Australian Broker Call

Citi rates 360 as Buy (1) -

Citi upgrades 2026 MAU growth forecasts to 18% for Life360, envisaging growth troughing at 16% in the second quarter.

A Buy rating is maintained with the target lifted to $31.95 from $28.25 amid forecasts for strong subscription growth on the back of new products.

New app features such as Uber integration, Apple Watch, etc. improve engagement and expand the company's target market, the broker adds.

Target price is $31.95 Current Price is $27.46 Difference: $4.49
If 360 meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $30.81, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

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

Ord Minnett initiates coverage of Acusensus with a Buy rating and $1.49 target price.

The company is a founder-led provider of AI-driven road safety solutions, the analyst states. Operations are in the US, A&NZ as well as the UK.

Acusensus "Heads Up" technology is the first to commercialise enforcement technology for unrestrained passengers and distracted drivers, the broker points out, giving it first-mover advantage.

Over the next three years, revenue is expected to grow at a 22% CAGR with the US seen as a large market with some circa US$275m in opportunities.

Target price is $1.49 Current Price is $1.19 Difference: $0.3
If ACE meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 1.0

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

Morgan Stanley rates ALD as Overweight (1) -

Morgan Stanley continues to prefer Ampol over Viva Energy ((VEA)) on a risk-adjusted return assessment, albeit the analyst states the preference is shrinking as Viva's valuation is not "demanding".

Regional crack spreads averaged around US$36/bbl in 2Q2026, up US$13/bbl q/q. Petrol margins averaged around 15.1c/l year-to-date versus 16.3c/l a year earlier. Diesel margins around 20.4c/l against 17.8c/l a year ago.

Quarterly updates are due in late July. EPS forecasts are trimmed -2% for FY26 and rise 3% for FY27.

Overweight. Target price is $35. Industry View: In-Line.

Target price is $35.00 Current Price is $33.88 Difference: $1.12
If ALD meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $39.37, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in December.

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 APZ as Buy (1) -

Citi assesses the RBA rate cycle appears to be nearing its peak, although near-term earnings pressure persists as higher debt costs flow through to those more leveraged A-REITs.

Stocks such as Aspen Group with earnings growth are best positioned for a broader sector re-rating, the broker adds.

Citi observes supply/demand fundamentals remain strong across many of the Australian real estate subsectors. Buy rating and $5.40 target.

Target price is $5.40 Current Price is $5.28 Difference: $0.12
If APZ meets the Citi target it will return approximately 2% (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 ARB as Neutral (3) -

ARB Corp and Amotiv ((AOV)) continue to face a challenging macro backdrop, Citi highlights with ongoing weakness in June's new vehicle sales.

The 4X4 category experienced a pick-up in decline, down -14% y/y compared to -11% year-to-date on last year. The 4X4 category also underperformed total vehicle sales which advanced 10% due to a 55% rise in medium SUVs, which ARB does not usually accessorise.

The analyst points out BYD Shark is now the top selling model in the 4X4 category. Industry feedback infers this model is more likely to be accessorised post the April 2026 Cab Chassis launch.

ARB Corp is Neutral rated with a $17.40 target.

Target price is $17.40 Current Price is $18.17 Difference: minus $0.77 (current price is over target).
If ARB meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.12, suggesting upside of 38.4% (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 ASB as Hold (3) -

Bell Potter sees the "massive" order book for Austal as a double-edged sword with the pick-up in work creating increased complexity for the business.

The analyst points out three potential risks including several steel shipbuilding programs all at once and in new facilities. Teething issues may evolve.

Margin pressures may emerge due to project-specific risks, and Austal is due to expand its presence in Henderson over the next 12–18 months which may result in problems in attracting talent.

Underlying earnings forecasts for FY27–FY29 are lowered due to the inclusion of MMF3/GDEB revenue. Target price falls to $4.10 from $6.30. Hold rating retained.

Target price is $4.10 Current Price is $4.19 Difference: minus $0.09 (current price is over target).
If ASB meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.38, suggesting upside of 33.3% (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 BOE as Upgrade to Outperform from Neutral (1) -

Boss Energy has reported increased confidence in the wider-spaced well fields at Honeymoon, which Macquarie notes, if proven, will enable a greater portion of lower-grade resource to be economic.

As the risk/reward has improved amid growing confidence in technical work, the company appears set to demonstrate the value that can be derived from its new approach.

The broker upgrades to Outperform from Neutral.

Macquarie anticipates the company may be able to prove a new life-of-mine valuation case to investors with the feasibility study and investor presentation in August/September. Target improves to $1.75 from $1.30.

Target price is $1.75 Current Price is $1.27 Difference: $0.475
If BOE meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 20.3% (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 BOE as Hold (3) -

Ord Minnett highlights Boss Energy achieved its revised guidance of FY26 drummed production of 1.41Mlbs of U308.

Management has pulled forward the revised Honeymoon feasibility study and mine plan to August from September.

Boss Energy is expected to report its 4Q update on 30 July. The broker notes the board has been strengthened with the appointment of former Oil Search CEO, Peter Botten as incoming Chair.

The change of the timeline is considered a positive update re the project.

No changes to earnings forecasts. The stock remains Hold rated with a $1.40 target.

Target price is $1.40 Current Price is $1.27 Difference: $0.125
If BOE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 20.3% (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

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

Morgan Stanley upgrades Beach Energy to Equal-weight from Underweight.

The analyst points out the fall in oil and share prices is offering a more attractive valuation and entry point ahead of the June quarterly updates.

Mark-to-market commodity prices result in 2026 EPS downgrades of around -1% to -28% for the energy sector versus the ASX200 Energy index which has declined by -15% over the last two months.

EPS forecasts for Beach are lowered by -23% for FY27 and -28% for FY28.

Target declines to 88c from $1.20. Industry view: In-Line.

Target price is $0.88 Current Price is $0.84 Difference: $0.04
If BPT meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.95, suggesting upside of 11.9% (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 CAR as Buy (1) -

Ahead of the August reporting season, Morgans revisits the online classified sector.

The analyst remains positive on the long-term potential for overseas markets, in particular, and continues to like the overall thesis around CAR Group.

The broker notes private listings are down some -10% in June on May and down around -30% y/y. Dealer used volumes are up some 12.5%; a trend which has been highlighted by management over the past two results.

Morgans lowers FY26-FY28 EPS forecasts by -2% to -3% on changes to volume assumptions and forex.

Target price slips to $33.40 from $33.50. Buy rating retained.

Target price is $33.40 Current Price is $25.91 Difference: $7.49
If CAR meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $33.14, suggesting upside of 27.2% (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

Citi rates CHC as Buy (1) -

Citi assesses the RBA rate cycle appears to be nearing its peak, although near-term earnings pressure persists as higher debt costs flow through to those more leveraged A-REITs.

Fund managers such as Charter Hall are benefiting from accelerated capital flows and earnings growth and are best positioned for a broader sector re-rating, the broker adds.

Citi observes supply/demand fundamentals remain strong across many of the Australian real estate subsectors. Buy rating and $26.50 target.

Target price is $26.50 Current Price is $22.90 Difference: $3.6
If CHC meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $24.72, suggesting upside of 8.7% (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 CHC as Downgrade to Neutral from Outperform (3) -

Macquarie maintains a preference for quality and earnings growth among A-REITs and makes valuation upgrades, driven by a -30 basis points contraction in the real bond yield. A lower real bond yield means moderating capitalisation rate expansion assumptions.

Charter Hall is downgraded to Neutral from Outperform with a target raised to $23.44 from $21.22 as the broker rolls forward its valuation to FY27 and incorporates earnings upgrades while lowering WACR expansion assumptions for co-investment property portfolios.

Target price is $23.44 Current Price is $22.90 Difference: $0.54
If CHC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $24.72, suggesting upside of 8.7% (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

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley ponders the acquisition of Dexus ((DXS)) by Charter Hall, as recently reported in the media.

Over the last four decades, Charter Hall has acquired four listed real estate peers using third-party capital to undertake the acquisitions. This is expected to be used again, the analyst states, if Dexus were purchased, assuming management could source $6bn in capital.

Dexus is trading around 0.6x Price/NTA, which aligns with the 2022-24 rate hiking cycle and valuation trough.

The broker estimates Charter Hall's property AUM could rise to around $115bn from circa $74bn.

Charter Hall remains a top pick in the REIT sector. Target is $26.89. Overweight. Industry View: In-Line.

Target price is $26.89 Current Price is $22.90 Difference: $3.99
If CHC meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.72, suggesting upside of 8.7% (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

Morgans rates COG as Buy (1) -

Morgans updates its diversified financials earnings outlook, reducing COG Financial Services FY26-FY27 EPS estimates by -1-2% amid slightly more conservative earnings assumptions going forward.

While cyclical factors have affected the recent earnings profile, the broker envisages longer-term upside amid a more focused strategy from the new chairman. Buy rating. Target is reduced to $1.92 from $2.09.

Target price is $1.92 Current Price is $1.47 Difference: $0.45
If COG meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 38.8% (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 COL as Buy (1) -

UBS' 40th Supermarket Supplier Survey found Coles Group retained its lead over Woolworths Group ((WOW)) across supplier relationships.

Suppliers indicated Woolworths enjoyed stronger trading over April and May and is now viewed as the supermarket most likely to gain market share over the next six months, benefiting from easier sales comparisons.

Aldi is also expected to gain share, while IGA ((MTS)) is viewed as the most likely to lose share.

Cost inflation, however, has increased to 4.9%, with most suppliers expecting greater difficulty passing through higher costs, creating a headwind for margins.

UBS continues to prefer Coles, citing stronger supermarket execution and a more attractive valuation, despite the market's negative reaction to the group's interest in Greencross.

Buy. Target $25.50.

Target price is $25.50 Current Price is $23.28 Difference: $2.22
If COL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $23.86, suggesting upside of 2.7% (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

Citi rates DXS as Neutral (3) -

Citi notes Dexus' June 30 portfolio valuation revealed a slight -0.2% decline in book values which is largely in line with expectations.

Office portfolio eased by -0.4% on slightly higher cap rates. Industrial rose 0.5% on market rental growth. The analyst notes the average cap weighted rate lifted 3 bps to 6.06% across the portfolio.

Neutral rating and $6.50 target.

Target price is $6.50 Current Price is $5.46 Difference: $1.04
If DXS meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 23.3% (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

Morgans rates GDG as Buy (1) -

Morgans updates its diversified financials earnings outlook, maintaining FY26 EPS estimates for Generation Development while lowering FY27 by -2% amid slightly higher costs and also an adjustment for the investment bond business.

While the company's share price has pulled back since late 2025, the broker assesses it is strongly positioned in structural growth areas. Buy rating. Target is $6.28, raised from $6.16.

Target price is $6.28 Current Price is $4.06 Difference: $2.22
If GDG meets the Morgans target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $6.20, suggesting upside of 53.4% (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

Citi rates GLF as Buy (1) -

Citi assesses the RBA rate cycle appears to be nearing its peak, although near-term earnings pressure persists as higher debt costs flow through to those more leveraged A-REITs.

Stocks such as Gemlife Communities with earnings growth are best positioned for a broader sector re-rating, the broker adds.

Citi observes supply/demand fundamentals remain strong across many of the Australian real estate subsectors. Buy rating and $5.50 target.

Target price is $5.50 Current Price is $4.55 Difference: $0.95
If GLF meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 18.7% (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

Citi rates GMD as Buy (1) -

In an initial assessment, Citi notes Genesis Minerals delivered June quarter production and costs that were ahead of expectations.

Commentary posits the outcome reinforces the company's track record of consistent delivery with both production and all-in sustaining costs well within FY26 guidance of 260–290,000 ounces at $2,500–2,700/oz.

Citi retains a Buy rating and $10 target.

Target price is $10.00 Current Price is $6.29 Difference: $3.71
If GMD meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $9.29, suggesting upside of 54.1% (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 GMG as Outperform (1) -

Macquarie maintains a preference for quality and earnings growth among A-REITs and makes valuation upgrades, driven by a -30 basis points contraction in the real bond yield. A lower real bond yield means moderating capitalisation rate expansion assumptions.

The broker retains a preference for Goodman Group after taking account of valuation, retaining an Outperform rating and raising the target to $35.40 from $32.03.

Macquarie would expect the company to guide to operating EPS growth of at least 9% for FY27, with upside a function of performance fees, land sales for data centre development joint ventures and the percentage completion of data centre developments.

Target price is $35.40 Current Price is $30.78 Difference: $4.62
If GMG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $35.21, suggesting upside of 14.0% (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 GOZ as Upgrade to Outperform from Neutral (1) -

Macquarie maintains a preference for quality and earnings growth among A-REITs and makes valuation upgrades, driven by a -30 basis points contraction in the real bond yield. A lower real bond yield means moderating capitalisation rate expansion assumptions.

Growthpoint Properties Australia is expected to deliver FY26 FFO per share of 23.3c, the midpoint of guidance, with a distribution of 18.4c.

Macquarie notes the office portfolio is modern, A-grade and predominantly on the eastern seaboard while it is in the fringe and metro locations where there is high risk of vacancies.

At the results, the broker will be interested to find out if the momentum from significant leasing achieved in the office portfolio can be maintained with FY27 expiries.

Rating is upgraded to Outperform from Neutral. Target is raised to $2.47 from $2.02.

Target price is $2.47 Current Price is $2.12 Difference: $0.35
If GOZ meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 14.2% (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

Citi rates GPT as Buy (1) -

Citi assesses the RBA rate cycle appears to be nearing its peak, although near-term earnings pressure persists as higher debt costs flow through to those more leveraged A-REITs.

Fund managers such as GPT Group are benefiting from accelerated capital flows and earnings growth and are best positioned for a broader sector re-rating, the broker adds.

Citi observes supply/demand fundamentals remain strong across many of the Australian real estate subsectors. Buy rating and $6 target.

Target price is $6.00 Current Price is $4.81 Difference: $1.19
If GPT meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.52, suggesting upside of 14.5% (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

Macquarie rates GPT as Outperform (1) -

Macquarie maintains a preference for quality and earnings growth among A-REITs and makes valuation upgrades, driven by a -30 basis points contraction in the real bond yield. A lower real bond yield means moderating capitalisation rate expansion assumptions.

Macquarie forecasts FY26 FFO per share of 35.4c for GPT Group, noting the base business continues to perform well and execution on strategy offers potential upside to valuation over the medium to longer term. Outperform. Target rises to $5.37 from $4.97.

Target price is $5.37 Current Price is $4.81 Difference: $0.56
If GPT meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.52, suggesting upside of 14.5% (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 IFT as Buy (1) -

Infratil earlier today reported its Jun-26 quarter independent valuation update for CDC data centre business. Citi, in a quick response, observes the CDC data centre business has seen a significant valuation increase of some 24% since March 2026.

The increase is primarily driven by a substantial rise in contracted capacity to over 1GW and a circa doubling of the development pipeline of 3.9GW.

The broker comments this signals a growth trajectory far exceeding current market expectations and could be further bolstered by potential new contracts.

In addition, and in response to always lingering funding growth concerns, the broker points out management is strategically leveraging diverse financing options including capital markets, hybrid debt, and a NZ$1bn asset sales program, thereby reducing sole reliance on equity.

Today's quick response highlights the updated valuation lifts pro forma Net Asset Value (NAV) by 10% to NZ$17.70 per share. Buy.

Infratil is among Citi's preferred ASX-listed infrastructure names.

Target price is $15.18 Current Price is $12.49 Difference: $2.69
If IFT meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.9

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

Ord Minnett rates ILU as Buy (1) -

Iluka Resources has achieved a rare earth concentrate supply agreement with VHM for 4.9ktpa of contained rare earth oxide from Goschen project over 18 years for the Eneabba refinery.

VHM will receive $40m as a convertible note, Ord Minnett explains.

According to VHM's published production metrics, Iluka's offtakes will be all of Goschen's expected production, around 990tpa of NdPr and 120tpa of DyTb. This equals around 18% of Eneabba's NdPr capacity and 15% of DyTb capacity.

Target price slips to $8.50 from $9. No change to Buy rating. The broker highlights Iluka needs to invest another $206m of equity into Eneabba by the end of 2026.

Target price is $8.50 Current Price is $7.00 Difference: $1.5
If ILU meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates INA as Buy (1) -

Citi assesses the RBA rate cycle appears to be nearing its peak, although near-term earnings pressure persists as higher debt costs flow through to those more leveraged A-REITs.

Stocks such as Ingenia Communities with earnings growth are best positioned for a broader sector re-rating, the broker adds.

Citi observes supply/demand fundamentals remain strong across many of the Australian real estate subsectors. Buy rating and $5.42 target.

Target price is $5.42 Current Price is $4.47 Difference: $0.95
If INA meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 12.1% (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

Morgan Stanley rates JDO as Overweight (1) -

Post Judo Capital's sizable earnings guidance downgrade, Morgan Stanley believes market confidence has been "undermined" and generated concerns around management's risk profile and credit assessment processes.

The update revealed 'single-name' concentration risk which was higher than expected. The single name loan of $50m represents over 2.5% of current equity and over 10% of pre-provision profit.

EPS forecasts are cut by -10% for FY26, -22% for FY27 and -17% for FY28. Target price declines by around -32% to $1.25.

Overweight rating retained. Industry view: Cautious.

Target price is $1.25 Current Price is $0.88 Difference: $0.37
If JDO meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 55.9% (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

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

Morgan Stanley retains an Equal-weight rating on Karoon Energy.

The analyst points out the fall in oil and share prices is offering a more attractive valuation and entry point ahead of the June quarterly updates.

Mark-to-market commodity prices result in 2026 EPS downgrades of around -1% to -28% for the energy sector versus the ASX200 Energy index which has declined by -15% over the last two months.

EPS forecasts for Karoon are lowered by -20% for FY26 and -9% for FY27.

Target price slips to $1.58 from $1.91. Industry view: In-line.

Target price is $1.58 Current Price is $1.40 Difference: $0.185
If KAR meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 28.7% (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: 0.6

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

Morgans rates MAF as Buy (1) -

Morgans updates its diversified financials earnings outlook, making minor changes to EPS estimates for MA Financial while lowering the target to $8.56 from $10.93 to reflect a reduction in the PE multiple applied to the asset management business (to 17x from 25x).

Conditions have become more challenging, the broker adds, and valuations across global alternative asset managers peers are compressed, yet the stock appears undervalued and a Buy rating is maintained.

Target price is $8.56 Current Price is $6.30 Difference: $2.26
If MAF meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $9.22, suggesting upside of 43.2% (ex-dividends)

The company's fiscal year ends in December.

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 MFG as Downgrade to Hold from Buy (3) -

Morgans updates its diversified financials earnings outlook, maintaining the FY26 EPS estimates for Magellan Financial while lowering FY27 to reflect more conservative earnings estimates for both funds management and Barrenjoey.

The broker believes the merger with Barrenjoey has reinvigorated the company's overall business. Rating is downgraded to Hold from Buy as the upside to the target of $11.29 is now reduced.

Target price is $11.29 Current Price is $10.63 Difference: $0.66
If MFG meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.65, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates MGR as Buy (1) -

Citi assesses residential A-REITs have overshot to the downside with Mirvac Group now trading at a trough in terms of PE multiples and presenting a buying opportunity.

The RBA rate cycle appears to be nearing its peak, the broker notes, although near-term earnings pressure persists as higher debt costs flow through to those more leveraged A-REITs.

Citi observes supply/demand fundamentals remain strong across many of the Australian real estate subsectors. Buy rating and $2 target.

Target price is $2.00 Current Price is $1.71 Difference: $0.29
If MGR meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates MGR as Outperform (1) -

Macquarie maintains a preference for quality and earnings growth among A-REITs and makes valuation upgrades, driven by a -30 basis points contraction in the real bond yield. A lower real bond yield means moderating capitalisation rate expansion assumptions.

Macquarie retains a preference for Mirvac Group after taking account of valuation and assesses the stock has significantly de-rated since late 2025 and the risk to near-term earnings is already reflected in the share price.

Outperform rating maintained. Target is reduced to $2.17 from $2.22.

Target price is $2.17 Current Price is $1.71 Difference: $0.46
If MGR meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates NGI as Buy (1) -

Morgans updates its diversified financials earnings outlook, cutting FY26-FY27 EPS estimates for Navigator Global Investments by -1-2% amid slightly more conservative forward earnings assumptions.

The business is considered well-placed to capitalise on structural tailwinds in global alternative assets and the aim to double EBITDA by FY30 appears achievable, the broker adds.

Buy rating. Target is $3.39, reduced from $3.42.

Target price is $3.39 Current Price is $2.52 Difference: $0.87
If NGI meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 43.9% (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

Morgan Stanley rates ORG as Underweight (5) -

Morgan Stanley retains an Underweight rating on Origin Energy and the stock remains the least preferred exposure in the energy sector with concerns lower East Coast domestic gas prices may put pressure on electricity prices.

The analyst points out the fall in oil and share prices offering a more attractive valuation and entry point ahead of the June quarterly updates.

Mark-to-market commodity prices result in 2026 EPS downgrades of around -1% to -28% for the energy sector versus the ASX200 Energy index which has declined by -15% over the last two months.

Target price slips to $10.35 from $11. Underweight rated. Industry View: In-Line.

Target price is $10.35 Current Price is $10.36 Difference: minus $0.01 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.57, suggesting upside of 13.2% (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

Morgans rates PNI as Buy (1) -

Morgans updates its diversified financials earnings outlook, cutting FY26 EPS estimates for Pinnacle Investment Management by -4% to reflect slightly reduced FUM and margin assumptions.

The share price has been under pressure from a difficult market environment amid concerns about the private credit landscape, yet the broker remains bullish on the long-term growth trajectory. Buy rating. Target is reduced to $23.94 from $24.70.

Target price is $23.94 Current Price is $18.19 Difference: $5.75
If PNI meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $22.29, suggesting upside of 24.2% (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 PXA as Outperform (1) -

Macquarie expects IPart's draft report recommending around -20% price cuts will be "partially" undone otherwise Pexa Group will be able to offset the revenue hit with other opportunities.

The analyst forecasts a revenue hit of some -$50m versus the -$70m in the draft report, but sees upside risks to the forecast.

Management and industry participants are expected to push back on the draft report. EPS forecasts are unchanged for FY26 and FY27 with FY28 lowered by -35%.

Macquarie reiterates its Outperform rating and lowers the target to $16 from $19.30.

Target price is $16.00 Current Price is $8.54 Difference: $7.46
If PXA meets the Macquarie target it will return approximately 87% (excluding dividends, fees and charges).

Current consensus price target is $12.66, suggesting upside of 45.0% (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

Morgans rates PXA as Downgrade to Hold from Accumulate (3) -

Post IPart's draft report recommending the proposed price changes for Pexa Group with an expected lowering in revenue of around –20% to –$70m in the first year, Morgans downgrades the stock to Hold from Accumulate.

The changes will come into effect on 1 July and last for four years with the group's current CPI-linked fee cap to continue for FY27.

Management considers IPart's assumptions around the Initial Asset Base contribute to the decline in revenue guidance and the assumptions are viewed as "highly contestable".

The outcome is noted by management as "unacceptable". EPS forecasts are lowered by –3% across FY26/FY27 and FY28 drops by –40%.

Target price falls to $9.35 from $14.23.

Target price is $9.35 Current Price is $8.54 Difference: $0.81
If PXA meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.66, suggesting upside of 45.0% (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

UBS rates PXA as Neutral (3) -

IPart has recommended a cut to transfer fees of -33% to -36% with most other LENO service fees unchanged, which is expected to affect Pexa Group's revenue down by around -20%, UBS notes.

The regulator's estimate of the group's initial asset base is well below the analyst's $730m forecast, which is attributed to a much lower unrecovered market establishment cost component of $136m versus the broker's $515m.

EPS forecasts are cut -13% for FY27 and -23% for FY28. Target price falls to $9.80 from $12.80, previously.

Neutral rating is retained with ongoing regulatory and earnings uncertainty, as well as downside risks to transaction volumes post the Federal Budget, and a slower UK roll-out.

Target price is $9.80 Current Price is $8.54 Difference: $1.26
If PXA meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.66, suggesting upside of 45.0% (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

Morgans rates REA as Buy (1) -

Morgans continues to see REA Group as one of the highest quality classified franchises covered.

Concerns over new listing volumes are considered a near-term volatility issue with management able to "pull levers" such as yield to offset weakness.

Due to the Budget changes and the higher interest rate setting, the broker lowers FY27 volume growth to -3% from 2% and FY28 volume growth to -2% from 2%.

EPS forecasts are trimmed by around -5% to -8% for FY27/FY28 but the analyst sees the stock as offering value at current levels.

Buy rated with a $199 target, down from $219, previously.

Target price is $199.00 Current Price is $141.91 Difference: $57.09
If REA meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $184.02, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates SCG as Buy (1) -

Citi believes the sector backdrop for Scentre Group is compelling as it enters the August results with the "strongest balance sheet in years".

Management has reaffirmed FFO guidance of at least 23.73c per unit, representing at least 4% growth.

The broker asserts its view is supported by the recent interest-rate hedging restructure for 2027-2028 which combines with potential upside from leasing outcomes. Buy rating and $4.40 target retained.

Target price is $4.40 Current Price is $3.88 Difference: $0.52
If SCG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting upside of 2.3% (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 SCG as Underperform (5) -

Macquarie maintains a preference for quality and earnings growth among A-REITs and makes valuation upgrades, driven by a -30 basis points contraction in the real bond yield. A lower real bond yield means moderating capitalisation rate expansion assumptions.

Macquarie forecasts FY26 FFO per share of $0.24 for Scentre Group, and was surprised the recent refinancing did not lead to an upgrade to guidance.

The broker highlights consumer sentiment remains pessimistic with financial stress near decade highs and evidence of emerging pressure points in retail. Underperform retained. Target edges up to $3.50 from $3.45.

Target price is $3.50 Current Price is $3.88 Difference: minus $0.38 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.01, suggesting upside of 2.3% (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

Morgans rates SEK as Buy (1) -

Ahead of the August reporting season, Morgans observes Seek's May employment report indicated a fall in job ad volumes of -4.5% y/y with quarter job ads down -1.7% on the previous quarter.

Job applications per job rose 3.6% on the prior month.

EPS forecasts are lowered by around -11% for FY27 and down -7% for FY28 on more subdued volume growth assumptions.

Target price slips to $23.60 from $25.10. Buy rating retained.

Target price is $23.60 Current Price is $13.31 Difference: $10.29
If SEK meets the Morgans target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $20.68, suggesting upside of 57.0% (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

Citi rates SGP as Buy (1) -

Citi assesses residential A-REITs have overshot to the downside with Stockland now trading at a trough in terms of PE multiples and presenting a buying opportunity.

The RBA rate cycle appears to be nearing its peak, the broker notes, although near-term earnings pressure persists as higher debt costs flow through to those more leveraged A-REITs.

Citi observes supply/demand fundamentals remain strong across many of the Australian real estate subsectors. Buy rating and $5.10 target.

Target price is $5.10 Current Price is $4.04 Difference: $1.06
If SGP meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 23.9% (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

Morgan Stanley rates STO as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley upgrades Santos to Overweight from Equal-weight with the fall in oil and share prices offering a more attractive valuation and entry point ahead of the June quarterly updates.

Mark-to-market commodity prices result in 2026 EPS downgrades of around -1% to -28% for the energy sector versus the ASX200 Energy index which has declined by -15% over the last two months.

Target price for Santos lifts to $7.67 from $7.50. EPS forecasts are trimmed by -6% for FY26 and -22% for FY27.

Industry view In-Line.

Target price is $7.67 Current Price is $7.10 Difference: $0.57
If STO meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.33, suggesting upside of 15.7% (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: 0.8

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

Citi rates SUN as Neutral (3) -

Upon further review of the update from Suncorp Group, Citi notes the softer gross written premium outlook appears to have attracted the most attention from the market.

Gross written premium growth is now guided at 2.7%, with weakness most evident in NZ commercial and also some softer demand in Australia.

Some of the impact is likely to flow through to FY27 yet the broker notes, at the moment, Australian personal lines rate increases still seem to be in the mid-high single digit range. Scope for $400m buyback is still envisaged in FY27.

Although the standalone valuation appears limited, Citi raises the target to $19.25 from $17.50 and retains a Neutral rating.

Target price is $19.25 Current Price is $18.63 Difference: $0.62
If SUN meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $19.94, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates SUN as Hold (3) -

Morgans updates its diversified financials earnings outlook, noting the market update from Suncorp Group was "slightly mixed". FY26 top-line growth guidance has been trimmed slightly to 2.7% from 3% to reflect a soft NZ commercial market and weaker Australian demand.

The broker lifts FY26 EPS estimates by around 5%, to reflect higher investment income. Target rises to $18.89 from $17.79 and a Hold rating is maintained.

Target price is $18.89 Current Price is $18.63 Difference: $0.26
If SUN meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $19.94, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates SUN as Hold (3) -

Suncorp Group has delivered a trading update, which Ord Minnett observes reflects a tough environment for general insurers, as premium growth has been hard to obtain and margins are under pressure.

The company had guided to gross written premium growth in FY26 of 4-6% but posted slower growth of 2.7% in the first half, now downgrading full year guidance to 2.7%.

The broker expects the underlying margin will be under greater pressure compared with peer Insurance Australia Group ((IAG)), as the latter should be better able to maintain volumes without pressure on premium rates.

Forecasts for FY27 and FY28 EPS are downgraded by -2.4% and -2.2%, respectively. Hold rating. Target is cut to $18.50 from $19.50.

Target price is $18.50 Current Price is $18.63 Difference: minus $0.13 (current price is over target).
If SUN 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 $19.94, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates SUN as Buy (1) -

Suncorp Group has updated its gross written premium growth, investment income and CAT costs, UBS observes, ahead of the FY26 results on Aug 12.

CAT costs are expected to be around -$200m lower than the budget and in line with last April's update as well as consensus forecasts. Investment markets are expected to be much stronger over the 4Q period, well above consensus and the analyst's forecasts.

Gross written premium is softer with FY26 growth expectations lowered to 2.7% from around 3% in April, the broker highlights.

This has led to FY26 EPS being lifted by 6.7%. Target price rises to $20.80 from $19.60 and a Buy rating is retained.

Target price is $20.80 Current Price is $18.63 Difference: $2.17
If SUN meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $19.94, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates TCL as Neutral (3) -

Transurban Group has suggested weak group traffic metrics have continued into May from April, as previously indicated by management.

UBS sees year-to-date traffic as disappointing with fuel price impacts most notable in May. The analyst remains upbeat on FY27 and believes traffic will be more robust from the completion of M7-M12 completion.

The toll road operator has also sold its 50% share in the A25 for CA$280m to La Caisse with funds generated to be reinvested into North America including the possible expansion of the I-95 Express Lanes Bi-Directional Project.

The NSW toll reform resolution is expected within weeks prior to FY26 results due Aug 13. UBS expects management to offer FY27 distribution guidance.

Neutral rated with a $14.50 target, up from $14.40.

Target price is $14.50 Current Price is $14.48 Difference: $0.02
If TCL meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $14.32, suggesting downside of -1.4% (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

Citi rates TLC as Downgrade to Sell from Neutral (5) -

Citi expects Lottery Corp to report a -4% decline in EBIT when it posts FY26 results on August 19. Estimates for FY27 are trimmed by -1%, amid lower lottery turnover forecasts.

The stock is also trading at the upper end of a historical two-year forward relative PE and the rating is downgraded to Sell from Neutral with the target steady at $5.

Like-for-like sales of Powerball and Oz Lotto remain soft, the broker adds, while the main risk to its view would be a prolonged run of above-average jackpots that may also drive improved sales.

Target price is $5.00 Current Price is $5.48 Difference: minus $0.48 (current price is over target).
If TLC 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 $5.86, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates TYR as Buy (1) -

Morgans updates its diversified financials earnings outlook, assessing Tyro Payments has a large addressable market in which to grow and is encouraged by significant improvements in profitability.

Whilst the transaction environment in the short term is patchy, the broker envisages significant long-term value. Buy rating. Target is reduced to $1.48 from $1.55.

Target price is $1.48 Current Price is $0.79 Difference: $0.69
If TYR meets the Morgans target it will return approximately 87% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 24.5% (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

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

Morgan Stanley continues to prefer Ampol ((ALD)) over Viva Energy on a risk-adjusted return assessment, albeit the analyst states the preference is shrinking as Viva's valuation is not "demanding".

Regional crack spreads averaged around US$36/bbl in 2Q2026, up US$13/bbl q/q. Petrol margins averaged around 15.1c/l year-to-date versus 16.3c/l a year earlier. Diesel margins around 20.4c/l against 17.8c/l a year ago.

Quarterly updates are due in late July.

Equal-weight with a $2.39 target. Industry view: In-line.

Target price is $2.39 Current Price is $2.14 Difference: $0.25
If VEA meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 31.9% (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

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

Morgan Stanley upgrades Woodside Energy to Equal-weight from Underweight with the fall in oil and share prices offering a more attractive valuation and entry point ahead of the June quarterly updates.

Mark-to-market commodity prices result in 2026 EPS downgrades of around -1% to -28% for the energy sector versus the ASX200 Energy index which has declined by -15% over the last two months.

Woodside Energy's target price is unchanged at $28. Industry view: In-Line.

Target price is $28.00 Current Price is $27.87 Difference: $0.13
If WDS meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $29.44, suggesting upside of 4.8% (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

UBS rates WOW as Neutral (3) -

UBS' 40th Supermarket Supplier Survey found Coles Group ((COL)) retained its lead over Woolworths Group across supplier relationships.

Suppliers indicated Woolworths enjoyed stronger trading over April and May and is now viewed as the supermarket most likely to gain market share over the next six months, benefiting from easier sales comparisons.

Aldi is also expected to gain share, while IGA is viewed as the most likely to lose share.

Cost inflation, however, has increased to 4.9%, with most suppliers expecting greater difficulty passing through higher costs, creating a headwind for margins.

UBS continues to prefer Coles, citing stronger supermarket execution and a more attractive valuation, despite the market's negative reaction to the group's interest in Greencross.

Woolworths Group is Neutral rated with a $34.50 target price.

Target price is $34.50 Current Price is $39.78 Difference: minus $5.28 (current price is over target).
If WOW 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 $35.34, suggesting downside of -10.2% (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