Australian Broker Call

Macquarie rates 29M as Neutral (3) -

Macquarie updates its price forecasting methodology for copper miners, noting prices have rallied 7% in the year to date.

A Neutral rating is maintained for 29Metals while target increases to $0.26 from $0.25 after incorporating a stronger copper price outlook, as low production rates deliver limited earnings uplift.

Target price is $0.26 Current Price is $0.28 Difference: minus $0.015 (current price is over target).
If 29M meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.34, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in December.

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 A11 as Neutral (3) -

Lithium prices may have corrected more than -15% from the peak in early May, yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

Neutral rating retained for Atlantic Lithium while the target increases to $0.35 from $0.32. No changes are made to production or physical assumptions.

Target price is $0.35 Current Price is $0.31 Difference: $0.045
If A11 meets the Macquarie target it will return approximately 15% (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 ABB as Buy (1) -

Aussie Broadband has reaffirmed FY26 earnings (EBITDA) guidance of $162m-$167m, with Ord Minnett noting earnings remain on track despite slower subscriber growth.

The broker expects broadband customers to surpass 1.3m in 1H27, supporting a rise to the number three industry position.

NBN market share is forecast to reach 8.9% by June-end. Ord Minnett expects acquisitions of Nexgen and AGL Energy's ((AGL)) telecommunications busines, contract wins and enterprise growth to support FY27 earnings.

It's believed wholesale customers declines at More and Tangerine will prove temporary.

Ord Minnett retains a Buy rating and lifts the target to $6.37 from $6.35.

Target price is $6.37 Current Price is $5.27 Difference: $1.1
If ABB meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 17.0% (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

UBS rates ABB as Buy (1) -

Aussie Broadband has reiterated FY26 earnings guidance despite slower-than-expected subscriber growth, with UBS noting net additions in 2H26 of around 28k to date are tracking below both its forecast (40,8k) and consensus expectations (around 36k).

The analyst attributes the softer growth to the integration of More, Tangerine, AGL Telco ((AGL)) and other acquisitions, alongside intense industry competition and discounting.

UBS remains encouraged by stable earnings guidance, which implies margin improvement from a more favourable customer mix, disciplined cost management and pricing actions ahead of July's NBN wholesale price changes.

The migration of More and Tangerine customers remains on track for completion this month, while the AGL Telco migration is expected to begin in 1Q27 and contribute earnings earlier than initially anticipated.

Buy rating and $6.20 target price maintained, with no changes to earnings forecasts. Analyst coverage is transferred to William Park.

Target price is $6.20 Current Price is $5.27 Difference: $0.93
If ABB meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 17.0% (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 AEL as Buy (1) -

Morgans believes oil markets are not as tight as current pricing implies and remains cautious on the commodity. At he same time, the broker maintains a positive long-term view on energy sector fundamentals.

For Amplitude Energy the broker retains a Buy rating and $3.00 target.

The analyst believes believes the company's share price has overreacted to disappointing exploration results from the current East Coast Supply Project drilling campaign.

The broker argues the stock is trading at distressed levels relative to the value of its existing producing assets, even after applying a discount for the growth project.

The project’s development potential is expected to improve following the Artisan (gas assets in Otway Basin) acquisition. 

Target price is $3.00 Current Price is $1.47 Difference: $1.53
If AEL meets the Morgans target it will return approximately 104% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 104.9% (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 ALQ as Accumulate (2) -

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For ALS Ltd, the Accumulate rating and $23.20 target are maintained.

Target price is $23.20 Current Price is $23.50 Difference: minus $0.3 (current price is over target).
If ALQ meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.38, suggesting upside of 9.8% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Morgans rates ALX as Hold (3) -

IFM Investors has increased its takeover offer for Atlas Arteria to $5.10 per share, which Morgans views as its effective maximum bid.

The broker raises its target to $5.10 from $4.22 and retains a Hold rating.

The analyst sees limited prospects for a competing offer and notes IFM has adopted a more aggressive approach by purchasing shares on-market at the offer price.

While Atlas continues to recommend shareholders reject the bid, the broker estimates a standalone valuation of $3.70 per share.

The analyst's concerns include concession expiries, traffic growth, asset quality and dividend sustainability.

Target price is $5.10 Current Price is $5.11 Difference: minus $0.01 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.81, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in December.

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 AOV as Neutral (3) -

Following a visit to Super Retail's new Superstore format for BCF, Citi becomes incrementally more cautious on both ARB Corp and Amotiv. A broader and more prominent 4WD product offering by BCF is noted.

The broker believes BCF’s expanded range could increase competitive pressure across selected aftermarket categories.

While the ultimate sales impact remains uncertain, the analyst sees greater risk to market share and pricing dynamics as BCF scales the format.

Citi retains its Neutral rating and $6.70 target for Amotiv pending further evidence of trading impacts.

Target price is $6.70 Current Price is $6.43 Difference: $0.27
If AOV meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.39, suggesting upside of 45.7% (ex-dividends)

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

UBS rates APE as Neutral (3) -

UBS highlights several growth drivers for Eagers Automotive, including expansion opportunities through CanadaOne, strong momentum from BYD and EasyAuto, and further acquisition potential in Australia.

However, the broker adopts a more cautious stance on the near-term outlook, pointing to macroeconomic risks including higher interest rates, rising fuel costs, inflation and proposed tax changes that could weigh on consumer demand.

While strong BYD sales and Toyota supply disruptions are supporting the order book and shifting deliveries into 2H26, the analyst notes underlying weakness across the core vehicle portfolio excluding BYD.

Forecasts are reduced to reflect softer core automotive demand, higher interest costs, foreign exchange headwinds and increased non-controlling interests.

UBS maintains a Neutral rating and lowers its target price to $22.95 from $28.60, previously.  EPS forecasts are lowered by -13% for FY26 and -20% for FY27.

Target price is $22.95 Current Price is $22.79 Difference: $0.16
If APE meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $26.47, suggesting upside of 18.3% (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) -

Following a visit to Super Retail's new Superstore format for BCF, Citi becomes incrementally more cautious on both ARB Corp and Amotiv. A broader and more prominent 4WD product offering by BCF is noted.

The broker believes BCF’s expanded range could increase competitive pressure across selected aftermarket categories.

While the ultimate sales impact remains uncertain, the analyst sees greater risk to market share and pricing dynamics as BCF scales the format.

Citi retains its Neutral rating and $17.40 target for ARB Corp pending further evidence of trading impacts.

Target price is $17.40 Current Price is $18.69 Difference: minus $1.29 (current price is over target).
If ARB meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.12, suggesting upside of 36.6% (ex-dividends)

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

UBS rates ASG as Buy (1) -

Against a more challenging macro economic backdrop, UBS believes Autosports Group is better positioned than many peers to withstand a weakening consumer, supported by growing EV franchises including Zeekr, Polestar and Geely, recent acquisitions and a strong order book.

However, the broker expects higher interest rates, inflation, fuel costs and property market pressures to weigh on consumer demand, while also noting signs of weakness across the core vehicle portfolio excluding EV brands.

UBS forecasts FY27 NPAT growth of around 4%, supported by EV deliveries, acquisition contributions and order book conversion, although its earnings forecasts remain materially below consensus.

The decline in the share price is believed to more than discount the lower EPS forecasts and a reduced target price of $3.35 from $4.90.

Buy rating retained. The analyst views the valuation as attractive with recovery potential over the medium term.

Target price is $3.35 Current Price is $1.91 Difference: $1.445
If ASG meets the UBS target it will return approximately 76% (excluding dividends, fees and charges).

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 AX1 as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley notes Accent Group has received an unconditional on-market bid at 65c per share from Frasers Group, which is in line with the previous closing share price.

Frasers Group has not described the bid as its best or final offer. Management of Accent has advised shareholders to take no action.

Currently, Frasers owns around 22.9%, with a minimum objective of gaining 26% to achieve a second board nominee.

The broker upgrades the stock to Equal-weight from Underweight with a higher target price of 75c from 65c. Industry View: Cautious.

Target price is $0.75 Current Price is $0.75 Difference: $0
If AX1 meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.72, suggesting downside of -2.7% (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

Morgans rates AX1 as Buy (1) -

Frasers Group has launched an unconditional on-market takeover offer for Accent Group at $0.65 per share, representing no premium to the previous closing price.

Morgans views the bid as opportunistic given the stock has fallen -64% over the past year and believes there is scope for a higher offer, noting Frasers previously acquired shares at substantially higher prices.

While the broker makes no forecast changes, the target rises to $0.85 from $0.75 after assuming a lower discount.

Morgans retains a Buy rating, citing potential earnings support from cost initiatives and longer-term growth opportunities.

Target price is $0.85 Current Price is $0.75 Difference: $0.1
If AX1 meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.72, suggesting downside of -2.7% (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 BGL as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for Bellevue Gold while the target edges down to $ 2.00 from $2.10.

Target price is $2.00 Current Price is $1.52 Difference: $0.48
If BGL meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 33.5% (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 BHP as Neutral (3) -

Macquarie updates its price forecasting methodology for the ASX mining sector and moves to market-based short-term price forecasts.

The broker's prices across the short-medium term are largely in line with consensus for iron ore and aluminium and above consensus for metallurgical coal and copper.

Material increases are made to estimates for those exposed to copper and aluminium while changes to those with iron ore exposure are less material.

Lithium and coal price increases have, similarly, driven material increases in earnings estimates. Neutral rating retained for BHP Group and the target increases to $56 from $53.

Target price is $56.00 Current Price is $65.18 Difference: minus $9.18 (current price is over target).
If BHP meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.73, suggesting downside of -8.4% (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

Morgans rates BPT as Hold (3) -

Morgans believes oil markets are not as tight as current pricing implies and remains cautious on the commodity. At he same time, the broker maintains a positive long-term view on energy sector fundamentals.

For Beach Energy the broker retains a Hold rating and lowers its target to $1.10 from $1.25. 

The analyst is seeking clearer evidence of improved execution by management, particularly through operational performance, delivery against guidance and more transparent reporting following a volatile 1H26 result.

Longer term, the broker notes Beach continues to generate healthy earnings and retains balance sheet flexibility to pursue acquisitions that could expand and diversify its portfolio.

Target price is $1.10 Current Price is $1.03 Difference: $0.065
If BPT meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 6.5% (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

Macquarie rates CSC as Outperform (1) -

Macquarie updates its price forecasting methodology for copper miners, noting prices have rallied 7% in the year to date while Capstone Copper had operating issues and its shares are down -6%.

Near-term earnings estimates and targets are lifted, with the broker reiterating an Outperform rating and raising its target to $18.00 from $16.40.

Target price is $18.00 Current Price is $15.72 Difference: $2.28
If CSC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $16.56, suggesting upside of 7.6% (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

Ord Minnett rates DOW as Buy (1) -

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For Downer EDI, the Buy rating and $8.85 target are maintained.

Target price is $8.85 Current Price is $8.23 Difference: $0.62
If DOW meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.52, suggesting upside of 4.6% (ex-dividends)

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

Macquarie rates DPM as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for DPM Metals while the target falls to $56 from $59.

Target price is $56.00 Current Price is $46.97 Difference: $9.03
If DPM meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

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

Macquarie rates ELV as Upgrade to Outperform from Neutral (1) -

Lithium prices may have corrected more than -15% from the peak in early May, yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

Elevra Lithium is upgraded to Outperform from Neutral as the outlook is improving while the company transitions to a funded North American lithium growth platform from just a single asset story. Target is raised to $14.50 from $13.50.

Target price is $14.50 Current Price is $12.29 Difference: $2.21
If ELV meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

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 EVN as Upgrade to Outperform from Neutral (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Evolution Mining is upgraded to Outperform from Neutral and the target is lowered to $13 from $14.

In a stabilising gold price environment Macquarie believes the company can continue to generate strong free cash flow.

Target price is $13.00 Current Price is $12.93 Difference: $0.07
If EVN meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.71, suggesting upside of 12.4% (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

Macquarie rates GGP as Upgrade to Outperform from Neutral (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Greatland Resources is upgraded to Outperform from Neutral and the target reduced to $14 from $15.

Macquarie continues to assess the business is tracking ahead of FY26 guidance of 230-310,000 ounces with costs at the lower end of guidance at $2400-2800/oz.

Target price is $14.00 Current Price is $13.70 Difference: $0.3
If GGP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $16.38, suggesting upside of 16.0% (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

Macquarie rates GL1 as Outperform (1) -

Lithium prices may have corrected more than -15% from the peak in early May, yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

No changes in the Outperform rating and $0.80 target for Global Lithium Resources.

Target price is $0.80 Current Price is $0.48 Difference: $0.32
If GL1 meets the Macquarie target it will return approximately 67% (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

Macquarie rates GMD as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for Genesis Minerals which remains one of Macquarie's top picks in the mid-cap gold space. Target is steady at $9.

Target price is $9.00 Current Price is $5.77 Difference: $3.23
If GMD meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 58.9% (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 GMG as Overweight (1) -

Morgan Stanley emphasises investors should not be concerned about an "earnings hole" in FY27. The analyst believes the market is underappreciating around $1bn-plus in additional FY27 earnings (EBITDA).

The incremental earnings include the Melbourne data centre land sale, GAIP performance fees and profit from the sell-down of de-risked data centres.

In FY26, the broker is forecasting some $700m profit from the sell-down of land into the newly created European data centre joint venture.

Morgan Stanley currently forecasts 11.5% EPS growth for FY27, with consensus at 10.5%, but points to scope for the group to generate its first full year of double-digit EPS growth since FY24 at 14%. Progress on data centres has been slower than expected.

The target price is $36.15. Overweight rated. Industry view: In-Line. No change to earnings forecasts.

Target price is $36.15 Current Price is $32.06 Difference: $4.09
If GMG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $34.68, suggesting upside of 7.7% (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

Macquarie rates IGO as Outperform (1) -

Lithium prices may have corrected more than 15% from the peak in early May yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

Outperform rating retained for IGO Ltd while the target increases to $10.50 from $9.50. No changes are made to production or physical assumptions.

Target price is $10.50 Current Price is $9.00 Difference: $1.5
If IGO meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.91, suggesting upside of 1.7% (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 JHX as Outperform (1) -

Macquarie observes US building contractors are under pressure but there is renewed hope for a de-escalation in the Middle East, providing a potential tailwind.

James Hardie Industries is among the preferred stocks for US building materials exposure as a range of self-help measures provide optimism. Outperform retained. Target is $41.10.

Target price is $41.10 Current Price is $34.98 Difference: $6.12
If JHX meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $36.02, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. 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

Morgans rates KAR as Downgrade to Trim from Hold (4) -

Morgans believes oil markets are not as tight as current pricing implies and remains cautious on the commodity. At he same time, the broker maintains a positive long-term view on energy sector fundamentals.

For Karoon Energy the broker retains a Hold rating and raises its target to $1.90 from $1.80.

The analyst is positive on Karoon Energy’s prospects for improved operational performance over the next 12 months, supported by significant investment and a capable management team.

The broker expects these initiatives to drive stronger execution and production outcomes.

However, Morgans downgrades to a Trim rating from Hold, reflecting concerns around the stock’s market-implied valuation and the heightened volatility in oil markets.

Given Karoon’s earnings and valuation remain highly sensitive to oil prices, the broker believes the current risk-reward balance is less compelling despite the company’s improving operational outlook.

Target price is $1.90 Current Price is $1.86 Difference: $0.04
If KAR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 30.6% (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: 0.2

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

Bell Potter rates LTR as Buy (1) -

Bell Potter has upgraded its lithium price outlook by 11% for spodumene concentrate for the balance of 2026, 7% for 2027 and 17% for 2028.

The broker has also raised its long-term spodumene price assumption to US$1,500/t, real, from US$1,400/t previously.

The forecast increases are predicated on anticipated demand for an additional 1Mtpa-plus of LCE at a time when the broker believes challenges exist for RoW supply and views the outlook for Australian projects to add 590ktpa of LCE by 2030 as overly optimistic.

Liontown's Kathleen Valley generated robust operating momentum in the last quarter and Bell Potter expects the trend to continue. EPS forecasts are tweaked down by -2% for FY26 and up 5% for FY27.

The target price is lifted to $2.90 from $2.65 previously. The Buy rating is retained. The lithium producer is also now net cash positive.

Target price is $2.90 Current Price is $2.24 Difference: $0.66
If LTR meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 11.2% (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 LTR as Upgrade to Outperform from Neutral (1) -

Lithium prices may have corrected more than 15% from the peak in early May yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

Liontown is upgraded to Outperform from Neutral after the recent pull back in the share price which Macquarie believes can be attributed to macro headwinds and recalibration of the 4mtpa expansion case. The target is increased to $2.30 from $2.20.

Target price is $2.30 Current Price is $2.24 Difference: $0.06
If LTR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 11.2% (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

Bell Potter rates MIN as Buy (1) -

Bell Potter has upgraded its lithium price outlook by 11% for spodumene concentrate for the balance of 2026, 7% for 2027 and 17% for 2028.

The broker has also raised its long-term spodumene price assumption to US$1,500/t, real, from US$1,400/t previously.

The forecast increases are predicated on anticipated demand for an additional 1Mtpa-plus of LCE at a time when the broker believes challenges exist for RoW supply and views the outlook for Australian projects to add 590ktpa of LCE by 2030 as overly optimistic.

Bell Potter notes Mineral Resources' FY26 guidance implies SC6 sales will fall by -13% q/q at Wodgina and -15% q/q at Mt Marion, though the broker sees upside from Onslow iron ore sales rising 17% q/q.

EPS forecasts are raised by 6% for FY26 and 10% for FY27. The target price rises to $83.00 from $80.50. The Buy rating is retained.

Target price is $83.00 Current Price is $71.43 Difference: $11.57
If MIN meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $78.80, suggesting upside of 11.3% (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

Macquarie rates MIN as Outperform (1) -

Macquarie updates its price forecasting methodology for the ASX mining sector and moves to market-based short-term price forecasts.

The broker's prices across the short-medium term are largely in line with consensus for iron ore and aluminium and above consensus for metallurgical coal and copper.

Material increases are made to estimates for those exposed to copper and aluminium while changes to those with iron ore exposure are less material.

Lithium and coal price increases have, similarly, driven material increases in earnings estimates. The broker retains a constructive view on Mineral Resources and an Outperform rating while the target rises to $90 from $75.

Target price is $90.00 Current Price is $71.43 Difference: $18.57
If MIN meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $78.80, suggesting upside of 11.3% (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

Ord Minnett rates MND as Accumulate (2) -

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For Monadelphous Group, the analyst expects ongoing support from maintenance activity, sustaining capital expenditure and major project opportunities across mining and energy markets.

The company's strong balance sheet and execution record are also viewed favourably.

Ord Minnett retains an Accumulate rating and raises its target to $31.10 from $30.55.

Target price is $31.10 Current Price is $30.59 Difference: $0.51
If MND meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $34.28, suggesting upside of 13.9% (ex-dividends)

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 MP1 as Buy (1) -

Citi's latest pricing review of Megaport's Latitude platform found recent price increases for Blackwell GPUs and certain Gen4 CPU offerings. GPU pricing was lifted in mid-May, while Gen4 CPU prices increased in late April.

The broker notes the Blackwell GPU fleet is already fully utilised, limiting the earnings impact from higher pricing.

The increase in Gen4 CPU pricing is viewed positively and is expected to provide some support for earnings.

Citi retains a $22.10 target and a Buy rating, reflecting confidence in Megaport's expanding AI infrastructure opportunity.

Target price is $22.10 Current Price is $19.29 Difference: $2.81
If MP1 meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.35, suggesting upside of 5.1% (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

UBS rates MTS as Buy (1) -

Metcash is due to report its FY26 result on June 22, with UBS expecting underlying NPAT of $268.6m and EBIT of $502m, both at the lower end of management guidance and broadly in line with consensus.

The broker retains a Buy rating, citing resilient Food and Liquor earnings and longer-term upside from Hardware as housing and trade conditions improve.

Food earnings are expected to benefit from cost savings, a favourable sales mix and strong foodservice growth, helping offset ongoing tobacco-related headwinds.

Hardware sales are forecast to remain solid, though margin pressure is anticipated from weak trade activity, retail cost headwinds and efforts to maintain utilisation in frame and truss operations.

The analyst is focused on early FY27 trading trends, inflation management and management's outlook for a recovery in housing-related demand.

There is no change to EPS forecasts ahead of the FY26 earnings result, with a $3.50 target retained.

Target price is $3.50 Current Price is $3.19 Difference: $0.31
If MTS meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in April.

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 NEC as Outperform (1) -

Macquarie assesses Nine Entertainment's multi-platform portfolio, including QMS, may gain a greater proportion of advertising purchases.

QMS, within the Australasian out-of-home markets, has a proportionately higher skew to digital and is also focused on the higher-margin roadside category.

The broker points out the company is having "constructive conversations" with advertising buyers that may lead to a greater share of budgets.

Macquarie continues to forecast FY26 adjusted EBITDA of $86m which is at the low end of the $86-88m guidance and implies a 29% margin.

Valuation is seen as attractive. An improving backdrop remains the key catalyst. Outperform rating and $1.05 target unchanged.

Target price is $1.05 Current Price is $0.95 Difference: $0.105
If NEC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 23.7% (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

UBS rates NEC as Neutral (3) -

Following Nine Entertainment's investor day, UBS remains positive on the longer-term opportunities from combining Nine and QMS (out-of-home advertising).

The broker expects modest market share gains from FY27 as these initiatives are rolled out, leading to slight upgrades to FY27-28 revenue and EBITDA forecasts.

Management highlighted softer advertising conditions during 3Q26, although trading has improved over the 4Q and June to date.

The broker remains cautious on the broader advertising market, against a backdrop of economic uncertainty, weak business confidence and the potential impact of further interest rate increases on consumer demand.

No change in Neutral rating. Target price rises to $1 from 97c with EPS forecasts tweaked lower for FY26 and up for FY27.

Target price is $1.00 Current Price is $0.95 Difference: $0.055
If NEC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 23.7% (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

Macquarie rates NEM as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029.

Outperform rating retained for Newmont Corp, which remains Macquarie's top large-cap pick, while the target falls to $176 from $192.

Target price is $176.00 Current Price is $147.18 Difference: $28.82
If NEM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $199.80, suggesting upside of 33.0% (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

Ord Minnett rates NWH as Upgrade to Accumulate from Hold (2) -

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For NRW Holdings, the broker raises its target to $7.35 from $6.40 and upgrades to Accumulate from Hold.

The company has recently acquired Electrical, Mechanical, Infrastructure and Technology (EMIT) services provider Fredon for up to -$200m, adding a fourth operating division and securing $120m in contract work.

Ord Minnett believes the acquisition strengthens the company's growth outlook and complements the recently awarded $200m Tonkin road contract in Western Australia.

Target price is $7.35 Current Price is $7.25 Difference: $0.1
If NWH meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.50, suggesting upside of 3.2% (ex-dividends)

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 NXT as Buy (1) -

Citi highlights potential upside to NextDC's contracted capacity and earnings following SharonAI's announcement of a compute collaboration with Nvidia.

The project is expected to deploy up to 40,000 GB300 GPUs in an Nvidia-designed AI factory requiring 72MW of data centre capacity.

SharonAI currently accounts for around 10MW-15MW of contracted capacity at NextDC, primarily at the S6 facility, with access to a further 54MW under a drawdown agreement, the analyst explains.

SharonAI is targeting deployment of 55,000 GB300 GPUs by mid-2027. Citi believes this could translate into around 100MW of contracted capacity for NextDC, creating upside to the broker's FY28 earnings forecasts.

Buy rating and $19.10 target maintained.

Target price is $19.10 Current Price is $14.81 Difference: $4.29
If NXT meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $19.58, suggesting upside of 31.9% (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

Macquarie rates OBM as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for Ora Banda Mining while the target falls to $1.50 from $1.70.

Target price is $1.50 Current Price is $1.29 Difference: $0.215
If OBM meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.87, suggesting upside of 41.4% (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

Bell Potter rates PLS as Hold (3) -

Bell Potter has upgraded its lithium price outlook by 11% for spodumene concentrate for the balance of 2026, 7% for 2027 and 17% for 2028.

The broker has also raised its long-term spodumene price assumption to US$1,500/t, real, from US$1,400/t previously.

The forecast increases are predicated on anticipated demand for an additional 1Mtpa-plus of LCE at a time when the broker believes challenges exist for RoW supply and views the outlook for Australian projects to add 590ktpa of LCE by 2030 as overly optimistic.

EPS forecasts for PLS Group are raised by 12% for FY26 and 14% for FY27 with a higher target price of $6.15 from $5.50. Hold rating is retained.

Target price is $6.15 Current Price is $6.48 Difference: minus $0.33 (current price is over target).
If PLS meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.95, suggesting downside of -3.7% (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 PLS as Outperform (1) -

Lithium prices may have corrected more than -15% from the peak in early May, yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

Outperform rating retained for PLS Group while the target increases to $6.50 from $6.20. No changes are made to production or physical assumptions.

Target price is $6.50 Current Price is $6.48 Difference: $0.02
If PLS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting downside of -3.7% (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

Morgan Stanley rates PLS as Equal-weight (3) -

Morgan Stanley highlights a sharp rebound in China's battery electric vehicle sales during May, driven by new model launches and strong export demand, while domestic demand for incumbent models remained subdued.

The broker notes exports now account for around 26% of BEV sales and expects lithium market conditions to remain tight in the near term, supported by strong EV exports, energy storage system demand and accelerating truck electrification.

The analyst points to emerging supply growth from Zimbabwe and Australia, which is being encouraged by higher lithium prices.

Morgan Stanley retains an Equal-weight rating on Pilbara Minerals, preferring the stock to Underweight-rated IGO ((IGO)) despite seeing a more balanced risk-reward outlook for lithium.

Equal-weight rating and $5.60 target Industry view: Attractive.

Target price is $5.60 Current Price is $6.48 Difference: minus $0.88 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.95, suggesting downside of -3.7% (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) -

Lithium prices may have corrected more than -15% from the peak in early May, yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

Outperform rating retained for PMET Resources while the target increases to $0.70 from $0.65. No changes are made to production or physical assumptions.

Target price is $0.70 Current Price is $0.67 Difference: $0.035
If PMT meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

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 PRU as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for Perseus Mining while the target falls to $6.00 from $6.50.

Target price is $6.00 Current Price is $5.31 Difference: $0.69
If PRU meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting upside of 22.7% (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: 1.0

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

UBS rates QAN as Buy (1) -

UBS continues to view Qantas Airways and Virgin Australia ((VGN)) as offering appealing valuations at current share price levels on FY28 earnings multiples, the earliest full-year period which washes out the Middle East war impacts and higher energy prices.

The analyst highlights crude and jet fuel prices have been declining and have scope to fall further if a peace deal is signed.

UBS retains its crude oil assumptions but has increased the average jet refining margin over the next 12 months. In response to higher fuel prices, airlines have responded with higher fares and lower capacity.

The broker points to flat Qantas domestic capacity for 1H27 and up 4.9% for International, based on forward schedules.

The target price for Qantas Airways is trimmed to $11.15 from $11.25 previously. The Buy rating is retained.

Target price is $11.15 Current Price is $9.94 Difference: $1.21
If QAN meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.73, suggesting upside of 7.4% (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 RIO as Downgrade to Neutral from Outperform (3) -

Macquarie updates its price forecasting methodology for the ASX mining sector and moves to market-based short-term price forecasts.

The broker's prices across the short-medium term are largely in line with consensus for iron ore and aluminium and above consensus for metallurgical coal and copper.

Material increases are made to estimates for those exposed to copper and aluminium while changes to those with iron ore exposure are less material.

Lithium and coal price increases have, similarly, driven material increases in earnings estimates. Rio Tinto is downgraded to Neutral from Outperform while the target edges up to $188 from $186.

Target price is $188.00 Current Price is $189.31 Difference: minus $1.31 (current price is over target).
If RIO 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 $178.25, suggesting downside of -5.4% (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: 0.1

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

Citi rates RMD as Buy (1) -

Citi continues to favour ResMed, forecasting earnings growth of around 10% annually between FY26 and FY30, supported by ongoing revenue growth and operating leverage.

The broker points out attractive growth opportunities like ResMed remain scarce among Australian healthcare stocks, with Telix Pharmaceuticals ((TLX)) another standout within its coverage.

Unfortunately, recent discussions with US investors and ongoing weakness across the US medical technology sector suggest to the analyst a broader sector re-rating may be required. It's felt, the market may fully recognise ResMed's earnings potential afterwards.

Following minor forecast revisions, Citi lowers its target to $38.00 from $48.00 due to a change in valuation method. The broker retains a positive view on the company's fundamentals. Buy rating maintained.

Target price is $38.00 Current Price is $27.75 Difference: $10.25
If RMD meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $41.14, suggesting upside of 49.9% (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: 1.0

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

Macquarie rates RMS as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for Ramelius Resources and the target is lowered to $4.00 from $4.70.

Target price is $4.00 Current Price is $3.19 Difference: $0.81
If RMS meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 59.4% (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 RRL as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for Regis Resources and the target is lowered to $8.00 from $9.50.

Target price is $8.00 Current Price is $6.63 Difference: $1.37
If RRL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $8.56, suggesting upside of 27.0% (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

Macquarie rates RSG as Outperform (1) -

Macquarie updates methodology and upgrades its short-term gold outlook, noting the yellow metal has had a turbulent 2026 as the Iran conflict has driven inflationary pressures.

The broker adopts a market-based price forecast for 18 months before mean reverting to the prior outlook in 2029. Outperform rating retained for Resolute Mining and the target is lowered to $1.55 from $1.80.

Target price is $1.55 Current Price is $1.11 Difference: $0.44
If RSG meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

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

Macquarie rates RWC as Outperform (1) -

Macquarie observes US building contractors are under pressure but there is renewed hope for a de-escalation in the Middle East, providing a potential tailwind.

Reliance Worldwide is among the preferred stocks for US building materials exposure, being well-positioned for a volume recovery with input cost pressures likely to ease as oil supply normalises. Outperform retained. Target is $4.50.

Target price is $4.50 Current Price is $3.61 Difference: $0.89
If RWC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 2.7% (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 S32 as Downgrade to Neutral from Outperform (3) -

Macquarie updates its price forecasting methodology for the ASX mining sector and moves to market-based short-term price forecasts.

The broker's prices across the short-medium term are largely in line with consensus for iron ore and aluminium and above consensus for metallurgical coal and copper.

Material increases are made to estimates for those exposed to copper and aluminium while changes to those with iron ore exposure are less material.

Lithium and coal price increases have, similarly, driven material increases in earnings estimates. South32 is now considered fair value and downgraded to Neutral from Outperform while the target edges up to $4.60 from $4.50.

Target price is $4.60 Current Price is $4.47 Difference: $0.13
If S32 meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 18.9% (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: 0.8

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

Macquarie rates SFR as Outperform (1) -

Macquarie updates its price forecasting methodology for copper miners, noting prices have rallied 7% in the year to date and Sandfire Resources is up 10%.

Near-term earnings estimates and targets are lifted, with the stock retaining an Outperform rating and the copper sector preference. Target rises to $21.00 from $19.30.

Target price is $21.00 Current Price is $20.87 Difference: $0.13
If SFR meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting downside of -12.5% (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: 0.1

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

Macquarie rates SGH as Outperform (1) -

Macquarie observes US building contractors are under pressure but there is renewed hope for a de-escalation in the Middle East, providing a potential tailwind.

SGH Ltd is considered an Australia-centric way to play the de-escalation in the Middle East with diversified exposure and attractive valuation. Outperform retained. Target is $50.40.

Target price is $50.40 Current Price is $42.59 Difference: $7.81
If SGH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $50.13, suggesting upside of 19.8% (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

UBS rates SHL as Neutral (3) -

Sonic Healthcare has completed the sale of its Brisbane laboratory for $445m, generating a $300m capital gain, although the tax impact was reduced through the use of accumulated capital losses.

UBS expects the transaction to have a modestly negative earnings impact, as lease costs are likely to exceed interest savings from debt reduction, though the sale releases capital to support the business and further asset disposals are planned over the next 12 to 18 months.

The broker also highlights a new headwind from the Fair Work Commission's wage ruling for health professionals, which is expected to place upward pressure on domestic labour costs over time.

Earnings forecasts have been lowered to reflect both the wage impact and a stronger Australian dollar against European currencies.

UBS retains a Neutral rating and lowers its target price to $19.60 from $21.10.

Target price is $19.60 Current Price is $19.94 Difference: minus $0.34 (current price is over target).
If SHL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.47, suggesting upside of 25.0% (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

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

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For SRG Global, Ord Minnett raises its target to $3.60 from $3.30 but downgrades to Hold from Buy on valuation grounds following a strong share price run.

In early June, management upgraded FY26 EBITDA guidance to the top end of its $164m-$168m range and provided initial FY27 EBITDA guidance of $190m-$200m.

The outlook is supported by a record work-in-hand book following $1.85bn in contract wins, the analyst explains.

Target price is $3.60 Current Price is $3.88 Difference: minus $0.28 (current price is over target).
If SRG meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting upside of 3.0% (ex-dividends)

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 STO as Hold (3) -

Morgans believes oil markets are not as tight as current pricing implies and remains cautious on the commodity. At he same time, the broker maintains a positive long-term view on energy sector fundamentals.

For Santos the broker retains a Hold rating and raises its target to $8.30 from $7.50.

The Santos share price has recently outperformed Brent crude, limiting scope for a more constructive investment view, Morgans notes.

Uncertainty remains around the timing of future spending on projects including Papua LNG, Pikka Stage 2, Narrabri and Beetaloo, the broker explains.

Management has indicated new developments must compete for capital and group capex will stay below recent peaks. 

Target price is $8.30 Current Price is $7.39 Difference: $0.91
If STO meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.41, suggesting upside of 12.4% (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: 0.6

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

Citi rates SUL as Buy (1) -

Following a visit to Super Retail's new Superstore format for BCF, Citi becomes incrementally more cautious on both ARB Corp and Amotiv. A broader and more prominent 4WD product offering by BCF is noted.

The broker believes BCF’s expanded range could increase competitive pressure across selected aftermarket categories.

While the ultimate sales impact remains uncertain, the analyst sees greater risk to market share and pricing dynamics as BCF scales the format.

For Super Retail, the target of $14.20 and Buy rating are maintained.

Citi retains its existing ratings and targets on ARB and Amotiv pending further evidence of trading impacts.

Target price is $14.20 Current Price is $12.69 Difference: $1.51
If SUL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 7.8% (ex-dividends)

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

Bell Potter rates SXE as Buy (1) -

Bell Potter highlights Southern Cross Electrical Engineering has announced three major contract wins across the data centre and resources sectors worth $150m and notes a robust trading update for contract delivery in 2H26 year to date.

Management has upgraded FY26 earnings (EBITDA) guidance to over $75m from over $72m and announced initial FY27 earnings (EBITDA) guidance of over $100m, a rise of 33% due to new contract wins and further opportunities in data centres and other industries.

The company has a fully underwritten $150m institutional placement and a $15m share purchase plan.

The analyst lifts EPS forecasts, adjusting for guidance upgrades and equity issuance, by 3% for FY26 and 15% for FY27.

The target price rises to $5.40 from $3.70 and the Buy rating is retained.

Target price is $5.40 Current Price is $4.02 Difference: $1.38
If SXE meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).

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

Citi rates TCL as Downgrade to Neutral from Buy (3) -

Citi lowers its target for Transurban Group by -30c to $15.80 and downgrades to Neutral from Buy.

While the analysts remain positive on the company's medium-term growth outlook, investors may rotate away from defensive stocks if geopolitical tensions ease. 

The group's May traffic data showed largely flat group traffic growth of 0.1%. Sydney traffic improved modestly from April, while Melbourne remained resilient, the broker notes.

Citi highlights Transurban completed the M7-M12 interchange in Sydney and finalised the sale of its Canadian A25 toll road, with proceeds earmarked for development and acquisition opportunities in Virginia.

Target price is $15.80 Current Price is $15.35 Difference: $0.45
If TCL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.30, suggesting downside of -5.1% (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

Ord Minnett rates TEA as Accumulate (2) -

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For Tasmea, the Accumulate rating and $8.85 target are maintained.

Target price is $8.85 Current Price is $8.93 Difference: minus $0.08 (current price is over target).
If TEA meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.8

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

Citi rates TWE as Buy (1) -

Citi's latest update reminds investors about President Trump's threat to implement a 100% tariff on French wine if France does not remove its digital tax on technology companies.

French wine represents circa 5% of US domestic consumption by volume, and a higher percentage by value given its premium position.

Should this tariff be implemented, Citi suggests it could lead to US consumers substituting to other wines which may benefit Treasury Wine in the Americas, noting most of Treasury's US sales are from locally produced wines.

On the other hand, this tailwind could be partially offset from French wineries redirecting supply to other markets resulting in increased competition.

Citi notes the US represents around 20% of French global wine exports. 

Treasury Wine Estates remains Buy-rated. Citi recently turned more constructive on the company's medium-term prospects under the new management team. 

Target price is $5.50 Current Price is $4.89 Difference: $0.61
If TWE meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 5.4% (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 VGN as Buy (1) -

UBS continues to view Qantas Airways ((VGN)) and Virgin Australia as offering appealing valuations at current share price levels on FY28 earnings multiples, the earliest full-year period which washes out the Middle East war impacts and higher energy prices.

The analyst highlights crude and jet fuel prices have been declining and have scope to fall further if a peace deal is signed.

UBS retains its crude oil assumptions but has increased the average jet refining margin over the next 12 months. In response to higher fuel prices, airlines have responded with higher fares and lower capacity.

The broker points to Virgin domestic capacity down -0.2% for 1H27 and up 2.1% for International, based on forward schedules.

The target price for Virgin is trimmed to $4.10 from $4.15 previously. The Buy rating is retained.

Target price is $4.10 Current Price is $2.89 Difference: $1.21
If VGN meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting upside of 28.7% (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 VNT as Accumulate (2) -

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For Ventia Services, the Accumulate rating and $6.10 target are maintained.

Target price is $6.10 Current Price is $6.65 Difference: minus $0.55 (current price is over target).
If VNT meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.20, suggesting downside of -5.5% (ex-dividends)

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

Bell Potter rates WC8 as Initiation of coverage with Speculative Buy (1) -

Bell Potter initiates coverage of Wildcat Resources with a Speculative Buy rating and a $1 target price.

The analyst highlights Wildcat's Tabba Tabba project is one of the few near-term Australian hard rock lithium developments, with a 74Mt resource and 46Mt ore reserve located close to Port Hedland.

The broker expects upcoming resource and reserve updates, a maiden resource at the Bolt Cutter discovery and a 3Q26 Definitive Feasibility Study to further strengthen the project's development case.

Bell Potter notes the July 2025 Pre-Feasibility Study outlined annual spodumene concentrate production of 565ktpa and an NPV8 of $1.2bn, while permitting continues to advance.

A final investment decision is expected by mid-2027 and first production targeted for late 2028.

Target price is $1.00 Current Price is $0.49 Difference: $0.515
If WC8 meets the Bell Potter target it will return approximately 106% (excluding dividends, fees and charges).

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 WDS as Hold (3) -

Morgans believes oil markets are not as tight as current pricing implies and remains cautious on the commodity. At the same time, the broker maintains a positive long-term view on energy sector fundamentals.

For Woodside Energy, the broker retains a Hold rating and raises its target to $34.00 from $33.40.

Higher oil and LNG prices in the first half of 2026 are expected to materially boost 2026 earnings and dividends, while strengthening capital resources ahead of a capex-heavy 2027.

Morgans views Woodside’s investment case as more durable than most ASX-listed peers, supported by its scale, lower operational risk, and high-quality asset base.

Improved prospects for securing partners and offtake agreements for the Louisiana LNG project are also noted.

Target price is $34.00 Current Price is $29.46 Difference: $4.54
If WDS meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $30.69, suggesting upside of 2.4% (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: -0.3

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

Ord Minnett rates WOR as Accumulate (2) -

Ord Minnett remains positive on mining services contractors, citing strong demand, healthy trading conditions and growing work-in-hand across the sector.

Recent contract wins and a 43% year-on-year increase in Australian resources engineering activity (March quarter ABS statistics) support the broker’s constructive outlook.

For Worley, the Accumulate rating and $13.10 target are maintained.

Target price is $13.10 Current Price is $13.06 Difference: $0.04
If WOR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.94, suggesting upside of 8.0% (ex-dividends)

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