-term margins, slowing credit growth and renewed deposit competition are expected to ultimately increase pressure on margins. An Underweight stance on the banking sector is retained.

The analyst expects both business and housing credit growth to slow over coming years, citing softer capital expenditure indicators, weaker housing activity and a deteriorating macroeconomic backdrop.

The broker forecasts business credit growth will moderate to around 6% from approximately 10% currently, while housing credit growth is expected to slow to around 3.5% by 2027 from circa 7% presently.

ANZ Bank is highlighted as gaining momentum in lending and deposit growth, supported by sharper pricing in selected segments.

Neutral rating and $32.50 target for ANZ Bank.

Target price is $32.50 Current Price is $35.20 Difference: minus $2.7 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.01, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates APE as Overweight (1) -

Morgan Stanley resets its view on Eagers Automotive, trimming Australasian 2026 pre-tax profit estimates by -2% amid higher interest costs, partly offset by M&A.

Supply constraints in Australasia and Canada are affecting deliveries and the broker cuts the latter's pre-tax profit estimate by -20% in Australian dollars and -10% in Canadian.

Morgan Stanley points out the supply constraints are transitory and there is an opportunity in the stock, especially for potential supply tailwinds in the second half.

Overweight rating. Industry View: In-Line. Target is lowered to $26 from $30.

Target price is $26.00 Current Price is $20.89 Difference: $5.11
If APE meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $27.78, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ARB as Neutral (3) -

In response to ARB Corp's sales and operations overview to the ASX, Citi notes the company is "investing more in engineering than ever".

The analyst emphasises that in previous updates on ARB, management had "underinvested" in engineering, and thus any increase in spending would be "music to our ears" and is also imperative.

Any increase in engineering spending is viewed as potentially taking time to translate into notable sales growth due to the time required to develop new products and initiate new OEM vehicle programs.

Citi remains Neutral rated with a $17.40 target.

Target price is $17.40 Current Price is $19.26 Difference: minus $1.86 (current price is over target).
If ARB meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.65, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates ASX as Hold (3) -

Cost guidance from ASX along with FY28 capital expenditure details have been released, both of which are materially ahead of expectations.

Morgans found the top line encouraging but expects the market will be cautious given the elevated cost profile as technology improvements continue.

FY26 estimates for EPS are raised by 4% amid a stronger-than-expected cash market and futures volumes, while FY27-FY28 estimates are lowered by -5%, as the updated cost guidance more than offsets the higher revenue base in outer years.

The broker continues to envisage elevated expenses will weigh on the stock in the short term and retains a Hold rating. Target is reduced to $51.50 from $58.20.

Target price is $51.50 Current Price is $46.23 Difference: $5.27
If ASX meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $54.43, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates BEN as Underperform (5) -

Macquarie notes Australian banks find themselves "between a rock and a hard place".

Despite higher interest rates supporting near-term margins, slowing credit growth and renewed deposit competition are expected to ultimately increase pressure on margins. An Underweight stance on the banking sector is retained.

The analyst expects both business and housing credit growth to slow over coming years, citing softer capital expenditure indicators, weaker housing activity and a deteriorating macroeconomic backdrop.

The broker forecasts business credit growth will moderate to around 6% from approximately 10% currently, while housing credit growth is expected to slow to around 3.5% by 2027 from circa 7% presently.

ANZ Bank is highlighted as gaining momentum in lending and deposit growth, supported by sharper pricing in selected segments.

An Underperform rating is kept for Bendigo & Adelaide Bank with a $9.00 target.

Target price is $9.00 Current Price is $10.34 Difference: minus $1.34 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.52, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BHP as Overweight (1) -

Morgan Stanley notes activity in China and demand for mineral resources slowed more sharply in April than expected, weighed down by the oil shock and broad-based consumption weakness.

Steel exports decreased -9% in the month with crude steel output down -2.8% and domestic steel apparent consumption down -3.1%.

BHP Group remains the broker's preferred diversified exposure amid low-cost iron ore cash generation and accretive expansion options. There is value upside in South Australian copper with the broker envisaging stronger long-term growth versus peers.

Target is $67.50. Overweight rating. Industry view: Attractive.

Target price is $67.50 Current Price is $62.31 Difference: $5.19
If BHP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $57.40, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates BOQ as Underperform (5) -

Macquarie notes Australian banks find themselves "between a rock and a hard place".

Despite higher interest rates supporting near-term margins, slowing credit growth and renewed deposit competition are expected to ultimately increase pressure on margins. An Underweight stance on the banking sector is retained.

The analyst expects both business and housing credit growth to slow over coming years, citing softer capital expenditure indicators, weaker housing activity and a deteriorating macroeconomic backdrop.

The broker forecasts business credit growth will moderate to around 6% from approximately 10% currently, while housing credit growth is expected to slow to around 3.5% by 2027 from circa 7% presently.

ANZ Bank is highlighted as gaining momentum in lending and deposit growth, supported by sharper pricing in selected segments.

An Underperform rating is kept for Bank of Queensland with a $5.25 target.

Target price is $5.25 Current Price is $6.26 Difference: minus $1.01 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.47, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates BRE as Downgrade to Hold from Speculative Buy (3) -

Ord Minnett downgrades Brazilian Rare Earths to Hold from Speculative Buy as the share price has advanced too far relative to the expected spin-out of the bauxite project in July and the Monte Alto scoping study in July-August.

The analyst estimates the spin-out of the Amargosa bauxite project is worth $1.20 per share, while management remains upbeat about the upcoming scoping study.

Following the rise in the share price from $5.50 in May, the broker would prefer to wait until the data is announced.

The target price is lifted to $6.95 from $6.25.

Target price is $6.95 Current Price is $6.61 Difference: $0.34
If BRE meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates BRG as Outperform (1) -

Macquarie's proprietary Kitchen Benchmark recorded revenue growth of 2.3% in the first quarter, while the De'Longhi Index rose 12.6%, supported by strength in the professional segment.

The broker notes Breville Group has outperformed the benchmark by around 9% annually since 2018, driven by coffee products, new product development and expansion into new markets.

China, Japan, India and Brazil are considered significant medium- to long-term growth opportunities and the analyst expects ongoing investment to support future earnings growth.

Outperform rated with a $37.10 target.

Target price is $37.10 Current Price is $28.94 Difference: $8.16
If BRG meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $37.52, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates BUB as Speculative Buy (1) -

Bell Potter views the FY26 trading update from Bubs Australia as expected, albeit it was a downgrade from management's prior guidance, but aligned with the analyst's expectations following the 3Q26 update.

FY26 revenue guidance of $105m-$115m compares with prior guidance of $120m-$125m and the broker's forecast of $113.5m. Management has also lowered guidance for FY26 earnings.

Bell Potter tweaks earnings (EBITDA) forecasts down -6% for FY27 but lifts FY28 by 12%.

The target price slips to 13.5c from 14.5c. No change to the Speculative Buy rating.

Target price is $0.14 Current Price is $0.09 Difference: $0.043
If BUB meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates BUB as Accumulate (2) -

Bubs Australia announced a FY26 guidance downgrade across revenue and earnings (EBITDA).

Ord Minnett notes management has attributed the downgrade to a changing regulatory backdrop, product availability challenges, and disruption in the Middle East, which increased the cost of air freight transport for re-stocking in the US market.

The analyst does not view the downgrade as unexpected following the 3Q26 trading update. Earnings (EBITDA) forecasts have been lowered by -55% for FY26, which aligns with the downgrade, and by -33% for FY27 estimates.

The target price falls -14% to 12c from 15c. No change to the Accumulate rating.

Target price is $0.12 Current Price is $0.09 Difference: $0.028
If BUB meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates BWP as Neutral (3) -

Macquarie highlights potential REIT trading opportunities ahead of distribution season, noting the sector has historically outperformed by an average 2.4% in the 25 days preceding the ex-distribution date.

Among major REITs, Arena REIT ((ARF)) and Goodman Group ((GMG)) have historically been the strongest performers into ex-date, while Mirvac Group ((MGR)) and Charter Hall Long WALE REIT ((CLW)) have lagged.

The broker also notes REITs with stronger relative momentum have historically generated even greater outperformance and identifies BWP Trust and Charter Hall Group as preferred opportunities this year.

The $3.90 target and Neutral rating are maintained for BWP Trust.

Target price is $3.90 Current Price is $3.78 Difference: $0.12
If BWP meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CBA as Sell (5) -

The proposed Budget tax reforms to negative gearing and CGT are expected to dampen housing credit growth, with commentators debating whether the major banks will compete more against a backdrop of slowing growth, Citi outlines.

The analyst anticipates competition will remain "rational" but points out challenges for the banks around slowing deposit growth.

At current share prices, the broker does not believe the evolving macro challenges for the banks are being discounted sufficiently, and the risks are mispriced between the banks.

CommBank, which has outperformed, remains very exposed to the highest earnings risks associated with a slowing housing market. Sell rated with a $140 target.

Target price is $140.00 Current Price is $165.02 Difference: minus $25.02 (current price is over target).
If CBA meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $125.07, suggesting downside of -23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CBA as Underperform (5) -

Macquarie notes Australian banks find themselves "between a rock and a hard place".

Despite higher interest rates supporting near-term margins, slowing credit growth and renewed deposit competition are expected to ultimately increase pressure on margins. An Underweight stance on the banking sector is retained.

The analyst expects both business and housing credit growth to slow over coming years, citing softer capital expenditure indicators, weaker housing activity and a deteriorating macroeconomic backdrop.

The broker forecasts business credit growth will moderate to around 6% from approximately 10% currently, while housing credit growth is expected to slow to around 3.5% by 2027 from circa 7% presently.

ANZ Bank is highlighted as gaining momentum in lending and deposit growth, supported by sharper pricing in selected segments.

Underperform rating and $111 target for CommBank.

Target price is $111.00 Current Price is $165.02 Difference: minus $54.02 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $125.07, suggesting downside of -23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CHC as Outperform (1) -

Macquarie highlights potential REIT trading opportunities ahead of distribution season, noting the sector has historically outperformed by an average 2.4% in the 25 days preceding the ex-distribution date.

Among major REITs, Arena REIT and Goodman Group have historically been the strongest performers into ex-date, while Mirvac Group and Charter Hall Long WALE REIT have lagged.

The broker also notes REITs with stronger relative momentum have historically generated even greater outperformance and identifies BWP Trust and Charter Hall Group as preferred opportunities this year.

For Charter Hall: Outperform rating and $21.22 target.

Target price is $21.22 Current Price is $20.38 Difference: $0.84
If CHC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $23.57, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CKF as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley includes mid single-digit increases in FY27 for food and wages inflation, and revisits quick service operators to see which is best positioned in inflationary environment. Volume growth remains an offset, benefiting those that are still growing traffic.

Operators are already finding pricing challenging, which means they will need to find alternative ways to preserve margins. Historically these operators have been able to offset inflation through menu pricing yet pricing power has eroded.

The broker downgrades Collins Foods to Equal-weight from Overweight, given it is fully exposed to restaurant-level economics, and reduces the target to $9.30 from $11.20. In-Line industry view unchanged.

Target price is $9.30 Current Price is $8.82 Difference: $0.48
If CKF meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CNU as Outperform (1) -

Macquarie notes Chorus under-earned its maximum allowable revenue in 2025, continuing a trend seen in prior years. The shortfall can be recovered through future pricing periods rather than being lost, the analyst notes.

The company's regulated asset base increased modestly to NZ$6.0bn from NZ$5.9bn. While annual movements do not affect current revenue caps, the closing balance will form the basis of the next regulatory period beginning in 2029, the broker explains.

The disclosure accounts are seen as reinforcing Chorus' ability to recover revenue shortfalls over time.

Macquarie retains an Outperform rating and unchanged NZ$10.26 target.

Current Price is $8.07. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CPU as Buy (1) -

Citi's analysis of Computershare suggests tokenisation is likely to be not nearly as bearish as the market had thought, with some positives now being identified.

The broker can envisage a world where assets are kept in regulated digital format (tokenisation) and ownership resides in a shared ledger across stakeholders. And there would be benefits such as 24/7 trading and new/expanded liquidity.

At first glance this would suggest there is no need for transfer agents such as Computershare, yet recent moves by crypto exchanges signal collaboration and/or a hybrid model are more likely.

Importantly it is difficult to discharge the legal role of transfer agents. Amid rising interest rates the broker lifts estimates for FY26 EPS by 1% and FY27-FY28 by 5%. Target is raised to $38.60 from $37.60 and a Buy rating is maintained.

Target price is $38.60 Current Price is $34.59 Difference: $4.01
If CPU meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.04, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates CYL as Buy (1) -

UBS flags risk around FY27 guidance for the gold sector due to rising costs, which was highlighted a couple of weeks ago.

Producers are also now facing weaker gold prices of around US$4,500/oz, which sit circa -US$500/oz below forecasts and consensus earnings estimates.

The analyst points to possible downside risks to FY27 EPS forecasts of -5% to -20% from the current base case forecasts. Copper is expected to "insulate" Evolution Mining ((EVN)), Newmont Corp ((NEM)) and Greatland Resources ((GGP)).

UBS advocates rotating into quality and defensiveness, with higher-margin businesses like Newmont and Evolution in a better position.

Preferred exposure includes Newmont, Evolution, Genesis Minerals ((GMD)) and Catalyst Metals which is Buy rated with a $9.75 target.

Target price is $9.75 Current Price is $5.20 Difference: $4.55
If CYL meets the UBS target it will return approximately 87% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 146.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates DMP as Underweight (5) -

Morgan Stanley includes mid single-digit increases in FY27 for food and wages inflation, and revisits quick service operators to see which is best positioned in inflationary environment. Volume growth remains an offset, benefiting those that are still growing traffic.

Operators are already finding pricing challenging, which means they will need to find alternative ways to preserve margins. Historically these operators have been able to offset inflation through menu pricing yet pricing power has eroded.

The broker retains an Underweight rating on Domino's Pizza Enterprises, assessing a return to positive earnings revisions will be challenging over the short-medium term as inflation will likely erode benefits from cost reductions.

Target is reduced to $14.80 from $15.20. In-Line industry view unchanged.

Target price is $14.80 Current Price is $17.99 Difference: minus $3.19 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.24, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates DXS as Neutral (3) -

Citi observes, in an initial view, that the NSW Supreme Court's validation of the APAC default notice is negative in the short term for Dexus, as the ruling triggers a compulsory sale process for the Dexus Bloc shareholding at assessed fair market value, and suspends governance, voting and information rights.

The company is reviewing grounds for appeal. The financial impact is uncertain at this stage. The most significant risk is any loss of management fees associated with the APAC relationship, and the broker awaits further detail from management of the financial quantum of the risk. Neutral rating and $6.50 target.

Target price is $6.50 Current Price is $5.61 Difference: $0.89
If DXS meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates DXS as Downgrade to Hold from Accumulate (3) -

Ord Minnett downgrades Dexus to Hold from Accumulate, with an unchanged target price of $7.20, following the Supreme Court ruling against the REIT over the sale process of shares in Australia Pacific Airports Corp (APAC), the owner of Melbourne and Launceston airports.

The ruling articulated that Dexus would need to sell its 27% stake to the other APAC shareholders, subject to a market-value assessment and whether Dexus appeals the decision, the broker states.

The loss of the APAC contribution had already been included in the broker's earnings forecasts.

No additional changes were made to forecasts, but as APAC generated around 44%-55% of segment earnings for infrastructure management, the analyst queries whether management might exit the sector.

Target price is $7.20 Current Price is $5.61 Difference: $1.59
If DXS meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 21.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ELV as Neutral (3) -

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

Elevra Lithium is Neutral rated with a $13.50 target.

Target price is $13.50 Current Price is $12.89 Difference: $0.61
If ELV meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates EVN as Buy (1) -

UBS flags risk around FY27 guidance for the gold sector due to rising costs, which was highlighted a couple of weeks ago.

Producers are also now facing weaker gold prices of around US$4,500/oz, which sit circa -US$500/oz below forecasts and consensus earnings estimates.

The analyst points to possible downside risks to FY27 EPS forecasts of -5% to -20% from the current base case forecasts. Copper is expected to "insulate" Evolution Mining, Newmont Corp ((NEM)) and Greatland Resources ((GGP)).

UBS advocates rotating into quality and defensiveness, with higher-margin businesses like Newmont and Evolution in a better position.

Preferred exposure includes Newmont, Evolution, Genesis Minerals ((GMD)) and Catalyst Metals ((CYL)).

Evolution Mining is Buy rated with a $14 target.

Target price is $14.00 Current Price is $12.14 Difference: $1.86
If EVN meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $14.88, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates GL1 as Outperform (1) -

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

Global Lithium Resources is Outperform rated with an 80c target.

Target price is $0.80 Current Price is $0.53 Difference: $0.275
If GL1 meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates GMD as Buy (1) -

UBS flags risk around FY27 guidance for the gold sector due to rising costs, which was highlighted a couple of weeks ago.

Producers are also now facing weaker gold prices of around US$4,500/oz, which sit circa -US$500/oz below forecasts and consensus earnings estimates.

The analyst points to possible downside risks to FY27 EPS forecasts of -5% to -20% from the current base case forecasts. Copper is expected to "insulate" Evolution Mining ((EVN)), Newmont Corp ((NEM)) and Greatland Resources ((GGP)).

UBS advocates rotating into quality and defensiveness, with higher-margin businesses like Newmont and Evolution in a better position.

Preferred exposure includes Newmont, Evolution, Genesis Minerals and Catalyst Metals ((CYL)).

Genesis Minerals is Buy rated with a $10.15 target.

Target price is $10.15 Current Price is $5.86 Difference: $4.29
If GMD meets the UBS target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 57.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates GNC as Upgrade to Buy from Accumulate (1) -

Ord Minnett upgrades GrainCorp to Buy from Accumulate, with an unchanged target price of $7.25.

The analyst points to rainfall across northern NSW and Queensland over the last two weeks, which should support the FY27 winter crop after being highlighted as a potential concern at the 1H26 result on May 14.

While the crop is still likely to be smaller than FY26, the broker no longer expects a poor outcome.

Target price is $7.25 Current Price is $4.93 Difference: $2.32
If GNC meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $6.22, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates GYG as Overweight (1) -

Morgan Stanley includes mid single-digit increases in FY27 for food and wages inflation, and revisits quick service operators to see which is best positioned in inflationary environment. Volume growth remains an offset, benefiting those that are still growing traffic.

Operators are already finding pricing challenging, which means they will need to find alternative ways to preserve margins. Historically these operators have been able to offset inflation through menu pricing yet pricing power has eroded.

Guzman y Gomez is the broker's pick in the sector as it is best positioned to drive volume growth as an offset to inflation at the restaurant level and deliver operating leverage from growth in the network at the corporate level.

Morgan Stanley reiterates an Overweight rating and reduces the target to $26.40 from $27.20. Industry View: In-Line.

Target price is $26.40 Current Price is $19.66 Difference: $6.74
If GYG meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $25.55, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IAG as Neutral (3) -

Following on from Citi's initial reading of the Greensill case, outlined below, the analyst highlights no allowance has been made in its $8.50 target price for Greensill risk. The partial resolution of the Greensill proceedings is viewed as a positive for investor sentiment.

Neutral rated.

***

Citi believes the resolution of the Greensill case is a major positive development for Insurance Australia Group.

The insurer has indicated a settlement will not materially impact on its FY26 results or financial position and the portion of the case settled represents more than 50% of the potential claims, the analyst highlights.

There are remaining proceedings against the insurer from Credit Suisse and White Oak. The aggregate claimed amount is $3bn-plus interest. The broker hopes these will also be settled soon.

Neutral rated.

Target price is $8.50 Current Price is $7.66 Difference: $0.84
If IAG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IAG as Outperform (1) -

Insurance Australia Group's settlement with Greensill Bank resolves more than half of the insurer's trade credit claims exposure, Macquarie highlights.

While proceedings involving Credit Suisse and White Oak remain ongoing, the analyst views the settlement as reducing uncertainty.

Management stated the settlement will not have a material impact on the company's financial position or FY26 earnings. The broker interprets this as implying a net exposure in the low tens of millions of dollars and does not expect any impact on dividends.

The broker retains an Outperform rating and $9.00 target, with Insurance Australia Group remaining its preferred Australian general insurer.

Target price is $9.00 Current Price is $7.66 Difference: $1.34
If IAG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates IAG as Buy (1) -

UBS observes APRA's 3Q26 general insurance statistics showed premium growth improved to 4.5% from 3.4% in 1H26, driven by a modest recovery in commercial insurance following two quarters of declines.

While commercial pricing pressure has eased, the broker expects competition to remain intense given rolling 12-month return on equity of 15.1%, limiting the prospect of a near-term market turnaround.

Home and motor insurance growth remained stronger at around 6%, with weaker profitability in home insurance supporting expectations for further premium increases.

The analyst continues to favour domestic general insurers over QBE Insurance ((QBE)) due to their greater exposure to Australian personal lines and more attractive valuations.

Insurance Australia Group remains the preferred exposure given greater medium-term earnings upside potential. Buy rated. Target $8.80.

Target price is $8.80 Current Price is $7.66 Difference: $1.14
If IAG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IGO as Outperform (1) -

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

IGO Ltd remains the preferred exposure, with appealing FY27-FY28 yields and upside to 4Q results. Outperform rated with a $9.50 target.

Target price is $9.50 Current Price is $9.58 Difference: minus $0.08 (current price is over target).
If IGO meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.66, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates JDO as Outperform (1) -

Macquarie notes Australian banks find themselves "between a rock and a hard place".

Despite higher interest rates supporting near-term margins, slowing credit growth and renewed deposit competition are expected to ultimately increase pressure on margins. An Underweight stance on the banking sector is retained.

The analyst expects both business and housing credit growth to slow over coming years, citing softer capital expenditure indicators, weaker housing activity and a deteriorating macroeconomic backdrop.

The broker forecasts business credit growth will moderate to around 6% from approximately 10% currently, while housing credit growth is expected to slow to around 3.5% by 2027 from circa 7% presently.

ANZ Bank is highlighted as gaining momentum in lending and deposit growth, supported by sharper pricing in selected segments.

An Outperform rating is kept for Judo Capital with a $1.85 target.

Target price is $1.85 Current Price is $1.56 Difference: $0.29
If JDO meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates JDO as Buy (1) -

Judo Capital has announced a second securitisation transaction backed by small-medium business loans.

Morgans had calculated additional equity capital would be required in coming years, noting the CET1 capital ratio was heading towards breaching its target of 11.5%, and this securitisation alleviates the need.

Securitisation raises $750m in debt, cheaper than the inaugural transaction in September 2023. The company does not currently intend to pay dividends and as such investors are reliant on capital growth to achieve their returns objective.

The broker expects capital appreciation will be driven by robust earnings growth across FY26-FY28, in particular. Buy rating retained and the target is raised to $2.15 from $2.09.

Target price is $2.15 Current Price is $1.56 Difference: $0.59
If JDO meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates JDO as Buy (1) -

Judo Capital has underpinned its balance sheet via a $750m securitisation issue backed by its loans to the SME sector.

Ord Minnett believes the securitisation issue should ease investor concerns that shareholders would have to stump up equity capital to bolster the balance sheet.

There was strong support from both local and foreign investors and superannuation funds, suggesting to the broker the transaction has opened up a new capital-efficient avenue of funding for the company. Buy rating reiterated with a target of $2.40.

Target price is $2.40 Current Price is $1.56 Difference: $0.84
If JDO meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 43.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates JYC as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage of Joyce with a Buy rating and $6.50 target. The company owns and operates leading brands in the home improvement and furnishing sectors.

It is currently in a growth phase, rolling out showrooms for the KWB Group, while orders have exceeded revenue since January 2025. There is also the potential for the buy-out of the remaining 49% KWB, with Joyce having acquired 51% in 2013.

The broker has a positive view of the company, believing its capital-light model and showroom strategy for both of its businesses can continue to drive earnings.

Target price is $6.50 Current Price is $5.86 Difference: $0.64
If JYC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates LTR as Neutral (3) -

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

Liontown is Neutral rated with a target of $2.20.

Target price is $2.20 Current Price is $2.42 Difference: minus $0.22 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.20, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates MPL as Neutral (3) -

Citi notes private health insurance industry conditions softened in the March quarter, with headline net margins falling to 3.6% from 5.5% a year earlier following an exceptionally strong FY25 profit cycle.

The broker estimates underlying claims inflation at 3.7% on a benefits-paid-per-person basis, supporting the industry's average 4.41% premium increase implemented in April.

With higher pricing now in place, the analysts expect margins at nib Holdings and Medibank Private to remain well supported.

While fund transfers have risen to a record 6% of insured members, commentary notes participation also reached a record high, with 55.5% of Australians holding some form of private health insurance.

Target of $5.10 and Neutral rating for Medibank Private.

Target price is $5.10 Current Price is $4.80 Difference: $0.3
If MPL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates MPL as Neutral (3) -

According to UBS, APRA's 3Q26 private health insurance statistics provided greater confidence that elevated 2Q hospital claims have normalised, while policy growth remained robust and participation rates surprised positively.

However, rolling 12-month claims inflation per person increased to 4.4% from 4.2% at December 2025, while affordability pressures were evident through elevated switching and downgrading activity.

The broker estimates industry margins could contract by around -90bps if current claims inflation and downgrading trends persist, despite average premium increases of 4.5% for the year ahead.

Higher approved premium increases of 5.1% for Medibank Private and 5.5% for nib Holdings ((NHF)) provide some insulation, but margin risks remain skewed to the downside amid increasing competition.

Medibank Private retains a Neutral rating and $4.85 target.

Target price is $4.85 Current Price is $4.80 Difference: $0.05
If MPL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NAB as Neutral (3) -

Macquarie notes Australian banks find themselves "between a rock and a hard place".

Despite higher interest rates supporting near-term margins, slowing credit growth and renewed deposit competition are expected to ultimately increase pressure on margins. An Underweight stance on the banking sector is retained.

The analyst expects both business and housing credit growth to slow over coming years, citing softer capital expenditure indicators, weaker housing activity and a deteriorating macroeconomic backdrop.

The broker forecasts business credit growth will moderate to around 6% from approximately 10% currently, while housing credit growth is expected to slow to around 3.5% by 2027 from circa 7% presently.

ANZ Bank is highlighted as gaining momentum in lending and deposit growth, supported by sharper pricing in selected segments.

Neutral rating and $39 target for National Australia Bank.

Target price is $39.00 Current Price is $37.33 Difference: $1.67
If NAB meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $39.20, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates NEM as Buy (1) -

UBS flags risk around FY27 guidance for the gold sector due to rising costs, which was highlighted a couple of weeks ago.

Producers are also now facing weaker gold prices of around US$4,500/oz, which sit circa -US$500/oz below forecasts and consensus earnings estimates.

The analyst points to possible downside risks to FY27 EPS forecasts of -5% to -20% from the current base case forecasts. Copper is expected to "insulate" Evolution Mining ((EVN)), Newmont Corp and Greatland Resources ((GGP)).

UBS advocates rotating into quality and defensiveness, with higher-margin businesses like Newmont and Evolution in a better position.

Preferred exposure includes Newmont, Evolution, Genesis Minerals ((GMD)) and Catalyst Metals ((CYL)).

Newmont is Buy rated with a $195 target.

Target price is $195.00 Current Price is $151.27 Difference: $43.73
If NEM meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $203.00, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates NHF as Buy (1) -

Citi notes private health insurance industry conditions softened in the March quarter, with headline net margins falling to 3.6% from 5.5% a year earlier following an exceptionally strong FY25 profit cycle.

The broker estimates underlying claims inflation at 3.7% on a benefits-paid-per-person basis, supporting the industry's average 4.41% premium increase implemented in April.

With higher pricing now in place, the analysts expect margins at nib Holdings and Medibank Private to remain well supported.

While fund transfers have risen to a record 6% of insured members, commentary notes participation also reached a record high, with 55.5% of Australians holding some form of private health insurance.

Target of $7.70 and Buy rating for nib Holdings.

Target price is $7.70 Current Price is $6.68 Difference: $1.02
If NHF meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.30, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates NHF as Neutral (3) -

According to UBS, APRA's 3Q26 private health insurance statistics provided greater confidence that elevated 2Q hospital claims have normalised, while policy growth remained robust and participation rates surprised positively.

However, rolling 12-month claims inflation per person increased to 4.4% from 4.2% at December 2025, while affordability pressures were evident through elevated switching and downgrading activity.

The broker estimates industry margins could contract by around -90bps if current claims inflation and downgrading trends persist, despite average premium increases of 4.5% for the year ahead.

Higher approved premium increases of 5.1% for Medibank Private ((MPL)) and 5.5% for nib Holdings provide some insulation, but margin risks remain skewed to the downside amid increasing competition.

nib retains a Neutral rating and $7.05 target.

Target price is $7.05 Current Price is $6.68 Difference: $0.37
If NHF meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.30, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates PLS as Outperform (1) -

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

PLS Group is Outperform rated with a $6.20 target.

Target price is $6.20 Current Price is $6.46 Difference: minus $0.26 (current price is over target).
If PLS meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.59, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates PMT as Outperform (1) -

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

PMET Resources is Outperform rated with a $0.65 target.

Target price is $0.65 Current Price is $0.73 Difference: minus $0.075 (current price is over target).
If PMT meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates PNI as Outperform (1) -

Macquarie reviews quarterly disclosures from Metrics Credit, a key Pinnacle Investment Management affiliate representing around 10% of group funds under management (FUM).

The broker highlights solid one-year returns across Metrics' listed funds. It's noted Metrics Master Income Trust ((MXT)), Metrics Real Estate Multi-Strategy Fund ((MRE)) and Metrics Income Opportunities Trust ((MOT)) reported no loan losses during the quarter.

Metrics is seen as well positioned to grow FUM and generate operating leverage over time.

The broker retains an Outperform rating and unchanged $25.11 target.

Target price is $25.11 Current Price is $15.40 Difference: $9.71
If PNI meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $22.17, suggesting upside of 41.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RHC as Outperform (1) -

March quarter APRA data showed private hospital benefits rose 6.2% year-on-year, supported by a 5.0% increase in benefits per episode and improving private health insurance participation, Macquarie observes.

The data is seen as further evidence of a more favourable hospital funding environment.

Ramsay Health Care is expecting a major private health insurer (PHI) contract renewal in the second half, the analyst highlights.

Macquarie forecasts Australian revenue growth of around 8% for Ramsay in FY26, ahead of industry benefits growth of approximately 7.5%.

Outperform. Target is $43.40.

Target price is $43.40 Current Price is $37.09 Difference: $6.31
If RHC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $39.86, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates RHC as Underweight (5) -

Morgan Stanley notes APRA statistics show Australian private hospital episodes increased by 0.7% in the March quarter, affected by lower utilisation. Day episodes increased by 1% and overnight episodes were largely flat.

Private health insurance participation rose to 45.8% and private hospital benefits increased by 6.2%.

The Underweight rating for Ramsay Health Care reflects a base case that captures mid single-digit revenue growth and incremental EBITDA margin expansion with greater probability of downside risk, amid wage inflation in key markets. Target is $32.90. In-Line industry view.

Target price is $32.90 Current Price is $37.09 Difference: minus $4.19 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.86, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley notes activity in China and demand for mineral resources slowed more sharply in April than expected, weighed down by the oil shock and broad-based consumption weakness.

Steel exports decreased -9% in the month with crude steel output down -2.8% and domestic steel apparent consumption down -3.1%.

The broker retains an Overweight rating for South32 for its base metals exposure, with aluminium supported by supply disruption, high energy prices and a slower ramping up in Indonesia. Target is $4.85. Industry view: Attractive.

Target price is $4.85 Current Price is $4.81 Difference: $0.04
If S32 meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.98, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SGM as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley observes Sims is executing strongly as the shares have rallied 75% over the past year. The broker upgrades to Equal-weight from Underweight, noting the structural improvement in SLS amid stronger-for-longer DDR4 pricing and higher scrap pricing.

Yet the broker is cautious about capitalising the current DDR4-driven resale margins, questioning whether these are sustainable in terms of medium-term earnings.

SLS is primarily an IT asset recovery and re-sale business that is benefiting from structural tailwinds including AI-driven server replacement and increasing hyper-scale activity. The target is raised to $24.00 from $15.50.

Target price is $24.00 Current Price is $26.82 Difference: minus $2.82 (current price is over target).
If SGM meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.20, suggesting downside of -11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates THL as Buy (1) -

Tourism Holdings Rentals has revised FY26 net profit guidance to NZ$40-43m from NZ$43-47m, reflecting the conflict in the Middle East. The business has been affected by global disruptions to international travel and weaker consumer confidence.

Net debt has also been revised upwards because of lower-than-expected vehicle sales, FX and adverse working capital movements.

The company has also received a revised unsolicited indication of interest from a special purpose vehicle representing a consortium of BGH Capital and Trouchet shareholders. The offer is now NZ$3.10 cash per share compared with NZ$2.30 previously.

Morgans considers the timing opportunistic as the share price has been weak. Buy rating maintained. Target is reduced to $2.58 from $3.29.

Target price is $2.58 Current Price is $2.20 Difference: $0.38
If THL meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates THL as Buy (1) -

Tourism Holdings Rentals has received a non-binding indicative offer at NZ$3.10 while also downgrading FY26 guidance. At this stage the board is assessing the merits of the offer and has not granted the consortium due diligence.

The consortium, the Trouchet family and private equity firm BGH Capital, owns 19.9% of the company's shares. The company has been advised by shareholders holding 16% they are supportive of engaging with the offer and granting due diligence.

Net profit guidance has been downgraded to NZ$40-43m with net debt expected to increase to NZ$460-470m and Ord Minnett downgrades its EPS estimates by -10% for FY26 and -6% for FY27.

Buy rating. Target edges down to NZ$2.65 from NZ$2.86.

Current Price is $2.20. Target price not assessed.

Current consensus price target is $2.58, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates TLC as Neutral (3) -

Ahead of Lottery Corp's June 3 Investor Day, Citi believes there is downside risk to 2H26 consensus earnings (EBIT) forecasts of around -10% from current levels of circa $300m.

The view is predicated on the May lottery turnover, while Powerball and Oz Lotto have not achieved larger jackpots in June.

The analyst also flags "material downside" to FY27 consensus earnings (EBIT) forecasts due to the weakening trends in Powerball and Oz Lotto.

Management may outline new revenue updates and cost initiatives which could alter the earnings forecast outlook, the broker states.

Neutral rated with a $5.10 target.

Target price is $5.10 Current Price is $5.42 Difference: minus $0.32 (current price is over target).
If TLC meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.89, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates VMM as Speculative Buy (1) -

Viridis Mining and Minerals has become Ord Minnett's top pick among critical mineral companies, with strong upside envisaged heading to a final investment decision in the December quarter this year.

Amid strong share price performance recently, the broker increases the price at which the company is expected to raise equity which lifts the target to $4.70 from $3.60.

The company has the Colossus projects at the Pocos de Caldas complex in Brazil. Speculative Buy rating.

Target price is $4.70 Current Price is $3.76 Difference: $0.94
If VMM meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates WBC as Underperform (5) -

Macquarie notes Australian banks find themselves "between a rock and a hard place".

Despite higher interest rates supporting near-term margins, slowing credit growth and renewed deposit competition are expected to ultimately increase pressure on margins. An Underweight stance on the banking sector is retained.

The analyst expects both business and housing credit growth to slow over coming years, citing softer capital expenditure indicators, weaker housing activity and a deteriorating macroeconomic backdrop.

The broker forecasts business credit growth will moderate to around 6% from approximately 10% currently, while housing credit growth is expected to slow to around 3.5% by 2027 from circa 7% presently.

ANZ Bank is highlighted as gaining momentum in lending and deposit growth, supported by sharper pricing in selected segments.

Underperform rating and $30 target for Westpac.

Target price is $30.00 Current Price is $36.00 Difference: minus $6 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.51, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates WHC as Overweight (1) -

Morgan Stanley notes activity in China and demand for mineral resources slowed more sharply in April than expected, weighed down by the oil shock and broad-based consumption weakness.

Steel exports decreased -9% in the month with crude steel output down -2.8% and domestic steel apparent consumption down -3.1%.

Whitehaven Coal is Morgan Stanley's preferred in coal, supported by potential gas-to-coal switching in North Asia and a tight metallurgical coal market following the accident in the Chinese province of Shanxi. Overweight. Target is $9.55. Industry view: Attractive.

Target price is $9.55 Current Price is $8.75 Difference: $0.8
If WHC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.27, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates WIA as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage of WIA Gold with a Buy rating and $0.70 target, finding the economics of the Kokoseb (80% owned) development in Namibia stack up strongly and making it an "attractive investment proposition".

The deposit has 2.93m ounces of defined gold resources at present, at a grade of 1g/t but the large tenements are generally considered underexplored and likely to yield substantially more.

A scoping study envisages an initial open pit operation with a 12-year mine life and producing 1.63m ounces of gold or an average of 146,000 ounces per annum over the life of the mine. Output will be skewed to the front with the processing of higher grades early in the life of the mine.

Target price is $0.70 Current Price is $0.47 Difference: $0.23
If WIA meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources