Australian Broker Call

Ord Minnett rates 29M as Downgrade to Speculative Buy from Buy (1) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

29Metals is downgraded to Speculative Buy from Buy with the target steady at $0.45.

Target price is $0.45 Current Price is $0.26 Difference: $0.195
If 29M meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $0.34, suggesting upside of 34.7% (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

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

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Alcoa is upgraded to Buy from Accumulate with the target slipping to $100 from $107.

Target price is $100.00 Current Price is $77.38 Difference: $22.62
If AAI meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $97.50, suggesting upside of 34.9% (ex-dividends)

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

Morgans rates AEL as Buy (1) -

Morgans has been disappointed in the performance to date of the share price of Amplitude Energy amid a combination of disappointing exploration results and softer spot gas prices.

Valuation has declined -17% against a share price that has weakened -57% since the February high.

While there is great uncertainty around the implementation of a gas reservation policy on Australia's east coast, which could lower long-term domestic gas prices, the broker suspects "peak negativity" in terms of sentiment is probably at hand.

Catalysts still exist with the remaining ECSP phase 1 wells and the program as a whole has now been de-risked by the Artisan deal. Buy rating maintained. Target is steady at $3.

Target price is $3.00 Current Price is $1.28 Difference: $1.72
If AEL meets the Morgans target it will return approximately 134% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 121.7% (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

Macquarie rates AIZ as Underperform (5) -

Air New Zealand has put in place fare rises to try and offset higher fuel costs. FY26 guidance remains unchanged at a loss of -NZ$340m to -NZ$350m and the current capacity database infers growth of only 0.9% in 1H27 y/y, Macquarie explains.

The analyst notes capacity growth in 2H26 was around 1.1% up y/y versus 3.3% growth at February y/y and 1H27 has been trimmed to 0.9% growth from around 3.2% growth, previously.

Competitors have also lowered capacity including Jetstar ((QAN)) which is experiencing negative capacity y/y from robust growth, previously.

Target price slips to NZ$0.39 from NZ$0.38 with no change in Underperform rating.

Current Price is $0.35. 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: -1.0

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

Citi rates ALL as Buy (1) -

Aristocrat Leisure reiterated its US$1bn revenue target for Interactive at its Investor Day update as flagged by Citi in its initial thoughts.

Management pointed to incremental revenue from the FY25 base by scaling content, some US$250m–US$350m, iLottery at US$150m–US$250m, and Platforms & adjacencies, US$50m–US$100m.

Market share gains in North American land-based gaming are expected for Gaming as well as EMEA which is underexposed.

Notably, AI is now embedded across the full development and commercial stack which is achieving quicker content creation and iteration cycles, the analyst highlights, with up to a circa -75% reduction in game porting/conversion time. Output per person is higher.

Management is seeking to grow market share across all its major markets with earnings (EBITDA) expansion and revenue growth to surpass D&D (design & development) expense growth.

Buy rated. Target $61.

Target price is $61.00 Current Price is $61.27 Difference: minus $0.27 (current price is over target).
If ALL meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.90, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in September.

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 ALL as Outperform (1) -

Macquarie notes US casino gaming revenue increased 4% year-on-year in May, driven by 13% growth in Las Vegas and a 2% rise across regional markets.

The broker expects regional gaming revenue to grow 3% in 2026 and Las Vegas to increase 1%, broadly in line with recent trends.

The resilient demand backdrop should remain supportive for gaming equipment suppliers through higher gaming operations revenue and outright machine sales.

Macquarie is Outperform rated with a $60 target price.

Target price is $60.00 Current Price is $61.27 Difference: minus $1.27 (current price is over target).
If ALL meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.90, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in September.

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 reiterates its Underweight view on the Australian banking sector, highlighting industry feedback which points to a decline in new lending flows of -20% to -30% y/y.

CommBank ((CBA)) and National Australia Bank ((NAB)) have lowered mortgage rates by around -10bps to -15bps which also points to lower volumes impacting on bank margins.

Against a backdrop of slowing housing and business credit, the broker expects competition to increase and margins to remain under pressure.

ANZ Bank is Neutral rated with a $32.50 target. The analyst notes ANZ has re-accelerated the strength of its balance sheet.

Target price is $32.50 Current Price is $35.35 Difference: minus $2.85 (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 $34.52, suggesting upside of 0.3% (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 ANZ as Overweight (1) -

Morgan Stanley forecasts modest dividend growth over the next two years for the banks, while noting investors have been enquiring as to whether the potential for reductions in dividends is rising given the risk of earnings downgrades.

The broker calculates dividends would be maintained if earnings are downgraded by -5% but the probability of reductions would step up meaningfully if earnings fell by -10-15%.

Overweight rating maintained for ANZ Bank. Target is $34. Industry view is Cautious.

Target price is $34.00 Current Price is $35.35 Difference: minus $1.35 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.52, suggesting upside of 0.3% (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

Macquarie rates ASG as Outperform (1) -

Autosports Group announced a trading update with FY26 underlying profit before tax of $51m–$54m which is some -26% below consensus, Macquarie highlights.

The downgrade is attributed to delivery delays and higher costs over 2H26. In terms of demand, BEVs now represent over 40% of the group's orders in April 2026 versus around 15% pre-March. Order write-up rose 22% in 2H26 to end of May.

With demand outstripping deliveries for BEVs, the analyst points to a large percentage of orders to arrive in FY27, so revenue is being pushed out from FY26, hence the downgrade.

EPS forecasts are lowered by -33% for FY26 and -23% for FY27. Target price declines by -23% to $2.50. No change to Outperform rating.

Target price is $2.50 Current Price is $1.74 Difference: $0.76
If ASG meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting upside of 54.3% (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

Citi rates ASK as Neutral (3) -

In an initial view, Citi notes Abacus Storage King has completed the internalisation of its management agreement, believing this is a structural improvement that should be appreciated by investors. This formally separates the company from ABG for total consideration of $24m.

The broker points out Abacus Storage King now stands as the only pure, listed self-storage A-REIT on ASX, increasingly valuable to investors.

Citi asserts the stock is trading at a -23.6% discount to NTA, an attractive opportunity. Neutral rating. Target is $1.60.

Target price is $1.60 Current Price is $1.35 Difference: $0.255
If ASK meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 12.3% (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 CBA as Underperform (5) -

Macquarie reiterates its Underweight view on the Australian banking sector, highlighting industry feedback which points to a decline in new lending flows of -20% to -30% y/y.

CommBank and National Australia Bank ((NAB)) have lowered mortgage rates by around -10bps to -15bps which also points to lower volumes impacting on bank margins.

Against a backdrop of slowing housing and business credit, the broker expects competition to increase and margins to remain under pressure.

CommBank is Underperform rated with a $111 target.

Target price is $111.00 Current Price is $164.62 Difference: minus $53.62 (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 $123.40, suggesting downside of -23.1% (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 CBA as Underweight (5) -

Morgan Stanley forecasts modest dividend growth over the next two years for the banks, while noting investors have been enquiring as to whether the potential for reductions in dividends is rising given the risk of earnings downgrades.

The broker calculates dividends would be maintained if earnings are downgraded by -5% but the probability of reductions would step up meaningfully if earnings fell by -10-15%.

CommBank has an Underweight rating and $125 target. Industry view: Cautious.

Target price is $125.00 Current Price is $164.62 Difference: minus $39.62 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $123.40, suggesting downside of -23.1% (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 CHN as Upgrade to Hold from Sell (3) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Chalice Mining is upgraded to Hold from Sell with the target steady at $1.20.

Target price is $1.20 Current Price is $1.16 Difference: $0.04
If CHN meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 140.4% (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

Bell Potter rates CKF as Buy (1) -

Bell Potter welcomes the FY26 result from Collins Foods amid record revenue of $1.59bn and underlying EBITDA of $245.5m.

The resilience of KFC Australia has led the broker to revise its same-store sales growth expectations amid product innovation and operating enhancements.

In KFC Europe, the broker does not view the first eight weeks of trading in the new financial year as reflecting the underlying business, given KFC Germany recorded total sales growth of 10.1% and same-store sales growth of 3.7%, while KFC Netherlands improved throughout the year.

The underlying German business is considered strong and with the company's position as the largest franchisee in Germany, supported by the Yum! Brands endorsement, this provides a platform for future acquisitions, Bell Potter adds.

Buy rating retained. Target rises to $11.10 from $10.80.

Target price is $11.10 Current Price is $8.15 Difference: $2.95
If CKF meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

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

Following on from Citi's first take below, the broker downgrades the stock to Neutral from Buy.

The analyst stresses Collins Foods is a "good" business with a robust balance sheet, but the QSR operator is likely to experience "multi-year" inflationary pressures in Australia.

Management is aiming to offset the rises with menu innovation, Kwench, and expansion into breakfast and late-night trials. Capex is also rising to $80m-$100m in FY27 of which $45m is targeted for Kwench.

The analyst points out much of the anticipated growth in new stores will come from Germany, where Citi harbours concerns post a sudden weakening in sales growth.

Target $10.30.

****

In an initial take, Citi notes the FY26 underlying net profit from Collins Foods was ahead of expectations although the statutory net profit of $47.1m was -19% below consensus amid class action-related costs and restaurant impairments.

A disappointing German FY27 trading update could mean investors would like to see improved performance prior to additional acquisitions, the broker adds.

The KFC Australia margin fell, amid increased lower-margin delivery sales following a reduction in delivery fees.

Australian same-store sales growth for the first eight weeks of FY27 was 4%, which the broker considers a strong result given weaker consumer sentiment.

For the same period, the measure declined in Germany and the Netherlands by -7.2% and -7.8%, respectively.

Execution in Australia continues to outperform expectations and Citi has a Buy rating with a $10.30 target price.

Target price is $10.30 Current Price is $8.15 Difference: $2.15
If CKF meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 32.6% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

Macquarie rates CKF as Neutral (3) -

Macquarie noted the KFC brand is doing well in Australia with comparable sales growth of 4% early in FY27 up from 2.7% in FY26.

The analyst welcomes the launch of 'Kwench' to improve store utilisation as well as the expansion into breakfast.

These investments are likely to result in margin weakness as well as risks around more promotions and lower-margin delivery channels, on top of labour cost pressures.

Growing the top line will be important for maintaining margins, the broker states. Management's aim for Germany store rollout is expected to generate around a 15% NPAT contribution over three years.

No change to Neutral rating. Target slips by -2.3% to $8.60. EPS forecasts are lowered by -3% in FY27 and FY28.

Coverage of the stock is transferred to Ajay Mariswarmy from Caleb Wheatley.

Target price is $8.60 Current Price is $8.15 Difference: $0.45
If CKF meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

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

Collins Foods delivered FY26 net profit of $60.1m which was in line with guidance. No FY27 profit guidance was provided.

Morgan Stanley notes labour inflation in FY27 appears likely to be mitigated through top-line initiatives rather than just productivity.

Management has highlighted limited-time offers, transaction mix, Kwench and late-night trade, while continuing to work with Yum! Brands on AI tools.

Morgan Stanley points out commentary was "understandably limited" on Kwench and late-night trade as both are still early in the roll-out but the company appears confident in the opportunity.

Collins Foods is also open to further acquisitions in Germany but stressed the focus is on building density within existing states.

The broker retains an Equal-weight rating and $9.70 target. Cautious industry view.

Target price is $9.70 Current Price is $8.15 Difference: $1.55
If CKF meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

Ord Minnett rates CKF as Hold (3) -

Ord Minnett notes continued underperformance in the Collins Foods European businesses in FY26 and into FY27, with sales growth in the larger Australasian business coming at the expense of margins.

FY26 EBITDA largely matched "already downbeat market expectations", the broker adds. Europe once again showed strong potential but the Netherlands, where the company has 63 stores, has been affected by weak store economics.

While new revenue initiatives such as extended opening hours and a new breakfast offering as well as the roll-out of the Kwench range are in train, Ord Minnett asserts these will need to prove successful if the company is to repair its margins.

Hold rating. Target is reduced to $8 from $11.

Target price is $8.00 Current Price is $8.15 Difference: minus $0.15 (current price is over target).
If CKF meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.53, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

Bell Potter rates CMM as Buy (1) -

Capricorn Metals has received the approvals required for the expansion of the Mount Gibson gold project in Western Australia. The company can now be more confident in regard to long lead capital purchasing and contract execution.

Completion of permits and commencement of development are expected in the December quarter. Bell Potter now looks for an updated prefeasibility study which should include the Orion underground resource of 9.5mt at 2.9gt gold for 895,000 ounces.

Buy rating maintained. Target rises to $16.70 from $16.25.

Target price is $16.70 Current Price is $12.64 Difference: $4.06
If CMM meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $17.68, suggesting upside of 41.3% (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 COH as Neutral (3) -

UBS points out the health sector outperformed the market significantly in June post underperforming for most of the balance of the fiscal year.

The analyst highlights the strength in share prices was broad-based and there was limited news to explain the rally, which infers the buying was being underpinned by year-end sector rotation and correlated to the rally in the US biotech index.

Cochlear's management is expected to adopt a conservative approach to FY27 guidance following the April earnings downgrade, citing weak demand in the US, Europe and China.

There is also downside risk to the FY26 results from potential order delays in the Middle East due to ongoing regional hostilities and UBS believes there is unlikely to be earnings upgrades or a management update that would materially improve investor confidence.

Neutral rated. Target $106.

Target price is $106.00 Current Price is $121.75 Difference: minus $15.75 (current price is over target).
If COH meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $116.70, suggesting downside of -1.5% (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 CSL as Buy (1) -

UBS points out the health sector outperformed the market significantly in June post underperforming for most of the balance of the fiscal year.

The analyst highlights the strength in share prices was broad-based and there was limited news to explain the rally, which infers the buying was being underpinned by year-end sector rotation and correlated to the rally in the US biotech index.

Consensus earnings forecasts for CSL have been lowered post a weaker outlook for Vifor, reflecting generic competition, the expiry of TDAPA coverage for Velphoro and the potential withdrawal of Tavneos from Europe.

The broker believes these headwinds are largely reflected in expectations, with consensus forecasting only low single-digit NPATA growth.

While retaining a Buy rating on valuation grounds, UBS cautions the upcoming result is unlikely to show meaningful improvement in competitive conditions or progress on appointing a new chief executive.

Target price $158.

Target price is $158.00 Current Price is $114.74 Difference: $43.26
If CSL meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $130.37, suggesting upside of 10.4% (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: 0.4

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

Ord Minnett rates CTM as Upgrade to Buy from Hold (1) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Centaurus Metals is upgraded to Buy from Hold with the target steady at $0.60.

Target price is $0.60 Current Price is $0.49 Difference: $0.11
If CTM meets the Ord Minnett target it will return approximately 22% (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

Ord Minnett rates CXO as Upgrade to Buy from Hold (1) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Core Lithium is upgraded to Buy from Hold with the target steady at $0.30.

Target price is $0.30 Current Price is $0.25 Difference: $0.05
If CXO meets the Ord Minnett target it will return approximately 20% (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

Citi rates DMP as Neutral (3) -

Citi believes there is potential for Domino's Pizza Enterprises' cost out program to surprise to the upside.

The analyst likes the new group CEO who is flagged to start by August 5 and comes with a great reputation.

The broker is seeking more details around the timeline of the turnaround and how well the pizza segment is performing before a more upbeat rating can be ascribed.

Neutral rated with a lower target price of $16.90 from $17.50.

Target price is $16.90 Current Price is $15.63 Difference: $1.27
If DMP meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $18.39, suggesting upside 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

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

Morgan Stanley has liked Data#3 for some time given its competitive position, history of execution and solid growth prospects. The stock is near all-time highs, trading on around 29x FY27 estimated PE.

The broker is aware of improving momentum in the second half of FY26, although assesses the run up in the share price means the risk/reward is now more balanced.

Forecasts are largely unchanged since the February result and there have been clear tailwinds in hardware pricing and customer "urgency".

Morgan Stanley downgrades to Equal-weight from Overweight and raises the target to $10.00 from $9.20. Industry View: In Line. 

Target price is $10.00 Current Price is $9.85 Difference: $0.15
If DTL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.56, suggesting downside of -9.5% (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 DYL as Downgrade to Hold from Accumulate (3) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Deep Yellow is downgraded to Hold from Accumulate with the target steady at $2.05.

Target price is $2.05 Current Price is $1.40 Difference: $0.655
If DYL meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 51.9% (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

Bell Potter rates ELD as Buy (1) -

Bell Potter reviews data around El Nino events, given the Bureau of Meteorology has declared thresholds have been reached. El Nino is often, but not always, associated with below-average rainfall over eastern Australia.

The broker looks at the impact of various leading drivers for the agricultural sector as well as the performance of stocks.

The main conclusion is that, while earnings drivers can weaken and EPS downgrades emerge, the damage to share prices is done as the event is emerging rather than once it is confirmed.

To this end, the broker argues that in stocks such as Elders, where underperformance has been material, positions should now be accumulated. Buy rating and $6.45 target maintained.

Target price is $6.45 Current Price is $5.14 Difference: $1.31
If ELD meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $7.13, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in September.

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 EMR as Downgrade to Lighten from Hold (4) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Emerald Resources is downgraded to Lighten from Hold with the target lowered to $5.40 from $6.20.

Target price is $5.40 Current Price is $5.49 Difference: minus $0.09 (current price is over target).
If EMR meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Ord Minnett rates FFM as Upgrade to Hold from Lighten (3) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

FireFly Metals' rating is upgraded to Hold from Lighten while the target is raised to $2.00 from $1.90.

Target price is $2.00 Current Price is $1.76 Difference: $0.24
If FFM meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Bell Potter rates GNC as Upgrade to Buy from Hold (1) -

GrainCorp has lost -23% of its value since the El Nino indication was issued by the Bureau of Meteorology in April.

Bell Potter points out, from an historical perspective, the downward movement in the share price is the largest it has experienced in an El Nino watch phase and at this stage trails only the 2002-03 event in terms of total movement.

The broker adds that, traditionally, most of the damage to the share price is done in the development of the event rather than during the event itself.

While earnings are likely to remain under pressure the broker believes accumulating the stock over the course of a drier bias is appropriate and upgrades to Buy from Hold. Target is raised to $5.90 from $5.20.

Target price is $5.90 Current Price is $4.91 Difference: $0.99
If GNC meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.22, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in September.

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

Bell Potter rates GNP as Buy (1) -

Bell Potter reviews the MPC Kinetic acquisition, which will position GenusPlus Group as a diversified contractor leveraged to rising investment in onshore gas, renewables and water infrastructure.

The broker notes recent findings show annual gas supply shortfalls are forecast from 2029 and southern state dependency on Queensland is expected to lift over the longer term, while sustaining CSG production underpins annuity-like demand for the MPC Kinetics services.

Buy rating maintained. Target rises to $12.80 from $12.00.

Target price is $12.80 Current Price is $10.97 Difference: $1.83
If GNP meets the Bell Potter target it will return approximately 17% (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

Ord Minnett rates HAS as Upgrade to Hold from Sell (3) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Hastings Technology Metals is upgraded to Hold from Sell with the target steady at $0.35.

Target price is $0.35 Current Price is $0.26 Difference: $0.09
If HAS meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

UBS rates HMC as Buy (1) -

With a $2bn-plus wholesale/high net worth investor base for its credit platform, HMC Capital has secured up to $1.35bn in private credit mandates from two global institutions which represents an important development, according to UBS, in terms of diversification.

EPS forecasts have been lowered by -9% to -12% arising from the accounting changes to the treatment of earnings. HMC is moving to what the analyst describes as a 'cleaner' definition of operating earnings from FY27.

Month-to-month gains will be removed as well as the Energy transition investment income and higher private credit AUM/fees. Forecasts are also lowered for a higher assumed 30% tax rate on operating profit before tax.

HMC Capital is trading on around 13x FY27 PER with an estimated 11% CAGR in EPS from FY27–FY30, the stock is Buy rated with a lower target of $3.60 from $3.70.

Target price is $3.60 Current Price is $2.97 Difference: $0.63
If HMC meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 8.0% (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

Citi rates IAG as Neutral (3) -

Citi ponders whether NZ is a possible risk to Insurance Australia Group's and Suncorp's ((SUN)) ability to achieve stable to lifting insurance margins.

The analyst notes NZ has been challenging for both insurers, notably in commercial lines, where commercial premium rates have been under pressure over the last 12-months.

As yet there are no indications the market has bottomed, albeit the rate of decline has eased.

Retail personal lines are trending up inferring to the broker the worst may have passed. Citi forecasts NZ$ gross written premium growth in FY27, although NZ margins remain under pressure and will need to be offset by Australia.

Insurance Australia Group is Neutral rated. Target $8.50.

Target price is $8.50 Current Price is $8.09 Difference: $0.41
If IAG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.73, suggesting downside of -4.2% (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

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

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

In lithium, IGO Ltd is a top pick and the rating is upgraded to Buy from Accumulate with the target steady at $9.

Target price is $9.00 Current Price is $7.37 Difference: $1.63
If IGO meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $9.06, suggesting upside of 22.9% (ex-dividends)

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 LNW as Outperform (1) -

Macquarie notes US casino gaming revenue increased 4% year-on-year in May, driven by 13% growth in Las Vegas and a 2% rise across regional markets.

The broker expects regional gaming revenue to grow 3% in 2026 and Las Vegas to increase 1%, broadly in line with recent trends.

The resilient demand backdrop should remain supportive for gaming equipment suppliers through higher gaming operations revenue and outright machine sales.

Light & Wonder is Outperform rated with an unchanged $200 target price.

Target price is $200.00 Current Price is $110.63 Difference: $89.37
If LNW meets the Macquarie target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $188.00, suggesting upside of 74.4% (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: 1.0

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

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

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

In lithium, Mineral Resources is a top pick and the rating is upgraded to Buy from Accumulate with the target lowered to $72 from $80.

Target price is $72.00 Current Price is $62.07 Difference: $9.93
If MIN meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $78.40, suggesting upside of 24.3% (ex-dividends)

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

Morgans rates MSV as Upgrade to Speculative Buy from Accumulate (1) -

Ahead of the August results, Morgans revises forecasts for Mitchell Services to reflect a strong operating performance throughout the year.

EBITDA estimates for FY26 are increased by around 2% with greater increases for FY27 and beyond, supported by higher average operating rig assumptions.

With excess rig capacity available to deploy and a first mover advantage in Loop Decarbonisation, the broker envisages ongoing options for earnings growth.

Rating is upgraded to Speculative Buy from Accumulate and the target is lifted to $0.60 from $0.55.

Target price is $0.60 Current Price is $0.49 Difference: $0.115
If MSV meets the Morgans target it will return approximately 24% (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 NAB as Neutral (3) -

Macquarie reiterates its Underweight view on the Australian banking sector, highlighting industry feedback which points to a decline in new lending flows of -20% to -30% y/y.

CommBank and National Australia Bank have lowered mortgage rates by around -10bps to -15bps which also points to lower volumes impacting on bank margins.

Against a backdrop of slowing housing and business credit, the broker expects competition to increase and margins to remain under pressure.

National Australia Bank is Neutral rated with a $39 target.

Target price is $39.00 Current Price is $37.86 Difference: $1.14
If NAB meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.64, suggesting upside of 4.8% (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 NAB as Underweight (5) -

Morgan Stanley forecasts modest dividend growth over the next two years for the banks, while noting investors have been enquiring as to whether the potential for reductions in dividends is rising given the risk of earnings downgrades.

The broker calculates dividends would be maintained if earnings are downgraded by -5% but the probability of reductions would step up meaningfully if earnings fell by -10-15%.

National Australia Bank retains an Underweight rating and $34.50 target. Industry view: Cautious.

Target price is $34.50 Current Price is $37.86 Difference: minus $3.36 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.64, suggesting upside of 4.8% (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

Ord Minnett rates NEM as Buy (1) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Newmont Corp has a Buy rating with the target lowered to $175 from $205.

Target price is $175.00 Current Price is $134.52 Difference: $40.48
If NEM meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $188.80, suggesting upside of 42.4% (ex-dividends)

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 NHC as Upgrade to Hold from Lighten (3) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

New Hope is upgraded to Hold from Lighten with the target raised to $5.00 from $4.90.

Target price is $5.00 Current Price is $5.34 Difference: minus $0.34 (current price is over target).
If NHC meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.56, suggesting upside of 6.2% (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

Macquarie rates ORI as Outperform (1) -

Macquarie's Outperform rating is maintained as Orica has announced FID for Hunter Valley Hydrogen Hub (HVHH), a renewable hydrogen production facility integrated to its Kooragang Island (KI, NSW) ammonia manufacturing facility.

As per Macquarie's flash response, the facility is expected to produce 4.7kt tonnes pa of renewable hydrogen by early 2029, sufficient to produce 26.6kt tonnes of low carbon ammonia per annum.

Commentary states benefits to Orica are a low carbon feedstock for ammonia manufacturing at KI (i.e., replacing natural gas with renewable hydrogen for 7.5% of production) as well as providing a long term potential revenue source via green ammonia exports.

Total capex (net of govt funding) is expected to be in the range of $245m-$283m across 2026-29.

Macquarie has a price target of $25.86.

Target price is $25.86 Current Price is $23.68 Difference: $2.18
If ORI meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.27, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in September.

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 PLS as Upgrade to Buy from Accumulate (1) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

PLS Group is upgraded to Buy from Accumulate with the target raised to $6.20 from $6.10.

Target price is $6.20 Current Price is $5.02 Difference: $1.18
If PLS meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.81, suggesting upside of 14.0% (ex-dividends)

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

Morgans rates PME as Downgrade to Accumulate from Buy (2) -

Following a stellar share price rally, Pro Medicus has been downgraded one notch by Morgans, to Accumulate from Buy.

The broker emphasises this is purely a call on the share price. Pro Medicus continues to be held as a core holding in its growth portfolios.

Price target has been lifted to $230 from $210. No changes were made to forecasts.

Target price is $230.00 Current Price is $203.43 Difference: $26.57
If PME meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $222.00, suggesting upside of 9.2% (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 RDX as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley remains confident in the strong competitive position of Redox, highlighting the robust balance sheet. The stock has re-rated materially over the year to date and has traded past the prior target, re-rated to around 20x FY27 estimated PE.

The broker considers this "broadly fair" and ultimately believes the risk/reward is balanced. Target is raised to $4.00 from $3.50 and the rating is downgraded to Equal-weight from Overweight. Industry view: In-Line.

Target price is $4.00 Current Price is $3.97 Difference: $0.03
If RDX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 3.6% (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

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

Rio Tinto has reached an agreement with the Mongolian government to adjust the interest rate on shareholder loans for the Oyu Tolgoi copper/gold project.

Combined with the May in-principle agreement to halve management fees, Morgan Stanley considers this announcement marks further progress in renegotiating the fiscal framework.

Although the steps that have been taken erode some of the economics of the investment in Oyu Tolgoi, the outcome was widely expected, the broker adds.

A long-standing tax dispute between the parties remains pending and is not part of these negotiations. Equal-weight rating. Target is GBP6,920p (below the current share price in London). Industry view is Attractive.

Target price is $171.50 Current Price is $172.51 Difference: minus $1.01 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $180.75, suggesting upside of 5.7% (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

Macquarie rates S32 as Neutral (3) -

Neutral rating retained as South32 has announced the sale of its Aluminium business (ex. Mozal) to Alcoa for up to US$5.6bn.

Macquarie's flash updates notes completion of the deal is targeted for 2HFY27.

Separately, the 4th grinding line project at Sierra Gorda has received FID approval, and Matthew Daley has also assumed the role as CEO.

Macquarie has now placed its forecasts under review, commenting the timing comes as a positive surprise given Hermosa's recent downgrade and the need for Aluminium's cash.

Targets are $4 and GBP2.40.

Target price is $4.00 Current Price is $3.90 Difference: $0.1
If S32 meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 15.8% (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

Citi rates SGP as Buy (1) -

Buy rating and $5.10 price target retained as Stockland has extended on its existing capital partnership with M&G Real Estate to create Stockland M&G Asia Partnership 2 worth $439m.

Citi explains the partnership includes a portfolio of two warehouse assets and the $439m sale is in-line with FY25 book supporting industrial valuations.

Also, this partnership is in addition to a retail partnership with Morgan Stanley Real Estate), to sell stakes in three retail development assets for $250m.

Citi sees this as further strategic progress on capital partnerships, giving Stockland has circa $700m of funds to progress its development opportunities, while also growing the $100m-plus fee pool via investment management fees, and reducing gearing by -2.8% in isolation.

Target price is $5.10 Current Price is $4.08 Difference: $1.02
If SGP meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 21.3% (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

UBS rates SHL as Neutral (3) -

UBS points out the health sector outperformed the market significantly in June post underperforming for most of the balance of the fiscal year.

The analyst highlights the strength in share prices was broad-based and there was limited news to explain the rally, which infers the buying was being underpinned by year-end sector rotation and correlated to the rally in the US biotech index.

Sonic Healthcare has completed the sale and leaseback of its laboratory assets, freeing up capital but modestly reducing earnings and increasing fixed costs.

The broker expects management to provide a positive update on the US restructuring but remains cautious on competitive conditions, while highlighting funding risks in Germany.

Wage cost headwinds in Australia are flagged and the likelihood of offsetting government funding support is uncertain.

Neutral rated with a $19.60 target.

Target price is $19.60 Current Price is $20.81 Difference: minus $1.21 (current price is over target).
If SHL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.58, suggesting upside of 12.7% (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

Morgan Stanley rates SLC as Overweight (1) -

Superloop has upgraded guidance and provided a trading update, flagging FY26 underlying EBITDA of $118-122m, up 3.5% at the mid-point from prior guidance.

Morgan Stanley is attracted to the Smart Communities economics which reinforces a positive view on the stock.

This is considered to be the key driver of future earnings growth with embedded infrastructure and seamless onboarding driving a "defensible moat" and "strong customer retention".

The broker raises its target to $3.80 from $3.60 and retains an Overweight rating. Industry view: In-line.

Target price is $3.80 Current Price is $3.30 Difference: $0.5
If SLC meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 14.5% (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

Morgans rates SLD as Speculative Buy (1) -

The US FDA has approved the CAP24 surgical paddle lead, allowing Saluda Medical to embark on US commercialisation.

Morgans considers this a key milestone and strategically important as it expands the addressable market whilst enhancing the productivity potential of the commercial platform.

The broker believes that by allowing the existing sales force to address a broader range of procedures with existing hospitals and physicians, the company should be able to materially improve revenue generation per representative, which addresses a key investor concern.

The stock offers high-growth and an execution-led opportunity, Morgans asserts, retaining a Speculative Buy rating and $2.94 target.

Target price is $2.94 Current Price is $0.46 Difference: $2.48
If SLD meets the Morgans target it will return approximately 539% (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 SUN as Neutral (3) -

Citi ponders whether NZ is a possible risk to Insurance Australia Group's ((IAG)) and Suncorp Group's ability to achieve stable to lifting insurance margins.

The analyst notes NZ has been challenging for both insurers, notably in commercial lines, where commercial premium rates have been under pressure over the last 12-months.

As yet there are no indications the market has bottomed, albeit the rate of decline has eased.

Retail personal lines are trending up inferring to the broker the worst may have passed. Citi forecasts NZ$ gross written premium growth in FY27, although NZ margins remain under pressure and will need to be offset by Australia.

Suncorp Group is Neutral rated with a $17.50 target price.

Target price is $17.50 Current Price is $19.29 Difference: minus $1.79 (current price is over target).
If SUN meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.43, suggesting upside of 1.3% (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

Ord Minnett rates TCG as Buy (1) -

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Buy rating and target lowered to $1.10 from $1.15 for Turaco Gold.

Target price is $1.10 Current Price is $0.45 Difference: $0.65
If TCG meets the Ord Minnett target it will return approximately 144% (excluding dividends, fees and charges).

Current consensus price target is $1.09, suggesting upside of 143.0% (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

Citi rates TLX as Buy (1) -

Citi highlights Telix Pharmaceuticals hosted an online event outlining progress across its neuro-oncology pipeline, with a focus on both diagnostic and therapeutic assets.

The broker expects FDA approval for Pixclara, a diagnostic imaging agent for recurrent or progressive glioma, ahead of the September 11 PDUFA date. Pixclara contributes around $1 to the broker's price target.

The analyst notes TLX101, a therapy for recurrent glioblastoma, remains in the early stages of the phase III IPAX BrIGHT trial. Given the high-risk nature of brain cancer drug development, no revenue forecasts for the therapy have been included in estimates.

Citi believes TLX101 could become a more important driver of the investment case as US patient recruitment begins and may become Telix's first commercial therapeutic.

Buy rated. Target $32.

Target price is $32.00 Current Price is $16.58 Difference: $15.42
If TLX meets the Citi target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $26.10, suggesting upside of 53.3% (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

UBS rates TLX as Buy (1) -

UBS highlights Telix Pharmaceuticals' neuro-oncology webinar reinforced the potential of both TLX101 and Pixclara in glioblastoma, an area of significant unmet medical need.

The broker believes the market is attributing limited value to both programs and expects FDA approval for Pixclara on September 11 to provide a near-term catalyst, while further clinical data for TLX101 could support longer-term upside.

Positively, TLX101 has demonstrated encouraging early efficacy and a favourable safety profile in recurrent glioblastoma, with the ongoing Phase III IPAX-BrIGHT study targeting a clinically meaningful improvement in overall survival versus standard treatment.

The broker also highlights Pixclara's improved diagnostic accuracy alongside MRI and estimates peak annual sales of around $200m.

The stock is Buy rated with a $31 target price, unchanged.

Target price is $31.00 Current Price is $16.58 Difference: $14.42
If TLX meets the UBS target it will return approximately 87% (excluding dividends, fees and charges).

Current consensus price target is $26.10, suggesting upside of 53.3% (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 VCX as Neutral (3) -

Post two years of development costs weighing on earnings, Citi points out Vicinity Centres is moving to a recovery in earning period. 

After visiting the shopping mall operator's and discoursed with retailers, the analyst believes earnings guidance is achievable. Chadstone has stablised with an estimated 5.5% yield and Chatswood Chase with an estimated 5% yield.

The broker is expecting funds from operations to grow "meaningfully" to 16.9c in FY28 from 15.2c in FY26. Notably, retail has remained resilient, the analyst states with luxury and the travel market more impacted which is seen as cyclical and not structural.

The stock is Neutral rated with a $2.70 target.

Target price is $2.70 Current Price is $2.58 Difference: $0.12
If VCX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting downside of -2.3% (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 WBC as Underperform (5) -

Macquarie reiterates its Underweight view on the Australian banking sector, highlighting industry feedback which points to a decline in new lending flows of -20% to -30% y/y.

CommBank and National Australia Bank ((NAB)) have lowered mortgage rates by around -10bps to -15bps which also points to lower volumes impacting on bank margins.

Against a backdrop of slowing housing and business credit, the broker expects competition to increase and margins to remain under pressure.

Westpac is Underperform rated with a $30 target.

Target price is $30.00 Current Price is $35.21 Difference: minus $5.21 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.85, suggesting downside of -2.3% (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 WBC as Underweight (5) -

Morgan Stanley forecasts modest dividend growth over the next two years for the banks, while noting investors have been enquiring as to whether the potential for reductions in dividends is rising given the risk of earnings downgrades.

The broker calculates dividends would be maintained if earnings are downgraded by -5% but the probability of reductions would step up meaningfully if earnings fell by -10-15%.

The Underweight rating and $31.50 target for Westpac are unchanged. Industry view: Cautious.

Target price is $31.50 Current Price is $35.21 Difference: minus $3.71 (current price is over target).
If WBC 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 $33.85, suggesting downside of -2.3% (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