Australian Broker Call

Bell Potter rates AHC as Buy (1) -

Austco Healthcare has provided guidance and a trading update that was below expectations. Cost escalation resulting from the conflict in the Middle East and competition for servers required by the company for its software from the AI sector have affected performance in the second half, Bell Potter notes.

Revenue growth for FY26 is now expected to be in the 11%-17% range and EBITDA growth in the 7%-12% range. The company has a contract for its Pulse Mobile clinical communications for an existing US customer covering 180 hospitals during 2026.

A further three contracts have been announced equating to $3m across Australia, New Zealand and Canada in the aged care and hospital sectors. Bell Potter retains a Buy rating and reduces its target to $0.45 from $0.55.

Target price is $0.45 Current Price is $0.26 Difference: $0.19
If AHC meets the Bell Potter target it will return approximately 73% (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 ALX as Neutral (3) -

Citi notes Atlas Arteria has issued a supplementary target statement highlighting that, while IFM is bound by ASIC's "best and final" declaration and cannot increase its current $5.10 offer for 12 months following the June 11 expiry, it retains the ability to submit a new proposal during that period.

The toll road operator has reaffirmed FY26 distribution guidance of 40c per share, with an interim 20c payment scheduled following the 1H26 result in August.

The broker suggests the clarification indicates shareholders should not assume future proposals from IFM would necessarily be constrained by the current offer structure.

Neutral rated. Target price $4.80.

Target price is $4.80 Current Price is $5.04 Difference: minus $0.24 (current price is over target).
If ALX meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.67, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates ANZ as Overweight (1) -

Within the major banks, CommBank and Westpac are viewed as the most exposed to the Australian housing market.

Housing loans account for around 63% of CommBank's loan book and 60% of Westpac's, compared with approximately 49% for both ANZ Bank and National Australia Bank.

Commonwealth Bank also has the largest domestic mortgage portfolio at around $659bn, followed by Westpac ($536bn), ANZ Bank ($407bn) and National Australia Bank ($390bn).

While investment property loans comprise around one-third of mortgage portfolios across the major banks, the analysts explain they account for approximately 40% of new mortgage flows, led by CBA at 43%.

Unchanged $36.20 target and Overweight rating for ANZ Bank. Industry view: Cautious.

Target price is $36.20 Current Price is $35.05 Difference: $1.15
If ANZ meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $35.01, suggesting upside of 2.8% (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

Bell Potter rates AYA as Buy (1) -

Bell Potter reviews the trends for Artrya amid a rise in the use of its Coronary Computed Tomography Angiography (CCTA) to evaluate coronary artery disease.

A structural shift which occurred in 2021 has turbocharged adoption, with the broker noting analysis between different modalities indicates CCTA is superior in ruling out the disease where there was a high risk of a diagnosis.

Bell Potter points out recognition of CCTA image analysis by physicians to efficiently and effectively detect and diagnose coronary artery disease is a huge growth driver. Buy rating and target of $6.10 unchanged.

Target price is $6.10 Current Price is $4.79 Difference: $1.31
If AYA meets the Bell Potter target it will return approximately 27% (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 BRG as Buy (1) -

Citi points to recent strong quarterly results from major US retailers as a positive indicator for Breville Group, particularly given the Americas contributed 56% of group revenue in FY25.

Breville's four largest listed US retail partners reported an acceleration in comparable sales growth during the first quarter, compared with the prior quarter, the broker highlights.

While higher tax refunds supported consumer spending in the period, Citi highlights demand resilience has continued into the second quarter. It's noted consensus forecasts imply Americas revenue growth of 4.0% in the second half of FY26 and 7.2% in FY27.

Target $39.85. Buy.

Target price is $39.85 Current Price is $28.85 Difference: $11
If BRG meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $37.52, suggesting upside of 31.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BSL as Outperform (1) -

Macquarie reckons the outlook for BlueScope Steel has continued to improve with stronger US steel spreads and a recent recovery in Asian spreads supporting earnings expectations.

The analyst notes North America now accounts for the majority of valuation, highlighting the strategic importance of the region.

The broker believes takeover dynamics remain unresolved following SGH's ((SGH)) "best and final" bid, with the BlueScope board continuing to assess options to maximise shareholder value.

Australian housing conditions are becoming more challenging, although the company's exposure to owner-occupied residential activity is viewed as relatively resilient.

EPS forecasts are tweaked higher for FY26 and up 6.2% for FY27. Target price rises to $35.95 from $33.80. Buy rating retained.

Target price is $35.95 Current Price is $31.51 Difference: $4.44
If BSL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $30.82, suggesting downside of -2.9% (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 BSL as Equal-weight (3) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within Morgan Stanley's industrials coverage, SGH Ltd and Reece are viewed as the most exposed to Australian housing activity through Boral, Coates Hire and plumbing products distribution, respectively.

BlueScope Steel also has meaningful exposure via its steel building products business, the analysts note.

By contrast, James Hardie and Reliance Worldwide derive most earnings from offshore markets and are more leveraged to the US housing cycle than Australian residential activity.

Unchanged Equal-weight rating and $29 target for BlueScope Steel. Industry view is In-Line.

Target price is $29.00 Current Price is $31.51 Difference: minus $2.51 (current price is over target).
If BSL meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.82, suggesting downside of -2.9% (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 CBA as Underweight (5) -

Morgan Stanley examines the implications of a slowing housing market for relevant Australian equities under coverage, highlighting risks to both earnings growth and share price performance.

The broker expects banks to face multiple headwinds to credit growth as housing activity weakens and investors deleverage, with CommBank and Westpac viewed as the most exposed.

Housing-related consumer spending is also expected to come under pressure, leaving Wesfarmers and Metcash most under threat.

It's also thought residential developers such as Stockland and Mirvac Group may face near-term cyclical challenges from softer house prices, higher construction costs and interest rates.

Further, the analysts see potential longer-dated and mixed impacts for SGH Ltd and Reece, with some near-term risk to renovation demand.

The broker notes REA Group is also exposed to housing turnover, although pricing growth and AI disruption remain key debates.

Overall, Morgan Stanley maintains a defensive portfolio positioning, noting exposure across digital real estate platforms and selected industrial companies.

Unchanged $130 target and Underweight rating for CommBank. Industry view: Cautious.

Target price is $130.00 Current Price is $163.30 Difference: minus $33.3 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $125.07, suggesting downside of -23.3% (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 CKF as Neutral (3) -

Citi's latest quick service restaurant (QSR) menu price survey found Guzman y Gomez has maintained stable pricing since December 2025. In contrast, Domino's Pizza Enterprises, KFC, McDonald's and Hungry Jack's all increased prices during April and May.

Domino's Pizza Enterprises' price increases are viewed as supporting franchisee profitability, while recent price rises at KFC may reflect cost pressures that cannot be offset elsewhere.

The Neutral rating and $10.45 target are maintained for Collins Foods, the largest KFC franchisee in Australia.

Target price is $10.45 Current Price is $8.43 Difference: $2.02
If CKF meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates DMP as Neutral (3) -

Citi's latest quick service restaurant (QSR) menu price survey found Guzman y Gomez has maintained stable pricing since December 2025. In contrast, Domino's Pizza Enterprises, KFC, McDonald's and Hungry Jack's all increased prices during April and May.

Domino's Pizza Enterprises' price increases are viewed as supporting franchisee profitability, while recent price rises at KFC may reflect cost pressures that cannot be offset elsewhere.

The Neutral rating and $17.50 target are maintained for Domino's Pizza Enterprises.

Target price is $17.50 Current Price is $17.58 Difference: minus $0.08 (current price is over target).
If DMP 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 $20.24, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates DXS as Neutral (3) -

Dexus lost its NSW Supreme Court challenge over the Australia Pacific Airports Corporation (APAC). UBS notes the ruling could force the sale of the Dexus' entire 27% APAC stake, valued at $4bn-$4.5bn. The broker expects management to appeal.

While the direct earnings impact from losing APAC funds management fees appears modest, UBS believes the more significant risk lays in reputational damage and questions over the group's infrastructure and funds management strategy following the Collimate transaction.

UBS continues to view Dexus as too difficult despite the shares trading at a -37% discount to NTA and around 9x earnings.

Ongoing uncertainty around the APAC dispute, declining earnings expectations and execution risks at Waterfront remain key concerns.

The broker retains a Neutral rating and $6.68 target price.

Target price is $6.68 Current Price is $5.54 Difference: $1.14
If DXS meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 25.2% (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

Morgan Stanley rates GLF as Overweight (1) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within real estate coverage, Stockland and Mirvac Group are viewed as the most exposed to the housing cycle. They both derive 40%-50% of earnings from housing-related activities including land development, apartments and land lease communities.

Gemlife Communities may also experience second-order effects, in the broker's view, as around 30%-40% of purchasers typically need to sell an existing home to fund the acquisition of a land lease property.

Unchanged Overweight rating and $5.40 target for Gemlife Communities. Industry View: In-Line.

Target price is $5.40 Current Price is $4.61 Difference: $0.79
If GLF meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.46, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

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 GYG as Sell (5) -

Citi's latest quick service restaurant (QSR) menu price survey found Guzman y Gomez has maintained stable pricing since December 2025. In contrast, Domino's Pizza Enterprises, KFC, McDonald's and Hungry Jack's all increased prices during April and May.

The broker believes Guzman y Gomez's strategy of keeping price increases below inflation is strengthening its value proposition relative to peers.

Unchanged Sell rating for Guzman y Gomez. Target $18.35

Target price is $18.35 Current Price is $20.19 Difference: minus $1.84 (current price is over target).
If GYG 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 $25.55, suggesting upside of 29.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates HUB as Accumulate (2) -

Ord Minnett believes wealth platforms are well situated to continue gaining market share in superannuation, as data show they have been winning a disproportionately large share of the competitive switching flows among super funds.

The broker believes the trend will continue as the numbers reaching retirement each year and seeking financial advice are likely to grow over the next decade.

On a market share basis, all three of the broker's platforms under coverage attracted a disproportionately large share of growth in switching inflows relative to their market share of assets.

Hub24 won 11% of total inflows and has the highest exposure to superannuation at 44% platform funds under administration. Accumulate rating and $99 target retained.

Target price is $99.00 Current Price is $84.63 Difference: $14.37
If HUB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $103.57, suggesting upside of 22.4% (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 HVN as Equal-weight (3) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within consumer exposures, the analysts highlight JB Hi-Fi and Harvey Norman as key consumer exposures to the housing market through appliance and electronics demand linked to home moves, renovations and discretionary spending.

Harvey Norman also benefits from furniture and bedding sales tied to household formation and housing turnover.

Equal-weight rating and $5.40 target maintained for Harvey Norman. Industry View: In-Line.

Target price is $5.40 Current Price is $4.59 Difference: $0.81
If HVN meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.71, suggesting upside of 26.9% (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

Bell Potter rates IKE as Buy (1) -

ikeGPS Group delivered 33% growth in subscription revenue in FY26, to $19.2m, with revenue growth of 6% to $26.6m. Earnings were largely in line with Bell Potter's expectations and the net loss was also expected, albeit more than half that of the prior year.

The company is progressing its product development and module 1 is expected to enter beta testing within nine months and module 2 has completed prototyping, now shifting to development.

FY27 guidance has been reiterated for similar subscription growth while the broker notes the gross margin of 94% appears to support breaking even in terms of operating cash flow.

The company expects its current product pipeline has the potential for more revenue than any product launched to date, although this is not expected to materialise until FY28. Buy rating and $1.21 target unchanged.

Target price is $1.21 Current Price is $1.01 Difference: $0.2
If IKE meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

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: 1.0

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

Morgan Stanley rates JBH as Underweight (5) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within consumer exposures the analysts highlight JB Hi-Fi and Harvey Norman as key consumer exposures to the housing market through appliance and electronics demand linked to home moves, renovations and discretionary spending.

Harvey Norman also benefits from furniture and bedding sales tied to household formation and housing turnover.

Underweight rating kept for JB Hi-Fi. Target unchanged at $70.70. Industry view: In Line.

Target price is $70.70 Current Price is $75.13 Difference: minus $4.43 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $86.66, suggesting upside of 22.0% (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

Morgan Stanley rates JHX as Overweight (1) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within Morgan Stanley's industrials coverage, SGH Ltd and Reece are viewed as the most exposed to Australian housing activity through Boral, Coates Hire and plumbing products distribution, respectively.

BlueScope Steel also has meaningful exposure via its steel building products business, the analysts note.

By contrast, James Hardie and Reliance Worldwide derive most earnings from offshore markets and are more leveraged to the US housing cycle than Australian residential activity.

Unchanged Overweight rating and $38 target for James Hardie Industries. Industry view is In-Line.

Target price is $38.00 Current Price is $32.27 Difference: $5.73
If JHX meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.7

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

Citi rates LLC as Buy (1) -

Citi highlights progress on Lendlease Group's asset sale program following the sale of the Milano Santa Giulia development site in Italy for $250m, generating net proceeds of $90m.

The transaction implies a -$175m after-tax operating loss in FY26 within the non-core Capital Release Unit.

As the loss relates to a non-core division it is unlikely to affect core FY26 EPS guidance of 28-34 cents, the analysts explain.

With the shares trading at a -25% discount to core business net tangible assets (NTA), Citi believes the valuation remains attractive and retains a Buy rating. Target $6.30.

Target price is $6.30 Current Price is $2.57 Difference: $3.73
If LLC meets the Citi target it will return approximately 145% (excluding dividends, fees and charges).

Current consensus price target is $4.51, suggesting upside of 67.6% (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 LLC as Equal-weight (3) -

Lendlease Group has divested the Milano Santa Giulia North development site in Italy, an asset held within the Capital Release Unit and previously earmarked for sale, Morgan Stanley explains.

The transaction has a headline value of around $250m, including approximately -$160m of obligations, and is expected to generate cash proceeds of about $90m.

An operating loss of around -$175m is expected to be recognised in the second half of FY26, although settlement may occur in FY27.

Importantly, the analysts note the sale also removes around $200m of future remediation obligations associated with the site.

Equal-weight. Target $3.89. Industry View: In-Line.

Target price is $3.89 Current Price is $2.57 Difference: $1.32
If LLC meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $4.51, suggesting upside of 67.6% (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

Ord Minnett rates LLC as Hold (3) -

Lendlease Group has sold its stake in the Santa Giulia mixed-use project in Milan for $250m, which Ord Minnett notes is a sharp discount to book value and results in a loss of the sale of -$175m.

The broker suspects the company did not stay abreast of conditions in the Italian market which means the value of the property was not written down to a more realistic valuation.

There is still another Italian asset to sell, being its share of a partnership with Canadian pension fund CPP Investments.

The broker calculates a reduced valuation for the capital release unit established to divest offshore assets, to $1.3bn from $1.4bn, and lowers the target to $2.85 from $3.05. Hold maintained.

Target price is $2.85 Current Price is $2.57 Difference: $0.28
If LLC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.51, suggesting upside of 67.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within real estate coverage, Stockland and Mirvac Group are viewed as the most exposed to the housing cycle. They both derive 40%-50% of earnings from housing-related activities including land development, apartments and land lease communities.

Gemlife Communities may also experience second-order effects, in the broker's view, as around 30%-40% of purchasers typically need to sell an existing home to fund the acquisition of a land lease property.

Unchanged Equal-weight rating and $2.05 target for Mirvac Group. Industry View: In-Line.

Target price is $2.05 Current Price is $1.67 Difference: $0.385
If MGR meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates MIN as No Rating (-1) -

Morgan Stanley notes higher lithium prices are starting to incentivise a supply response, led by Australian re-starts and brownfield expansion. Announcements over recent weeks include Mineral Resources' Bald Hill re-start, adding 140,000tpa of spodumene concentrate or 18,000t of lithium carbonate equivalent with the first shipment as early as July.

The Mount Marion flow plant and underground expansion will add 100,000tpa capacity or 13,000t LCE on target for FY28. The broker acknowledges these additions are not large enough to offset an estimated -117,000t deficit in the lithium market for 2026.

The broker is under research restriction for Mineral Resources. No rating or target price. Industry View: Attractive.

Current Price is $74.33. Target price not assessed.

Current consensus price target is $75.30, suggesting upside of 3.5% (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 MPL as Neutral (3) -

Macquarie's latest health insurance promotions tracker shows promotional activity remains above the 12-month average as insurers compete for customers ahead of the June 30 switching period.

Both Medibank Private and nib Holdings increased their "weeks free" offers over the past month, while 13 of 34 monitored brands are already running promotions through to the end of June, the analyst observes.

Macquarie also highlights an ongoing Department of Health review into the treatment of "weeks free" offers and promotional caps.

While volume growth is currently offsetting softer margins, the broker retains a cautious long-term view on the sector, maintaining a Neutral rating for Medibank Private. Unchanged $4.80 target.

Target price is $4.80 Current Price is $4.71 Difference: $0.09
If MPL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 9.5% (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

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

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within consumer stocks, Wesfarmers and Metcash are viewed as the most exposed through Bunnings and Independent Hardware Group, respectively. These companies have links to residential construction, renovation activity and trade volumes, the analysts explain.

For Metcash, Equal-weight rating and $3.30 target are kept. Industry View: In-Line.

Target price is $3.30 Current Price is $3.07 Difference: $0.23
If MTS meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates NAB as Underweight (5) -

Within the major banks, CommBank and Westpac are viewed as the most exposed to the Australian housing market.

Housing loans account for around 63% of CommBank's loan book and 60% of Westpac's, compared with approximately 49% for both ANZ Bank and National Australia Bank.

Commonwealth Bank also has the largest domestic mortgage portfolio at around $659bn, followed by Westpac ($536bn), ANZ Bank ($407bn) and National Australia Bank ($390bn).

While investment property loans comprise around one-third of mortgage portfolios across the major banks, the analysts explain they account for approximately 40% of new mortgage flows, led by CBA at 43%.

Unchanged $37.20 target and Underweight rating for National Australia Bank. Industry view: Cautious.

Target price is $37.20 Current Price is $37.37 Difference: minus $0.17 (current price is over target).
If NAB 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 $39.20, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates NEM as Buy (1) -

Newmont remains UBS's preferred large-cap gold producer despite expectations for continued near-term weakness in gold equities as the gold price consolidates and cost pressures emerge in upcoming quarterly results.

The broker believes Newmont Corp's 2026 guidance appears conservative, reflecting management's desire to improve on a poor historical record of meeting production targets.

Production guidance assumes a weaker first half, while current operating performance suggests the company is well positioned to meet expectations.

1Q2026 production, costs and financial results exceeded consensus forecasts, with unit costs significantly below guidance due to stronger by-product credits.

UBS expects higher oil prices and Ghana royalty changes to lift costs, though stronger silver and copper prices could offset much of this impact.

Newmont is Buy rated with a $195 target.

Target price is $195.00 Current Price is $150.50 Difference: $44.5
If NEM meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $203.00, suggesting upside of 33.3% (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

Macquarie rates NHF as Underperform (5) -

Macquarie's latest health insurance promotions tracker shows promotional activity remains above the 12-month average as insurers compete for customers ahead of the June 30 switching period.

Both Medibank Private and nib Holdings increased their "weeks free" offers over the past month, while 13 of 34 monitored brands are already running promotions through to the end of June, the analyst observes.

Macquarie also highlights an ongoing Department of Health review into the treatment of "weeks free" offers and promotional caps.

While volume growth is currently offsetting softer margins, the broker retains a cautious long-term view on the sector, maintaining an Underperform rating on nib Holdings. Unchanged $6.10 target.

Target price is $6.10 Current Price is $6.50 Difference: minus $0.4 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.30, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates NWL as Hold (3) -

Ord Minnett believes wealth platforms are well situated to continue gaining market share in superannuation, as data shows they have been winning a disproportionately large share of the competitive switching flows among super funds.

The broker believes the trend will continue as the numbers reaching retirement each year and seeking financial advice are likely to grow over the next decade.

On a market share basis all three of the broker's platforms under coverage attracted a disproportionately large share of growth in switching inflows relative to their market share of assets.

Netwealth Group won 7% of total inflows and has 31% of its platform funds under administration exposed to superannuation. Hold rating and $25 target.

Target price is $25.00 Current Price is $21.58 Difference: $3.42
If NWL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.41, suggesting upside of 30.5% (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

Bell Potter rates PGC as Downgrade to Hold from Buy (3) -

Paragon Care now expects FY26 revenue of $3.7bn and EBITDA in the range of $95-$100m, including the 3-month contribution from Haju Medical.

Bell Potter, in assessing the slight downgrade from prior guidance of $97-$107m, is not surprised given the increased costs of logistics and supplier price increases as a result of the conflict in the Middle East.

Administrators of Infinity Group have advised of a preliminary settlement estimate to Paragon Care in the range of $11.7-$15.8m.

The company had previously provided for the entire $49m. The estimated settlement follows submissions of offers for various pharmacies within the group, most of which continue to trade.

The broker notes the second half was difficult for the company in spite of two accretive acquisitions amid inflationary pressures in the core Australian business.

Rating is downgraded to Hold from Buy and the target is lowered to $0.17 from $0.30.

Target price is $0.17 Current Price is $0.16 Difference: $0.01
If PGC meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates PME as Buy (1) -

Morgans has gathered further insights into the current situation regarding US procurement and the impact of AI, noting the tailwinds for procurement are structural not cyclical. References are an evaluation factor that has jumped to 64% from 10% in two years.

Conversations with industry participants have reinforced the broker's view that Pro Medicus is executing well, with its installed base putting Visage into consideration before requests for proposals become competitive.

The bear case regarding shorter contracts has not materialised. Morgans acknowledges Visage carries a price premium but in the context of the overall economics of radiology departments this is not material. Buy rating maintained and the target is $210.

Target price is $210.00 Current Price is $144.46 Difference: $65.54
If PME meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $222.50, suggesting upside of 39.3% (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

Ord Minnett rates PPS as Buy (1) -

Ord Minnett believes wealth platforms are well situated to continue gaining market share in superannuation, as data shows they have been winning a disproportionately large share of the competitive switching flows among super funds.

The broker believes the trend will continue as the numbers reaching retirement each year and seeking financial advice are likely to grow over the next decade.

On a market share basis all three of the broker's platforms under coverage attracted a disproportionately large share of growth in switching inflows relative to their market share of assets.

Praemium outperformed, winning 0.6% of inflows compared with its 0.2% market share. Its exposure to superannuation is 17% of platform funds under administration. Buy rating and $1.05 target.

Target price is $1.05 Current Price is $0.71 Difference: $0.34
If PPS meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates PWR as Overweight (1) -

In an initial assessment, Morgan Stanley found the FY26 trading update from Peter Warren Automotive materially below expectations as a tougher second half was compounded by operating de-leverage amid supply constraints.

FY26 pre-tax profit is now guided at $12-$15m, materially lower than the $30m expected by consensus. The broker notes increased preference for electric vehicles and, while it does represent new entrants, the company still has relatively low overall exposure.

There are also margin implications from increased competition, and with supply constraints on more popular models, the order backlog has increased substantially, the company noted.

Overweight rating. Target is $2.10. Industry view is In-Line.

Target price is $2.10 Current Price is $0.75 Difference: $1.35
If PWR meets the Morgan Stanley target it will return approximately 180% (excluding dividends, fees and charges).

Current consensus price target is $1.61, suggesting upside of 111.8% (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 PWR as Hold (3) -

Peter Warren Automotive has provided FY26 guidance that is materially below expectations, as margins contracted sharply and reflect significant deterioration in trading conditions in recent weeks.

Underlying pre-tax guidance is $12-$15m, around -50% below Morgans' forecasts. The sharp deterioration in new car margins reflects an increasingly competitive industry structure which the broker suspects will persist.

Chinese brands continue to reshape the market, which the company's current representation is insufficient to offset. The business is "cyclically exposed", the broker adds, and evidence of sustained margin recovery is required before taking on a more positive view.

Target is reduced to $0.73 from $1.24 and the Hold rating is retained.

Target price is $0.73 Current Price is $0.75 Difference: minus $0.02 (current price is over target).
If PWR meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.61, suggesting upside of 111.8% (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 REA as Overweight (1) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within real estate coverage, the analysts maintain a positive view on REA Group noting periods of cyclical weakness in housing listings have historically provided attractive entry points for investors.

While REA's earnings are closely linked to housing transaction activity and listing volumes, the group is not seen as directly exposed to house prices. More than 90% of Australian residential property sales are estimated to be advertised on the platform.

Overweight retained for REA Group. Target $230. Industry View: Attractive.

Target price is $230.00 Current Price is $151.24 Difference: $78.76
If REA meets the Morgan Stanley target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $213.55, suggesting upside of 35.2% (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 REH as Overweight (1) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within Morgan Stanley's industrials coverage, SGH Ltd and Reece are viewed as the most exposed to Australian housing activity through Boral, Coates Hire and plumbing products distribution, respectively.

BlueScope Steel also has meaningful exposure via its steel building products business, the analysts note.

By contrast, James Hardie and Reliance Worldwide derive most earnings from offshore markets and are more leveraged to the US housing cycle than Australian residential activity.

Unchanged Overweight rating and $18 target for Reece. Industry view is In-Line.

Target price is $18.00 Current Price is $13.74 Difference: $4.26
If REH meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $16.07, suggesting upside of 17.5% (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

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

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within Morgan Stanley's industrials coverage, SGH Ltd and Reece are viewed as the most exposed to Australian housing activity through Boral, Coates Hire and plumbing products distribution, respectively.

BlueScope Steel also has meaningful exposure via its steel building products business, the analysts note.

By contrast, James Hardie and Reliance Worldwide derive most earnings from offshore markets and are more leveraged to the US housing cycle than Australian residential activity.

Unchanged Equal-weight rating and $3.50 target for Reliance Worldwide. Industry view is In-Line.

Target price is $3.50 Current Price is $3.16 Difference: $0.34
If RWC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 20.8% (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: 0.2

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

Macquarie rates SCG as Downgrade to Underperform from Neutral (5) -

Macquarie downgrades Scentre Group to Underperform from Neutral due to valuation following a 12.7% rise in the stock from a low of $3.32. The analyst highlights the stock is now trading at a 9.3% premium to pro forma NTA of $3.45.

Funds from operations forecasts are lifted by around 2% for 2026 to reflect the redemption of $1.8bn in 2030 subordinated notes and a lower average debt margin.

Management has reconfirmed guidance of "at least 23.73 cents per security", and the broker remains comfortable with a forecast around 1% above guidance.

The target price is raised by 6.8% to $3.45.

Target price is $3.45 Current Price is $3.77 Difference: minus $0.32 (current price is over target).
If SCG 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 $4.00, suggesting upside of 8.8% (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

Citi rates SFR as Neutral (3) -

Citi raises its copper price forecasts to US$14,500/t in the near term and US$15,000/t over the next 6-12 months. The analysts cite resilient global growth, ongoing energy transition and AI-related demand, and a more constrained supply outlook.

Fears of US tariffs on refined copper are expected to remain supportive for prices through June.

It's also assumed scrap availability and mine supply growth will underperform expectations through 2026 and 2027.

While acknowledging downside risks from a prolonged Middle East conflict, Citi believes copper's physical market remains well supported and forecasts a supply deficit of around -360kt by 2027.

The broker's target for Neutral-rated Sandfire Resources is $12.20.

Target price is $12.20 Current Price is $19.52 Difference: minus $7.32 (current price is over target).
If SFR meets the Citi target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.03, suggesting downside of -10.0% (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: 0.1

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

Morgan Stanley rates SGH as Overweight (1) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within Morgan Stanley's industrials coverage, SGH Ltd and Reece are viewed as the most exposed to Australian housing activity through Boral, Coates Hire and plumbing products distribution, respectively.

BlueScope Steel also has meaningful exposure via its steel building products business, the analysts note.

By contrast, James Hardie and Reliance Worldwide derive most earnings from offshore markets and are more leveraged to the US housing cycle than Australian residential activity.

Unchanged Overweight rating and $50 target for SGH Ltd. Industry view is In-Line.

Target price is $50.00 Current Price is $41.08 Difference: $8.92
If SGH meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $50.12, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within real estate coverage, Stockland and Mirvac Group are viewed as the most exposed to the housing cycle. They both derive 40%-50% of earnings from housing-related activities including land development, apartments and land lease communities.

Gemlife Communities may also experience second-order effects, in the broker's view, as around 30%-40% of purchasers typically need to sell an existing home to fund the acquisition of a land lease property.

Unchanged Equal-weight rating and $4.90 target for Stockland. Industry View: In-Line.

Target price is $4.90 Current Price is $3.96 Difference: $0.94
If SGP meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 25.1% (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

UBS rates SLC as Buy (1) -

UBS flags an expected solid trading update from Superloop at its June 3 Investor Day. The consumer segment is anticipated to reap the rewards of higher-speed plans at a more appealing value, the analyst explains, and forecasts consumer subscribers of 465k, above the consensus estimate of 463k.

Management is expected to announce its position on pricing following the NBN wholesale hike of around 4% upcoming in July, the broker noting Superloop is currently offering discounts to its headline pricing.

An update on Smart Communities is also flagged, with UBS forecasting business subscribers of around 117k, which aligns with the consensus estimate.

Wholesale subscribers are forecast to be lower than consensus expectations, the analyst notes.

Coverage of the stock has been transferred to William Park. Buy rated with an unchanged $3.50 target.

Target price is $3.50 Current Price is $3.50 Difference: $0
If SLC meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting downside of -1.7% (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 TBN as Buy, High Risk (1) -

Citi lowers its target for Tamboran Resources by -$US10 to US$55 (NYSE listing). Buy, High Risk maintained.

Current Price is $0.24. Target price not assessed.

Market Sentiment: 1.0

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

Morgan Stanley rates WBC as Underweight (5) -

Within the major banks, CommBank and Westpac are viewed as the most exposed to the Australian housing market.

Housing loans account for around 63% of CommBank's loan book and 60% of Westpac's, compared with approximately 49% for both ANZ Bank and National Australia Bank.

Commonwealth Bank also has the largest domestic mortgage portfolio at around $659bn, followed by Westpac ($536bn), ANZ Bank ($407bn) and National Australia Bank ($390bn).

While investment property loans comprise around one-third of mortgage portfolios across the major banks, the analysts explain they account for approximately 40% of new mortgage flows, led by CBA at 43%.

Unchanged $34 target and Underweight rating for Westpac. Industry view: Cautious.

Target price is $34.00 Current Price is $36.15 Difference: minus $2.15 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.51, suggesting downside of -3.0% (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 WES as Equal-weight (3) -

Morgan Stanley highlights banks, consumer stocks, REITs and other housing-linked sectors as particularly exposed to a slowing housing market. A strong historical relationship between house prices and equity valuations is noted.

The broker believes consensus earnings expectations are coming under increasing pressure and suggests peak market earnings growth forecasts have likely been reached.

Within consumer stocks, Wesfarmers and Metcash are viewed as the most exposed through Bunnings and Independent Hardware Group, respectively. These companies have links to residential construction, renovation activity and trade volumes, the analysts explain.

Equal-weight rating and $79.30 target for Wesfarmers. Industry View: In-Line.

Target price is $79.30 Current Price is $79.75 Difference: minus $0.45 (current price is over target).
If WES 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 $77.90, suggesting downside of -1.6% (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